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Jeronimo Martins Annual Report 2026
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Jerónimo Martins
2025 Annual Report
Non-ESEF compliant version
Jerónimo Martins | Annual Report 2025
European Single Electronic reporting Format (ESEF) and PDF version
This document is the PDF/printed version of the Annual Report 2025 of Jerónimo Martins, SGPS, S.A.. This version has been prepared for ease of use and is not presented in the format foreseen as specified in the Regulatory Technical Standards on ESEF (Delegated Regulation (EU) 2019/815). The official ESEF reporting package is available on our website at www.jeronimomartins.com. In case of discrepancies between this version and the official ESEF package, the latter prevails.
Jerónimo Martins | Annual Report 2025
Message from the Chairman
4
The Jerónimo Martins Group
9
1. Profile and Structure
10
2. Strategic Positioning
17
Management Report - Creating Value and Growth
20
1. Environment in 2025
21
2. Group Performance
29
3. Performance of the business areas
43
4. Outlook for the Jerónimo Martins Businesses
66
5. Events after the Balance Sheet Date
68
6. Dividend Policy
69
7. Results Appropriation Proposal
70
8. Reconciliation Notes
71
Financial Statements
75
Consolidated Financial Statements
76
1. Consolidated Financial Statements
76
2. Statement of Board of Directors
133
3. Auditor's Report
134
4. Report and Opinion of the Audit Committee
141
Individual Financial Statements
144
1. Individual Financial Statements
144
2. Auditor's Report
170
Corporate Governance
176
Part I – Information on Shareholder Structure, Organization and Corporate Governance
177
Section A – Shareholder Structure
177
Section B – Corporate Bodies and Committees
182
Section C – Internal Organisation
219
Section D – Remuneration
230
Section E – Related Party Transactions
248
Part II – Corporate Governance Assessment
251
Sustainability Statement
262
1. 2025 Highlights
263
2. General disclosures
265
3. Environment information
286
4. Social information
370
5. Governance information
445
6. Sustainability commitments
458
7. Reporting frameworks
475
Independent Limited Assurance Report on the Sustainability Reporting
542
Index
Jerónimo Martins | Annual Report 2025
MESSAGE FROM THE CHAIRMAN
Pedro Soares dos Santos
Chairman and CEO of the Jerónimo Martins Group
In 2025, in a context of heightened geopolitical tension, global uncertainty, unresolved conflicts and growing strategic rivalry between major powers, the Jerónimo Martins Group posted strong results and delivered a robust performance, both financially and in terms of sustainability.
Our Companies responded with consistency, focus and assertiveness to consumer caution, particularly in Poland, prioritising price competitiveness and promotions. The disciplined way in which we delivered on our value proposition day after day, remaining faithful to our strategic priorities – price leadership, assortment innovation and the continuous improvement of shopping experience in our stores – strengthened consumer preference and, consequently, reinforced our market positions.
Our teams' focus and hard work in ensuring price competitiveness and consistently offering strong promotions drove consolidated sales to grow by 7.6% to around 36 billion euros, reflecting year-on-year increase of 2.5 billion euros, of which 1.8 billion was added by Biedronka (with some positive contribution also from the złoty exchange rate).
This robust consolidated performance, together with reinforced cost discipline, operational efficiency and productivity measures, helped protect margins against the simultaneous sources of pressure faced by our Companies throughout the year, including intense competition and high cost inflation, namely in wages. All banners contributed to the nearly 2.5 billion euros of consolidated EBITDA delivered in the year, representing an increase of 11.1%, above sales growth, with the respective margin standing at 6.9% (an increase of 22 basis points compared with the previous year).
From a business perspective, it is important to highlight that while food inflation remained low, cost inflation did not. The combination of these two factors intensified competition in the markets where we operate and increased pressure on all players to gain volumes. Amidst this increasingly competitive environment, labour costs rose significantly, a particularly relevant factor for a Group of our size as an
Message from the Chairman
Jerónimo Martins | Annual Report 2025
employer. Minimum wages increased by 10% in Poland, 11% in Colombia (including transport allowance) and 6.1% in Portugal, leading to a 10.7% rise in staff expenses, above the pace of sales growth.
Margin pressure was therefore inevitable, as in previous years. Nevertheless, our Companies responded decisively in defending profitability. On top of volume growth, cost discipline and efficiency gains were key to increasing the EBITDA margin – something not achieved since 2021. Net earnings advanced 7.9% to 646 million euros.
The year was also marked by a long-awaited milestone: the clear recognition of our sustainability performance by CDP with a triple A rating across all programmes: Climate, Water and Forests. This achievement saw Jerónimo Martins become the first food retailer in the world to attain this very demanding milestone, confirming our strong commitment to placing sustainable growth at the core of our Companies' strategy and activities, and of our corporate citizenship.
By year's end Jerónimo Martins was listed in over 180 international sustainability indices, with 57 investors and analysts closely monitoring our ESG performance. Reflecting our recognised low-risk sustainability profile, we continued to increase the weight of sustainability linked instruments in our financial portfolio, which reached approximately 29% at year-end.
In Europe – where our two most important markets are located – economic momentum remained subdued throughout the year with Germany narrowly avoiding another recession and recording minimal growth.
Despite its high exposure to the German economy, in 2025 Poland surpassed the one-trillion-dollar GDP threshold for the first time, joining world's 20 largest economies and consolidating its position as one of the fastest-growing economies in the European Union.
Although the rise in real wages has increased consumer purchasing power, it did not translate into higher food spending. Households remained focused on low prices and promotions, and the food retail market continued to lose volumes. Combined with the ongoing capacity expansion of most of market players, this led to a sharp intensification of competition.
In 2025, we celebrated Biedronka's 30th anniversary – three decades of commitment to everyday low prices and service to Polish families. Today, one in three consumers in Poland choose to shop regularly at Biedronka, reflecting the brand's strength and trustworthiness. Building on this strong brand equity, and proving its preparedness and maturity as a Company, in 2025 Biedronka expanded beyond Polish borders for the first time, entering Slovakia, where it closed the year with 15 stores and one distribution centre, becoming the first banner in the Jerónimo Martins Group to internationalise itself.
Throughout the year, Biedronka operated with low basket inflation (which turned negative in the final quarter of the year) and further strengthened its market share. Known for consistently outperforming growth of the Polish food retail sector, the Company maintained strong commercial momentum and assertive price leadership. Sales grew by 5.9% in zloty (7.5% in euros, surpassing the 25-billion-euro mark for the first time), with like-for-like growth of 1.9%. The Company continued investing in its network, with 152 net additions in the year, 200 refurbishments and five new Biek micro-fulfilment centres (28 in total at year-end), also expanding the capillarity and reach of its Q-commerce operation.
All in all, the strong push for volumes, a strategic approach to margin mix, extra attention paid to productivity and a heavy fist on costs, particularly in logistics and utilities, enabled Biedronka to increase EBITDA above sales growth. EBITDA grew 9.8% (up 8.1% in local currency), with the respective margin reaching 7.9% (against 7.7% in 2024).
Also in Poland, Hebe faced particularly intense price competition and operated with strong basket deflation. Despite these challenging conditions, sales grew by 5.7% in zloty (7.4% in euros, to 626 million), with a positive like-for-like of 1%. E-commerce contributed positively to top line performance, representing nearly 20% of total sales at year-end. In the year, Hebe opened 18 stores (13 net additions), including two in Czechia.
In Portugal, as in Poland, consumers remained highly focused on price and promotions. In this context, Pingo Doce maintained its strong commercial activity and made significant progress in the conversion of
Message from the Chairman
Jerónimo Martins | Annual Report 2025
its store network to the All About Food concept, strengthening its focus on ready meals and fresh produce, two of the banner's most strategic and high-contributing categories. Throughout the year, Pingo Doce also opened nine new stores (eight net additions) and launched its own e-commerce operation. As a result, sales grew by 5.3% to 5.3 billion euros, with like-for-like growth (excluding fuel) of 4%, supported by improved cost control and productivity, which drove EBITDA growth of 8.5%.
Recheio benefited from a positive year in the HoReCa channel – the segment in which the Company has invested the most – driven by a strong summer season. The Company's strong performance in the HoReCa channel reflects a combination of competitive prices, high-quality assortment and service excellence. In traditional retail, Recheio's Amanhecer partner network expanded to 758 stores, 52 more than in 2024. Total sales increased by 3% to 1.4 billion euros, with like-for-like growth also at 3%, with the EBITDA margin increasing to 5.2% from 5.1%.
In Colombia, households faced another challenging year. Ara maintained its very high promotional intensity alongside everyday low prices, operating with low basket inflation throughout the year, below the country's food inflation rate. Sales grew by 17.4% in Colombian pesos (13.3% in euros, to 3.2 billion), outperforming the market, with like-for-like growth of 5.8%. Affordable prices are certainly a very important reason behind the remarkable third-place ranking earned by Ara among Colombia's most beloved brands. A national market study conducted by Kantar Insights for a special edition November 2025 issue of P&M, a magazine specialising in advertising and marketing, assessed two dimensions: brand love and responsibility. Consumers were asked to spontaneously say which "Colombian product brands and/or services they love the most" and which "reflect commitment and responsible conduct towards the environment". Ara ranked third, behind two traditional Colombian brands (Alpina and Alquería), both with more than 65 years of history, not least because, according to the magazine, "since 2013, Ara has revolutionised Colombian retail with a direct value proposition: proximity, fair pricing and local connection," adding that "its success proves that inclusion can also be a market strategy."
Higher volumes, a different approach to margin mix and the systematic work done by the Company on costs enabled a significant improvement in EBITDA.
In 2025, our global investment programme totalled 1.2 billion euros. We opened 448 new stores – more than one per day –, refurbished 281, expanded our global network beyond 6,500 locations and started two new distribution centres in Poland, one of them automated. In addition, 85 million euros were allocated to financial investments, mostly directed to salmon and cod aquaculture projects in Norway.
It is important to underline that, in the past five years, more than 60% of Biedronka's stores have either been refurbished or are entirely new – a large-scale modernisation effort in a chain that in 2026 will surpass 4,000 stores. Moreover, the Company made significant investments in the packaging deposit and return system and in introducing electronic shelf labels.
In Portugal, Pingo Doce concluded its 45th anniversary year with a total of 497 stores. Over the past four years, more than half of the banner's stores were refurbished or are new, and the Comida Fresca network already includes 256 restaurants.
Also in Portugal, Recheio refurbished its Évora store and prepared the opening of an important new unit in the Lisbon area, which was inaugurated in February of this year. The Company is optimistic about the opportunity to strengthen its presence in the HoReCa segment in a region as strategic as Lisbon.
In the first days of 2026, we announced the discontinuation of the Hussel business in Portugal. This was a difficult decision, as the banner had been part of our portfolio for 35 years, but an inevitable one with our long-standing partner in Germany having declared bankruptcy and the strong pressure on cocoa prices.
In Colombia, where investment totalled 228 million euros, Ara opened 225 stores, including locations previously operated by Colsubsidio, closing the year with 1,653 units.
In addition to investment in our store networks and distribution centres, we strengthened the production capacity of our agrifood business. JMA acquired the fruit and vegetable trading operation of the Luís Vicente Group, increased its stake in Andfjord Salmon to 40%, and acquired an 18% stake in Norcod, with the first two transactions concluded already in the beginning of 2026.
Message from the Chairman
Jerónimo Martins | Annual Report 2025
As regards sustainability, we continued to invest significantly in installing solar panels across stores and distribution centres, replacing refrigeration systems with natural or low Global Warming Potential gases, and in reinforcing our commitment to responsible practices throughout the value chain. Despite expansion and strong sales growth, our scope 1 and 2 carbon emissions decreased by 18.4% compared to 2021 (base year) and more than 2,700 locations are now equipped with photovoltaic panels. Today, over half of the Group's total energy consumption comes from renewable sources, rising to more than 60% when considering electricity consumption alone.
Regardless of the angle from which we may look at it, nothing of what we achieved in 2025 would have been possible without the dedication and commitment of our employees. We are now nearly 150 thousand people of almost 90 nationalities, and we invested more than 360 million euros in recognition measures.
In the social domain, I highlight the setting-up work of the Jerónimo Martins Foundation, which celebrated its first full year of activity in 2025; the Biedronka Foundation, which continues to be play a vital role in combating poverty and malnutrition among the older adults in Poland; and the "2 million reasons" programme, which benefitted more than 60 thousand people in Colombia – mainly children and mothers from vulnerable communities – through 14 social investment projects.
Looking ahead to 2026, and as we see rising global instability, with tension growing everywhere and the world order as we knew it being deeply challenged, we are determined to stick to our values, to protecting our businesses and keep growing and serving the communities in the countries where we are present to the best of our abilities. We will also be focused on executing our defined plans while maintaining the flexibility and sense of readiness to make whatever adjustments may be necessary to protect the sustainability of our businesses.
Before concluding, I would like to note that 2025 marked the beginning of a new Board of Directors' mandate, with six of the eleven members newly appointed for the 2025-2027 term. To the Board members who stepped down, I express my gratitude for the years of shared work and for their contribution. To the new Board, I express my appreciation for the way in which they have supported me throughout most of 2025.
I would also like to acknowledge the contribution of my colleagues on the Group's Managing Committee, whose dedication has been instrumental in delivering the consistent results we have achieved. I extend my gratitude to the shareholders – including the family I represent – for their renewed confidence in my leadership and in the top management team.
It is a privilege to work with you every day in building a more responsible, stronger and future ready business.
Pedro Soares dos Santos
Chairman and CEO of the Jerónimo Martins Group
Message from the Chairman
2025 Annual Report
THE JERÓNIMO MARTINS GROUP
Jerónimo Martins
Jerónimo Martins | Annual Report 2025
The Jerónimo Martins Group
- Profile and Structure... 10
- Strategic Positioning ... 17
Index
9
Jerónimo Martins | Annual Report 2025
This Annual Report of the Jerónimo Martins Group (Group) covers the period from 1 January to 31 December 2025 and includes the distribution and agribusiness areas in Portugal and the distribution business in Poland and Colombia, detailing the consolidated results of the entities directly and indirectly held by Jerónimo Martins, SGPS, S.A.
During the year, the Group also pursued business in other countries, namely in Morocco in the agri-food sector (aquaculture), in Slovakia through the expansion of Biedronka banner and in specialised retail, with Hebe expanding its operations from Poland also to Czechia and Slovakia. As these are startup operations and/or do not have a significant impact on the Group's performance, they are included in the Others' heading, except for Hebe's international operations that are integrated and reported under the respective business unit.
1. Profile and Structure
1.1. Identity and responsibilities
Assets portfolio
Jerónimo Martins is an economic group based in Portugal with more than 230 years' experience in the food business, meeting the daily needs of millions of consumers through a value proposition that delivers quality food at competitive prices. Food Distribution is its primary business activity, which accounts for more than 98% of its consolidated sales.
The Group has leadership positions in food retail in Poland and Portugal and an increasingly notable presence in Colombia. In 2025, it recorded 36 billion euros in sales and an EBITDA of 2.5 billion euros. The Group ended 2025 with a total of 147,709 employees and a market capitalisation of 12.7 billion euros on Euronext Lisbon.
The Biedronka chain of food stores, which aligns proximity locations and quality assortment with the most competitive prices in the Polish market, is the Group's largest business, accounting for c.70% of sales and c.80% of EBITDA. Being the undisputed food retail leader in Poland, the Company has maintained, in 2025, a strong commercial dynamic, ensuring price leadership and increasing its market share. At the same time, the banner marked the beginning of its international expansion with its entry into Slovakia, where, in 2025, it opened 15 stores and a distribution centre.
The Company also has several online sales offerings, including ultra-fast deliveries (Q-commerce) under the Biek brand, alternative ordering and delivery solutions in partnership with e-commerce players, and non-food products through the home.biedronka.pl/ website.
In Poland, Hebe focuses on the specialised retail of health and beauty products, managing a considerable assortment of products at competitive prices and an in-store consultation service. In 2025 the Company continued to focus on its omnichannel approach, leveraging a competitive commercial strategy and a quality assortment with a myriad of exclusive products. Continuing its expansion and in order to support its international online operations, Hebe also operates two brick-and-mortar stores in Slovakia and five in Czechia.
In Portugal, the Group also has a leadership position in food distribution. It operates the banners Pingo Doce and Recheio, which are market leaders, in the country, in the supermarket and cash & carry formats, respectively.
Pingo Doce is a supermarket chain that has a restaurant area in most of its stores being the largest restaurant network in the country. It has two central kitchens that supply not only these restaurants, but also its in-store takeaway operation. Pingo Doce also operates the Bem-Estar parapharmacies and petrol stations, in a partnership with a sector operator.
The Group Jerónimo Martins
Jerónimo Martins | Annual Report 2025
Recheio operates a chain of cash & carry stores and has strengthened its business model with a specialised food service delivery operation, underpinned by dedicated platforms, which essentially serve HoReCa customers with a delivery service. Recheio continues to expand a network of traditional retail partners under the Amanhecer banner.
In Colombia, Ara operates a chain of proximity food stores, mostly set up in residential neighbourhoods, offering quality at the best price and combining competitiveness with promotional opportunities in key categories for the Colombian consumer. Also in Colombia, Bodega Del Canasto (BdC) operates a mini cash & carry format, a distributor for the traditional market (B2B), offering a customised solution of Private Brands and industry brands.
Through its subsidiaries in Portugal and Morocco, Jerónimo Martins Agro-Alimentar (JMA) focuses on four areas of agri-food production: dairy, livestock farming, aquaculture, and fruit and vegetables. It also holds a significant financial stake in Andfjord Salmon in Norway and, in 2025, acquired a stake in Norcod, thereby establishing a presence in cod production. JMA's main objectives are to ensure the supply of some strategic products to the Group's Companies and create quality differentiation.
The Group also operates, in Portugal, the Jeronymo coffee shops and kiosks, as well as the Hussel chocolate and confectionery chain, having decided, at the end of 2025, to discontinue the latter's operations.
More information about the Group Companies can be found in chapter 2 of this Annual Report under "Performance of the business areas".
Business structure
- Includes international operations in Czechia and Slovakia, which are not yet significantly relevant to the Group.
** Includes an aquaculture operation in Morocco, which is not yet significantly relevant to the Group.
The Group Jerónimo Martins
Jerónimo Martins | Annual Report 2025
Sales by Business Area 2025
EBITDA by Business Area 2025
| € Million | EBITDA | % Total |
|---|---|---|
| Biedronka | 1,991 | 80.3% |
| Pingo Doce | 322 | 13.0% |
| Recheio | 72 | 2.9% |
| Ara | 132 | 5.3% |
| Hebe | 65 | 2.6% |
| Others | -103 | -4.2% |
| JM Group | 2,480 | 100% |
The Group Jerónimo Martins
Jerónimo Martins | Annual Report 2025
1.2. Operating and financial indicators
Sales & Services
€ Million
Sales, EBITDA Margin & EBIT Margin
€ Million
Pre-Tax ROIC
€ Million
Net Results and Net Results per Share
€ Million
Net Debt
€ Million
Employees
The Group Jerónimo Martins
Jerónimo Martins | Annual Report 2025
Number of Stores
Sales Area
Sales
Sales / sqm
LFL Growth (%)
EBITDA Margin (%)
The Group Jerónimo Martins
Jerónimo Martins | Annual Report 2025
1.3. Statutory bodies
Election date: 24 April 2025
Composition of the Board of Directors elected for the 2025-2027 term
Pedro Soares dos Santos
Born on 7 March 1960
Chairman of the Board of Directors and Chief Executive Officer
- Chairman of the Board of Directors since December 2013
- Chief Executive Officer since April 2010
- Member of the Board of Directors since March 1995
Agnieszka Słomka-Gołębiowska
Born on 24 August 1976
Member of the Board of Directors since April 2025
António Domingues
Born on 30 December 1956
Member of the Board of Directors since April 2025
Member of the Audit Committee since April 2025
Elizabeth Ann Bastoni
Born on 24 July 1965
Member of the Board of Directors since April 2019
Member of the Audit Committee since April 2019
Chairwoman of the Audit Committee since April 2025
Fabio Villegas
Born on 8 January 1955
Member of the Board of Directors since April 2025
Francisco Sá Carneiro
Born on 12 March 1958
Member of the Board of Directors since April 2025
João Vale de Almeida
Born on 29 January 1957
Member of the Board of Directors since April 2025
José Soares dos Santos, indicated by Sociedade Francisco Manuel dos Santos B.V. to hold the office in his own name, pursuant to paragraph 4 of article 390 of the Commercial Companies Code
Born on 6 April 1962
Member of the Board of Directors from 1995 to 2001 and from 2004 to 2015
Member of the Board of Directors since April 2019
María Ángela Holguín
Born on 13 November 1963
Member of the Board of Directors since April 2019
Nigyar Makhmudova
Born on 26 May 1967
Member of the Board of Directors since April 2025
The Group Jerónimo Martins
Jerónimo Martins | Annual Report 2025
Sérgio Tavares Rebelo
Born on 29 October 1959
Member of the Board of Directors since April 2013
Member of the Audit Committee since April 2013, was chairman of the Audit
Committee from April 2016 to April 2022
Statutory Auditor and External Auditor
PricewaterhouseCoopers & Associados, SROC, LDA.
Palácio SottoMayor, R. Sousa Martins, 1-3.º, Lisboa, Portugal, 1069-316
Represented by:
João Rui Fernandes Ramos (ROC n.º 1333)
Substitute:
Rui Jorge dos Anjos Duarte (ROC n.º 1532)
Company Secretary
Joaquim Nuno Nobre Martins de Aguiar
Substitute:
Carlos Martins Ferreira
Chairman of the Board of the Shareholders' Meeting
Luís Miguel Reis Sobral
Secretary of the Board of the Shareholders' Meeting
Marta Horta e Costa Leitão Pinto Barbosa
The Group Jerónimo Martins
Jerónimo Martins | Annual Report 2025
2. Strategic Positioning
2.1. Mission
Jerónimo Martins operates mainly in the food area, promoting, through its Companies and its Private Brands, the availability of food solutions and products that are safe, healthy and affordable for everyone. Respect for all stakeholders and commitment to the principles of sustainable development are an intrinsic part of its strategy for growth and shared value creation in the short, medium and long term, aimed at contributing to the prosperity, the cohesion and the well-being of the communities that its businesses serve.
As an intrinsic part of our sense of corporate citizenship, we incorporate, in a clear and committed way, environmental and social concerns in the pursuit of our business. This involves adopting policies and practices that focus on fighting climate change, deforestation and pollution, preserving the environment, biodiversity and natural resources, reducing the use of polluting materials, increasing recycling and the recovery of the waste generated by our activities, as well as promoting respect for and defending human rights and the principles of diversity and inclusion.
We take our responsibility towards the planet and the communities where we operate. As food specialists, we are committed to promoting good food habits and contributing to healthier societies. As a benchmark employer, we are committed with having a positive impact on the life of our employees who, every day, contribute to build and to enhance our businesses.
As a result of our competent work, the efficiency of our operations, the strength of our brands and our market positions, our investors receive a consistent return on investment.
2.2. Values
The way we fulfil our Mission is shaped by our Values and Behaviours. They are the same for our Companies in all countries where we operate, and they translate as follows:
We raise the bar
We are restless and we do not settle. What we do is beyond expectations, we never accept the status quo and we encourage others to do the same. We believe there is always a way to do better and to overcome the most demanding obstacles. This is why we never give up. We are always ready to try and to take calculated risks, without compromising what needs to be done.
We count on each other
Together we are stronger. We collaborate and share. We believe each person's development must be encouraged so that we are all able to achieve the most ambitious goals. We work hard to make sure everyone is heard and that we learn from different people and perspectives. We value our achievements and celebrate success.
We believe in doing the right thing
What we do is as important as how we do it. We are accountable for our decisions, and we don't lie. We act ethically and with integrity and our long-term decisions take into account our people, our clients, our communities and our shareholders. We treat with dignity and respect those who are part of our business.
2.3. Strategic vision
The Group's strategic vision is based on promoting profitable and sustainable growth, through three key guiding principles:
The Group Jerónimo Martins
Jerónimo Martins | Annual Report 2025
- Leadership: strong banners and brands that enable to achieve and reinforce leadership positions in the markets where it operates.
- Responsibility: continuous assessment of the impact of the business on the environment and society, an active and significant contribution towards improving the quality of life of our employees, their families and the communities, and towards sustainability as a whole.
- Independence: careful management of the balance sheet and supply-chain to ensure the continuity of operations and autonomy in strategic decision-making.
Within this context, when doing business, the Group's Companies have three areas of focus, common to all the countries where we operate, and which reflect the strong sense of purpose that guides Jerónimo Martins:
- Consumer: democratise access to quality food products and solutions, guaranteeing maximum security and savings for those who choose our proximity stores, in which perishable products and Private Brand play a central and strategic role in promoting health through food.
- Employee: provide a healthy work environment, a fair and adequate remuneration, answers to the needs and vulnerabilities, and development opportunities within the organisation, in order to promote their well-being and a feeling of personal and professional accomplishment.
- Business partners: establish long-term relationships that enable shared value creation and the growth and development of the Group's strategic partners, and that ensure the sustainability of the supply chain and innovation that enhances the attractiveness and relevance of our value propositions.
2.4. Operational profile
The operational positioning of the Group's Companies reflects an approach focused on value and quality, underpinned by a mass-market strategy designed specifically for the markets and communities in which they operate.
The Group offers proximity and convenient food solutions that are appropriate for all consumers, at very competitive prices, which requires operating with maximum efficiency and lean cost structures. All value propositions are clearly customer-centric and marked by a strong differentiation in three essential aspects: the variety and quality of fresh food products, leading Private Brands and a pleasing store environment.
The success of the Group's formats is leveraged on market leadership, which allows it to reach a dimension that is fundamental to create economies of scale, which, in turn, enable the increase of logistical and operational efficiency. Such scale allows offering the best prices and boosts notoriety and trust, so essential for building lasting relationships with strategic business partners and with the consumers who choose our stores.
The Group Jerónimo Martins
2025 Annual Report
2 MANAGEMENT REPORT
Jerónimo Martins
Jerónimo Martins | Annual Report 2025
Management Report - Creating Value and Growth
- Environment in 2025 ... 21
- Group Performance ... 29
- Performance of the business areas ... 43
- Outlook for the Jerónimo Martins Businesses ... 66
- Events after the Balance Sheet Date ... 68
- Dividend Policy ... 69
- Results Appropriation Proposal ... 70
- Reconciliation Notes ... 71
In compliance with the foreseen of the Commercial Companies Code (article 66-B), with regards to the non-financial information statement, this is included in chapter 5 'Sustainability Statement' of this Annual Report, and this chapter is considered an integral part of the Management Report.
Index
Jerónimo Martins | Annual Report 2025
1. Environment in 2025
The Organisation for Economic Co-operation and Development (OECD) estimates that global Gross Domestic Product (GDP) growth reached 3.2%¹ in 2025, slightly below the 3.3% recorded in the previous year.
GDP growth is projected to slow to 2.9% in 2026, before accelerating again to 3.1% in 2027. Despite increasing pressure on public finances, the institution anticipates further reductions in interest rates and only limited fiscal tightening.
The past year was marked by the appointment of Donald Trump as the 47th President of the United States (US) and the implementation of a more protectionist trade policy. The prospect of higher trade tariffs led to the early execution of many international trade transactions in the first half of 2025, with repercussions for inflation in the US and the affected economies.
Most central banks cut interest rates on several occasions in an effort to support economic growth, except the US Federal Reserve, which kept monetary policy unchanged for around three quarters, given the potential effects of the new trade policy on inflation. Nevertheless, it initiated a cycle of interest rate cuts from September onwards.
The slowdown in inflation allowed for an easing of monetary policy across the major economies, helping to offset the uncertainty linked to geopolitical and trade tensions. Nonetheless, economic activity and income recovery evolved unevenly across the different economic blocs. Consumer confidence gradually improved in most economies, but remained below historical averages, particularly in more developed economies.
From a geopolitical standpoint, 2025 was marked by significant challenges and a complex evolution of the international landscape. The war in Ukraine continued throughout the year, with negotiations over a possible peace agreement occurring primarily in the final quarter of 2025, although no effective conclusions were reached.
The US administration also announced higher trade tariffs on several trading partners. Agreements were subsequently reached with most countries and economic blocs, including China. On the domestic front, a partial shutdown of the US Federal Administration began in early October and lasted for 43 days, marking the longest government shutdown in US history.
Economic growth in Poland accelerated in 2025, with GDP increasing by 3.6%, compared with the 3.0% recorded in the previous year. This growth was driven by household consumption of non-food goods and services, which benefited from higher minimum wages, disinflation, and the easing of financial conditions.
¹ OECD Economic Outlook, Volume 2025 Issue 2.
Management Report - Creating Value and Growth
Jerónimo Martins | Annual Report 2025
In 2025, Slovakia recorded modest GDP growth of 0.8%, due to weaker external demand and the impact of new trade tariffs. Despite support from European Union funds, economic uncertainty and the need for fiscal consolidation constrained investment in the country.
In Portugal, the fall of the Government in May and the subsequent elections were followed by a partial restoration of political stability. Economic growth slowed compared with 2024, with GDP increasing by 1.9%. The economy maintained a solid performance throughout 2025 despite an adverse external environment. The labour market remained strong, with employment levels at historic highs and a low unemployment rate.
In Colombia, the Government activated a safeguard clause to temporarily suspend certain fiscal rules, revising the projected deficit upward to 7.1%. At the same time, the Central Bank maintained a cautious stance in order to contain persistent inflation.
Colombia's economy grew by 2.6%, above the 1.5% recorded in the previous year. This performance was supported by private consumption, government spending, a volatile but ongoing recovery in investment, and consumer confidence, which reached multi-year highs.
Inflation in Poland closed 2024 on an accelerating path, largely reflecting the withdrawal of government support measures (including the temporary reduction in VAT on essential goods), with the trend continuing into early 2025. Nevertheless, inflation declined for most of the year, reaching a year-on-year rate of 2.4% in December - the lowest level since April 2024. Average inflation stood at 3.6%, in line with 2024.
In Slovakia, inflation accelerated again in 2025, with the average rate reaching 4.0%, reflecting an increase in service prices.
In Portugal, average inflation was 2.3% (2.4% in 2024), with volatile behaviour throughout the year. The slight decline in inflation rate was influenced by developments in energy products, which recorded an average annual change of -0.2%, as well as by the deceleration of core inflation, which registered an average annual rate of 2.2% (2.5% in 2024).
Average inflation in Colombia stood at 5.1% (6.6% in 2024). The price index remained above 5.0% for most of the period.
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Jerónimo Martins | Annual Report 2025
In 2025, the world's major central banks continued to gradually ease the restrictiveness of their monetary policies.
The European Central Bank (ECB) reduced interest rates at its first four meetings of the year, through June, bringing its main policy rate to 2.0%. Since then, the institution has kept its policy rates unchanged.
In Poland, the central bank kept its rates unchanged at 5.75% until April, before initiating a monetary policy easing cycle that brought rates down to 4.0% in December.
The Central Bank of Colombia restricted monetary easing to a single 25-basis-point cut in April, ending the year with the policy rate at 9.25%.
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Jerónimo Martins | Annual Report 2025
With regard to Food Retail sales at constant prices, Portugal recorded the strongest performance among the economies under review, followed by Colombia. In Poland and Slovakia, Food Retail sales recorded a slight decline compared with 2024.
Consumer Confidence Indicator (CCI) levels improved in Portugal, Poland and Colombia, although the indicator remained in negative territory (with the exception of Colombia).
In Poland, the indicator followed a somewhat uneven trajectory throughout the year, peaking in September at -8.3 points before ending the year at -9.9 points. The slowdown in real wage growth was one of the factors that limited the improvement in consumer confidence in 2025.
In Slovakia, the CCI continued to decline in 2025, influenced by the fiscal consolidation package announced by the government in September 2024, which included measures such as higher VAT and increased corporate taxes.
In Portugal, the CCI showed an unstable trajectory. At the beginning of the year, the indicator declined amid expectations of higher inflation. Consumer confidence gradually improved throughout 2025, supported by greater optimism about the national economy, future financial conditions and expectations of moderating inflation.
In Colombia, despite a challenging start to the year, the indicator closed the year at its highest level in more than a decade.
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In Poland, the average unemployment rate increased to 5.4% in 2025 from 5.1% in 2024, while in Slovakia it remained at 5.0%.
In Portugal, this indicator decreased to 6.0% in 2025, compared with 6.4% in the previous year.
In Colombia, the unemployment rate continued its downward trend in 2025, reaching 7.0% in November the lowest level in more than a decade - before rising to 8.0% in December. The annual average rate was 8.9%.
Regarding exchange rates, the zloty recorded an average annual conversion rate² of 4.2397 in relation to the euro, corresponding to a 1.5% appreciation compared to the average exchange rate of 4.3049 recorded in 2024.
In contrast, the Colombian peso average annual conversion rate² was 4.568 per euro, depreciating by 3.6% compared with the 2024 average of 4.405.
Economic Outlook for 2026
In 2026, global GDP growth is projected to slow to 2.9%. Inflation is expected to remain moderate, while global monetary policy is likely to become less restrictive.
Analysts project GDP growth of 3.4% for Poland in 2026.
For Slovakia, forecasts indicate an acceleration in economic growth to 1.1% in 2026. The absorption of EU funds will continue to be the main driver for investment, although capital formation is expected to remain under pressure from economic uncertainty and the ongoing fiscal consolidation process.
The Portuguese economy is expected to record sustained growth in 2026, above the level registered in the previous year. A robust labour market, higher minimum wages and a reduction in income tax are expected to support private consumption. However, the effects of the extreme weather events recorded at the beginning of 2026, with particular emphasis on Storm Kristin, may affect these prospects.
In Colombia, investment should recover gradually, although it will continue to be affected by uncertainty. Monetary policy is likely to remain restrictive in order to ensure the return of inflation to the established target, with fiscal deficits projected to remain elevated. Inflation is expected to decrease, although it is forecast to remain above the 3.0% target until 2027.
However, it should be noted that macroeconomic outlook for 2026 continue to be characterised by heightened volatility, requiring the necessary adjustments in light of increased geopolitical risks. These include the impact of the recent attack on Iran on energy markets, inflation and on the confidence of economic agents at a global level.
1.1. Poland
Modern Food Retail
In 2025, growth in Poland's Food Retail market at current prices was primarily driven by food inflation. Despite higher real incomes, consumer sentiment remained cautious. Market developments were also influenced by disinflation, with the year-on-year change in the price index reaching 2.4% in December, the lowest level since April 2024.
In January 2025, Poland's minimum wage was raised further to 4,666 zloty, representing an increase of around 10% compared with January 2024.
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Jerónimo Martins | Annual Report 2025
Health and Beauty Retail
The Health and Beauty segment in Poland remained resilient over the past year. Inflation in the personal care and cosmetics categories continued to decelerate, remaining at levels below 1.0%.
1.2. Slovakia
Modern food retail
In 2025, the Slovak market experienced subdued consumption alongside average inflation of 4.0%, largely driven by rising service costs.
In January 2025, the minimum wage increased 9.0% to 816 euros. Although the unemployment rate remains low, the shortage of skilled labour and significant regional disparities may limit growth and productivity across several sectors.
A gradual acceleration in the growth of the Slovak economy is expected. EU funds absorption and stabilising inflation are expected to support a gradual recovery in investment and private consumption, creating a more favourable environment for the retail sector.
1.3. Portugal
Modern Food Retail
In 2025, the Portuguese Food Retail market recorded growth in sales at current prices. Food inflation showed an upward trend throughout the year, closing the period with a year-on-year average rate of 2.8%.
The national minimum wage was raised to 870 euros in January 2025 (6.1% more than in the previous year), helping to mitigate the impact of inflation on household disposable income.
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Jerónimo Martins | Annual Report 2025
Wholesale Market
In 2025, the HoReCa channel in Portugal recorded sustained activity growth, supported by several consecutive years of increasing tourism demand, despite a challenging operational environment characterised by rising costs and pressure on margins.
This momentum was largely driven by the performance of domestic tourism, which reached a new record of 82.1 million overnight stays (an increase of 2.2% compared with 2024). With solid growth compared to the previous year, tourist flows were the main driving force behind the HoReCa channel, especially in the hotel segment.
1.4. Colombia
Modern Food Retail
In Colombia, the Food Retail sector showed resilience in 2025, with growth accelerating following the slowdown recorded in the previous year. This performance outpaced food inflation, which showed some volatility throughout the year.
In January 2025, Colombia's monthly minimum wage was set at 1,423,500 pesos (a 9.5% increase), complemented by a 23.5% increase in the transport allowance. Nevertheless, the market continues to face significant structural challenges. Despite the decline in the unemployment rate, labour informality remains high (estimated to affect more than 55% of the workforce), limiting the impact of wage increases on a substantial part of the population and potentially constraining private consumption.
Management Report - Creating Value and Growth
Jerónimo Martins | Annual Report 2025
Sources:
OCDE; Banco de Portugal Economic Bulletins; Portuguese Ministry of Finance; Portuguese Statistics Office (INE); Bank of Poland Economic Bulletins; Central Statistical Office (GUS); Banco de la República (Colombian Central Bank); Colombia National Administrative Department of Statistics (DANE); Statistical Office of the Slovak Republic; Fedesarrollo; PMR Market Research; Fitch BMI; BMP; ISBIZNES; PORTAL SPOZYWCZY; Hatimeria; AHRESP, Distribuição Hoje.
Note: All macroeconomic data presented in this subchapter are based on the latest available information at the closing date of this report.
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2. Group Performance
2.1. Performance overview
| SALES
+7.6%
To €35,991 Million
(+6.7% excl. FX) | EBITDA
+11.1%
To €2,480 Million
(+9.9% excl. FX) | NET PROFIT
+7.9%
To €646 Million
(EPS €1.03) |
| --- | --- | --- |
| CAPEX
PROGRAMME
€1,198 Million | CASH FLOW
€537 Million | NET DEBT
€3,302 Million
(net cash position: €866 Million,
excl. IFRS16 adjustments) |
The year 2025 was one of great uncertainty, amid turbulence in global geopolitics and political instability in Europe's leading economies. Consumer behaviour remained cautious and restrained throughout the year, while competition in the food retail market remained highly intense.
In a constrained and highly price-sensitive consumer environment, we continued to pursue the strategic priorities that set us apart: price leadership, constant innovation in the assortment, and a sustained commitment to improving the quality and service levels of our stores.
Recognising the strength of our banners' value propositions, including their price leadership, consumers continued to favour our stores, driving solid sales performance for the Group, with volume growth across all banners.
Consolidated sales grew 7.6% (+6.7% at constant exchange rates), totalling 36 billion euros.
This sales growth, together with stronger cost discipline, efficiency and productivity, helped to protect margins amid cost inflation particularly in wages and intense competitive pressure.
EBITDA amounted to 2.5 billion euros, increasing 11.1% (+9.9% at constant exchange rates), with the margin increasing 22 basis points to 6.9%.
In general, all our banners delivered a good performance, underpinned by strong sales and EBITDA.
At the end of the year, the Group had a net cash position (excluding capitalised operating lease liabilities) of 866 million euros, maintaining the robustness of its balance sheet.
Consolidated pre-tax ROIC stood at 20.1% (20.0% in 2024), with the banners protecting their returns on invested capital despite intensifying competition.
By closely monitoring consumer trends and the competitive landscape, all of the Group's Companies continued to respond to the environmental and social challenges faced, amid growing volatility and uncertainty.
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Jerónimo Martins | Annual Report 2025
Sustainability highlights
In 2025, the Jerónimo Martins Group became the first multinational food retailer worldwide to be awarded a triple A score by CDP – the highest distinction granted by this leading independent organisation in the assessment of environmental practices. This recognition reflects the progress made in combating climate change, managing water as a critical resource and managing commodities most associated with deforestation risk (palm oil, paper and wood, beef and soy), as well as the transparency of our reporting. With this assessment, we became part of a select group of 23 companies worldwide that achieved the maximum score across the three dimensions evaluated by CDP.
Our consistent track record was once again recognised and, in 2025, we were included in more than 180 sustainability indices featuring companies with strong environmental, social and governance practices.
Through the investments we have been making, we managed to reduce our carbon footprint by 18.4% compared with 2021. In the same period, our turnover almost doubled. Other relevant environmental indicators show that, relative to sales, our energy consumption decreased by 32% compared to 2021, demonstrating increased efficiency. We have photovoltaic panels installed in over 2,700 locations, and more than half of the energy we consume comes from renewable sources.
The decarbonisation of our logistics operations has continued to advance and, in 2025, Recheio achieved its first Lean & Green star and Terra Alegre its second. These achievements build on progress previously made by Pingo Doce, with four stars, and by Biedronka, with two.
In the social area, we achieved a score of 9 (on a scale up to 10) in the Global Child Forum – an initiative that evaluates organisations that stand out in protecting children's rights in their operations and across their supply chains. We ranked third among the 80 retailers assessed and 21st among the more than 1,800 companies evaluated worldwide.
We have around 148,000 employees and, as a major employer, we created more than 7,800 jobs in 2025. During the year, we invested over 361 million euros in recognising our employees, 18 million euros in their training and 54 million euros in internal social responsibility measures. In the context of diversity and inclusion, we celebrated the 10th anniversary of the Incluir Programme – which supports the integration of people facing difficulties accessing the labour market –, an initiative that contributed to the renewal of the Inclusive Employer Brand seal awarded to Pingo Doce, Recheio and the Group's Holdings by the Portuguese Institute for Employment and Vocational Training (IEFP).
We also supported the communities surrounding our operations with more than 91 million euros (12% more than in 2024), a figure that includes financial support and food donations and that reached more than 2,200 organisations. We donated over 23 thousand tonnes of food to social institutions supporting people in vulnerable situations, a 25% increase.
In line with our commitment to guaranteeing high-quality, safe and accessible food products that also contribute to better public health and the prevention of cardiovascular disease, we maintained our focus on reformulating Private Brand product recipes. In 2025, we prevented 320 tonnes of sugar, 275 tonnes of fats and 39 tonnes of salt from entering the market. Additionally, we increased the share of products with sustainability certification to 14.5% of our Private Brands and perishables assortment.
In governance terms, we highlight the strengthening of our relationship with local suppliers, from whom we purchased 92% of the food products we sell. Our contribution to the countries in which we operate is also evident in the fact that we paid more than one billion euros in taxes and social contributions in those markets.
Additional information on these and other sustainability-related initiatives can be found in chapter 5, "Sustainability Statement", of this Annual Report.
2.2. Focus on profitable growth
The Group's sales grew 7.6% (up 6.7% at constant exchange rates) to 36 billion euros, with an LFL of 2.5%.
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Contribution to Consolidated Sales Growth (€ Million)
Consolidated Net Sales
| (€ Million) | 2025 | Δ% | LFL | ||
|---|---|---|---|---|---|
| % total | excl. F/X | Euro | |||
| Biedronka | 25,343 | 70.4% | 5.9% | 7.5% | 1.9% |
| Pingo Doce* | 5,342 | 14.8% | 5.3% | 3.7% | |
| Recheio | 1,399 | 3.9% | 3.0% | 3.0% | |
| Ara | 3,228 | 9.0% | 17.4% | 13.3% | 5.8% |
| Hebe | 626 | 1.7% | 5.7% | 7.4% | 1.0% |
| Others & Cons. Adjustments | 54 | 0.1% | n.a. | ||
| Total JM | 35,991 | 100% | 6.7% | 7.6% | 2.5% |
- includes stores sales and fuel
In Poland, food inflation averaged 4.7% over the year, with an easing trend from September onwards that brought the price index down to 2.4% in December.
During 2025, food consumption remained cautious, with families focusing on low prices and savings opportunities, amid a highly competitive and promotional environment.
Biedronka maintained a strong commercial dynamic, cementing its price leadership, and continued to improve its assortment and expand its network. As a result, building on a performance that has consistently outperformed the market in recent years, the banner delivered another year of solid sales growth and strengthened its market share.
Throughout the entire year, Hebe operated under intensifying price competition, resulting in basket deflation. Leveraging the exclusivity of its assortment, the Company preserved its differentiation, protected its competitive position, and grew sales.
In Portugal, food inflation reached 2.8% in the year, with consumers continuing to prioritise price opportunities and promotions in the food retail market.
The HoReCa channel showed mixed performance compared to 2024, with hotels benefiting from more favourable conditions and restaurants and cafés facing greater challenges.
Pingo Doce maintained the intensity of its recognised commercial initiatives and moved forward in its investment plan to convert its stores to the All About Food concept, reinforcing its differentiation in its fresh
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Jerónimo Martins | Annual Report 2025
food and ready meals offering. With an enhanced value proposition, the banner recorded robust sales growth.
Recheio also delivered a good sales performance. Growth in the HoReCa channel was driven by the competitiveness and attractiveness of the offering, which combines price, quality of the assortment – particularly its strong differentiation in perishables –, and service level. In traditional retail, of note is the expansion of the Amanhecer store network partnerships, increasing to 758 locations in the year, 52 more than in the previous year.
In Colombia, food inflation averaged 5.2% in the year.
Consumers continued to face significant pressure on disposable income, making low prices and assertive promotions essential in the food market.
Ara maintained focus on earning consumer preference in the neighbourhoods where it operates, effectively executing its promotional strategy to create relevant savings opportunities for Colombian families. Consistent positioning underpinned solid sales performance, driven mainly by volume growth, as the banner operated with low basket inflation (systematically lower than the country's food inflation) throughout the year.
Group EBITDA amounted to 2.5 billion euros, 11.1% higher than in 2024 (up 9.9% at constant exchange rates). The respective margin stood at 6.9% compared to 6.7% in 2024.
Contribution to Consolidated EBITDA Growth (€ Million)
At Biedronka, EBITDA grew 9.8% (up 8.1% in local currency), with the respective margin standing at 7.9% (7.7% in 2024). This performance was the result of solid sales growth, combined with disciplined cost management and increased focus on productivity. This mitigated the pressure generated by price competitiveness and cost inflation, mainly wage-related.
In a highly promotional environment, Hebe worked to protect profitability by optimising its sales mix and cost management, resulting in EBITDA growth of 9.7% (up 8.0% in local currency), with the respective margin reaching 10.4% (10.2% in 2024).
At Pingo Doce, EBITDA grew 8.5%, with the respective margin increasing to 6% (5.8% in 2024), driven by sales growth and initiatives to increase productivity and offset costs pressure.
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Jerónimo Martins | Annual Report 2025
Recheio delivered EBITDA growth of 4.6%, with the margin standing at 5.2% (5.1% in 2024). In addition to a positive sales performance, growth was supported by Recheio's extremely competitive positioning in the HoReCa channel, enabling the banner to capitalise on stronger dynamics in this channel.
Ara posted an EBITDA 37.6% higher than in 2024 (up 42.7% in local currency), with the corresponding margin rising to 4.1% (3.4% in 2024). Besides sales growth, the strong margin performance reflects the work started in 2024 to protect the Company's gross margin and limit the impact of inflation and labour reforms on costs.
EBITDA breakdown
| (€ Million) | 2025 | 2024 | ||
|---|---|---|---|---|
| Mg | Mg | |||
| Biedronka | 1,991 | 7.9% | 1,814 | 7.7% |
| Pingo Doce | 322 | 6.0% | 296 | 5.8% |
| Recheio | 72 | 5.2% | 69 | 5.1% |
| Ara | 132 | 4.1% | 96 | 3.4% |
| Hebe | 65 | 10.4% | 59 | 10.2% |
| Others & Cons. Adjustments | (103) | n.a. | (103) | n.a. |
| Consolidated EBITDA | 2,480 | 6.9% | 2,232 | 6.7% |
The investment programme remained the top priority in capital allocation. In this regard, focus has been on bringing our banners even closer to consumers and, at the same time, implementing the latest equipment and layout standards in existing store networks, enabling us to improve the quality of the assortment and operational efficiency, and enhance the shopping experience. We maintained a demanding pace of expansion throughout 2025, opening in the year 448 new stores and refurbishing 281 locations.
Within the ambitious investment plan executed during the year, the beginning of Biedronka's internationalisation deserves highlight, with its entry into Slovakia, where we opened 15 stores and a distribution centre.
In 2025, the investment programme totalled 1.2 billion euros. The increase on the previous year is due mainly to the higher number of store openings in Colombia; investment in Biedronka's store projects, including the deposit return system and the introduction of electronic price tags; the start of investment in two new distribution centres in Poland, one of which automated and expected to open in the coming years; the start of Biedronka's operations in Slovakia; and an increase in production capacity in different areas of
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agribusiness in Portugal. An additional 85 million euros of financial investment were added, channelled mainly to salmon and aquaculture cod operations in Norway.
Investment programme
| (€ Million)
Business Area | 2025 | | |
| --- | --- | --- | --- |
| | Expansion | Others* | Total |
| Biedronka | 229 | 376 | 604 |
| Stores | 88 | 336 | 424 |
| Logistics & Head Office | 141 | 40 | 181 |
| Pingo Doce | 23 | 199 | 222 |
| Stores | 23 | 179 | 203 |
| Logistics & Head Office | - | 19 | 19 |
| Recheio | 24 | 11 | 35 |
| Ara | 201 | 28 | 228 |
| Stores | 156 | 23 | 179 |
| Logistics & Head Office | 45 | 5 | 50 |
| Total Food Distribution | 476 | 613 | 1,090 |
| Hebe | 4 | 18 | 21 |
| Services & Others | 77 | 8 | 86 |
| Total JM | 558 | 639 | 1,197 |
| % of EBITDA | 22.5% | 25.8% | 48.3% |
- New Stores and Distribution Centres
** Revampings, Maintenance and Others
Investment by Business Area
Biedronka executed its expansion as planned and opened 181 new stores in the year (152 net additions), having refurbished 200 locations.
The e-commerce operation with ultra-fast deliveries (Q-commerce), operating under the Biek brand, closed the year with 28 micro fulfilment centres, five of which opened in 2025.
In Slovakia, the banner opened its first 15 stores and a distribution centre, marking its entry into a new market.
Hebe opened 16 new stores in Poland (11 net additions), and another two in Czechia.
Pingo Doce focused its investment programme on the conversion of its stores to the All About Food concept, reinforcing its differentiation in the offer of fresh food and ready meal solutions. In the year, the banner refurbished 52 stores and opened 9 new locations (8 net additions).
Recheio prioritised refurbishment of the Évora store – with particular attention paid to the new solutions implemented in the fresh food area – and building a new store in Lisbon, which opened at the beginning of 2026.
Ara also successfully carried out its expansion programme, closing the year with 1,653 locations, having added 225 new stores (215 net additions), including the stores previously operated by Colsubsidio.
With regard to the agribusiness area in Portugal, besides Supreme Fruits acquiring the Luís Vicente Group's fruit and vegetable trading operation, reinforcing the Company's commitment to the sector, also noteworthy is the now 40% stake held by the Group in Andfjord Salmon, a Norwegian salmon farming Company, and the 18% stake it recently acquired in Norcod, dedicated to cod farming.
Despite continued consumer restraint, in the year, and a strong focus on low prices, which fuelled intense competition, the Group's banners managed to protect profitability while maintaining price competitiveness and improving the quality of operations through their investment programmes. Solid sales growth and disciplined cost management contributed to this performance.
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Jerónimo Martins | Annual Report 2025
Return on invested capital, calculated on a Pre-Tax ROIC basis, was 20.1% (20.0% in 2024).
2.3. Financial strength
Consolidated Operating Result
| (€ Million) | 2025 | 2024 | Δ% | ||
|---|---|---|---|---|---|
| % | % | ||||
| Net Sales & Services | 35,991 | 33,464 | 7.6% | ||
| Gross Margin | 7,434 | 20.7% | 6,851 | 20.5% | 8.5% |
| Operating Costs | (4,955) | (13.8)% | (4,619) | (13.8)% | 7.3% |
| EBITDA | 2,480 | 6.9% | 2,232 | 6.7% | 11.1% |
| Depreciation | (1,142) | (3.2)% | (1,043) | (3.1)% | 9.4% |
| EBIT | 1,338 | 3.7% | 1,189 | 3.6% | 12.6% |
Net Consolidated Result
| (€ Million) | 2025 | 2024 | Δ% | ||
|---|---|---|---|---|---|
| % | % | ||||
| EBIT | 1,338 | 3.7% | 1,189 | 3.6% | 12.6% |
| Net Financial Results | (322) | (0.9)% | (267) | (0.8)% | 20.5% |
| Profit/Losses in Associated Companies | (2) | (0.0)% | (1) | (0.0)% | n.a. |
| Other Profits/Losses | (131) | (0.4)% | (119) | (0.4)% | n.a. |
| EBT | 883 | 2.5% | 801 | 2.4% | 10.1% |
| Taxes | (225) | (0.6)% | (195) | (0.6)% | 15.3% |
| Net Profit | 658 | 1.8% | 606 | 1.8% | 8.5% |
| Non Controlling Interest | (11) | (0.0)% | (7) | (0.0)% | 54.3% |
| Net Profit attr. to JM | 646 | 1.8% | 599 | 1.8% | 7.9% |
| EPS (€) | 1.03 | 0.95 | 7.9% | ||
| EPS without Other Profits/Losses (€) | 1.21 | 1.11 | 9.3% |
Net Financial Costs amounted to 322 million euros (267 million euros in 2024). The year-on-year increase essentially reflects the implementation of the expansion programme and the resulting impact on interest on capitalised operating leases.
Other Gains and Losses amounted to -131 million euros, including the initial endowment of 40 million euros for the Jerónimo Martins Foundation, and the write-offs resulting from refurbishments, restructuring costs, and litigation-related provisions. Also included is the payment of 28 million euros in awards to
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recognise the extraordinary efforts of the operational teams who, being the face of our banners, delivered growth in sales volumes in very challenging markets, while improving the productivity of operations.
The average effective tax rate³ for 2025 was 25.4% (24.3% in 2024). Excluding the positive effect of recognising, in 2024, deferred taxes for the company that operates Hebe stores, as it now has taxable income, the effective tax rate remained unchanged year-on-year.
Cash Flow in the year, before dividend payments, amounted to 537 million euros. This strong cash generation reflects the solid operating performance of the banners and a normalisation of the funds generated by working capital, after the adjustments recorded in 2024.
Cash Flow
| (€ Million) | 2025 | 2024 |
|---|---|---|
| EBITDA | 2,480 | 2,232 |
| Capitalised Operating Leases Payment | (396) | (380) |
| Interest Payment | (329) | (283) |
| Other Financial Items | 0 | 1 |
| Income Tax | (286) | (280) |
| Funds From Operations | 1,469 | 1,290 |
| Capex Payment | (1,164) | (1,054) |
| Δ Working Capital | 365 | (202) |
| Others | (133) | (96) |
| Cash Flow | 537 | (62) |
The Consolidated Balance Sheet remained strong. The Group's cash position (excluding capitalised operating lease liabilities) at the end of the year was 866 million euros, taking into account the Company's dividend distribution which, in 2025, totalled 371 million euros.
Balance Sheet
| (€ Million) | 2025 | 2024 |
|---|---|---|
| Net Goodwill | 649 | 639 |
| Net Fixed Assets | 6,476 | 5,891 |
| Net Rights of Use (RoU) | 3,835 | 3,530 |
| Total Working Capital | (4,577) | (4,062) |
| Others | 448 | 318 |
| Invested Capital | 6,831 | 6,317 |
| Total Borrowings / Financial leases | 1,238 | 1,003 |
| Financial Leases | 155 | 128 |
| Capitalised Operating Leases | 4,167 | 3,790 |
| Accrued Interest | 10 | 25 |
| Cash and Cash Equivalents | (2,268) | (1,882) |
| Net Debt | 3,302 | 3,064 |
| Non Controlling Interests | 238 | 247 |
| Share Capital | 629 | 629 |
| Retained Earnings | 2,662 | 2,377 |
| Shareholders Funds | 3,529 | 3,253 |
³ Effective tax rate determined on the basis of the estimated tax for the year, taking into account the corrections to estimates from previous years and deferred taxes. Gains/Losses in Joint Ventures and Associates are excluded from Profit Before Tax as, under the equity method, these results are already presented net of taxes.
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Jerónimo Martins | Annual Report 2025
In line with its financing strategy, whenever possible the Group uses loans in local currency as a natural hedge against the exchange rate risk of investments.
In order to ensure that its financial strategy is fully aligned with its sustainability agenda, the Group drew up and publicly disclosed its Sustainable Finance Framework in 2024, which served as a framework for a large portion of borrowings in 2025.
In Portugal, we secured financing through two new commercial paper programmes, both in the form of Sustainability-Linked Commercial Paper, via private placement and direct offering, each for a maximum amount of 50 million euros. A Sustainability-Linked bond loan was also issued, with a maturity of three years and at a fixed rate, in an amount of 50 million euros. These three new loans are indexed to sustainability objectives tied to monitoring and disclosing the social impacts generated by the support initiatives of the Jerónimo Martins Group companies, and the annual waste recovery rate.
In Poland, we took out a seven-year loan in the amount of 300 million złoty (approximately 71 million euros) with a floating rate, to finance the implementation of a deposit return and recycling system in Biedronka stores.
In Colombia, and in the first quarter of 2025, we used the last available tranche of 120 million dollars (equivalent to 85 billion Colombian pesos) of the loan obtained in 2024 in the amount of 21 million dollars from the International Finance Corporation (IFC), part of the World Bank. This ESG-linked loan has a maturity of seven years and was taken out to support Ara's expansion with the construction of two distribution centres in the regions of Bogotá and Cali with EDGE-Advanced Green certification. A new commercial paper with a maturity of one year was also issued, in the form of Sustainability-Linked Commercial Paper, for 170 billion Colombian pesos.
The euro-and złoty-denominated business units, which had significant net cash surpluses, were able to earn interest on these amounts throughout the year through bank deposits and other short-term treasury investments.
Total Borrowings and Financial Leases Breakdown
| (€ Million) | 2025 | 2024 |
|---|---|---|
| Long Term Borrowings / Financial leases | 659 | 622 |
| as % of Total | 47.4% | 55.0% |
| Average Maturity (years) | 3.9 | 3.9 |
| Total Borrowings / Financial leases | 1,392 | 1,131 |
| Average Maturity (years) | 2.0 | 2.3 |
| % Total Borrowings / Financial leases in euros | 16.6% | 10.2% |
| % Total Borrowings / Financial leases in złoty | 24.3% | 20.5% |
| % Total Borrowings / Financial leases in Colombian pesos | 59.0% | 69.4% |
2.4. Jerónimo Martins in the capital markets
The financial markets experienced strong appreciation alongside high volatility throughout 2025, driven by (i) inflationary pressures linked to changes in international trade relations and the imposition of tariffs, (ii) monetary policy decisions, (iii) geopolitical tensions and (iv) ongoing shifts in investors' risk perceptions.
In the first few months of the year, easing inflation in the world's major economies and cuts to reference rates by central banks supported a more favourable sentiment. However, sharp corrections – particularly in the technology sector – underscored heightened sensitivity to unexpected developments, including advances in artificial intelligence (AI) and concerns about intensified competition.
Throughout the spring and summer, trade tensions intensified as the US announced successive rounds of tariffs, raising fears of a global economic slowdown and placing pressure on both equity and bond
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Jerónimo Martins | Annual Report 2025
markets. At the same time, geopolitical developments – ranging from conflicts in the Middle East to political uncertainty across several European countries – reinforced risk aversion, prompting investors to shift towards more defensive assets, notably gold and silver, which recorded consecutive all-time highs in the year.
Uncertainty surrounding US trade policy, together with developments in the field of AI, led to more pronounced movements in certain market sectors.
Despite these pressures, several European markets showed resilience, with strong performances in sectors such as banking and raw materials, supported by improved earnings and a gradual recovery in economic sentiment.
In the second half of the year, concerns about US trade policies continued to influence investor behaviour. Even so, certain positive developments - such as the trade agreement reached in July between the US and the European Union - enabled partial recovery, albeit constrained by the need to adjust margins in response to new tariffs on European exports.
In Europe, the ECB's rate cuts and a strong earnings season supported a more positive trend, although it remained subject to fluctuations driven by trade negotiations with the US and key political events, including German elections and government instability in France.
Monetary policy, economic indicators and statements by US President were perceived as a threat to the independence and credibility of the US Federal Reserve, reinforcing the dollar's depreciation, which reached its lowest levels in the past three years.
Amid these developments, the Chinese currency gained prominence, closing 2025 at its highest value since 2023 and breaking the seven-yuan-per-dollar mark. This reflects the weakness of the North American currency throughout the year, with the dollar declining against most major world currencies.
In December, stock markets saw a slight correction, primarily due to the realisation of capital gains following a year of strong performances. This adjustment, however, did not affect the overall positive trend seen in 2025, in an environment shaped by US trade policies, the prolonged partial US Government shutdown, and persistent geopolitical uncertainty.
Europe closed the year with one of its strongest performances in recent years. The STOXX 600 appreciated by around 17%, supported by positive developments in the banking and raw materials sectors, as well as improvements in the economic environment. The UK's main index (FTSE 100) stood out by completing its fifth consecutive year of gains, underpinned by attractive valuations and its role as a diversification alternative to tech-heavy markets.
In general, December reinforced the view that markets had demonstrated the ability to absorb significant shocks over the course of the year. Nonetheless, heightened caution is anticipated at the start of 2026, given the accumulation of structural risks, including potential AI-related corrections, the threat of an economic slowdown, and uncertainty regarding US economic policy.
Share description
| Listed Stock Exchange | Euronext Lisbon | |
|---|---|---|
| IPO | November 1989 | |
| Share Capital (€) | 629,293,220 | |
| Nominal Value | 1.00 € | |
| Number of Shares Issued | 629,293,220 | |
| Symbol | JMT | |
| Codes | ISIN | PTJMT0AE0001 |
| Reuters | JMT.LS | |
| Bloomberg | JMT PL | |
| Sedol | B1Y1SQ7 | |
| WKN | 878605 |
Management Report - Creating Value and Growth
Jerónimo Martins | Annual Report 2025
The Jerónimo Martins Group's sustainable performance, and its contributions to economic prosperity and social development, have received international recognition with inclusion in more than 180 sustainability indices, including Climate Europe, Europe Sustainable 100, CDP Environment ESG Eurozone, Euronext indices, FTSE4Good Developed and FTSE4Good Europe and several MSCI (Morgan Stanley Capital International) indices, Solactive and STOXX.
In 2025, the Group achieved an important milestone, after being assessed by CDP (Disclosure Insights Action), an independent entity, with the top score (A) as recognition of its good sustainability practices in the programmes Climate Change, Water Security and in managing the commodities most associated with deforestation risk (Forests) - palm oil, paper and timber, beef and soy. It is the first time worldwide that a food retailer has achieved such a distinction (triple A), securing the Group inclusion in an exclusive group of 23 global companies that have achieved the highest rating across all three categories assessed by CDP. In addition, the distinction recognises transparent reporting.
More information about Jerónimo Martins's listing in these and other relevant indices is available on the Sustainability section of our website.
Capital structure
For information on the structure of Jerónimo Martins's share capital, please see Section A – Shareholder Structure of Chapter 4 of this Annual Report.
PSI performance
The Portuguese stock market performed well throughout the year, although sometimes lagging behind the pace seen in Europe. The PSI saw moments of strong volatility - notably in April due to intensification of the "trade war" - alongside periods of recovery and appreciation, benefiting from the appeal of a traditionally defensive and dividend-oriented market.
At the same time, Portugal also continued to consolidate its financial credibility. The main rating agencies maintained a positive outlook, reflected in two upward revisions of the sovereign rating, first by S&P, which raised it to "A", followed by Fitch, which upgraded the rating to "A" with a stable outlook. These decisions highlighted the consistent trajectory in reduction of public debt, the maintenance of budgetary balances, economic resilience, and the strength of exports.
In August, the PSI surpassed the 8,000-point mark for the first time since April 2011 and closed the year well above that level. The index posted year-on-year gains above most European counterparts – the highest increase since 2009 – except for the Polish WIG 20 (+45.3%) and the Spanish IBEX 35 (+49.3%), supported by the relative stability of the national economy and the aforementioned upgrades to Portugal's sovereign rating by the main rating agencies.
As of September, in Euronext's periodic review, the PSI started to include 16 listed companies, with Teixeira Duarte returning to the main Portuguese index.
The performance of the Portuguese market was bolstered by strong appreciation in the banking and construction sectors. The latter, within the PSI, experienced a period of exceptional growth. Approval of the 2026 State Budget, in which the government reaffirmed its commitment to moving forward with previously planned structural projects – including the high-speed railway, the expansion of Lisbon and Porto airports, and the development of port concessions – served as a catalyst for a significant increase in prices.
In December, the PSI index closed at 8,263.65 points, up 29.6% compared to the same period in 2024.
In short, and despite the challenging political environment - with the fall of the government and subsequent snap elections - the Portuguese market showed resilience, reflecting confidence in institutional stability and continuity in macroeconomic policies.
Management Report - Creating Value and Growth
Jerónimo Martins | Annual Report 2025
Jerónimo Martins share price performance
The most significant movements in Jerónimo Martins's share price in 2025 reflected, above all, the market's reaction to quarterly results, adjustments to investor expectations on food consumption trends and the impacts of the substantial wage increases, while operating in highly competitive markets, particularly in Poland.
The year closed with a share price of 20.26 euros, representing a 9.8% increase compared to the previous year's closing price.
During 2025, the volume of transactions on Euronext Lisbon was around 172 million shares (19% less than in 2024), corresponding to a daily average of around 676 thousand shares. The average share price was 20.78 euros (up 10.1% year-on-year).
Jerónimo Martins shares represented the equivalent of 8.8% (that is, approximately 4 billion euros) of the total number of shares traded on the PSI.
In terms of market capitalisation, Jerónimo Martins ended the year in third place, with 12.7 billion euros (11.6 billion euros in 2024), and a relative weight of 10.1% in the index (compared to 11.5% in 2024).
The Company is one of the three Portuguese companies listed on the Euronext100 index, slightly decreasing its weight to 0.28% (from 0.32% in 2024).
Analysts
Since August 2025, there have been 25 analysts actively covering Jerónimo Martins shares.
The average target price attributed by these analysts was 25.16 euros, 24.2% above the closing price on 31 December 2025 and 18.7% above that of the previous year.
The evolution of recommendations and price targets issued by the various institutions is available on our website (www.jeronimomartins.com/en/investors/jeronimo-martins-shares/equity-analysts/).
Management Report - Creating Value and Growth
Jerónimo Martins | Annual Report 2025
*There is one research house whose coverage is currently ‘suspended’
Management Report - Creating Value and Growth
41
Jerónimo Martins | Annual Report 2025
Jerónimo Martins Financial Performance 2021-2025
| (€ Million) | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Balance Sheet | |||||
| Net Goodwill | 649 | 639 | 635 | 613 | 618 |
| Net Fixed Assets | 6,476 | 5,891 | 5,533 | 4,589 | 4,159 |
| Net Rights of Use (RoU) | 3,835 | 3,530 | 3,074 | 2,420 | 2,221 |
| Total Working Capital | (4,577) | (4,062) | (4,314) | (3,837) | (3,290) |
| Others | 448 | 318 | 235 | 161 | 145 |
| Invested Capital | 6,831 | 6,317 | 5,163 | 3,946 | 3,852 |
| Total Borrowings | 1,238 | 1,003 | 765 | 470 | 460 |
| Financial Leases | 155 | 128 | 102 | 82 | 22 |
| Capitalised Operating Leases | 4,167 | 3,790 | 3,280 | 2,597 | 2,365 |
| Accrued Interest | 10 | 25 | 22 | 14 | - |
| Cash and Cash Equivalents | (2,268) | (1,882) | (2,074) | (1,802) | (1,527) |
| Net Debt | 3,302 | 3,064 | 2,097 | 1,360 | 1,320 |
| Non Controlling Interests | 238 | 247 | 252 | 254 | 254 |
| Equity | 3,291 | 3,006 | 2,814 | 2,331 | 2,278 |
| (€ Million) | 2025 | 2024 | 2023 | 2022 | 2021 |
| --- | --- | --- | --- | --- | --- |
| Income Statement | |||||
| Net Sales & Services | 35,991 | 33,464 | 30,608 | 25,385 | 20,889 |
| EBITDA | 2,480 | 2,232 | 2,168 | 1,854 | 1,585 |
| EBITDA margin | 6.9% | 6.7% | 7.1% | 7.3% | 7.6% |
| Depreciation | (1,142) | (1,043) | (902) | (782) | (745) |
| EBIT | 1,338 | 1,189 | 1,266 | 1,071 | 840 |
| EBIT margin | 3.7% | 3.6% | 4.1% | 4.2% | 4.0% |
| Financial Results | (322) | (267) | (174) | (162) | (154) |
| Profit/Losses in Associated Companies | (2) | (1) | (1) | - | - |
| Other Profits/Losses 1 | (131) | (119) | (79) | (95) | (34) |
| EBT | 883 | 801 | 1,012 | 814 | 652 |
| Taxes | (225) | (195) | (239) | (207) | (168) |
| Net Income | 658 | 606 | 773 | 607 | 484 |
| Non Controlling Interests | (11) | (7) | (16) | (17) | (21) |
| Net Income attributable to JM | 646 | 599 | 756 | 590 | 463 |
1 Other Profits/Losses include the Other Operating Profits/Losses and Gains in Others Investments as presented in the Income Statement by Functions and detailed in the notes to Consolidated Accounts.
| Market Ratios | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Share Capital (€) | 629,293,220 | 629,293,220 | 629,293,220 | 629,293,220 | 629,293,220 |
| Total Number of Shares | 629,293,220 | 629,293,220 | 629,293,220 | 629,293,220 | 629,293,220 |
| Own Shares | 859,000 | 859,000 | 859,000 | 859,000 | 859,000 |
| Free Float | 43.9% | 43.9% | 43.9% | 43.9% | 37.7% |
| EPS (€) | 1.03 | 0.95 | 1.20 | 0.94 | 0.74 |
| Dividend per share (€) | 0.59 | 0.66 | 0.55 | 0.79 | 0.29 |
| Stock Market Performance | |||||
| High (close) (€) | 23.10 | 23.10 | 26.86 | 23.22 | 21.61 |
| Low (close) (€) | 18.28 | 15.29 | 19.18 | 18.20 | 12.65 |
| Average (close) (€) | 20.78 | 18.87 | 22.27 | 20.57 | 16.49 |
| Closing (End of year) (€) | 20.26 | 18.45 | 23.04 | 20.18 | 20.10 |
| Market Capitalisation (31 Dec) (€ 000,000) | 12,749 | 11,610 | 14,499 | 12,699 | 12,649 |
| Transactions (volume) (1,000 shares) | 172,452 | 213,016 | 167,121 | 198,279 | 186,528 |
| Annual Growth | 9.8% | (19.9)% | 14.2% | 0.4% | 45.4% |
| Annual Growth - PSI | 29.6% | (0.3)% | 11.7% | 2.8% | 13.7% |
Management Report - Creating Value and Growth
Jerónimo Martins | Annual Report 2025
3. Performance of the business areas
3.1. Food distribution
3.1.1. Biedronka
Highlights of the Year
- Celebration of the 30th anniversary in Poland
- Execution of an ambitious investment programme with the opening of 181 new stores and 200 refurbishments
- Electronic shelf tags available in more than 2,750 stores
- More than 1,500 stores with service counters of meat & delicatessen products
Additional information, particularly about our sustainability initiatives, may be found in Chapter 5 of this Report.
MESSAGE FROM THE CEO
As expected, in 2025, Polish households continued to be cautious and promotion-driven in their food spending, while competition in food retail remained particularly intense.
In the year in which we celebrated our 30th anniversary, we maintained an unwavering focus on the consumer, preserving our price leadership, innovating our assortment, and refurbishing and expanding our infrastructure, which now includes 3,882 stores.
The success of our strategy is reflected in the approximately 1.4 billion euros increase in sales (excluding the appreciation of the złoty) and in our strengthened market share.
Efficiency, cost control and improved productivity were cross-cutting priorities for all Biedronka teams, which moved forward with the implementation of solutions such as self-checkout systems, electronic shelf labels, and the installation of photovoltaic panels, enabling margin protection and helping to offset inflationary pressure on costs, particularly staff costs.
Despite a highly volatile environment and limited visibility, we achieved our environmental and social corporate responsibility targets, while continuing our mission to deliver quality, healthy food and food solutions at competitive prices in our stores. In addition, together with the Biedronka Foundation, we continued to help alleviate the vulnerabilities present in Polish society.
In 2026, despite an expected challenging and competitive environment, we will reinforce price leadership as the core of our more than 30-year bond with Polish families, while further enhancing innovation and quality across our assortment, focusing on categories that best meet consumers' needs and aspirations.
As part of our investment plan, alongside the expansion and refurbishment of stores, we will also take important steps to strengthen our logistics infrastructure, one of the central pillars of our competitiveness, by adding another distribution centre to the existing 17 and advancing with the construction of an automated logistics unit.
Luís Araújo
Management Report - Creating Value and Growth
Jerónimo Martins | Annual Report 2025
Performance
In Poland, consumers remained highly cautious, price-sensitive and promotions-driven. Their behaviour translated in a subdued performance of the food retail market and in further competitive pressure.
In 2025, Biedronka celebrated its 30th anniversary with nationwide initiatives that highlighted its strong and permanent bond with Polish consumers. The several campaigns included events across stores, distribution centres, and offices. This was an opportunity for the Company to reaffirm its long-standing commitment to deliver everyday low prices to the Polish families.
As part of the anniversary initiatives, the banner reduced the prices essential products throughout the year and ran targeted promotional campaigns offering special daily deals.
The new promotion, “Biedronki Niskie Ceny” (Biedronka low prices) - replaced “Biedronkowe Oszczędności” (Biedronka savings) -, with the primary objective of underscoring competitive pricing and delivering on the core brand promise.
Food inflation in the country reached 4.7% in the year, compared to 3.3% in 2024. After starting at a higher level until March, it declined in April - following the overlap of the reintroduction of VAT on basic food products - and continued to decrease until year-end.
Once again, the Company invested in price, maintaining basket inflation below the national food inflation rate. This approach enabled the banner to achieve volume growth, outperform the market evolution, and gain additional share.
In local currency, sales grew 5.9%, with an LFL of 1.9%. In euros, sales totaled 25.3 billion, up 7.5% on the previous year.
Throughout 2025, Biedronka further invested in its core brand attributes by putting in place initiatives, including the launch of Biedronowe, a communication platform designed to highlight innovation within its Private Brand assortment. Additionally, a nationwide contest engaged customers on social media by encouraging them to share photos or videos featuring Biedronka shopping bags, while on vacation, with weekly prizes - such as gift cards and travel essentials - awarded to four winners.
During the year, the Company continued to leverage its customer loyalty programmes and launched the 10th edition of its iconic “Gang Biedroniaków” campaign - introducing its largest mascot collection to date. The concept was expanded to adults through the “Biedromania” initiative. For the first time, customers could collect virtual stickers via the app and redeem them for discounts and rewards on Biedronka Home, in addition to traditional mascots and books in stores. The campaign, which ran from August to November, resulted in the redemption of 4.7 million toys and 380 thousand books.
Management Report - Creating Value and Growth
Jerónimo Martins | Annual Report 2025
Complementing this initiative, and reinforcing its strategy of combining entertainment, family experiences, and digital innovation, Biedronka released the second edition of its Roblox game, "Biedronka Simulator 2," featuring enhanced gameplay and strong engagement, with over 2.3 million plays and the largest brand community on Roblox in Poland.
In 2025, Biedronka continued to strengthen its digital ecosystem through significant enhancements to its mobile application. Building on the success of the previous year, the app evolved with monthly updates introducing new features and optimisations aimed at improving customer experience and promoting engagement. This sustained investment reflects the banners' commitment to convenience, personalisation, and innovation in its digital offering.
By maintaining strategic focus on operational efficiency and improving the shopping experience, Biedronka continued the rollout of self-checkout solutions across its store network, closing the year with more than 3,300 locations with this equipment.
The Company strengthened its online and logistics operations through strategic partnerships and infrastructure expansion. The Q-commerce operation Biek, in collaboration with Glovo, marked its fourth anniversary with significant growth, reflecting strong consumer adoption. By year-end, Biek had 28 microfulfilment centres exclusively dedicated to ultra-fast delivery. In parallel, the partnership with DHL was reinforced through the installation of DHL BOX 24/7 lockers in more than 1,500 stores, providing customers with convenient access to approximately 3,000 machines in Biedronka locations.
Building on strong relationships, Biedronka also launched a new partnership with Uber Eats at the end of the year to offer grocery deliveries at in-store prices. Initially piloted in three major cities, the service was progressively expanded across Poland to meet the rising demand for convenient, fast and affordable online shopping. This initiative enabled the banner to reach a broader customer base, including older adults, and individuals with limited mobility, reinforcing the Company's commitment to accessibility and customer-centric innovation.
During 2025, the Company continued to invest in in-store innovation, implementing efficiency projects and rolling out the ones started in previous years. Biedronka thus accelerated its renewable energy programme, installing photovoltaic panels in more than 530 stores and eight distribution centres, alongside LED lighting and EV chargers. Throughout the year, the Company also continued the rollout of its electronic price tag project, enabling centralised and faster price updates, and significantly reducing the risk of errors while improving operational efficiency. By year-end, this feature was implemented in more than 2,750 stores.
Since mid-2025, the Company has been installing recycling machines across its network, under an agreement with equipment suppliers to deploy more than 3,000 units nationwide. These machines provide customers with a convenient return of empty drink containers for recycling in exchange for vouchers to be used in the stores. This return-deposit system complements Biedronka's long-term commitment to sustainability and circular economy principles by reducing waste and promoting responsible consumer habits.
Biedronka also reinforced its determination to enhance the appeal and variety of meat and delicatessen products by continuing to expand assisted service counters in these categories, closing the year with more than 1,500 stores offering this option.
Management Report - Creating Value and Growth
Jerónimo Martins | Annual Report 2025
As part of its capital expenditure programme, the Company opened 181 stores (152 net additions) - of which approximately 50% were smaller-format -, and refurbished 200 locations, with a total investment of 604 million euros during the year.
To protect profitability and address the challenges posed by low basket inflation, rising wage costs, and weak food consumption dynamics in the country, Biedronka focused on cost efficiency and implemented additional productivity measures throughout the year, driving, together with the strong sales performance, EBITDA to increase by 9.8% (+8.1% in local currency), with the margin reaching 7.9% (compared to 7.7% in 2024).
AWARDS AND RECOGNITIONS OF NOTE
TOP Brand 2025 in the food markets industry awarded by Press, IMM.
Ranked 2nd on the Rzeczpospolita newspaper list of the 2,000 biggest Polish companies.
Listed by Poland's Ministry of Finance as the largest taxpayer in the retail sector and 8th overall.
Leader in Governance and 2nd place in Responsible Business (trade category), by the Koźminski Business Hub of Koźmiński University.
Complete list of awards and recognitions available in the Company's website.
Management Report - Creating Value and Growth
Jerónimo Martins | Annual Report 2025
3.1.2. Biedronka Slovakia
# Stores
15
Highlights of the year
- Biedronka enters the Slovak market
- 50% of products sourced from local suppliers
- Private Brand accounts for around 44% of sales
Additional information, particularly about our sustainability initiatives, may be found in Chapter 5 of this Report.
MESSAGE FROM THE CEO
The year 2025 marked a decisive milestone with the start of operations in Slovakia, with the opening of a distribution centre and our first 15 stores. Each new store confirms that our ambitions and planning are translating into a solid and tangible food retail network.
At the same time, we have laid the key operational foundations necessary for sustainable long-term growth. We are building a supply chain that combines Biedronka's scale and expertise in Poland with local partnerships that are strengthening in the Slovak market. Although we are still in the early stages of our operation in the country, this combination enables us to offer high-quality products at market-leading prices.
Our day-to-day focus has been on developing a value proposition aligned with the expectations of Slovak consumers. We continue to expand our assortment, learn from our customers, and generate value tailored to the habits, preferences and needs of local families.
We are also laying the groundwork for a robust pipeline of future locations and investment opportunities to support sustainable growth in the coming years.
All of this is made possible thanks to the dedication and expertise of our local team – colleagues from stores, logistics and support functions – who turn our strategy into everyday reality. We invest in their skills, giving them the tools and training needed to ensure effective execution, support long-term growth within the Company, and strengthen our organisational culture. We also rely on the unwavering support of the Biedronka teams in Poland, whom I would like to acknowledge and thank publicly.
Maciej Lukowski
Management Report - Creating Value and Growth
Jerónimo Martins | Annual Report 2025
Year overview
In 2025, Biedronka began operations in Slovakia, marking the start of its international expansion.
In March, the first store was opened in Miloslavov, near Bratislava, as well as the distribution centre in Voderady, equipped with advanced technology to support the growth of the operation, which had 15 stores by the end of the year.
From the outset, the priority was to tailor the value proposition to the expectations of Slovak consumers by optimising the assortment, launching Private Brand, and identifying opportunities for innovation.
Adapting to the Slovak market has focused on collaborating with local producers, ensuring fresh, locally sourced produce and supporting the national economy.
The stores follow a modern and functional concept, designed to provide a practical and efficient experience, with a convenience-oriented layout, while the assortment prioritises fresh products, integrating national suppliers to enhance proximity and quality.
Sustainable solutions such as electric vehicle charging stations have also been implemented, reflecting the commitment to innovation and environmental responsibility, while remaining true to its core promise: "low prices every day", as is the case with the other Group banners.
The model in Slovakia, aligned with Biedronka's guiding principles in Poland, is built on a combination of competitiveness, convenience and efficiency, supported by strong logistical integration and proximity to consumers. Nonetheless, and respecting the specificities of the Slovak market, communication and positioning were tailored to the local context by incorporating familiar visual elements and language, aimed at reinforcing trust and consumer proximity, while preserving the core pillars of affordability and quality in a particularly price-sensitive market.
Management Report - Creating Value and Growth
Jerónimo Martins | Annual Report 2025
3.1.3. Pingo Doce
Highlights of the Year
- Celebration of the Company's 45th anniversary
- Launch of Pingo Doce online
- Innovation in Fresh Food: launch of hot sandwiches, and the BALANCE line (lighter and healthier ready meals) and the frozen food ranges
Additional information, particularly about our sustainability initiatives, may be found in Chapter 5 of this Report.
MESSAGE FROM THE CEO
In 2025, Pingo Doce celebrated its 45th anniversary, reaffirming its commitment to families and its leadership in fresh and ready meals. Over four and a half decades, we have maintained a clear and consistent strategy: to always be close to our customers, meeting their needs and anticipating trends, and active listening, allowing us to continuously and innovatively respond to everything that is essential for feeding the Portuguese.
This is also the way forward for Pingo Doce. More than half of our stores have been refurbished to reflect the All About Food concept, transforming the shopping experience by focusing on fresh products, ready meals and service excellence – our hallmarks. Today, our customers know that when they shop at a Pingo Doce store, they come to a place where it really is "all about food", at prices that everyone can afford.
The year 2025 was demanding and posed some significant challenges. With increased competitive pressure, we maintained an intense promotional dynamic, guaranteeing real savings opportunities and boosting Private Brand innovation with the launch of 266 new products.
It was also the year in which we reaffirmed our position as a neighbourhood supermarket, part of our surrounding communities. Bairro Feliz celebrated five years of impact, depicted in a book dedicated to the data and outcomes of the programme, which to date has supported more than 2,000 causes. We increased food donations to charities through 'Alimenta o Bairro', strengthened the partnership with the GNR ("Guarda Nacional Republicana" - the Nacional Republican Guard) to support the elderly, and promoted in-store fundraising and collection initiatives, committed to being there for those who need it most.
This journey has only been possible thanks to the trust placed in us by the families who choose our stores every day and the commitment of our teams, who work hard to deliver a unique experience for every customer who enters a Pingo Doce store. We begin 2026 with the same determination: to continue to earn this trust by innovating, differentiating and remaining close to those who matter most - our customers.
Isabel Ferreira Pinto
Management Report - Creating Value and Growth
Jerónimo Martins | Annual Report 2025
Performance
In 2025, the year in which it celebrated 45 years of market presence in Portugal, Pingo Doce continued to modernise its store network with the All About Food concept, transforming and enhancing the shopping experience to meet new consumer expectations. The focus on fresh produce, catering, our Private Brand and quality of service has been the centrepiece of these renovations, crafting a complete and singular value proposition.
The Company maintained an intense promotional dynamic to meet the needs and preferences of Portuguese consumers. This strategy proved decisive in driving solid sales growth, strengthening price competitiveness and increasing volumes. In 2025, sales grew 5.3% to 5.3 billion euros, with an LFL of 4.0% (excluding fuel).
Net Sales (€ Million)
* Includes fuel sales
Throughout the year, consumers remained careful in their spending and seeking savings opportunities, reinforcing a fiercely competitive market. At the same time, the sector also saw another year of strong expansion, particularly in the neighbourhood store format.
Our banner started 2025 with a strong promotional dynamic, offering increasingly more savings opportunities in the year. These initiatives were bolstered by the partnership with BP, through the 100/40 campaign – the most competitive on the market – offering exclusive fuel benefits. This promotional strategy was underpinned by a unifying communication concept – 'At Pingo Doce, we do Promotions with a capital P' – which became the centrepiece of the various campaigns, consolidating its customer value proposition.
Pingo Doce continued to innovate in the food segment, developing products that combine quality and competitive prices. As in previous years, the banner maintained its commitment to surprising customers with differentiating solutions, strengthening its market leadership by offering innovative products on the Portuguese market.
The Private Brand again underscored its distinctive value – the absence of flavour enhancers and artificial colours – with the launch of 266 new products in categories as diverse as ice cream, chocolates, detergents and personal hygiene, giving customers yet another reason to visit stores.
Fresh Food continues to be a strategic area for the Company, with 256 restaurants and a steadfast commitment to innovation. Pingo Doce leads the grab and go segment, offering a wide range of products for a variety of consumer habits and needs, continuously introducing new options. Particularly noteworthy was the launch of hot sandwiches, the first of which with pulled pork, which quickly became a consumer favourite. This dynamic was also reflected in the launch of the BALANCE range, designed to offer balanced and nutritious options, responding to the demands of a consumer increasingly focused on well-being, and in the new range of frozen meals, created using our unique recipes, with the same quality and authentic flavour of fresh meals, for maximum convenience.
Management Report - Creating Value and Growth
Jerónimo Martins | Annual Report 2025
Pingo Doce broke new ground by introducing co-branding initiatives, honouring iconic Portuguese brands that reflect the national pastry tradition. This innovative approach began in late 2024 with the historic café Versailles patisserie, embodied in the launch of a special edition Portuguese Christmas cake Bolo-Rei. This year, the strategy gained momentum, adding the flavours of traditional pastries from all over the country through exclusive partnerships: the Porto-style Croissant (Croissant à Moda do Porto) with Pastelaria Ribeiro, the special edition of sponge cake (Pão de Ló de Margaride) in collaboration with the centuries-old Casa Leonor Rosa da Silva at Easter, and new versions of Bolo-Rei (with dried fruit and nuts) and Bolo-Rainha (nuts) with Versailles at Christmas. These partnerships enhance the perception of quality, authenticity and innovation, reflecting the constant desire to wow customers and deliver standout products.
The Company reinforced its commitment to digital transformation by launching its own online store to offer customers a complete experience, ensuring that they find the same products and promotions available in its brick-and-mortar stores. The platform allows customers to place home delivery or in-store pick-up orders, with access to the benefits of the My Pingo Doce App, ensuring consistency between in-person and online purchases.
The app itself has become an essential savings tool, offering exclusive and personalised benefits to its users. To increase interaction and encourage purchases through the app, Pingo Doce ran several loyalty campaigns and held joint initiatives with leading brands and companies, such as Pestana hotels, Booking.com and FNAC, among other collaborations, that have added even more benefits for active users.
Pingo Doce celebrated five years of Bairro Feliz (Happy Neighbourhood) with a set of initiatives showcasing the positive impact of the programme, which has already supported more than 2,000 causes, and strengthened the banner's position as a neighbourhood supermarket. The banner also hosted a meeting that brought together experts and representatives of winning causes, encouraging reflection on the role of communities in social transformation. At the same time, it ran a communication campaign that shone a light on the programme's real impact – sharing impact data accumulated over the past five years – demonstrating how small actions can lead to big changes.
EBITDA totalled 322 million euros, up 8.5% on the previous year, with the respective margin reaching 6% (5.8% in 2024), following strong sales performance and initiatives to boost productivity, which helped ease cost pressures.
Pingo Doce invested 222 million euros in opening nine stores and refurbishing 52 locations, demonstrating a forward-looking business vision focused on competitive advantages and critical differentiation factors: Fresh Food, Private Brand and Meal Solutions.
AWARDS AND RECOGNITIONS OF NOTE
Inclusive Employer Brand distinction, awarded by the Institute of Employment and Vocational Training (IEFP), since 2023.
Recommended Brand in the "Supermarkets – Large Retail" segment by Consumer Trust.
ISO 45001 certification awarded to the two central kitchens, which ensures the highest standards of occupational health and safety management.
Four stars in the GS1 Portugal Lean & Green initiative, after reducing carbon dioxide equivalent emissions in logistics operations by 55% between 2018 and 2024.
Complete list of awards and recognitions available in the Company's website.
Management Report - Creating Value and Growth
Jerónimo Martins | Annual Report 2025
3.1.4. Recheio
| RECHEIO
SOCIORES CENTRAL | Sales
€1,399M
(+3.0%) | # Stores
39 and 4
platforms | LFL
3.0% | EBITDA
€72M
(+4.6%) | CAPEX
€35M |
| --- | --- | --- | --- | --- | --- |
Highlights of the Year
- Refurbishment of the Évora store to reflect the new concept, doubling the sales floor
- Opening of seven Best Farmer meat counters (now a total of 22)
- Online store records 40 million euros in sales
- Launch of the Recheio app
Additional information, particularly about our sustainability initiatives, may be found in Chapter 5 of this Report.
MESSAGE FROM THE CEO
In 2025, Recheio maintained strong and consistent growth, demonstrating a high execution capacity in a market environment with slowing marginal growth. After a relatively stable first quarter, sales showed a positive trend in the remaining three quarters, supported in part by an unusually hot summer that added momentum to the HoReCa channel.
The year's performance reflected a balanced contribution from our main channels. The HoReCa channel continued to assert itself as a core pillar of the business, both in cash & carry stores and in distribution, while the traditional retail channel recorded positive growth, driven by the expansion of the Amanhecer partnership, which exceeded 750 stores. This track record underscores the strength of our value proposition and the trust placed in us by our partners and customers.
We maintained strong operational discipline, focusing on cost control, continuous efficiency improvements, and sound resource management, ensuring both the competitiveness of the business and the quality of services delivered.
Throughout the year, we continued to invest in providing an ever-better shopping experience for our customers. The refurbishment of the Évora store is a clear example of this commitment, alongside the ongoing investment in the new Alfragide store, which opened in February 2026, marking a decisive milestone in delivering a comprehensive solution to customers in the Greater Lisbon area.
We also strengthened our commitment to environmental and social sustainability by implementing initiatives to improve energy efficiency, increasing the use of recyclable packaging materials, and continuing to reduce food waste by redirecting unsaleable but consumable products to charities. Also noteworthy is our continued commitment to the Lean & Green initiative, voluntarily pledging to monitor and reduce carbon emissions across our logistics chain. In 2025, we were also recognised as an inclusive employer, reflecting our strong commitment to diversity and social responsibility.
These results mirror the commitment and dedication of our teams, as well as the trust of our customers and partners, to whom I would like to extend my sincerest thanks.
We look ahead with confidence, committed to sustainable growth, continued investment in the business and strengthening Recheio's role as a benchmark partner for both traditional retail and the HoReCa channel in Portugal.
Nuno Begonha
Management Report - Creating Value and Growth
Jerónimo Martins | Annual Report 2025
Performance
Recheio remained focused on offering tailored propositions to its customer segments, with 2025 marked by sales growth in both channels: traditional retail and HoReCa. The latter was boosted by the competitiveness of the banner's offering, which combines attractive pricing, assortment quality – especially in perishables – and service excellence.
Traditional retail, meanwhile, maintained its growth trajectory, sustained by the expansion of the Amanhecer partnership, with the store network increasing to 758 establishments (+52 partners compared to 2024).
Recheio's total sales amounted to 1.4 billion euros, with LFL growth of 3.0%. The export channel grew 4.3%, expanding its international presence and consolidating existing portfolio markets.
Net Sales (€ Million)
* Includes export activity
In 2025, Recheio introduced the HoReCa Lab, an innovative pilot project focused on the HoReCa segment aimed at co-creating value in close collaboration with professional customers. This initiative is designed to enhance proximity to the sector, actively listen to agents' needs and expectations, and to directly engage partners in shaping and growing the MasterChef private brand, by building solutions aligned with market reality, thereby reinforcing its positioning as a HoReCa specialist.
Recheio also strengthened its commitment to innovation with the Kitchers programme, a pioneering project in Portugal that promotes practical and creative learning in the hotel and gastronomy sector. This programme bridges the gap between hospitality schools and the market, enabling participants to experience all stages of the culinary process, from production to preparation and cooking.
In the digital space, the "Boost Your Business" initiative, launched the previous year, was further developed with the introduction of a new service: "Website Creation". This solution offers customers the option to build their digital presence through either a free self-managed version or a premium version, with creation and ongoing maintenance ensured by Recheio. This service complements the existing billing and loyalty tools, further strengthening our support for the growth of our HoReCa customers' businesses. Targeted communication initiatives were implemented to promote the offer, and the digital brochure "Bons Negócios" was released, a tool that continues to be widely used and valued by customers to plan their purchases.
Also in the digital domain, the launch of the Recheio mobile app created a direct channel with customers and delivered a more integrated shopping experience, both in-store and online. The app offers a range of features that simplify business management, including access to order's history and the management of invoices and payments, among other features. Following the initial phase, a second stage was implemented, introducing the app in stores and supported by communication campaigns to incentivise
Management Report - Creating Value and Growth
Jerónimo Martins | Annual Report 2025
adoption. At the same time, social media actions were implemented to broaden reach and encourage use of the app, reinforcing Recheio's commitment to innovation and proximity to its customers.
With regard to assortment, the continued focus on fresh products was particularly notable, through the expansion of the Best Farmer meat counters to more Recheio stores. The banner strengthened its specialised assortment for the HoReCa channel, keeping pace with industry trends and delivering high-quality solutions. The Best Farmer butcher continues to establish itself as a benchmark in the supply of high-quality meat, ensuring products that combine rigour, responsibility and innovation. At the end of the year, Recheio had Best Farmer meat counters in 22 stores, cementing its leadership in this category.
By strengthening its presence in neighbourhoods and communities, Amanhecer continued to focus on proximity, quality of service and convenience.
An integrated communication plan, combined with a consistent value proposition, enabled Amanhecer to strengthen its reputation and position itself as a benchmark in proximity retail, combining quality, competitive prices and trust.
The Amanhecer partnership was reinforced by the launch of the "Concurso Sacão da Sorte" (Lucky Bag Contest), a promotional initiative aimed at our partners' customer base. The project aimed to foster loyalty and consolidate brand awareness in proximity retail.
All Amanhecer's B2B operations, through the "Seja Parceiro Amanhecer" (Become an Amanhecer Partner) initiative, have been integrated into the Recheio.pt website, centralising the management of relationships with current and potential partners. This evolution reflects the company's commitment to digitalisation and to enhancing the experience for both partners and consumers.
In 2025, the Company's investment totalled 35 million euros, notably in the complete refurbishment of the Évora store, doubling its sales floor and significantly strengthening the assortment – particularly through partnerships with local suppliers –, and in expansion, with the construction of the new Alfragide store, which opened in early February 2026.
The banner's EBITDA amounted to 72 million euros, with a margin of 5.2%, slightly higher than the previous year.
In 2025, the Company also strengthened its commitment to sustainability through various initiatives focused on environmental and social responsibility.
AWARDS AND RECOGNITIONS OF NOTE
Distinguished with the Professionals' Choice award, which the company has won consecutively since 2015.
Inclusive Employer Brand distinction, awarded by the Institute of Employment and Vocational Training (IEFP), since 2021.
First star in the GS1 Portugal Lean & Green initiative, for reducing carbon dioxide equivalent emissions in logistics operations by 25.1% between 2021 and 2024.
Complete list of awards and recognitions available in the Company's website.
Management Report - Creating Value and Growth
Jerónimo Martins | Annual Report 2025
3.1.5. Ara
| ara? | Sales
€3,228M
(+13.3%) | # Stores
1,653 | LFL
+5.8% | EBITDA
€132M
(+37.6%) | CAPEX
€228M |
| --- | --- | --- | --- | --- | --- |
Highlights of the Year
- Opening of 225 stores, including the integration of 71 locations previously operated by Colsubsidio
- Launch of the Ara App
- Social investment of two million euros under the slogan “Dos millones de razones” (Two million reasons)
Additional information, particularly about our sustainability initiatives, may be found in Chapter 5 of this Report.
MESSAGE FROM THE CEO
Ara closed the year with 1,653 stores, including 70 Bodegas del Canasto, around 19,000 employees and working together with more than 500 Colombian suppliers.
In 2025, we remained committed to offering the lowest prices on the market every day, complemented by weekly promotions that enabled Colombian families to consistently buy more for less in our stores.
We continued to improve our offer focusing on the perishables, personal care and household cleaning categories, and we expanded the ranges of our Private Brand with 221 new launches.
Expansion of the banner remained a priority, with 225 stores opened in the year, including the successful integration of the stores previously operated by Colsubsidio, serving more than 1.1 million customers per day.
Logistics infrastructure, a critical strategic asset, already comprises 12 distribution centres nationwide, one of which opened at the beginning of 2025. Throughout the year we also invested in the construction of what will be the Jerónimo Martins Group's largest logistics centre in Colombia – located in Girardota – which opened its doors in early 2026.
We expect consumers to remain cautious and price-sensitive in 2026. That's why we remain firmly committed to delivering the lowest prices on the market, a promise we keep through sustained efficiency gains and disciplined cost management.
Nuno Sereno
Management Report - Creating Value and Growth
Jerónimo Martins | Annual Report 2025
Performance
Throughout the year, the consumption patterns of Colombian families remained very defensive and highly price oriented. Ara remained focused on implementing its commercial strategy, guaranteeing low prices and the best value proposition for consumers, consolidating its market position.
With a strong promotional dynamic and consistently low prices, the Company continued to create meaningful savings opportunities for Colombian families in a challenging economic environment. Throughout the year, the banner successfully pursued its objectives of strengthening consumer recognition and increasing its market share in the regions where it operates.
Ara stood by families, offering quality and innovation in the assortment, increasing the weight of promotions in total sales. As a result, sales increased 17.4%, in local currency, including an LFL of 5.8%. In euros, sales amounted to 3.2 billion euros, up 13.3% from 2024.
Net Sales (€ Million)
To strengthen its position in the Colombian market, monthly promotional campaigns were held throughout the year, most notably the "Maratón de Descuentos" initiative, alternating between priority categories, including dairy products (milk, cheeses and yoghurts), non-food items, personal care and household cleaning.
Other notable initiatives included the "Superhit", "Superprecio", "Raspa y renueva tu cocina" campaigns, and the special anniversary promotion in June offering discounts of up to 50%.
The strategy of investing in Private Brands is aligned with a market environment focused on price, where offering quality options at affordable prices is essential. The Company thus reinforced the differentiation and innovation of its assortment, further consolidating its value proposition for consumers with the launch of 221 new private brand products and the relaunch of 23 products.
Most noteworthy is the launch Eden capsules, concentrated liquid detergent, Eden Fresh (fabric fragrance), and new cheese products, including cheese sticks, and Slim milk. In the personal care segment, the new Be Beauty haircare line was particularly of note.
Maintaining a strong focus on efficiency and reinforcing its commitment to sustainability, Ara continued the initiatives implemented in the previous year. In the year, solar panels were installed at three distribution centres and more 115 stores, increasing the use of photovoltaic energy and contributing significantly to the Group's decarbonisation targets.
In September, the Company launched its app, designed to enhance the digital experience and promote everyday savings. The "!Sacudela que tienes Promo!" feature enables customers to access exclusive discounts, see what's new, locate stores, and plan their purchases. The app also includes a digital
Management Report - Creating Value and Growth
Jerónimo Martins | Annual Report 2025
catalogue with weekly products and prices, as well as a locator to quickly find the nearest store. Besides offering an interactive experience, the app has become a strategic channel for communicating new launches, consolidating the banner's value proposition.
Also in 2025, the Company continued the initiative started in the previous year – "Dos millones de razones" (Two million reasons) – doubling its investment and allocating two million euros to the social investment programme, supporting 14 projects aimed at transforming the lives of more than 50 thousand people. The initiative has two main objectives: to promote health through food, focusing in particular on combating child malnutrition, and to strengthen ties with local communities through social empowerment projects, where education plays a key role to promote change.
Also as regards social support, Ara renewed its partnership with the Bogotá Sin Hambre 2.0 programme, in collaboration with the Social Integration Secretariat. The initiative, part of the Mission Nutrition Bogotá strategy, aims to ensure access to nutritious food during the first thousand days of a child's life. For ten months, 310 families from vulnerable neighbourhoods received food vouchers redeemable in Ara stores, complemented by nutritional assessments and personalised support for teenagers and pregnant women. The goal is to help break the food insecurity cycle and promote healthy development from an early age.
The Company continued to prioritise expansion, investing 228 million euros in the opening of 225 new stores and the refurbishment of 27 locations, further modernising the store network. The opening of the 100th Ara store in Antioquia was a milestone for the banner, demonstrating its commitment to another important region in Colombia.
In March 2025, the local Competition Authority approved the integration of 71 stores previously operated by Colsubsidio into the Ara network, strengthening the banner's presence in food retail, mainly in the Bogotá region.
The Company also opened a new distribution centre at the beginning of the year to ensure supply efficiency, delivering productivity gains, particularly in relation to transportation costs.
EBITDA totalled 132 million euros, 37.6% up on the previous year (+42.7% in local currency), with the respective margin standing at 4.1% (3.4% in 2024). The rise in the EBITDA margin reflects the change in commercial dynamics and ongoing cost control efforts, helping to mitigate the effects of a weak consumption environment. This performance was achieved amid changes to labour laws in the second half of the year, entailing additional costs and requiring even tighter management to protect profitability.
AWARDS AND RECOGNITIONS OF NOTE
Distinguished by the Corporate Social and Environmental Investment Index (IISAE - Índice de Investimento Social e Ambiental Empresarial) for excellence in the management and prioritising of social investment initiatives.
Special recognition from the Instituto Colombiano de Bem-Estar Familiar (ICBF, the Colombian Institute of Family Welfare) for sustained and transformative commitment in favour of children and adolescents, as well as families and communities in Colombia.
Complete list of awards and recognitions available in the Company's website.
Management Report - Creating Value and Growth
Jerónimo Martins | Annual Report 2025
3.2. Agribusiness
3.2.1. Jerónimo Martins Agro-Alimentar (JMA)
Highlights of the Year
- Terra Alegre was awarded another Lean & Green star for reducing greenhouse gas emissions
- Increased presence of Best Farmer meat counters in Recheio
- Follow-on investment in Andfjord Salmon and acquisition of an equity interest in Norcod
- Sales campaign for "hey,vita!" organic seedless grapes in Portugal and Poland exceeds 2,100 tonnes, up 42% on 2024
Additional information, particularly about our sustainability initiatives, may be found in Chapter 5 of this Report.
MESSAGE FROM THE CEO
In 2025, JMA took decisive steps to support and enhance its growth strategy, consolidating its presence in key areas and strengthening value-chain integration across its businesses.
In the dairy segment, we continued to address the needs of the Jerónimo Martins Group's distribution companies by developing new references and improving operational efficiency, boosting both competitiveness and customer service.
As regards to livestock farming, acquisition of a new property in Fundão increased our dairy farm capacity and laid the groundwork for significant growth in milk production in the years ahead. We also increased our herd of Angus cattle, further strengthening the scale and robustness of our operations.
Our aquaculture operations saw the start of meagre production in Morocco, strengthening the portfolio alongside sea bream and sea bass and increasing production capacity in the region. On the other hand, we also reinforced our position in Andfjord Salmon, continuing the development of the salmon project in Norway, and acquired a stake in Norcod, kick starting our cod production operations, also in Norway.
The acquisition of the Luís Vicente Group's trading business in fruit and vegetables is expected to significantly boost commercial capacity and international market access, supporting faster growth and tighter alignment between production and sales.
Throughout the year, each of the business areas advanced their development plans, leveraging accumulated knowledge, skilled teams and installed capacity, with a clear focus on efficiency, scale and sustainable growth.
In 2026, JMA will enter a new phase of maturity, supported by solid foundations to consolidate existing businesses, accelerate value generation and strengthen its market presence, while remaining committed to operational discipline, financial rigour, and sustainable value creation.
António Serrano
Management Report - Creating Value and Growth
Jerónimo Martins | Annual Report 2025
Focus on supplying strategic products
In 2025, and alongside progress across its four business areas – dairy, livestock, aquaculture, and fruit and vegetables – JMA continued to pursue its aquaculture investment strategy, including the acquisition of a stake in the fresh cod producer Norcod, in Norway, becoming its second-largest shareholder, with a 18% stake. This investment builds on the earlier investment in the salmon producer Andfjord Salmon, with our stake increasing to around 40% in the year.
In the fruit and vegetable sector, in June the Group acquired its partners' stake in and became the sole owner of Tastyfruits, a company cultivating and developing an organic citrus grove.
In October, an agreement was reached for Supreme Fruits to acquire Luís Vicente (a unit within the Nuvi Group dedicated to the production and sale of fruit and vegetables), including purchase of the remaining 20% of its share capital.
At Outro Chão, 2025 was a year of consolidation for the "hey,vita!" brand campaign, focused on promoting organic seedless grapes in Portugal and Poland. Launched in July, the campaign emphasised quality by harvesting the grapes at the ideal stage of ripeness and marketing the product solely within its natural season, between July and October.
This allows JMA to continue to fulfil its role of ensuring the availability of strategic products for the Group, while continuing to strengthen its commitment to sustainable production.
In the dairy sector, Terra Alegre earned another Lean & Green star – an European platform dedicated to reducing CO₂ emissions – for reducing greenhouse gas emissions by 30.5% in logistics and transport. The award reflects measures implemented in warehousing and internal logistics, including the installation of an ammonia-based refrigeration system, bioclimatic air conditioning, photovoltaic solar panels, and the Jerónimo Martins backhauling service (to optimise round-trip transport).
Innovation in this area was further reinforced through a partnership with the Polytechnic Institute of Portalegre. The artificial intelligence project currently being explored will support data processing in the dairy factory, aimed primarily at generating meaningful information for management and improving process optimisation at the facility, enabling cost savings and energy efficiency gains.
Within the agriculture business, Best Farmer, in partnership with Recheio, grew the brand's meat counter presence from 15 to 22 stores in the last year. These counters offer an exclusive assortment, especially premium beef, veal and lamb from the farm in Fundão. Ahead of each opening, Recheio and Best Farmer provided specialised training to Recheio's butchery teams, covering a range of cutting techniques, including tomahawk and T-bone cuts, and reinforcing the brand's core pillars: animal welfare, differentiation and sustainability. Dairy farm capacity was also expanded with the purchase of a property in Fundão, enabling a significant increase in milk production.
With a continued focus on sustainability, Best Farmer applies circular economy principles by repurposing buttermilk, a by-product of Terra Alegre's production, to feed calves, thus optimising resource use.
In 2025, Ovinos da Tapada produced its first batch of goats in Murça, with an initial herd of 250 Serrana goats. The farm is equipped to produce high-quality meat and milk for cheese production. This operation will enable Ovinos da Tapada to recover and improve soil quality in an area devastated by wildfires and long-term abandonment linked to desertification.
In aquaculture, a major step forward was achieved in Morocco through Seaculture, with the doubling of production cages and upgrading of the packaging facility. The introduction of meagre alongside sea bream and sea bass production strengthens Seaculture's offering in the Mediterranean, where JMA has been operating since 2021.
Beyond Morocco, Seaculture operates an offshore aquaculture production unit in Vila Real de Santo António, in the Algarve, the company's largest facility. A new fish packaging facility was also opened in June. This new facility marks a significant step forward in Seaculture's strategy, strengthening control across the value chain – from the start of production to packaging and distribution – while ensuring the
Management Report - Creating Value and Growth
Jerónimo Martins | Annual Report 2025
highest quality standards and, above all, delivering fresh fish to the Group's customers (Pingo Doce and Recheio) within 24 hours.
AWARDS AND RECOGNITIONS OF NOTE
In the dairy sector, JMA has held the Welfair™ certified animal welfare approved, since 2020.
Two Lean & Green stars at the Terra Alegre dairy factory following a more than 30% reduction in emissions (2024 compared to 2022).
Welfare Quality certification in animal welfare in the production of chicken (since 2022), sheep (since 2021) and dairy cows (since 2021), and cattle fattening (since 2019).
GlobalG.A.P. certification for sea bream and sea bass production in Madeira, Morocco and the Algarve.
GlobalG.A.P certification for organic seedless grapes, since 2023.
Complete list of awards and recognitions available in the Company's website.
Management Report - Creating Value and Growth
Jerónimo Martins | Annual Report 2025
3.3. Specialised retail
3.3.1. Hebe
| hebe
Sales
€626M
(+7.4%) | # Stores
394 | LFL
+1.0% | EBITDA
€65M
(+9.7%) | CAPEX
€22M |
| --- | --- | --- | --- | --- |
Highlights of the year
- Hebe opened 16 stores in Poland (11 net additions) and two stores in Czechia
- International operations and the Hebe Partner Programme (HPP) added to the online performance
- A new edition of the “my hebe” loyalty programme was introduced, further strengthening customer engagement
Additional information, particularly about our sustainability initiatives, may be found in Chapter 5 of this Report.
MESSAGE FROM THE CEO
The year 2025 proved to be even more challenging than anticipated. The year brought significant headwinds across the market as we operated in a rapidly evolving consumer landscape with no volume growth. Consumers became more price sensitive, less loyal, and increasingly drawn to the convenience of online options. Hebe faced intensified competitive pressure, not only from established players but also from new entrants and retailers moving into Health & Beauty from other distribution sectors, both offline and online.
Despite these challenges, and after an extremely difficult first quarter, we concentrated on strengthening our fundamentals while staying disciplined in our actions to adapt and sustain both sales and profitability. Our focus remained firmly on profitable growth, leveraging Hebe’s key differentiators to attract and retain customers. As a result, Hebe achieved meaningful sales growth, strengthened its market position, and increased both the EBITDA margin and cash flow.
The year brought further growth to our online business and, with e-commerce now accounting for near 20% of total sales, Hebe has firmly established itself as a true omnichannel retailer. A key contributor to the online performance has been the Hebe Partner Programme, which became a powerful engine of growth and differentiation - significantly expanding our assortment and supporting our ambition to become a leading destination for Health & Beauty.
We have rethought our approach to international expansion, with redefined focus and growth drivers, and we maintained our vision to extend our reach throughout Central and Eastern European.
Looking forward, we anticipate further challenges and a more uncertain environment. Nevertheless, our proven resilience and unwavering belief in our long-term strategy give me strong confidence in our ability to deliver a successful year.
Sacha Djokic
Management Report - Creating Value and Growth
Jerónimo Martins | Annual Report 2025
Performance
Despite a challenging start, the Company closed the year above its 2024 performance, demonstrating adaptability and resilience in an extremely dynamic market environment.
The year 2025 unfolded in a far more demanding environment than initially anticipated. After a difficult first quarter, the Company successfully stabilized its performance, demonstrating strong adaptability in a market under significant pressure.
Operating in an increasingly price-competitive market, the Company achieved sales growth of 5.7% in local currency, with LFL growth of 1.0%, despite the significant basket deflation, and the impact of a demanding comparative base. In euros, sales reached 626 million, 7.4% above previous year, with solid performances across all core categories (Make-up, Skin care, Hair and Fragrance).
Hebe continued to strengthen its position as a modern, international and digitally driven retailer in all three countries of operation. The business model was continuously adjusted to the specific dynamics of each channel, while maintaining a strong focus on accelerating the development of digital capabilities. Online sales now account for nearly 20% of total revenues, confirming the growing importance of the omnichannel model.
Net Sales (€ Million)
The Company remains fully committed to its strategic ambition of becoming a reference Health & Beauty player in Poland, with e-commerce at its core, while steadily expanding across Central and Eastern Europe. This ambition is supported by consistent efforts to enhance product availability and develop distinctive categories, particularly through digital channels and the expansion of the HPP.
Throughout 2025, Hebe continued to invest in improving both its assortment and customer experience across physical stores and online platforms. The core objective remained unchanged: to provide compelling reasons for customers to choose Hebe and to build lasting loyalty.
The "my hebe" loyalty ecosystem was further developed, offering attractive and differentiated benefits for both new and existing customers. This programme enables customers to collect diamonds (as points), which can be redeemed for valuable discounts and promotions, reinforcing engagement and purchase frequency.
At the same time, the mobile app has confirmed its role as a key driver for the online channel, supporting customer interaction, personalisation and conversion.
By the end of 2025, Hebe's international network comprised seven stores operating across Czechia and Slovakia, marking another step forward in building a sustainable presence beyond the domestic market.
Management Report - Creating Value and Growth
Jerónimo Martins | Annual Report 2025
| 7.6 million active loyalty cards | 15 million online session users per month | 61% online orders picked in stores |
|---|---|---|
Against a backdrop of subdued demand and strong competitive pressure, Hebe maintained a strict approach to cost management. Operational expenses were tightly controlled, and profitability was protected through a careful balance of sales mix optimisation and efficiency measures.
As a result, despite modest like-for-like growth, EBITDA increased to 65 million euros, improving 9.7% against the previous year. The EBITDA margin reached 10.4% (compared to 10.2% in 2024), highlighting the Company's ability to sustain financial performance even in an adverse environment. Profitability continued to be built through the development of beauty categories, digital channels and international activities.
AWARDS AND RECOGNITIONS OF NOTE
Awarded first place in the Beauty category at the Polish Customer's Choice Awards 2025.
Recognition for its social responsibility initiatives and the "Discover Yourself with Hebe" programme by Wiadomości Kosmetyczne in the "Drugstore of the Year 2025" awards.
Recognised as Recruitment Leaders in the "Effectiveness" category by OLX Jobs for outstanding conversion efficiency in recruitment advertisements.
Complete list of awards and recognitions available in the Company's website.
Management Report - Creating Value and Growth
Jerónimo Martins | Annual Report 2025
3.3.2. Jeronymo and Hussel
| # Jeronymo Stores
21
(1 closing)
(1 refurbishment) | # Hussel Stores
18
(2 closings)
(2 refurbishments) |
| --- | --- |
Highlights of the year
- Implementation of a new visual communication line, in Jeronymo, to reinforce proximity
- Assortment optimisation of the coffee shop assortment, for a clearer and stronger offer
- Launch of the "Coffee & Friends Sessions" initiative
- Decision, at the end of the year in which its 35th anniversary was celebrated, to discontinue Hussel's operations
Additional information, particularly about our sustainability initiatives, may be found in Chapter 5 of this Report.
MESSAGE FROM THE CEO
The year 2025 was a difficult one for the companies given their operating environment.
Jeronymo continued to restructure its operations with a profound change in management. Its business model was redefined to simplify operations and improve efficiency, ensuring profitability in an expectedly challenging future marked by continued increases in key costs and margin pressure driven by consumer price sensitivity.
With regard to Hussel, following an in-depth analysis and painstaking efforts to restore the Company's viability, a decision was made to discontinue this operation until April 2026.
We recall that in 2024, Hussel GmbH, Jerónimo Martins' German partner in Hussel, filed for insolvency, putting an end to the partnership on which the operation in Portugal was based, resulting in supply disruptions and loss of scale. Against a backdrop of sharply rising costs, related mainly to rent and raw materials, these difficulties became insurmountable.
In 2026, we will focus our strategy on growing Jeronymo's sales and refurbishing its five high-performing stores, boosting productivity in order to strengthen the banner's profitability.
Francisco Soares dos Santos
Management Report - Creating Value and Growth
Jerónimo Martins | Annual Report 2025
Performance
Throughout 2025, Jeronymo significantly strengthened both its offering and its communication, with a strong focus on operational and commercial performance, which resulted in sales growth of 6.1% year-on-year.
In the first quarter, the banner prioritised breakfast and lunch menus, promoting fortnightly initiatives in the pancakes and toast categories, accompanied by beverages.
In the continuous pursuit of innovation to further align the offering with customer needs, menus have been simplified and the offering improved with the launch of new products, including the pulled pork sandwich in partnership with Pingo Doce's central kitchen.
Visual communication was improved through an updated menu featuring real product images and the introduction of illustrations as a distinctive element of the brand's identity, promoting greater visual coherence in packaging, campaigns, and on social media.
With regard to in-store communication, new promotional materials were introduced, and store windows were refreshed with vibrant illustrations as part of the rebranding process.
In 2025, Jeronymo also invested in the development of a specialised coffee assortment and in team training, with the support of a Head Barista that has boosted the banner's position as a benchmark in the coffee shop world.
In October, the newly renovated kiosk in Lisbon's Colombo shopping centre reopened boasting the new Coffee & Friends concept, marking a new phase in the shopping experience.
The "Coffee & Friends Sessions" initiative was also launched in the same month to energise mornings, with the first edition taking place in one of Lisbon's coffee shops. Stories about the event were shared on social media, on Jeronymo's Instagram and TikTok, boosting brand recognition and presence.
With regard to Hussel, and coinciding with the celebration of its 35th anniversary, the team worked tirelessly to meet sales targets, placing greater emphasis on various themed campaigns throughout the year, increased social media activation, and a focus on indulgence. These efforts to drive turnover were designed to counterbalance the pressure of rising cost inflation both in terms of the cost of goods – due to supply chain constraints, limited scale and increases in cocoa prices – and in personnel expenses and, most notably, escalating rental and space usage costs.
When it became clear that 2025 would be another year of losses for Hussel, compounded by the expectation of further increases in fixed costs in the years ahead, several strategic scenarios for the business were carefully evaluated. This assessment ultimately led to the decision to discontinue the operation in early 2026. A comprehensive communication plan was subsequently prepared for all stakeholders, aimed at minimising, insofar as possible, the impact of the decision, starting with employees, who were ensured job continuity within the remaining Jerónimo Martins Group companies in Portugal.
Management Report - Creating Value and Growth
Jerónimo Martins | Annual Report 2025
4. Outlook for the Jerónimo Martins Businesses
Biedronka
In 2026, Biedronka will keep placing consumers at the centre of its strategic decisions. As such, it will remain focused on adjusting its offering to provide the best quality at the lowest prices, while maintaining a strict cost discipline to safeguard profitability.
The investment programme will continue to support Biedronka's strong expansion pace, the improvement of its logistics infrastructure, and the ambitious store refurbishing plan.
To support its strong commitment to innovation, operational efficiency and future capacity growth, the construction of a new automated distribution centre is already underway.
Biedronka LAB - which represents the start of a long-term collaboration with the Warsaw University of Life Sciences - is scheduled to open in 2026. As Poland's first innovation centre of its kind, it will combine retail and nutrition science, focusing on the development of new food and consumer products to meet evolving customer expectations and address key nutritional challenges.
Biedronka Slovakia
The Company intends to step up expansion in 2026, pursuing ambitious goals focused on strengthening the banner's market presence.
One strategic pillar will be continuous adaptation to Slovak consumer behaviour and purchasing patterns. Biedronka plans to launch its loyalty programme through the app to reinforce price perception, enabling personalised promotions and increasing engagement with Slovak families.
The year will also be marked by the stronger integration of stores within the surrounding communities, while exploring opportunities to develop more partnerships with local suppliers.
Hebe
In a market characterised by intense competition, Hebe's strategic direction remains clear and unchanged.
To safeguard its innovative mindset and customer-centric approach while pursuing operational optimisation, the Company will move forward with a refresh of its store concept. The objective is to better present and highlight differentiating categories, elevate the overall shopping experience, and further reinforce Hebe's distinctive positioning in the Health & Beauty market.
This approach reflects Hebe's determination to combine efficiency with inspiration, ensuring long-term relevance, attractiveness and sustainable growth.
Pingo Doce
Pingo Doce will continue to enhance its value proposition, built on proximity and offering the best savings opportunities to its customers.
The Company will continue modernising its store network to reflect the All About Food concept and expand its Comida Fresca restaurants, alongside ongoing investment in operational improvement and efficiency initiatives, including the implementation of self-checkout systems, to continue optimising front-of-store service and the shopping experience.
At the same time, Pingo Doce will keep advancing its digital transformation and reinforce its commitment to sustainability, which remain the cornerstones of its strategic focus.
Management Report - Creating Value and Growth
Jerónimo Martins | Annual Report 2025
Recheio
In 2026, Recheio will remain focused on growing sales and protecting profitability in an equally challenging environment.
The Company intends to strengthen its position in the HoReCa channel, while continuing to grow the Amanhecer network. Regarding the latter, Recheio will continue expanding the number of stores covered and deepening penetration, while reinforcing brand awareness and recovering underperforming categories, thereby ensuring sustainable growth and closer ties with local communities.
The opening of the new flagship store in Alfragide is a decisive step towards accelerating market growth in the Greater Lisbon area and consolidating leadership in the sector.
Recheio will continue to scale differentiating concepts such as the Best Farmer butcher counters, which have delivered strong performance, while introducing new private brand products to better meet the needs of HoReCa customers.
Ara
Ara will continue to strengthen its price leadership, maintaining a strong focus on promotional campaigns and value-driven communication. It will also further expand its assortment with new Private Brand launches across strategic categories. At the same time, the Company will enhance the app launched in 2025, leveraging interactive features to promote discounts and share news, consolidating the digital experience as a complement to its price proposition. This approach aims to respond to the needs of Colombian families, grow the customer base, and establish Ara as the country's benchmark neighbourhood food retail chain.
Expansion of the store network will continue to be a priority for the Company, which will maintain a dynamic pace of openings aligned with its long-term vision in terms of market potential and the suitability its business model.
The banner also opened a new distribution centre, in the first quarter of 2026, to support the expansion of the store network and to increase capacity to support future growth.
Jerónimo Martins Agro-Alimentar (JMA)
As processes become increasingly complex, JMA's business areas will continue to advance their strategy around sustainability, quality and the protection of the Group's value chain, while maintaining a strong focus on innovation and respect for nature.
At the same time, JMA will continue to identify and develop new market opportunities, unlocking the full commercialisation potential of its products.
In addition to ongoing projects across the different business areas, in 2026 Seaculture plans to install a remotely operated offshore platform to increase efficiency in fish feeding.
Jeronymo and Hussel
In 2026, Jeronymo will continue refurbishing its stores to reflect the banner's new visual identity, in a modern and welcoming environment.
The main priority will continue to be to deliver a best-in-class customer experience built on continuous innovation, product excellence, and top-tier service. To this end, the company will continue to invest in its teams, process optimisation, and providing lifelong training for all employees.
With regard to Hussel and following the approval of measures in light of the business's financial unsustainability, the Company expects to discontinue its operations by the end of April 2026, seeking to minimise, as far as possible, the unavoidable impact on its various stakeholders.
Management Report - Creating Value and Growth
Jerónimo Martins | Annual Report 2025
5. Events after the Balance Sheet Date
In December 2025, Andfjord Salmon Group AS initiated a capital increase, for which JMA made an advance payment of €20 million. This capital increase was only concluded in January 2026, with JMA receiving an additional 9 million shares, increasing its total interest to 39.72%.
In October 2025, an agreement was entered into for the acquisition of the business of Luís Vicente Group (a business unit within the Nuvi Group in Portugal dedicated to the production and marketing of fruit and horticultural products) by the subsidiary Supreme Fruits, Lda. (Supreme Fruits). This agreement also provided for the acquisition of the remaining 20% of the share capital of Supreme Fruits not yet owned by the Group, which was completed in December 2025, after the Competition Authority had notified the Group of its decision of non-opposition. As the agreement was still subject to certain conditions precedent, the transfer of the Luís Vicente Group's operations to Supreme Fruits was only formalised on 9 January 2026. On 13 January 2026, Supreme Fruits also acquired 100% of the company Plump España, S.L.U. (an international fruit and vegetable trading unit).
On 6 January 2026, the Group announced publicly the discontinuation of the operations of Hussel Ibéria – Chocolates e Confeitaria, S.A. (Hussel), having scheduled the progressive closure of its 18 stores to take place until 30 April 2026. The estimated costs associated with Hussel's discontinuation have already been recognised in the 2025 financial statements.
Apart from the matters described above, no other significant events occurred up to the date of the completion of this Report that are not reflected in the Consolidated Financial Statements.
Management Report - Creating Value and Growth
Jerónimo Martins | Annual Report 2025
6. Dividend Policy
The Company's Board of Directors has maintained a dividend policy based on the following rules:
- a total dividend between 40% and 50% of the ordinary consolidated net earnings adjusted for the accounting effects of the adoption of IFRS16 as these do not represent cash out-flows;
- if, by applying the above-mentioned criteria, there is a drop in the dividend of a certain year compared to that of the previous year, and the Board of Directors considers that this reduction is due to abnormal and merely circumstantial events, it may propose to maintain the same amount as the previous year. It may even resort to the existing free reserves, providing that the use of these reserves does not jeopardise the principles adopted for balance sheet management.
At the 24 April 2025 AGM, following the Board of Directors' proposal, it was resolved to distribute dividends in a total amount of 370.8 million euros.
This translated in a gross dividend of 0.59 euros per share (excluding the 859,000 own shares in the portfolio), paid in May 2025, representing a payout of c.50% of ordinary consolidated net earnings (or c.58% of the consolidated net earnings) excluded from the effects of IFRS16.
Taking into consideration the consolidated net earnings for 2025, the Board of Directors will propose to the Annual General Shareholder's Meeting, the distribution of 408.5 million euros of dividends, in line with the defined policy.
This proposal corresponds to a gross dividend of 0.65 euros per share (excluding the 859.000 shares in the portfolio), representing a payout of c.50% of ordinary consolidated net earnings (or c.58% of the consolidated net earnings) excluded from the effects of IFRS16.
The proposed dividend distribution allows the Group to maintain full flexibility to continue investing in accordance with its expansion plans and to take advantage of potential opportunities of non-organic growth, while maintaining a strong balance sheet.
Management Report - Creating Value and Growth
Jerónimo Martins | Annual Report 2025
7. Results Appropriation Proposal
In the financial year 2025, Jerónimo Martins, SGPS, S.A. declared consolidated net earnings of 646,466,851.82 euros and net earnings at its individual accounts of 619,856,413.30 euros.
Under article thirty-first of the Company’s articles of association, the Board of Directors proposes to the Company’s shareholders the following appropriation of the net earnings for the year:
- Free Reserves ... 171,374,170.30 euros;
- Endowment to Jerónimo Martins Foundation ... 40,000,000.00 euros;
- Dividends ... 408,482,243.00 euros.
The proposed gross dividend corresponds to 0.65 euros per share, excluding own shares in the portfolio.
Lisbon, 17 March 2026
The Board of Directors
Management Report - Creating Value and Growth
Jerónimo Martins | Annual Report 2025
8. Reconciliation Notes
Following ESMA guidelines on Alternative Performance Measures from October 2015
| Income Statement (in Management Report) | Consolidated Income Statement by Functions (in Consolidated Financial Statements) |
|---|---|
| Net Sales and Services | Net sales and services |
| Gross Profit | Gross profit |
| Operating Costs | Includes headings of Distribution costs; and Administrative costs, excluding €-1,142 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 |
Management Report - Creating Value and Growth
Jerónimo Martins | Annual Report 2025
| Balance Sheet
(in Management Report) | Consolidated Balance Sheet
(in Consolidated Financial Statements) |
| --- | --- |
| Net Goodwill | Goodwill |
| Net Fixed Assets | Includes the headings Tangible and Intangible assets and adding the Financial leases (€166 million) |
| Net Rights of Use (RoU) | Includes the heading Rights of use excluding the Financial leases (€166 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 €-100 million related to 'Others' due to its operational nature.
Excludes €4 million related with Interest accruals and deferrals receivable heading (note - Net financial debt); and, when applicable, 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; Loans to 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 €-100 million related to 'Others' due to its operational nature |
| Invested Capital | |
| Total Borrowings | Includes the heading Borrowings current and non-current deducted of €-12 million related with Accrued and deferred financial expenses (note – Current and non-current loans) |
| Financial Leases | Includes the heading of Financial leases (2025: €155 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 €4 million related with Interest accruals and deferrals receivable (note - Net financial debt), as well as, €-12 million related with Accrued and deferred financial expenses (note – Current and non-current loans) |
| Cash and Cash Equivalents | Includes the heading Cash and cash equivalents; and when applicable, 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
Management Report - Creating Value and Growth
Jerónimo Martins | Annual Report 2025
| Cash Flow
(in Management Report) | Consolidated Cash Flow Statement
(in Consolidated Financial Statements) |
| --- | --- |
| 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 (€133 million) |
| Capitalised Operating Leases Payment | Included in the heading Leases paid, excluding €13 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, net of cash acquired.
It also includes acquisitions of tangible assets classified as finance leases under previous accounting standards (€-38 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 (€-133 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 (€-38 million); and deducted from the payment of financial leases (€13 million), both according with previous accounting standards |
Management Report - Creating Value and Growth
2025 Annual Report
FINANCIAL STATEMENTS
Jerónimo Martins
Jerónimo Martins | Annual Report 2025
Financial Statements
Financial Statements 75
Consolidated Financial Statements 76
1. Consolidated Financial Statements 76
2. Statement of Board of Directors 133
3. Auditor's Report 134
4. Report and Opinion of the Audit Committee 141
Individual Financial Statements 144
1. Individual Financial Statements 144
2. Auditor's Report 170
Index
75
Jerónimo Martins | Annual Report 2025
Consolidated Financial Statements
1. Consolidated Financial Statements
CONSOLIDATED INCOME STATEMENT BY FUNCTIONS...77
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME...77
CONSOLIDATED BALANCE SHEET...78
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY...79
CONSOLIDATED CASH FLOW STATEMENT...80
Index to the Notes to the Consolidated Financial Statements
Page
- Activity...81
- Accounting policies...81
- Revenue from contracts with customers and segments reporting...93
- Operating costs by nature...96
- Employees...97
- Net financial costs...100
- Income tax recognised in the income statement...100
- Tangible assets...103
- Intangible assets and goodwill...105
- Leases...108
- Other financial Investments...110
- Derivative financial instruments...111
- Inventories...113
- Trade debtors, accrued income and deferred costs...113
- Cash and cash equivalents...114
- Capital and reserves...115
- Earnings per share...115
- Borrowings...116
- Provisions...118
- Trade creditors, accrued costs and deferred income...118
- Guarantees...119
- Capital commitments...119
- Contingencies, contingent assets and contingent liabilities...119
- Related parties...122
- Group subsidiaries...124
- Financial information on subsidiaries with material non-controlling interests...125
- Interests in joint ventures and associates...125
- Financial risk...127
- Additional information required by law...132
- Events after the balance sheet date...132
Consolidated Financial Statements
Jerónimo Martins | Annual Report 2025
CONSOLIDATED INCOME STATEMENT BY FUNCTIONS
For the years ended 31 December 2025 and 2024
| Notes | 2025 | 2024 | € Million | ||
|---|---|---|---|---|---|
| 4th Quarter | 4th Quarter | ||||
| Sales and services rendered | 3 | 35,991 | 33,464 | 9,457 | 8,700 |
| Cost of sales | 4 | (28,557) | (26,613) | (7,482) | (6,915) |
| Gross profit | 7,434 | 6,851 | 1,975 | 1,785 | |
| Distribution costs | 4 | (5,529) | (5,148) | (1,457) | (1,326) |
| Administrative costs | 4 | (568) | (514) | (144) | (124) |
| Other operating profits/losses | 4.1 | (131) | (119) | (65) | (45) |
| Operating profit | 1,207 | 1,070 | 309 | 289 | |
| Net financial costs | 6 | (322) | (267) | (79) | (73) |
| Gains (losses) in joint ventures and associates | (2) | (1) | (1) | (0) | |
| Gains (losses) in other investments | (0) | (0) | (0) | (0) | |
| Profit before taxes | 883 | 801 | 228 | 216 | |
| Income tax | 7 | (225) | (195) | (63) | (55) |
| Profit before non-controlling interests | 658 | 606 | 166 | 161 | |
| Attributable to: | |||||
| Non-controlling interests | 11 | 7 | 3 | 2 | |
| Jerónimo Martins Shareholders | 646 | 599 | 163 | 159 | |
| Basic and diluted earnings per share - euros | 17 | 1.0287 | 0.9532 | 0.2591 | 0.2533 |
To be read with the attached notes to the consolidated financial statements.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the years ended 31 December 2025 and 2024
| Notes | 2025 | 2024 | € Million | ||
|---|---|---|---|---|---|
| 4th Quarter | 4th Quarter | ||||
| Net profit | 658 | 606 | 166 | 161 | |
| Other comprehensive income: | |||||
| Actuarial deviations of post-employment benefit obligations | 5.2 | (0) | (1) | (0) | (1) |
| Related tax | 7.3 | (0) | 0 | (0) | 0 |
| Items that will not be reclassified to profit or loss | (1) | (1) | (1) | (1) | |
| Currency translation differences | 12 | 14 | 18 | 2 | |
| Change in fair value of cash flow hedges | 12 | (0) | 0 | 0 | (0) |
| Change in fair value of hedging instruments on foreign operations | 12 | (2) | (4) | (3) | (2) |
| Share of other comprehensive income in associates | (0) | 0 | (0) | 0 | |
| Related tax | 1 | 1 | 1 | 0 | |
| Items that may be reclassified to profit or loss | 10 | 11 | 17 | (0) | |
| Other comprehensive income, net of income tax | 9 | 10 | 16 | (1) | |
| Total comprehensive income | 667 | 616 | 182 | 159 | |
| Attributable to: | |||||
| Non-controlling interests | 11 | 7 | 3 | 1 | |
| Jerónimo Martins Shareholders | 656 | 609 | 179 | 158 | |
| Total comprehensive income | 667 | 616 | 182 | 159 |
To be read with the attached notes to the consolidated financial statements.
Consolidated Financial Statements
Jerónimo Martins | Annual Report 2025
As at 31 December 2025 and 2024
CONSOLIDATED BALANCE SHEET
As at 31 December 2025 and 2024
| Notes | 2025 | 2024 | |
|---|---|---|---|
| Assets | |||
| Tangible assets | 8 | 6,146 | 5,590 |
| Goodwill | 9 | 649 | 639 |
| Intangible assets | 9 | 164 | 156 |
| Investment property | 6 | 8 | |
| Right-of-use assets | 10 | 4,001 | 3,676 |
| Biological assets | 18 | 10 | |
| Investments in joint ventures and associates | 27.1 | 125 | 84 |
| Loans to joint ventures and associates | 3 | - | |
| Other financial investments | 11 | 23 | 2 |
| Trade debtors, accrued income and deferred costs | 14 | 48 | 50 |
| Derivative financial instruments | 12 | 2 | - |
| Deferred tax assets | 7.3 | 267 | 246 |
| Total non-current assets | 11,452 | 10,462 | |
| Inventories | 13 | 2,248 | 1,997 |
| Biological assets | 27 | 19 | |
| Income tax receivable | 149 | 98 | |
| Trade debtors, accrued income and deferred costs | 14 | 914 | 895 |
| Derivative financial instruments | 12 | 0 | 0 |
| Cash and cash equivalents | 15 | 2,268 | 1,823 |
| Total current assets | 5,606 | 4,833 | |
| Total assets | 17,058 | 15,295 | |
| Shareholders' equity and liabilities | |||
| Share capital | 16.1 | 629 | 629 |
| Share premium | 16.1 | 22 | 22 |
| Own shares | 16.2 | (6) | (6) |
| Other reserves | (89) | (99) | |
| Retained earnings | 2,734 | 2,460 | |
| 3,291 | 3,006 | ||
| Non-controlling interests | 26 | 238 | 247 |
| Total shareholders' equity | 3,529 | 3,253 | |
| Borrowings | 18 | 519 | 505 |
| Lease liabilities | 10 | 3,652 | 3,311 |
| Trade creditors, accrued costs and deferred income | 20 | 7 | 6 |
| Derivative financial instruments | 12 | - | 13 |
| Employee benefits | 5.2 | 82 | 79 |
| Provisions for risks and contingencies | 19 | 130 | 83 |
| Deferred tax liabilities | 7.3 | 129 | 130 |
| Total non-current liabilities | 4,520 | 4,126 | |
| Borrowings | 18 | 731 | 509 |
| Lease liabilities | 10 | 670 | 607 |
| Trade creditors, accrued costs and deferred income | 20 | 7,590 | 6,787 |
| Derivative financial instruments | 12 | 4 | 4 |
| Income tax payable | 14 | 9 | |
| Total current liabilities | 9,009 | 7,916 | |
| Total shareholders' equity and liabilities | 17,058 | 15,295 |
To be read with the attached notes to the consolidated financial statements
Consolidated Financial Statements
Jerónimo Martins | Annual Report 2025
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
For the years ended 31 December 2025 and 2024
€ Million
| Shareholders' equity attributable to Shareholders of Jerónimo Martins, SGPS, S.A. | Non-controlling interests | Shareholders' equity | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Share capital | Share premium | Own shares | Other reserves | Retained earnings | Total | |||||
| Cash flow hedge | Share of other comprehensive income in associates | Currency translation reserves | ||||||||
| Balance Sheet as at 1 January 2024 | 629 | 22 | (6) | - | - | (110) | 2,278 | 2,814 | 253 | 3,066 |
| Equity changes in 2024 | ||||||||||
| Currency translation differences | - | - | - | - | - | 15 | - | 15 | - | 15 |
| Share of other comprehensive income in associates | - | - | - | - | - | - | - | - | - | - |
| Change in fair value of cash flow hedging | - | - | - | - | - | - | - | - | - | - |
| Change in fair value of hedging instruments on foreign operations | - | - | - | - | - | (4) | - | (4) | - | (4) |
| Actuarial deviations of post-employment benefit obligations | - | - | - | - | - | - | (1) | (1) | - | (1) |
| Other comprehensive income | - | - | - | - | - | 11 | (1) | 10 | - | 10 |
| Net profit | - | - | - | - | - | - | 599 | 599 | 7 | 606 |
| Total comprehensive income | - | - | - | - | - | 11 | 598 | 609 | 7 | 616 |
| Dividends | - | - | - | - | - | - | (412) | (412) | (17) | (429) |
| Acquisitions/Disposal of non-controlling interests | - | - | - | - | - | - | (5) | (5) | 4 | (1) |
| Balance Sheet as at 30 June 2024 | 629 | 22 | (6) | - | - | (99) | 2,460 | 3,006 | 247 | 3,253 |
| Balance Sheet as at 1 January 2025 | 629 | 22 | (6) | - | - | (99) | 2,460 | 3,006 | 247 | 3,253 |
| Equity changes in 2025 | ||||||||||
| Currency translation differences | - | - | - | - | - | 13 | - | 13 | - | 13 |
| Share of other comprehensive income in associates | - | - | - | - | - | - | - | (0) | - | - |
| Change in fair value of cash flow hedging | - | - | - | - | - | - | - | (0) | - | - |
| Change in fair value of hedging instruments on foreign operations | - | - | - | - | - | (2) | - | (2) | - | (2) |
| Actuarial deviations of post-employment benefit obligations | - | - | - | - | - | - | (1) | (1) | - | (1) |
| Other comprehensive income | - | - | - | - | - | 10 | (1) | 9 | (0) | 9 |
| Net profit | - | - | - | - | - | - | 646 | 646 | 11 | 658 |
| Total comprehensive income | - | - | - | - | - | 10 | 646 | 656 | 11 | 667 |
| Dividends (note 11) | - | - | - | - | - | - | (371) | (371) | (17) | (388) |
| Acquisitions/Disposal of non-controlling interests | - | - | - | - | - | - | (1) | (1) | (2) | (3) |
| Balance Sheet as at 30 June 2025 | 629 | 22 | (6) | (0) | - | (89) | 2,734 | 3,291 | 238 | 3,529 |
To be read with the attached notes to the consolidated financial statements
Consolidated Financial Statements
Jerónimo Martins | Annual Report 2025
CONSOLIDATED CASH FLOW STATEMENT
For the years ended 31 December 2025 and 2024
| Notes | 2025 | 2024 | |
|---|---|---|---|
| Net results | 646 | 599 | |
| Adjustments for: | |||
| Non-controlling interests | 11 | 7 | |
| Income tax | 225 | 195 | |
| Depreciations and amortisations | 1,143 | 1,043 | |
| Net financial costs | 322 | 267 | |
| Gains/losses in joint ventures and associates | 2 | 1 | |
| Gains/losses in other investments | 0 | 0 | |
| Gains/losses on derivatives instruments at fair value | (14) | 7 | |
| Gains/losses in tangible, intangible and right-of-use assets | 11 | 16 | |
| Operating cash flow before changes in working capital | 2,346 | 2,136 | |
| Changes in working capital: | |||
| Inventories | (238) | (206) | |
| Trade debtors, accrued income and deferred costs | 5 | 10 | |
| Trade creditors, accrued costs and deferred income | 550 | (9) | |
| Provisions and employee benefits | 49 | 3 | |
| Cash generated from operations | 2,711 | 1,934 | |
| Income tax paid | (286) | (280) | |
| Cash flow from operating activities | 2,425 | 1,654 | |
| Investment activities | |||
| Disposals of tangible and intangible assets | 17 | 8 | |
| Disposals of other financial investments and investment property | - | 2 | |
| Interest received | 47 | 45 | |
| Dividends received | 0 | 1 | |
| Acquisition of tangible and intangible assets | (1,057) | (1,005) | |
| Acquisition of other financial investments and investment property | (0) | (1) | |
| Acquisition of businesses, net of cash acquired | 11/25/27 | (85) | (20) |
| Short-term investments that don't qualify as cash equivalents | 14 | 59 | 78 |
| Cash flow from investment activities | (1,018) | (893) | |
| Financing activities | |||
| Loans interest paid | (97) | (92) | |
| Leases interest paid | 6 | (279) | (235) |
| Loans receipts | 18 | 303 | 376 |
| Loans paid | 18 | (100) | (93) |
| Leases paid | 10 | (409) | (392) |
| Dividends paid | 16.3 | (388) | (429) |
| Acquisition of subsidiaries to non-controlling interests | (3) | (3) | |
| Cash flow from financing activities | (974) | (869) | |
| Net changes in cash and cash equivalents | 433 | (108) | |
| Cash and cash equivalents changes | |||
| Cash and cash equivalents at the beginning of the year | 1,823 | 1,938 | |
| Net changes in cash and cash equivalents | 433 | (108) | |
| Effect of currency translation differences | 12 | (7) | |
| Cash and cash equivalents at the end of December | 15 | 2,268 | 1,823 |
To be read with the attached notes to the consolidated financial statements.
Consolidated Financial Statements
Jerónimo Martins | Annual Report 2025
1. Activity
Jerónimo Martins, SGPS, S.A. (JMH), is the parent Company of Jerónimo Martins (Group), which includes the Companies detailed in notes 25 and 27. The activities of the Group and its performance during the year 2025 are detailed in Chapter 2 – Management Report – Creating Value and Growth.
The Group operates mainly in the Food Distribution sector in Portugal, Poland, Colombia and, since March 2025 in Slovakia. It also develops activities in the Agrifood sector in Portugal and Morocco, as well as in specialized retail in Portugal and Poland, having extended the operations of the latter country to the Czech Republic and Slovakia.
Head Office: Rua Actor António Silva, n.° 7, 1649-033 Lisboa, Portugal.
Share Capital: 629,293,220 euros.
Registered at the Commercial Registry Office and Tax Number: 500 100 144.
JMH has been listed on the Euronext Lisbon since 1989.
The Board of Directors approved these Consolidated Financial Statements on 17 March 2026 and are subsequently subject to approval at the General Shareholders' Meeting.
2. Accounting policies
The material accounting policies are described in the notes to these Consolidated Financial Statements. The accounting policies identified in this note are applied across the preparation of the Financial Statements and were consistently applied in comparative periods, except where otherwise stated.
2.1. Basis for preparation
All amounts are shown in million euros (€ million) unless otherwise stated. Due to rounding's, the arithmetic result of the numbers shown in the plots may not exactly match the totals.
The amounts presented for quarters, and the corresponding changes are not audited.
The Consolidated Financial Statements of JMH were prepared in accordance with International Financial Reporting Standards (IFRS) as adopted and mandatory by the European Union (EU), as at 31 December 2025.
The JMH Consolidated Financial Statements were prepared in accordance with the going concern principle and the historical cost principle, except for investment property, derivative financial instruments, biological assets and financial assets at fair value through profit or loss, which were measured at fair value (market value).
The preparation of Financial Statements in accordance with generally accepted accounting principles requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of revenue and expenses during the reporting period. Although these estimates are based on Management's best knowledge of current events and actions, actual results ultimately may differ from those estimates. It is, however, firmly believed by The Management that the estimates and assumptions adopted do not involve significant risks that may, over the course of the coming financial year, cause material adjustments in the value of the assets and liabilities (note 2.6).
Change in accounting policies and basis for preparation:
2.1.1. New and amended standards adopted by the Group
In November 2024, the EU issued the following Regulation, which was adopted by the Group with effect from 1 January 2025:
| EU Regulation | International Accounting Standards Board (IASB) Standard or International Financial Reporting Interpretations Committee (IFRiC) Interpretation endorsed by EU | Issued in | Mandatory for financial years beginning on or after |
|---|---|---|---|
| Regulation no. 2862/2024 | IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability (amendments) | August 2023 | 1 January 2025 |
The Group adopted the above amendments, with no impact on its Consolidated Financial Statements.
Consolidated Financial Statements
Jerónimo Martins | Annual Report 2025
2.1.2. New standards, amendments and interpretations endorsed by EU but not effective for the financial year beginning 1 January 2025 and not early adopted
The EU endorsed a new standard and several amendments issued by the IASB, to be applied in subsequent periods to the one to which these financial statements relate:
| EU Regulation | IASB Standard or IFRIC Interpretation endorsed by EU | Issued in | Mandatory for financial years beginning on or after |
|---|---|---|---|
| Regulation no. 1047/2025 | IFRS 7 Financial Instruments: Disclosures and IFRS 9 Financial Instruments: Classification and Measurement of Financial Instruments (amendments) | May 2024 | 1 January 2026 |
| Regulation no. 1266/2025 | IFRS 7 Financial Instruments: Disclosures and IFRS 9 Financial Instruments: Contracts for Electricity Generated from Renewable Sources (amendments) | December 2024 | 1 January 2026 |
| Regulation no. 1331/2025 | IFRS Improvements Cycle – Volume 11: IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 7 Financial Instruments: Disclosures, IFRS 9 Financial Instruments, IFRS 10 Consolidated Financial Statements, and IAS 7 Statement of Cash Flows (amendments) | July 2024 | 1 January 2026 |
| Regulation no. 338/2026 | IFRS 18 Presentation and Disclosure in Financial Statements (new) | April 2024 | 1 January 2027 |
The new standard and amendments are effective for annual periods beginning on or after 1 January 2026 and have not been applied in preparing these Consolidated Financial Statements. None of these changes are expected to have impact on the Group's Consolidated Financial Statements, except with respect to the new IFRS 18, as detailed below.
IFRS 18 Presentation and Disclosure in Financial Statements
The new IFRS 18 will be applicable for annual reporting periods beginning on or after 1 January 2027, with early adoption permitted. IFRS 18 replaces IAS 1 and introduces revised requirements for the presentation and disclosure of financial statements, with a particular focus on the structure and content of the statement of profit or loss.
The standard requires entities to classify income and expenses into specific categories (operating, investing and financing, as well as income tax and discontinued operations), and to present new defined subtotals, such as operating profit and profit before financing and income taxes. In addition, it introduces strengthened principles for aggregation and disaggregation, and requires the disclosure of management-defined performance measures in the notes to the financial statements.
Management's evaluation indicates that no material impact is expected on the Group's financial position or net profit. The main impact is expected to be limited to reclassifications within the statement of profit or loss, resulting from the new categories and subtotals required by the standard.
The Group will continue to monitor and assess the detailed impacts of IFRS 18 as part of the preparatory work up to the date of mandatory application.
2.1.3. New standards, amendments and interpretations not yet endorsed by EU
IASB issued in 2024 and 2025 the following standards and amendments that are still pending endorsement by the EU:
| IASB Standard or IFRIC Interpretation | Issued in | Expected application for financial years beginning on or after |
|---|---|---|
| IFRS 19 Subsidiaries without Public Accountability: Disclosures (new standard) | May 2024 | 1 January 2027 |
| IFRS 19 Subsidiaries without Public Accountability: Disclosures (amendments) | August 2025 | 1 January 2027 |
| IAS 21 The Effects of Changes in Foreign Exchange Rates: Translation to a Hyperinflationary Presentation Currency (amendments) | November 2025 | 1 January 2027 |
Management is evaluating the impact of the future adoption of the new standard and the amendments to existing standards, and no impact on the Group's Consolidated Financial Statements is expected at this date.
2.1.4. Change of accounting policies
Except as disclosed above, the Group has not changed its accounting policies during 2025, nor were identified errors regarding previous years, which compel the restatement of the Consolidated Financial Statements.
2.1.5. Change in Presentation Basis
In 2025, the presentation of some items in the financial statements was changed, therefore it was updated the 2024 comparison accordingly. The change performed does not constitute a correction of material errors from previous periods, it is solely intended to improve the readability of the consolidated financial information.
Consolidated Financial Statements
Jerónimo Martins | Annual Report 2025
Balance Sheet
In 2025, Accrued and deferred financial expenses began to be presented together with Borrowings (note 18), therefore the 2024 comparison was adjusted by €11 million, with a reclassification of €2 million in Trade debtors, accrued income and deferred costs (Accrued income and deferred costs line in note 14) and €13 million in Trade creditors, accrued costs and deferred income (Accrued costs and deferred income in note 20).
Statement of Cash Flows
In 2024, “Acquisition of subsidiaries to non-controlling interests” were presented in investment activities. In 2025, these acquisitions began to be presented in financing activities, therefore the 2024 comparison was updated.
2.2. Basis for consolidation
Reference dates
The Consolidated Financial Statements include, as at 31 December 2025, assets, liabilities and profit or loss of Group Companies, i.e. the ensemble consisting of JMH and its subsidiaries, joint ventures and associates, which are presented in notes 25 and 27, respectively.
Business combinations
For business combinations involving entities under common control, assets and liabilities are valued at book value and there are no impacts recognised in profit and loss.
Investments in subsidiaries
Subsidiaries are all entities over which JMH has control. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date control ceases.
The Group applies the acquisition method to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred to the former owners and the equity instruments issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Acquisition-related costs are expensed as incurred.
In cases where the share capital of subsidiaries is not held at 100%, a non-controlling interest is recognised relative to the portion of results and net value of assets attributable to third parties.
When the Group loses control over a subsidiary, it derecognises the assets and liabilities of the subsidiary, and any related non-controlling interests and other components of equity. Any resulting gain or loss is recognised in profit or loss. Any interest retained in the entity is measured at fair value when control is lost.
The accounting policies used by the subsidiaries to comply with legal and statutory requirements, whenever necessary have been changed to ensure consistency with the policies adopted by the Group.
Investments in associates
Associates are all entities over which the Group has significant influence but not control, generally accompanying a shareholding between 20% and 50% of the voting rights.
Investments in associates are accounted for using the equity method of accounting, under which the investment is initially recognised at cost, and the carrying amount is increased or decreased to recognise the Group's share of the profit or loss of the associate after the date of acquisition. The Group's share of post-acquisition profit or loss is recognised in the income statement, and its share of post-acquisition movements in other comprehensive income is recognised in other comprehensive income with a corresponding adjustment to the carrying amount of the investment. The Group's investment in associates includes Goodwill identified on acquisition.
For listed companies, it is used the latest financial information published at the date of preparation of the financial statements. For unlisted companies, it is used the current financial information or the best estimate available at the date of preparation of the financial statements.
When the Group's share of losses in an associate equal or exceeds its interest in the associate, the Group does not recognise further losses, unless it has incurred legal or constructive obligations or made payments on behalf of the associate.
Accounting policies of associates have been changed where necessary to ensure consistency with the policies adopted by the Group.
Consolidated Financial Statements
Jerónimo Martins | Annual Report 2025
Investments in joint arrangements
Joint arrangements are classified as either joint operations or joint ventures depending on the contractual rights and obligations of each investor. The Group has assessed the nature of its joint arrangements (see note 2.6) and, for those determined as joint ventures, they are accounted for using the equity method.
Under the equity method of accounting, interests in joint ventures are initially recognised at cost and adjusted thereafter to recognise the Group's share of the post-acquisition profits or losses and movements in other comprehensive income. When the Group's share of losses in a joint venture equal or exceeds its interests in the joint ventures (which includes any long-term interests that, in substance, form part of the Group's net investment in the joint ventures), the Group does not recognise further losses, unless it has incurred legal or constructive obligations or made payments on behalf of the joint ventures.
Accounting policies of the joint ventures have been changed where necessary to ensure consistency with the policies adopted by the Group.
Goodwill
Goodwill represents the surplus of acquisition cost over the fair value of identifiable assets and liabilities attributable to the Group at the date of acquisition or first consolidation. If the cost of acquisition is lower than the fair value of the net assets of the acquired subsidiary, the difference is recognised directly in the income statement.
Goodwill impairment reviews are undertaken by the Group, annually or more frequently, if events or changes in circumstances indicate a potential impairment. The carrying value of Goodwill is compared to the recoverable amount, which is the higher of value in use and the fair value less costs of disposal. Whenever the carrying value of Goodwill exceeds its recoverable amount, an impairment is recognised immediately as an expense and is not subsequently reversed (note 2.5.1).
For the purposes of conducting impairment tests, Goodwill is allocated to the cash-generating units (CGUs) to which they belong and that will benefit from the concentration of business activities that resulted in the Goodwill. The CGUs to which the Goodwill is allocated correspond to the business areas, being the lowest level of independent cash flow generation where management monitors the recovery of Goodwill.
The gain or loss on the disposal of an entity includes the carrying amount of Goodwill related to the entity sold, unless the business to which that Goodwill is related is maintained and generates benefits to the Group.
Non-controlling interests
Non-controlling interests are the proportion of the fair value of assets, liabilities and contingent liabilities of acquired subsidiaries that are not directly or indirectly attributable to JMH.
Transactions with non-controlling interests that do not result in loss of control are accounted for as equity transactions – that is, as transactions with the owners in their capacity as owners. The difference between fair value of any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity.
Loss of control or significant influence
When the Group ceases to have control or significant influence, any retained interest in the entity is re-measured to its fair value, with the change in carrying amount recognised in profit or loss. The fair value is the initial carrying amount for the measurement of the retained interest as a financial asset.
Foreign currency translation
The Financial Statements of foreign entities that report in a functional currency different from that of the Group (euro) are translated into euros based on the closing exchange rate for assets and liabilities and historical exchange rates for equity. Income and expenses are translated at the average monthly exchange rate, which is approximately the exchange rate on the date of the respective transactions.
Exchange differences arising in the translation are recognised directly in equity net of the effect generated by the respective hedging instrument (see accounting policy described in note 12).
Whenever a foreign entity is sold, accumulated exchange differences are recognised in the income statement as part of the gain or loss on sale.
Goodwill and fair value adjustments arising from the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate. Exchange differences arising are recognised in other comprehensive income.
Balances and transactions between Group Companies
Inter-company transactions, balances and unrealised gains between subsidiaries and between these and the Parent Company are eliminated in the consolidation process. Unrealised losses are also eliminated unless the cost cannot be recovered.
Consolidated Financial Statements
Jerónimo Martins | Annual Report 2025
Unrealised gains arising from transactions with associates or joint ventures are eliminated to the extent of the Group's interest in the associates or joint ventures. Unrealised losses are also eliminated except when providing proof of impairment of the asset transferred.
2.3. Transactions in foreign currencies
Transactions in foreign currencies are translated into the functional currency (euro) at the exchange rate prevailing on the transaction date.
At the balance sheet date, monetary assets and liabilities expressed in foreign currencies are translated at the exchange rate prevailing on that date and exchange differences arising from this conversion are recognised in the income statement. When qualifying as cash flow hedges or hedges on investments in foreign subsidiaries or when classified as other financial investments, which are equity instruments, the exchange differences are deferred in equity.
The main exchange rates applied on the balance sheet date are those listed below:
| Euro foreign exchange reference rates
(x foreign exchange units per 1 euro) | Polish Złoty
(PLN) | Colombian Peso
(COP) |
| --- | --- | --- |
| Rate at 31 December 2025 | 4,2210 | 4.414,5700 |
| Average rate for the year | 4,2397 | 4.567,6600 |
| Rate at 31 December 2024 | 4,2750 | 4.580,6700 |
| Average rate for the year | 4,3049 | 4.405,1700 |
In addition to these currencies, the Group carries out transactions based on other currencies and holds subsidiaries with other functional currencies, which, however, represent reduced materiality.
2.4. Financial instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.
Financial instruments are offset and the net amount is reported in the Consolidated Balance Sheet if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously.
2.4.1. Financial assets
Initial recognition and measurement
Financial assets are classified, at initial recognition, and subsequently measured at amortised cost, fair value through other comprehensive income (OCI), fair value through profit or loss (FVTPL), or as derivatives designated as hedging instruments in an effective hedge, as appropriate.
The classification of financial assets at initial recognition depends on the financial asset's contractual cash flow characteristics and the Group's model adopted for managing them. With the exception of trade receivables, financial assets that are not at fair value through profit or loss are initially measured at their fair value plus transaction costs. Transaction costs of financial assets carried at FVTPL are expensed in profit or loss. Trade receivables are measured at the transaction price determined under IFRS 15.
In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it needs to give rise to cash flows that are 'solely payments of principal and interest (SPPI)' on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. The model adopted by the Group for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The model adopted determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both.
Subsequent measurement
The subsequent measurement of financial assets depends on their classification, as described below:
i. Financial assets at amortised cost
The Group measures financial assets at amortised cost if held within the adopted model, with the objective to hold financial assets in order to collect contractual cash flow, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
Consolidated Financial Statements
Jerónimo Martins | Annual Report 2025
Financial assets at amortised cost are subsequently measured using the Effective Interest Rate (EIR) method and are subject to impairment tests. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired.
The Group's financial assets at amortised cost includes mostly trade receivables.
ii. Financial assets at fair value through OCI
The Group measures financial assets at fair value through OCI if held within the adopted model, with the objective of both holding to collect contractual cash flows and selling, and the contractual terms of the financial asset give rise, on specified dates, to cash flows that are solely payments of principal and interest on the principal amount outstanding.
For debt instruments at fair value through OCI, interest income, foreign exchange revaluation and impairment losses or reversals are recognised in the income statement and computed in the same manner as for financial assets measured at amortised cost. The remaining fair value changes are recognised in OCI. Upon derecognition, the cumulative fair value change recognised in OCI is recycled to profit or loss.
The Group does not have any financial assets under this category.
iii. Financial assets designated at fair value through OCI (equity instruments)
Upon initial recognition, the Group can elect to classify irrevocably its equity investments as equity instruments designated at fair value through OCI when they meet the definition of equity and are not held for trading. The classification is determined on an instrument-by-instrument basis.
Gains and losses on these financial assets previously recognised in OCI are never recycled to profit or loss. Dividends are recognised as financial income in the income statement when the right of payment has been established. Equity instruments designated at fair value through OCI are not subject to impairment assessment.
The Group elected to classify irrevocably non-listed equity investments under this category. Non-listed equity investments are recorded at fair value but are maintained at historical cost when this is the best estimate of fair value.
iv. Financial assets at fair value through profit or loss
This category corresponds to the financial assets that do not meet the criteria for amortised cost or fair value through OCI and include financial assets held for trading, financial assets designated upon initial recognition at fair value through profit or loss, or financial assets required to be measured at fair value.
Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the short term. Derivatives, including separated embedded derivatives, are also classified as held for trading unless they are designated as effective hedging instruments. Financial assets with cash flows that are not solely payments of principal and interest are classified and measured at fair value through profit or loss, irrespective of the adopted model. Financial assets at fair value through profit or loss are carried in the balance sheet at fair value with net changes in fair value recognised in the income statement.
This category includes the derivative instruments not considered for hedge accounting.
Derecognition
Financial assets are derecognised when: i. the Group's contractual rights to receive their cash flows expire; ii. the Group has substantially transferred all the risks and rewards of ownership; or iii. although it retains a portion but not substantially all the risks and rewards of ownership, the Group has transferred control over the assets.
The gross carrying amount of a financial asset is directly reduced when there are no reasonable expectations of recovering the financial asset in whole or in part, being this reduction a case of derecognition.
2.4.2. Financial liabilities
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate.
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs.
The Group's financial liabilities include trade and other payables, loans and borrowings including bank overdrafts, and derivative financial instruments.
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
Consolidated Financial Statements
Jerónimo Martins | Annual Report 2025
i. Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition at fair value through profit or loss.
Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the short term. This category also includes derivative financial instruments entered into by the Group that are not designated as hedging instruments in hedge relationships as defined by IFRS 9. Gains or losses on liabilities held for trading are recognised in the income statement.
ii. Financial liabilities at amortised cost
After initial recognition, trade and other creditors, interest-bearing loans and borrowings are subsequently measured at amortised cost using the method EIR. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as financial costs in the income statement.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged, cancelled, or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new one. The difference in the respective carrying amounts is recognised in the income statement.
2.5. Impairment
2.5.1. Impairment of non-financial assets
Except for investment property, inventories (note 13) and deferred tax assets (note 7.3), all Group assets are analysed at each balance sheet date in order to assess for indicators of possible impairment losses. If such indicators exist, the asset's recoverable amount is estimated.
Irrespective of whether there is any indication of impairment, for Goodwill, intangible assets not yet available for use and other intangible assets with indefinite useful life, the recoverable amount is determined annually at the balance sheet date.
The recoverable amount of the Group's assets with indicators of potential impairment loss is determined annually. Whenever the carrying value of an asset, or the cash-generating unit to which the same belongs, exceeds its recoverable amount, its value is reduced to the recoverable amount and the impairment loss recognised in the income statement of the year.
Determining the recoverable amount of assets
The recoverable amount of non-financial assets corresponds to the higher amount of fair value less costs of disposal and value in use.
The value in use of an asset is calculated as the present value of estimated future cash flows. The discount rate used is a pre-tax rate that reflects current market assessments of the time value of money and the specific risks of the asset in question.
The recoverable amount of assets that do not generate independent cash flow is determined together with the cash-generating unit to which these assets belong.
Reversal of impairment losses
An impairment loss recognised related to Goodwill is not reversed.
Impairment losses for other assets are reversed whenever there are changes in the estimates used to determine the respective recoverable amount. Impairment losses are reversed to the extent of the amount, net of amortisation or depreciation, that would have been determined for the asset if no impairment loss were recognised.
2.5.2. Impairment of financial assets
Customers, debtors and other financial assets
The Group recognises an impairment for Expected Credit Losses (ECLs) for financial assets not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted base on estimation of the original effective interest rate. The estimated cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms.
Consolidated Financial Statements
Jerónimo Martins | Annual Report 2025
ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).
For trade receivables, the Group applies a simplified approach in calculating ECLs, not tracking changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. When performing the loss allowance assessment, the Group takes into consideration the historical credit loss experience, adjusted to forward looking factors specific to the debtors or the economic environment.
The Group considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group.
A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows.
2.6. Critical accounting estimates and judgments on the preparation of the Financial Statements
Tangible fixed assets (note 8), goodwill (note 9), and intangible assets (note 9)
Determining impairment losses of tangible, Goodwill, and intangible assets, as well as the useful life of the assets, involves the use of estimates by the Management. The value in use or the fair value of these assets are normally determined using the Discounted Cash Flow (DCF) method, which incorporates market assumptions. Identifying indicators of impairment, as well as estimating future cash flows and determining the fair value of assets, requires significant judgment by Management in validating indicators of impairment, expected cash flows, applicable discount rates, estimated useful life and residual values.
The Group monitors the potential impacts arising from climate change, as well as any associated legislative changes that may affect its business and asset. So far, no impacts related to climate change have been identified that could materially affect the recovery of the Group's assets. However, if justified, Management will review the assumptions used in the measurement of value in use, estimates of useful lives and in the sensitivity analysis carried out.
In a particularly uncertain international context, the Group maintained a conservative perspective in the annual review of the business plans of the Companies.
According to current projections of the business areas, if the cash flow assumptions were reduced by 10% compared to the estimates, or if the discount rate was higher by 100 bps, all Goodwill would still be recoverable and there would be no risk of impairment (see note 9.4).
Determining the lease term of contracts with renewal and termination options – Group as lessee
The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised.
The Group has several lease contracts that include extension and termination options and applies judgement in evaluating whether it is reasonably certain whether or not to exercise the option to renew or terminate the lease. That is, it considers all relevant factors that create an economic incentive for it to exercise either the renewal or termination. After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise or not to exercise the option to renew or to terminate (e.g., leasehold improvements or significant customization to the lease asset). These options are used to maximize operational flexibility in terms of managing contracts. A significant part of extension and termination options held are exercisable only by the Group companies and not by the respective lessor.
Leases – Estimating the Incremental Borrowing Rate (IBR)
The Group cannot readily determine the interest rate implicit in most leases, therefore, it uses its IBR to measure lease liabilities. The IBR is the rate of interest that the 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 in a similar economic environment. The IBR therefore reflects what the Group 'would have to pay', which requires estimation when no observable rates are available (such as for subsidiaries that do not enter into financing transactions) or when they need to be adjusted to reflect the terms and conditions of the lease (for example, when leases are not in the subsidiary's functional currency). The Group estimates the IBR using observable inputs (such as market interest rates), when available, and is required to make certain entity-specific estimates. The average IBR used by the Group to discount the lease liabilities was 7.18% (6.80% as of 31 December 2024).
Consolidated Financial Statements
Jerónimo Martins | Annual Report 2025
Fair value of financial instruments
The fair value of financial instruments not quoted on an active market is determined based on valuation methods. The use of valuation methodologies requires the use of assumptions, with some assumptions resulting from estimates. Therefore, changes in those assumptions could result in a change in the fair value reported (see note 12).
Deferred taxes
Recognising deferred taxes assumes the existence of results and future taxable income. Deferred tax assets and liabilities were determined based on tax legislation currently effective for the Group Companies, or on legislation already published for future application. Changes in the tax legislation may influence the value of deferred taxes.
Impairment losses of clients and debtors
The Management maintains impairment losses for clients and debtors, in order to reflect the estimated losses resulting from clients' inability to make payments on the required dates and for the contracted amounts. When evaluating the reasonableness of the adjustment for the impairment losses, Management bases its estimates on an analysis of the ageing of the accounts receivable from its clients, its historical experience of write-offs, the client's credit history, changes in the client's payment terms and forward-looking factors specific to the debtors and the economic environment. If the client or debtor's financial conditions deteriorate, impairment losses and actual write-offs may be higher than expected.
Pensions and other long-term benefits granted to employees
Determining obligations for pension and other long-term benefits requires the use of assumptions and estimates, including actuarial projections and other factors that may impact the costs and obligations for the benefit plans.
In determining the appropriate discount rate, Management considers the interest rates of corporate bonds with an 'AA' rating or above, as set by an internationally acknowledged rating agency. These rates are extrapolated as needed along the yield curve to correspond with the expected term of the defined benefit obligation.
The definition of the criteria to select the corporate bonds to include in the population from which the yield curve is derived, requires judgement, the most significant being the selection of the size of the population, the bond issue size, the quality of the bonds, and identification of outliers data to exclude.
Considering the information available from Bloomberg and some necessary estimation to derive the yield curve, the Group defined the following ranges:
Portugal (PT)
- Narrow range [3.55% - 3.95%]
- Extended range [3.33% - 4.15%]
Based on these results and following the recommendation of the external actuaries, the Group has decided to increase its discount rate from 3.25% to 3.75%.
Poland (PL)
- Narrow range [4.55% - 4.95%]
- Extended range [4.35% - 5.15%]
Based on these results and following the recommendation of the external actuaries, the Group has decided to reduce the discount rate from 5.30% to 4.75%.
The table below shows the impacts on the obligations with defined benefit plans of the Group, resulting from changes in the following assumptions:
| Impact on defined benefit obligations | |||||
|---|---|---|---|---|---|
| Assumption used | Change in assumption | Increase in assumption | Decrease in assumption | ||
| PT | PL | ||||
| Discount rate | 3.75% | 4.75% | 0.50% | (2) | 2 |
| Salary growth rate | |||||
| short term | 3.00% | 3.5% - 4% | 0.50% | 2 | (2) |
| long term | 3.00% | 3% - 4% | |||
| Pension growth rate | 3.00% | 0.50% | - | - | |
| Life expectancy | TV 88/90 | GUS 2023 | 1 year | 1 | (1) |
A positive amount means an increase in liabilities. A negative amount means a decrease in liabilities.
Consolidated Financial Statements
Jerónimo Martins | Annual Report 2025
Provisions
The Group exercises considerable judgment in measuring and recognising provisions and its exposure to contingent liabilities related to legal proceedings, both in litigation or with a high probability of resulting in litigation. This judgment is necessary to determine the probability that a lawsuit may be successful, or to record a liability. Provisions are recognised when the Group expects that proceedings under way will result in cash outflows, the loss is considered probable and may be reasonably estimated. Due to the uncertainties inherent in the evaluation process, actual losses may be different from those originally estimated. These estimates are subject to changes as new information becomes available, mainly with the support of internal specialists, if available, or through the support of external consultants, such as actuaries or legal advisers. Changes to estimates of potential losses on proceedings under way, may significantly affect future results.
More information on "GRI 2-27 - Compliance with laws and regulations" can be found in Chapter 5 - "Sustainability Statement", subchapter 7. "Reporting frameworks", section 7.2 "GRI - Global Reporting Initiative".
Investment in associates
The Management assessed the level of influence that the Group has on Novo Verde – Sociedade Gestora de Resíduos de Embalagens, S.A., with a percentage of control of 40% and a percentage of interest of 20.4%. Given the legal regime applicable to waste management companies, which prevent this type of company from distributing reserves and retained earnings to its shareholders, this investment cannot be classified in the Group's accounts as an associate and has therefore been classified as other financial investments.
Management has assessed the level of influence the Group has on Norcod, AS, in which it holds an 18.1% interest. Thus the stake is below 20%, which is normally used as a presumption of significant influence, considering that the Group is the second-largest shareholder and is represented on Norcod's Board of Directors by one director, it understands that it exercises significant influence, and therefore this investment is classified as an associate investment and recognized in the consolidated financial statements using the equity method.
Investment in joint arrangements
The Group holds 51% of the voting rights of its joint arrangement in JMR – Gestão de Empresas de Retalho, SGPS, S.A. (JMR). Based on the contractual arrangements with the other Investor, the Group has the power to appoint and remove the majority of members of the Board of Directors. In addition, all key management personnel with the powers to conduct the relevant activities of JMR are employees of another company 100% owned by Jerónimo Martins. For these reasons, the Management concluded that the Group has the practical ability to direct the relevant activities of JMR and hence has the control over the Company. Therefore, JMR is classified as a subsidiary, as well as all entities directly controlled by JMR.
2.7. Supplier financing arrangements ("confirming" or "reverse factoring")
Some of the Group's subsidiaries have entered into confirming protocols with financial institutions in the countries where they operate. These protocols grant to the suppliers of these subsidiaries (who voluntarily decide to adhere to these protocols) the benefit of being able to receive payment of their invoices in advance of the agreed payment terms, without changing any other commercial conditions, including the purchase price of the products sold.
Suppliers can voluntarily enter into these protocols (and, if they wish, leave at any time with no conditions), guaranteeing access to have their invoices paid within approximately 7 days from the date the legal term of payment starts to be calculated, at a cost normally associated with the credit conditions of Jerónimo Martins Group, thus having a very useful instrument to manage their treasury. If suppliers do not adhere to these protocols, their invoices are paid on the contractually agreed due dates.
Management assesses these arrangements to determine the appropriate disclosure of the amounts payable as either trade payables to suppliers or financial liabilities, depending on the characteristics of each programme. If the confirming agreements: (i) are entered into directly between the suppliers and the financial institutions; (ii) do not provide significant extensions of credit to the Group's subsidiaries; (iii) do not involve the subsidiaries paying any interest or financial charges to the financial institutions; and (iv) do not change the payment terms; then the subsidiaries retain these obligations as trade payables (under the "Suppliers" line item).
2.8. Fair value of financial instruments
To determine the fair value of a financial asset or liability, the market price is applied, if such a market exists. A market is regarded as active if quoted prices are readily and regularly available from an exchange, broker or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm's length basis (level 1). Otherwise, which is the case of some financial assets and liabilities, valuation techniques that are generally accepted in the market are used based on market assumptions.
The Group applies valuation techniques for unlisted financial instruments, such as derivatives, fair value financial instruments held for sale and biological assets through profit and loss. The evaluation models most frequently used are
Consolidated Financial Statements
Jerónimo Martins | Annual Report 2025
DCF and options models which incorporate, for example, interest rate curves and market volatility (level 2). For derivatives valuation, the Group also uses the valuations provided by the counterparties.
When measuring fair value, Management considered the potential impact of climate change, including changes to legislation, which may affect the determination of the fair value of financial assets and liabilities recognised in the financial statements. Risks associated with climate change are included as key assumptions when they materially impact the measurement of the recoverable amount. Currently, the impact of climate change in not material in the cash flows used in the measurement of values in use.
Cash and cash equivalents, debtors and accruals
These financial instruments include mainly short-term financial assets and for that reason their accounting value at the reporting date is considered approximately their fair value.
Other financial investments
Listed financial instruments are recognised in the balance sheet at their fair value. The equity investments are stated at cost, reduced by any impairment loss, since its fair value cannot be reliably measured.
Borrowings
The fair value of borrowings is obtained from the discount cash flow of all expected payments. The expected cash flows are discounted using actual market interest rates. At the reporting date the carrying value is approximately its fair value.
Creditors and accruals
These financial instruments include mainly short-term financial liabilities, and for that reason their accounting value at the reporting date is considered approximately their fair value.
2.9. Fair value hierarchy
The following table shows the Group's assets and liabilities that are measured at fair value at 31 December according to the following fair value hierarchy levels:
- Level 1: The fair value of financial instruments is based on quoted prices obtained in active and liquid markets at balance sheet date. This level includes other financial investments with shares listed on the stock exchange;
- Level 2: The fair value is determined using valuation models, which may involve other comparable quoted prices obtained in active markets or adjusted quotes. Thus, main inputs used on these valuation models are based on observable market data. This level includes biological assets and the over-the-counter derivatives entered into by the Group, whose valuations are provided by the respective counterparties;
- Level 3: The fair value is determined using valuation models, whose main inputs are not observable in the market, prepared by independent external experts. This level includes investment properties and derivative financial instruments, whose valuation, in the case of the latter, used DCF model, considering inputs not observable in the market, namely electricity prices.
| 2025 | Total | Level 1 | Level 2 | Level 3 |
|---|---|---|---|---|
| Assets measured at fair value | ||||
| Investment property | 6 | - | - | 6 |
| Biological assets | ||||
| Consumable biological assets | 36 | - | 16 | 21 |
| Bearer biological assets | 8 | - | 8 | - |
| Derivative financial instruments | ||||
| Derivatives held for trading | 2 | - | - | 2 |
| Derivatives used for hedging | 0 | - | 0 | - |
| Total assets | 52 | - | 24 | 28 |
| Liabilities measured at fair value | ||||
| Derivative financial instruments | ||||
| Derivatives held for trading | 0 | - | 0 | - |
| Derivatives used for hedging | 4 | - | 4 | - |
| Total liabilities | 4 | - | 4 | - |
Consolidated Financial Statements
Jerónimo Martins | Annual Report 2025
| 2024 | Total | Level 1 | Level 2 | Level 3 |
|---|---|---|---|---|
| Assets measured at fair value | ||||
| Investment property | 8 | - | - | 8 |
| Biological assets | ||||
| Consumable biological assets | 24 | - | 10 | 14 |
| Bearer biological assets | 5 | - | 5 | - |
| Derivative financial instruments | ||||
| Derivatives held for trading | 0 | - | 0 | - |
| Derivatives used for hedging | 0 | - | 0 | - |
| Total assets | 38 | - | 16 | 21 |
| Liabilities measured at fair value | ||||
| Derivative financial instruments | ||||
| Derivatives held for trading | 13 | - | - | 13 |
| Derivatives used for hedging | 4 | - | 4 | - |
| Total liabilities | 17 | - | 4 | 13 |
Consolidated Financial Statements
Jerónimo Martins | Annual Report 2025
2.10. Financial instruments by category
| Financial assets or liabilities at fair-value through results | Derivatives defined as hedging instruments | Financial assets or liabilities at fair-value through OCI | Financial assets or liabilities at amortized cost | Financial assets or liabilities outside the scope of IFRS 9 | Total financial assets and liabilities | Non-financial assets and liabilities | Total assets and liabilities | |
|---|---|---|---|---|---|---|---|---|
| 2025 | ||||||||
| Assets | ||||||||
| Cash and cash equivalents | 2,268 | 2,268 | 2,268 | |||||
| Loans to joint ventures and associates | 3 | 3 | 3 | |||||
| Other financial investments | 23 | 23 | 23 | |||||
| Debtors, accruals and deferrals | 852 | 852 | 110 | 962 | ||||
| Derivative financial instruments | 2 | 0 | 2 | 2 | ||||
| Other non-financial assets | - | 13,800 | 13,800 | |||||
| Total assets | 2 | 0 | 23 | 3,124 | - | 3,148 | 13,910 | 17,058 |
| Liabilities | ||||||||
| Borrowings | 1,250 | 1,250 | 1,250 | |||||
| Lease liabilities | 4,322 | 4,322 | 4,322 | |||||
| Derivative financial instruments | 0 | 4 | 4 | 4 | ||||
| Creditors, accruals and deferrals | 7,006 | 7,006 | 591 | 7,597 | ||||
| Other non-financial liabilities | - | 356 | 356 | |||||
| Total liabilities | 0 | 4 | - | 8,256 | 4,322 | 12,582 | 947 | 13,529 |
| 2024 | ||||||||
| Assets | ||||||||
| Cash and cash equivalents | 1,823 | 1,823 | 1,823 | |||||
| Other financial investments | 2 | 2 | 2 | |||||
| Debtors, accruals and deferrals | 860 | 860 | 85 | 945 | ||||
| Derivative financial instruments | - | 0 | 0 | 0 | ||||
| Other non-financial assets | - | 12,524 | 12,524 | |||||
| Total assets | - | 0 | 2 | 2,683 | - | 2,686 | 12,609 | 15,295 |
| Liabilities | ||||||||
| Borrowings | 1,014 | 1,014 | 1,014 | |||||
| Lease liabilities | 3,918 | 3,918 | 3,918 | |||||
| Derivative financial instruments | 13 | 4 | 17 | 17 | ||||
| Creditors, accruals and deferrals | 6,236 | 6,236 | 556 | 6,792 | ||||
| Other non-financial liabilities | - | 300 | 300 | |||||
| Total liabilities | 13 | 4 | - | 7,250 | 3,918 | 11,185 | 856 | 12,042 |
3. Revenue from contracts with customers and segments reporting
3.1. Revenue from contracts with customers
$\checkmark$ Accounting policies
Revenue from contracts with customers is recognised when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services.
Sale of goods
In most of Groups' sales of goods, there is only one performance obligation, resulting in the immediate recognition of revenue with the delivery of the goods to the customer. A performance obligation is a promise to transfer to the customer goods or services that are distinct.
When there are promotional campaigns that offer, to the customers, performance obligations to be satisfied in future moments, the Group defers the portion of revenue related to the future obligation and recognize it in profit or loss only when that future obligation is satisfied or expires.
The Group also implemented loyalty programs using customer cards. For sales made using the customer card, the Group estimates the fair value of the benefits attributed to customers, and the revenue is deferred until the moment the benefit is satisfied or expires.
Consolidated Financial Statements
Jerónimo Martins | Annual Report 2025
Some sales to customers include commercial discounts based on quantity purchased. The Group recognizes the revenue from the sale of goods net of the estimated commercial discount expected to be achieved by the customer for the entire year.
Right of return assets and refund liabilities
In the sales to customers, the Group estimates the goods that could be returned by customers, being recognized: i. a responsibility of return, represented by the obligation to deliver to the customer the amount related to the goods returned; and ii. a return asset - with adjustment of cost of sales - for the right to receive the goods returned by the customer.
Warranty obligations
In the sale of goods, the Group provides the warranties arising from the Law, together with the suppliers, and does not sell extensions of warranties that should be recognized as a separate performance obligation.
The Group as principal or agent
The Group has generally concluded that it is the principal in its revenue arrangements, except for some agency services, because it typically controls the goods or services before transferring them to the customer.
The Group operates in some stores through Commercial Mandate contracts celebrated with third parties, with the Group acting as principal, recognizing to that extent the full revenue from sales of these stores.
Trade receivables
Trade receivables represents the Group's right to an amount of consideration that is unconditional (i.e., only the passage of time is required before payment of the consideration is due).
Contract assets and liabilities
A contract asset is the right to consideration in exchange for goods or services transferred to the customer. If the Group performs by transferring goods or services to a customer before the customer pays consideration or before payment is due, a contract asset is recognised for the earned consideration that is conditional.
A contract liability is the obligation to transfer goods or services to a customer for which the Group has received consideration (or an amount of consideration is due) from the customer. If a customer pays consideration before the Group transfers goods or services to the customer, a contract liability is recognised when the payment is made or the payment is due (whichever is earlier). Contract liabilities are recognised as revenue when the Group performs under the contract.
Services provided and other income
Revenues from services rendered are recognised as income in accordance with their stage of completion as at the balance sheet date. Gains related to commercial discounts obtained in the purchase of goods for resale are recognised when these are sold, as a deduction to the cost of goods sold.
3.1.1. Trade contracts balances
| 2025 | 2024 | |
|---|---|---|
| Commercial customers (note 14) | 78 | 75 |
| Contract liabilities with customers (note 20) | 36 | 29 |
| Refund liabilities to customers (note 20) | 3 | 2 |
Trade receivables are non-interest bearing and are generally on terms of 30 to 90 days.
There are no amounts recognised as Contract assets.
Contract liabilities with customers include the deferred revenue related with future performance obligations and the consideration received regarding the sale of preloaded cards to customers, which will be only considered as revenue when the cards are redeemed or expires.
Refund liabilities to customers arises from retrospective volume rebates, related with sales to customers that included commercial discounts based on yearly quantity purchased.
There are no amounts recognised regarding right of return assets and refund liabilities from right of return considering that the returns of assets whose responsibility is assumed directly by the Group, are not material in the context of the Consolidated Financial Statements of the Group.
Consolidated Financial Statements
Jerónimo Martins | Annual Report 2025
3.2. Segments reporting
Accounting policies
Operating segments are reported consistently with the internal reporting that is provided to the Governing Bodies, including the Managing Committee and the Board of Directors. Based on this report, the Governing Bodies evaluate the performance of each segment and allocate the available resources.
Management monitors the performance of the business based on a geographical and business perspective. In accordance with this, the segments are defined as Portugal Retail, Portugal Cash & Carry, Poland Retail, Poland Health and Beauty, and Colombia Retail. Apart from these there are also other businesses but due to their low materiality they are not reported separately.
Management evaluates the performance of segments based on Earnings Before Interest and Taxes (EBIT). This indicator excludes the effects of other operating profits/losses (see note 4.1).
Transactions between segments are performed under normal market conditions, as described in note 24.1, following the same accounting policies adopted by the Group when dealing with transactions with unrelated parties.
The identified operating segments are:
- Portugal Retail: comprises the business unit of JMR (Pingo Doce supermarkets);
- Portugal Cash & Carry: includes the business unit Recheio;
- Poland Retail: the business unit which operates under Biedronka banner in this country;
- Poland Health and Beauty: includes the Hebe banner business unit in Poland, also includes the operations of its subsidiaries in Czechia and Slovakia;
- Colombia Retail: the business unit which operates under Ara banner;
- Others, eliminations and adjustments: includes i. business units with reduced materiality (Coffee Shops and Chocolate Stores, Agribusiness in Portugal and the Biedronka banner business in Slovakia); ii. the Holding Companies; and iii. Group's consolidation adjustments.
Detailed information by operating segments as at December 2025 and 2024
| Portugal | Poland | Colombia | Others, eliminations and adjustments | Total JM Consolidated | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Retail | Cash & Carry | Retail | Health and Beauty | Retail | ||||||||||
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
| Net sales and services | 5,995 | 5,712 | 1,399 | 1,357 | 25,344 | 23,571 | 626 | 583 | 3,228 | 2,850 | (599) | (609) | 35,991 | 33,464 |
| Inter-segments | 652 | 639 | 8 | 9 | 1 | - | - | - | - | - | (662) | (648) | - | - |
| External customers | 5,342 | 5,073 | 1,390 | 1,349 | 25,343 | 23,571 | 626 | 583 | 3,228 | 2,850 | 62 | 39 | 35,991 | 33,464 |
| Operational cash flow (EBITDA) | 322 | 296 | 72 | 69 | 1,991 | 1,814 | 65 | 59 | 132 | 96 | (103) | (103) | 2,480 | 2,232 |
| Depreciations and amortisations | (224) | (207) | (27) | (26) | (687) | (638) | (47) | (42) | (124) | (105) | (33) | (25) | (1,142) | (1,043) |
| Earnings before interest and taxes (EBIT) | 98 | 89 | 45 | 43 | 1,305 | 1,176 | 18 | 18 | 8 | (9) | (136) | (128) | 1,338 | 1,189 |
| Other operating profits/losses | (131) | (119) | ||||||||||||
| Financial results and gains in investments | (324) | (268) | ||||||||||||
| Income tax | (225) | (195) | ||||||||||||
| Non-controlling interests | (11) | (7) | ||||||||||||
| Net result attributable to JM | 646 | 599 | ||||||||||||
| Total assets | 2,775 | 2,707 | 530 | 522 | 10,409 | 9,216 | 339 | 313 | 2,201 | 1,819 | 804 | 719 | 17,058 | 15,295 |
| Total liabilities | 2,290 | 2,210 | 510 | 504 | 8,657 | 7,749 | 280 | 288 | 2,189 | 1,809 | (397) | (518) | 13,529 | 12,042 |
| Investments in tangible and intangible assets | 225 | 281 | 35 | 29 | 566 | 381 | 22 | 20 | 228 | 171 | 83 | 66 | 1,159 | 949 |
Consolidated Financial Statements
Jerónimo Martins | Annual Report 2025
Reconciliation between EBIT and operating profit
| 2025 | 2024 | |
|---|---|---|
| EBIT | 1,338 | 1,189 |
| Other operating profits/losses (note 4.1) | (131) | (119) |
| Operational result | 1,207 | 1,070 |
Financial assets with credit risk per segment
The table below shows the Group's exposure according to the accounting value of the financial assets, set out by operating segments.
| Portugal | Poland | Colombia | Others, eliminations and adjustments | Total JM Consolidated | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Retail | Cash & Carry | Retail | Health and Beauty | Retail | ||||||||||
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
| Cash and cash equivalents | 25 | 31 | 9 | 16 | 1,775 | 1,193 | 16 | 7 | 103 | 131 | 341 | 445 | 2,268 | 1,823 |
| Loans to joint ventures and associates | - | - | - | - | - | - | - | - | - | - | 3 | - | 3 | - |
| Other financial investments | 0 | 0 | 1 | 1 | - | - | - | - | - | - | 21 | 1 | 23 | 2 |
| Debtors, accruals and deferrals | 162 | 153 | 67 | 66 | 663 | 684 | 22 | 22 | 41 | 31 | (103) | (94) | 852 | 862 |
| Derivative financial instruments | - | - | - | - | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 0 |
| Total | 187 | 184 | 78 | 84 | 2,440 | 1,877 | 38 | 30 | 144 | 162 | 262 | 352 | 3,148 | 2,688 |
Information by geography
In the table below are presented sales and services rendered and non-current assets by geography:
| Sales and services | Non-current assets (1) | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Portugal | 6,770 | 6,457 | 2,833 | 2,717 |
| Poland | 25,962 | 24,150 | 6,381 | 5,941 |
| Colombia | 3,228 | 2,850 | 1,667 | 1,361 |
| Other geographies | 32 | 7 | 103 | 60 |
| Total | 35,991 | 33,464 | 10,984 | 10,079 |
(1) Includes Tangible assets, Goodwill, Intangible assets, Right-of-use assets, Investment property and Biological assets.
4. Operating costs by nature
Accounting policies
Operating costs by nature
Operating costs by nature include:
- costs of goods sold less vendor allowances based on volume purchased and promotional allowances obtained for commercial activity and in store advertisement. Includes also materials consumed in the production of goods by the companies;
- distribution costs, related with retail main activity in store, logistics and warehousing;
- administrative costs, corresponding to supporting central offices activities;
- other operating losses and gains.
Other operating profits/losses
Other operating profits/losses, that due to their nature or materiality might distort the financial performance of the Group, as well as their comparability, are presented in a separate line of the consolidated income statement by function. These losses and gains are excluded from the operational performance indicators adopted by Management.
Consolidated Financial Statements
Jerónimo Martins | Annual Report 2025
| 2025 | 2024 | |
|---|---|---|
| Cost of goods sold and changes in inventories | (28,037) | (26,132) |
| Electronic payment commissions | (100) | (89) |
| Other supplementary costs | (374) | (347) |
| Supplies and services | (1,301) | (1,206) |
| Advertising costs | (179) | (191) |
| Rents | (13) | (17) |
| Staff costs | (3,265) | (2,948) |
| Transportation costs | (371) | (357) |
| Depreciation and amortisation of tangibles and intangibles assets | (653) | (587) |
| Depreciation of right-of-use assets | (489) | (456) |
| Profit/loss with tangible and intangible assets | (12) | (17) |
| Profit/loss with right-of-use assets | 1 | 1 |
| Other natures of profit/loss | 10 | (48) |
| Total | (34,784) | (32,395) |
The Other nature of profits and losses item includes, among others, the contribution of €20 million in donations to the Biedronka Foundation (2024: €20 million), as well as the initial endowment of the Company's net profit to the Jerónimo Martins Foundation, in the amount of €40 million (2024: €40 million - see note 4.1).
More information about the Jerónimo Martins Foundation is described in Chapter 5 "Sustainability Statement", subchapter 4 "Social information", section 4.2. "Managing social topics" subsection 4.2.2. "Affected communities".
4.1. Other operating profits/losses
Operating costs by nature include the following Other operating losses and gains which, due to their nature and materiality, are excluded from the Group's performance indicators, to assure a better comparability between financial periods:
| 2025 | 2024 | |
|---|---|---|
| Donation to Jerónimo Martins Foundation | (40) | (40) |
| Donations to other entities | (2) | (3) |
| Increase of provisions for legal contingencies | (37) | (13) |
| Costs with organizational restructuring programmes | (31) | (20) |
| Assets write-offs and gains/losses in sale of tangible assets | (6) | (11) |
| Changes to benefit plans and actuarial assumptions | (1) | 1 |
| Employees exceptional awards | (28) | (27) |
| Fair value of energy price fixing derivative instruments | 14 | (7) |
| Other | (1) | (1) |
| Total | (131) | (119) |
As announced on March 19, 2024, was created with an initial allocation of €40 million, the Jerónimo Martins Foundation, which aims to expand the scale and increase the reach of the Group's social and solidarity initiatives.
At the JMH General Assembly held on April 24, 2025, the shareholders approved the allocation of €40 million from the 2024 results as a subsequent endowment to the Jerónimo Martins Foundation.
5. Employees
5.1. Staff costs
| 2025 | 2024 | |
|---|---|---|
| Wages and salaries | (2,390) | (2,136) |
| Social security | (443) | (433) |
| Employee benefits (note 5.2) | (55) | (45) |
| Other staff costs | (378) | (334) |
| Total | (3,265) | (2,948) |
Other staff costs include, among others, labour accident insurance, social responsibility costs, training costs, occasional hires and indemnities.
The average number of Group employees during the year was 141,963 (2024: 134,990).
The number of employees at the end of the year was 147,709 (2024: 139,907).
Consolidated Financial Statements
Jerónimo Martins | Annual Report 2025
5.2. Employees benefits
Accounting policies
Post-employment benefits (retirement)
Defined contribution plans
Defined contribution plans are pension plans for which the Group makes defined contributions to independent entities (funds), and for which it has no legal or constructive obligation to pay any additional contribution at the time when the employees come into use of those benefits.
The contributions are based on a percentage of remuneration of the employees included in the plans.
The funds are open to employee private contributions, with no guaranties given by the Group over those contributions.
Group contributions to defined contribution plans are recognised as expenses at the time they are due.
Defined benefit plans
Defined benefit plans are pension plans where the Group guarantees a certain benefit to the employees included in the plan at the time such employees retire, with the respective responsibilities assured directly by the Group.
The liability recognised in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the end of the reporting period. The defined benefit obligation is calculated annually by independent actuaries using life annuity method, taking into account that the plans only include retired employees. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have maturities close to those related liability.
No service costs are recognised since the current defined benefit plans only include retired employees. The net interest is recognised in the income statement on a yearly basis.
Deviations (actuarial gains and losses) arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in other comprehensive income in the period in which they arise.
At the time of amendments to the defined benefit plans, past-service costs are immediately considered due and are recognised immediately in the income statement.
Other long term benefits
Compensation plan to Group employees
The compensation plan for employees of the Group, which consists of an annual contribution to a foundation that guarantees its independent management by third parties. These contributions have the characteristics of a defined contribution plan, given that the Group has no responsibility for making contributions, in addition to the annual amount defined by the Board of Directors. Additionally, the Group does not assume any risk, namely on the value of the assets in which its contributions are invested, nor on the final value of the benefits to be attributed, with this risk falling entirely on the plan participants.
Award due to at retirement date
In accordance with the Polish legislation in force, when an employee reaches retirement age (regardless of whether he retires at that time or not), he can request the payment of a premium corresponding to one month's salary, which he can only receive once during its professional life.
Accordingly, the responsibilities for this award which constitutes a defined benefit plan, are determined annually based on an actuarial calculation carried out by a specialised independent entity.
The cost of past and current services, net interest as well remeasurements (actuarial gains or losses) are recognised as costs of the year.
Seniority awards
The programme of seniority awards which exists in some of the Group's Companies includes a component of defined contribution and a defined benefit.
The defined contribution component consists in a life insurance granted to the employees covered by this programme, starting from a specific number of years of service. This benefit is awarded only when employees reach the age defined in the programme and the costs related to this component are recognised in the year to which they relate.
The component of defined benefit consists of an award in the year that employees complete a number of years of service. Accordingly, the liabilities for this component are determined annually based on actuarial valuations, carried out by a specialised independent entity.
The cost of current services, net interest as well as remeasurements (actuarial gains or losses) are recognised as costs of the year.
Consolidated Financial Statements
Jerónimo Martins | Annual Report 2025
Amounts recognised in the balance sheet as employee benefits:
| Employee benefits | ||
|---|---|---|
| 2025 | 2024 | |
| Retirement benefits – defined benefit plan paid for by the Group | 11 | 12 |
| Seniority awards – defined benefit plan | 64 | 61 |
| Award due to at retirement date – defined benefit plan | 6 | 5 |
| Total | 82 | 79 |
Amounts recognised in the income statement in staff costs, and actuarial deviations reflected in equity in other comprehensive income:
| Income statement | Other comprehensive income | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Retirement benefits - defined contribution plan | 12 | 10 | - | - |
| Retirement benefits - defined benefit plan paid for by the Group | 0 | 0 | 0 | 1 |
| Seniority awards - defined benefit plan | 11 | 8 | - | - |
| Award due to at retirement date - defined benefit plan | 1 | 1 | - | - |
| Post-employment compensation - defined contribution plan | 30 | 25 | - | - |
| Total | 55 | 45 | 0 | 1 |
The changes in each plan are detailed below:
| Defined contribution plans for active employees | Defined benefit plans for former employees | Other long-term benefits granted to employees | ||||
|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
| Balance as at 1 January | - | - | 12 | 12 | 66 | 65 |
| Interest costs | - | - | - | - | 3 | 3 |
| Current service cost | 42 | 35 | - | - | 8 | 8 |
| Actuarial (gains) / losses | ||||||
| Changes in financial assumptions | - | - | - | - | (2) | (1) |
| Changes in experience | - | - | 1 | 2 | 3 | - |
| Contributions or retirement pensions paid | (42) | (35) | (2) | (2) | (8) | (8) |
| Currency translation differences | - | - | - | - | 1 | 1 |
| Balance as at 31 December | - | - | 11 | 12 | 71 | 66 |
Actuarial assumptions used in the calculation of the responsibilities for defined benefit plans and other long-term benefits:
| Portugal | Poland | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Mortality table | TV88/90 | TV88/90 | GUS 2023 | GUS 2023 |
| Discount rate | 3.75% | 3.25% | 4.75% | 5.30% |
| Pensions growth rate | 3.00% | 3.00% | n/a | n/a |
| Salaries growth rate | ||||
| short term | 3.00% | 2.00% | 3,5% - 4% | 5% - 8,5% |
| long term | 3.00% | 3.00% | 3% - 4% | 4% - 6% |
The mortality assumptions used are those most commonly adopted in Portugal and Poland, are based on actuarial recommendation in accordance with published statistics and experience in each country. The assumption's sensitivity analysis is described in note 2.6.
Expected future payments
The expected maturity for the next 10 years for the liabilities associated with defined benefit plans is as follows:
| Less than 1 year | Between 1 and 5 years | Between 5 and 10 years | |
|---|---|---|---|
| Retirement benefits - defined benefit plan paid for by the Group | 2 | 5 | 3 |
| Award due to at retirement date - defined benefit plan | 1 | 4 | 5 |
| Seniority awards - defined benefit plan | 8 | 31 | 58 |
| Total | 10 | 39 | 66 |
Consolidated Financial Statements
Jerónimo Martins | Annual Report 2025
More information on the Jerónimo Martins Group's compensation and benefits strategy is described in subchapter 4 "Social information", section 4.2 "Managing social topics" subsection 4.2.1 "Own workforce".
6. Net financial costs
Accounting policies
Net financial costs represent interest on borrowings, interest from lease agreements, interest on investments made, dividends, foreign exchange gains and losses in financial operations, gains and losses resulting from changes of financial assets measured at fair value through profit and loss, and costs and income with financing operations.
Net financial costs are accrued in the income statement in the period in which they are incurred.
| 2025 | 2024 | |
|---|---|---|
| Loans interest expense | (85) | (81) |
| Leases interest expense | (279) | (235) |
| Interest received | 45 | 47 |
| Net foreign exchange | 1 | 14 |
| Net foreign exchange on leases | 5 | 6 |
| Other financial gains and losses | (9) | (12) |
| Fair value of financial investments held for trade: | ||
| Derivative instruments (note 12) | 0 | (6) |
| Total | (322) | (267) |
Interest expense includes the interest on loans measured at amortised cost and interest on derivatives of fair-value hedge and cash flow hedge (note 12).
Net foreign exchange on leases refer to the exchange rate update, reported on 31 December, on the euro-denominated lease contracts of the subsidiaries JMP (Biedronka), JMDiF (Hebe) and Hebe Cesko s.r.o. (Hebe Czechia), compared to the amount recognised at the end of the previous year.
Other financial gains and losses include costs with debt issued by the Group, recognised in results through effective interest method.
7. Income tax recognised in the income statement
Accounting policies
Income tax includes current and deferred taxes. Income tax is recognised in the income statement, except to the extent that it relates to gains or losses recognised in other comprehensive income or directly in equity. In this case, the tax is recognised in the same heading.
Tax on current income is calculated in accordance with tax criteria prevailing as of the balance sheet date.
Deferred tax is calculated in accordance with the balance sheet liability method on temporary differences between the carrying amount of assets and liabilities and the respective tax base. No deferred tax is calculated on Goodwill and initial recognition differences of an asset and liability if it does not affect profit and loss or the tax results nor there is a place for the calculation of equivalent taxable and deductible temporary differences.
The measurement of deferred tax assets and liabilities should reflect the tax consequences from the way the Group estimates, at the balance sheet date, to recover or settle the carrying amount of its assets and liabilities.
The rate used to determine deferred tax is that in force during the period when temporary differences are reversed.
Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against which temporary differences can be used. Deferred tax assets are revised on an annual basis and derecognised when it is no longer probable that they may be used.
For transactions with uncertainty regarding their tax treatment, the Group considers the effects of that uncertainty in the income tax estimations, whenever the tax authorities are not likely to accept the tax treatment given by the Group. Assets and liabilities related to uncertain tax positions are presented as deferred tax assets or liabilities.
For tax litigation and for all situations in which the position of the tax authorities is already known, an assessment is made on the probability of outcome, setting up provisions for the amounts estimated to represent future disbursements (when the probability of outcome is above 50%), or, proceeding with the payment (although maintaining the tax litigation), whenever it is considered to be the best way to protect the Group's interest.
Consolidated Financial Statements
Jerónimo Martins | Annual Report 2025
7.1. Income tax
| 2025 | 2024 | |
|---|---|---|
| Current income tax | ||
| Current tax of the year | (247) | (192) |
| Adjustment to prior year estimation | 2 | 6 |
| Total | (246) | (187) |
| Deferred tax | ||
| Temporary differences created and reversed | 25 | (8) |
| Tax rate reduction | (3) | (0) |
| Change to the recoverable amount of tax losses and temporary differences from previous years | (1) | (3) |
| Total | 20 | (11) |
| Other gains/losses related to tax | ||
| Impact of changes in estimates for tax litigations | 0 | 3 |
| Total | 0 | 3 |
| Total income tax | (225) | (195) |
The other gains/losses recorded include interest on late payments and compensations received for litigation decided in favour of the Group.
7.2. Reconciliation of effective tax rate
| 2025 | 2024 | |||
|---|---|---|---|---|
| Profit before tax | 883 | 801 | ||
| Income tax using the Portuguese corporation tax rate | 21.5% | (190) | 22.5% | (180) |
| Fiscal effect due to: | ||||
| Different tax rates in foreign jurisdictions | (6.1)% | 54 | (9.8)% | 78 |
| Non-taxable or non-recoverable results | 7.5% | (66) | 10.4% | (84) |
| Changes in estimates for tax litigations | (0.0)% | 0 | (0.3)% | 3 |
| Non-deductible expenses and fiscal benefits | 1.3% | (12) | 0.9% | (7) |
| Impact of tax rate reduction on deferred taxes | 0.4% | (3) | 0.0% | (0) |
| Adjustment to prior years estimation | 0.0% | (0) | (0.4)% | 3 |
| Equity method | 0.1% | (0) | 0.1% | (1) |
| Change to the recoverable amount of tax losses and temporary differences of prior years | 0.0% | - | (0.1)% | 1 |
| Results subject to autonomous taxation and other forms of taxation | 0.9% | (8) | 1.0% | (8) |
| Income tax | 25.5% | (225) | 24.4% | (195) |
In 2025 the Corporate Income Tax rate (CIT) applied to companies operating in Portugal was 20% (2024; 21%). For companies with a positive tax result, there is a surcharge of 1.5% regarding municipal tax, and an additional state tax that varies between 3%, 5% and 9%, for taxable profits higher than €1.5 million, €7.5 million and €35 million, respectively.
In Poland, for 2025 and 2024, the income tax rate applied to taxable income was 19%.
In Colombia, the income tax rate was 35% in 2025 and 2024.
Consolidated Financial Statements
Jerónimo Martins | Annual Report 2025
7.3. Deferred tax assets and liabilities
| 2025 | Opening balance | Impact on results | Impact on equity | Currency translation differences | Closing balance |
|---|---|---|---|---|---|
| Deferred tax assets | |||||
| Excess over legal provisions | 155 | 19 | - | 2 | 177 |
| Update of assets to fair value | 4 | (1) | - | - | 3 |
| Employee benefits | 8 | (1) | (0) | - | 7 |
| Recoverable tax losses | 2 | (1) | - | 0 | 0 |
| Effects of the application of leases standard | 37 | 6 | - | 0 | 43 |
| Other temporary differences | 40 | (4) | - | 0 | 36 |
| Total | 246 | 19 | (0) | 3 | 267 |
| Deferred tax liabilities | |||||
| Update of assets to fair value | 0 | (0) | - | - | 0 |
| Deferred income for tax purposes | 113 | (1) | - | 1 | 114 |
| Differences on valuation criteria in other countries | 14 | 0 | - | 0 | 14 |
| Other temporary differences | 2 | (1) | - | - | 1 |
| Total | 130 | (2) | - | 2 | 129 |
| Net change in deferred tax | 116 | 20 | (0) | 1 | 138 |
| 2024 | Opening balance | Impact on results | Impact on equity | Currency translation differences | Closing balance |
| --- | --- | --- | --- | --- | --- |
| Deferred tax assets | |||||
| Excess over legal provisions | 152 | 1 | - | 2 | 155 |
| Update of assets to fair value | 4 | (0) | - | - | 4 |
| Employee benefits | 9 | (0) | 0 | - | 8 |
| Recoverable tax losses | 2 | (0) | - | 0 | 2 |
| Effects of the application of leases standard | 33 | 4 | - | 0 | 37 |
| Other temporary differences | 30 | 9 | - | 0 | 40 |
| Total | 230 | 13 | 0 | 3 | 246 |
| Deferred tax liabilities | |||||
| Update of assets to fair value | 0 | (0) | - | - | 0 |
| Deferred income for tax purposes | 90 | 22 | - | 1 | 113 |
| Differences on valuation criteria in other countries | 12 | 1 | - | 0 | 14 |
| Other temporary differences | 1 | 1 | - | - | 2 |
| Total | 104 | 24 | - | 2 | 130 |
| Net change in deferred tax | 126 | (11) | 0 | 1 | 116 |
The Group did not recognise any amounts in deferred taxes regarding uncertain tax positions.
Deferred taxes in the companies operating in Portugal were updated, considering that the CIT base rate will be progressively reduced by one percentage point per year until it reaches 17% in 2028.
Regarding lease contracts, and as mentioned in note 10, the Group discloses deferred taxes on a net basis, resulting from the deferred tax asset (on the lease liability) and the deferred tax liability (on the right-of-use asset), at both the initial and subsequent recognition dates of the contracts.
The table below discloses, for the geographies where the application of IFRS 16 is not accepted for tax purposes, the corresponding deferred tax on the right-of-use asset and on the lease liability.
| Deferred taxes (DT) | 2025 | 2024 |
|---|---|---|
| Deferred tax asset (on the lease liability) | 629 | 603 |
| Deferred tax liability (on the right-of-use asset) | (586) | (567) |
| Net deferred tax recognised | 43 | 37 |
7.4. Unrecognised deferred taxes on tax losses
The Group does not recognise deferred tax assets related to tax losses in respect of which, with reasonable accuracy, no sufficient future taxable profits are expected to guarantee the recovery of deferred tax assets in the short and/or
Consolidated Financial Statements
Jerónimo Martins | Annual Report 2025
medium-term. As of 31 December 2025, the unrecognised tax assets amounts to €358 million (€308 million in 2024), expiring in 2029 or later.
The notes to the financial statements of the Group's subsidiaries provide more detailed information regarding the tax losses available for use.
7.5. International Tax Reform - Pillar 2
Under Directive (EU) 2022/2523 of December 14, which introduced the rules of the so-called Pillar 2 in the European Union, Jerónimo Martins and the subsidiaries that are part of its full consolidation perimeter are considered as "constituent entities" covered by the new rules in the period from 2024, being part of a Group in which the ultimate parent entity is Sociedade Francisco Manuel dos Santos Holding B.V. (SFMS).
Among the jurisdictions where Jerónimo Martins operates, the Netherlands, Poland, Portugal, the Czechia and Slovakia have already transposed the above-mentioned Directive. Nevertheless, any additional tax may be due in respect of any jurisdiction where the Group headed by SFMS operates that has an effective tax rate of less than 15% ("low taxation jurisdiction"), due to a dynamic system of secondary payment rules:
- The Qualified Domestic Minimum Top-Up Tax (QDMTT), to be paid by the constituent entities that are located and subject to low taxation in a given jurisdiction; or
- The Income Inclusion Rule (IIR), which requires a parent entity or a partially owned parent entity to calculate and pay a supplementary tax in relation to constituent entities of that group located in jurisdiction of low taxation that have not implemented the QDMTT; or
- The Undertaxed Profits Rule (UTPR), according to which a constituent entity of a Multinational Group may ensure the payment of the corresponding part of the supplementary tax due in the jurisdiction of the ultimate parent entity, whenever it is located in a low taxation jurisdiction that does not apply the IIR.
For the countries mentioned above, the new transposed legislation enters into force for fiscal years beginning on or after 1 January 2024, except with respect to the UTPR rule, which generally applies to fiscal years beginning on or after 1 January 2025.
Jerónimo Martins (which the ultimate parent entity is SFMS) the expects that no additional tax will be due in the jurisdictions in which it operates with reference to the period of 2025 due to the application of the transitional safe harbours provisions based on financial and tax information of the Country-by-Country Report ("Transitional CbCR Safe Harbours") for the fiscal year 2024 and based on additional financial information regarding to the fiscal year 2025.
Jerónimo Martins will continue to study its exposure to Pillar 2 rules, with the collaboration and support of external consultants and experts in this area. However, some limitations remain in determining possible future impacts, as most jurisdictions have not yet published any forms or issued any administrative guidance to clarify the application of these rules.
Notwithstanding, as mentioned, at this date it is not anticipated that these new taxation rules will have a significant impact on the Consolidated Financial Statements, with no amount recognized in taxes in the income statement, related to Pillar 2, on 31 December 2025.
8. Tangible assets
Accounting policies
Tangible assets are recognised at historical cost net of accumulated depreciation and impairment losses.
Historical cost includes the purchase price and any other expenditure that is directly attributable to the acquisition of the assets.
Gains and losses on disposals are determined by comparing proceeds with the carrying amount and are included in the operating profit.
Repairs and maintenance costs that do not extend the useful life of these assets are charged directly to the income statement during the financial period in which they are incurred. The cost of major store remodelling is included in the carrying amount of the asset when it is probable that additional economic benefits will flow to the Group. Whenever it is capitalised, the useful life of the asset is reviewed according with the characteristics of the remodelling. If the store is leased, the useful life does not exceed the period of the lease.
Depreciation
Depreciation is calculated by the straight-line method on acquisition cost, on a duodecimal basis, according to the useful life estimated for each class of asset. The most important annual depreciation rates, in percentage, are as follows:
Consolidated Financial Statements
Jerónimo Martins | Annual Report 2025
Whenever considered necessary, the estimated useful life of assets is reviewed and adjusted at the balance sheet date, taking into account the period in which the assets are expected to be used, but also to potential limitations arising from climate change or associated legislation. Residual values are not taken into consideration, as it is the Group's intention to use the assets until the end of their economic life.
8.1. Changes occurred during the year
| 2025 | Land, buildings and other constructions * | Equipment and others | Work in progress | Total |
|---|---|---|---|---|
| Cost | ||||
| Opening balance | 6,203 | 3,675 | 468 | 10,345 |
| Foreign exchange differences | 69 | 40 | 10 | 119 |
| Increases | 365 | 407 | 362 | 1,134 |
| Disposals and write offs | (42) | (109) | (12) | (163) |
| Transfers and reclassifications | 143 | 117 | (258) | 2 |
| Acquisitions/Disposals of business | 0 | 3 | 9 | 12 |
| Transfers from/to investment property | 1 | - | - | 1 |
| Closing balance | 6,739 | 4,132 | 580 | 11,451 |
| Depreciation and impairment losses | ||||
| Opening balance | 2,437 | 2,319 | - | 4,755 |
| Foreign exchange differences | 23 | 22 | - | 45 |
| Increases | 279 | 352 | - | 631 |
| Disposals and write offs | (31) | (102) | - | (133) |
| Transfers and reclassifications | (0) | 6 | - | 6 |
| Acquisitions/Disposals of business | 0 | 1 | - | 1 |
| Closing balance | 2,707 | 2,598 | - | 5,305 |
| Net value | ||||
| As at 1 January 2025 | 3,766 | 1,356 | 468 | 5,590 |
| As at 31 December 2025 | 4,032 | 1,535 | 580 | 6,146 |
- Opening balance is net of impairment losses in land
| 2024 | Land, buildings and other constructions * | Equipment and others | Work in progress | Total |
|---|---|---|---|---|
| Cost | ||||
| Opening balance | 5,767 | 3,348 | 472 | 9,587 |
| Foreign exchange differences | 3 | 6 | (13) | (4) |
| Increases | 327 | 373 | 234 | 933 |
| Disposals and write offs | (51) | (140) | (7) | (198) |
| Transfers and reclassifications | 145 | 84 | (221) | 9 |
| Acquisitions/Disposals of business | 11 | 4 | 4 | 19 |
| Closing balance | 6,203 | 3,675 | 468 | 10,345 |
| Depreciation and impairment losses | ||||
| Opening balance | 2,209 | 2,125 | - | 4,334 |
| Foreign exchange differences | 9 | 7 | - | 17 |
| Increases | 255 | 314 | - | 569 |
| Disposals and write offs | (37) | (137) | - | (174) |
| Transfers and reclassifications | (0) | 8 | - | 8 |
| Acquisitions/Disposals of business | 0 | 1 | - | 1 |
| Closing balance | 2,437 | 2,319 | - | 4,755 |
| Net value | ||||
| As at 1 January 2024 | 3,558 | 1,224 | 472 | 5,253 |
| As at 31 December 2024 | 3,766 | 1,356 | 468 | 5,590 |
- Opening balance is net of impairment losses in land
Consolidated Financial Statements
Jerónimo Martins | Annual Report 2025
The increase in tangible assets correspond to the Group's expansion investments (new stores and distribution centers) and remodelling of the existing stores. The investment programme is better detailed in point 2.2 - Focus on Profitable Growth of Chapter 2 - Management Report – Creating Value and Growth.
There are no financial charges capitalised in tangible assets.
8.2. Guarantees
No tangible assets have been pledged as security for the fulfilment of bank or other obligations.
8.3. Tangible assets in progress
Amounts in work in progress are mostly related to the implementation and refurbishment of stores and distribution centres.
8.4. Impairment tests
As mentioned in note 2.5.1. the Group analyses at the date of each balance sheet whether there are indicators of possible impairment losses on tangible assets.
If there are indicators of possible impairment losses on an asset or cash-generating unit, the Group calculates its value-in-use using the DCF method.
Value in use is supported by past performance and market development expectations, with five-year projections of future cash flows for each of the assets or cash-generating units, based on medium/long-term plans approved by the Board of Directors.
These estimates are made considering the following assumptions:
| Business area | Discount rates | Growth rates in perpetuity |
|---|---|---|
| Retail in Portugal | 7,0% (2024: 7,0%) | 2,0% (2024: 2,0%) |
| Cash & Carry in Portugal | 7,0% (2024: 7,0%) | 2,0% (2024: 2,0%) |
| Retail in Poland | 8,0% (2024: 8,0%) | 2,0% (2024: 2,0%) |
| Health and Beauty Retail in Poland | 9,0% (2024: 9,0%) | 2,0% (2024: 2,0%) |
| Specialized Retail in Portugal | 7,5% (2024: 7,0% a 7,5%) | 2,0% (2024: 2,0%) |
| Retail in Colombia | 11,0% (2024: 11,0%) | 3,0% (2024: 3,0%) |
The discount rates adopted corresponds to the required rate of return (hurdle rate), based on the Weighted Average Cost of Capital (WACC) estimated to each of the business areas on the different geographies.
Growth rates in perpetuity considered was 2% for mature markets as Portugal and Poland, and 3% for the Colombian market, where there is considered to be greater growth potential.
Cash flows also include the expected annual growth in sales, margins and operating costs of each of the business areas, as well as possible impacts arising from risks associated with climate change, which at the present date are not considered materially relevant in the period under analysis.
The impairment tests carried out did not result in significant impairment losses.
9. Intangible assets and goodwill
Accounting policies
Identifiable intangible assets are stated at historical cost net of accumulated amortisation and impairment losses (note 2.5).
Costs associated with internally generated Goodwill and Private Brands are taken to the income statement as they are incurred.
Research and development expenditure
Research expenditure incurred in the search for new technical or scientific knowledge or alternative solutions are recognised in the income statement as incurred.
Development expenditure is recognised as an intangible asset when the technical feasibility of the product or process being developed can be demonstrated and the Group has the intention and capacity to complete their development and start trading or using them.
Capitalised development expenditure includes the cost of materials used and direct labour costs.
Consolidated Financial Statements
Jerónimo Martins | Annual Report 2025
Computer software licences are capitalised on the basis of the costs incurred to acquire and bring to use the specific software, being amortised over their estimated useful life.
Costs associated with developing or maintaining computer software are recognised as an expense as incurred, except if those costs are directly associated with development projects that will probably generate future economic benefits (reliably measured), in which case they are recognised as development expenditure in intangible assets.
Other intangible assets
Expenses to acquire key money, trademarks, patents and licences are capitalised when they are expected to generate future economic benefits and are expected to be used by the Group.
Intangible assets with indefinite useful life
The trademark Pingo Doce is, besides Goodwill, the only intangible asset with indefinite useful life recognised, since there is no foreseeable limit for the period over which this asset is expected to generate economic benefits to the Group. Goodwill and the intangible assets with indefinite useful life are tested for impairment at the balance sheet date and whenever there is an indication that the carrying amount may not be recoverable.
Amortisations
Amortisations are recognised in the income statement on a linear basis over the estimated useful life of the intangible assets, except if that life is considered indefinite.
Amortisation of the intangible assets is calculated by the straight-line method on acquisition cost, on a duodecimal basis. The most important annual amortisation rates, in percentage, are as follows:
| % | |
|---|---|
| Development expenditure | 20-33.33 |
| Computer software | 33.33 |
| Key money | 5-6.66 |
Whenever necessary, the estimated useful life of assets is reviewed and adjusted at the balance sheet date, also considering the potential effects associated with climate change.
9.1. Changes occurred during the year
| 2025 | Key money | Software and other intangible | Work in progress | Total intangible assets | Goodwill |
|---|---|---|---|---|---|
| Cost | |||||
| Opening balance | 138 | 247 | 10 | 396 | 639 |
| Foreign exchange differences | 1 | 3 | 0 | 4 | 4 |
| Increases | - | 17 | 8 | 25 | - |
| Disposals and write offs | (1) | (0) | (0) | (1) | - |
| Transfers and reclassifications | - | 9 | (7) | 2 | - |
| Acquisitions/Disposals of business | - | 0 | - | 0 | 6 |
| Closing balance | 138 | 276 | 12 | 426 | 649 |
| Amortisation and impairment losses | |||||
| Opening balance | 126 | 114 | - | 240 | - |
| Foreign exchange differences | 1 | 1 | - | 2 | - |
| Increases | 2 | 20 | - | 22 | - |
| Disposals and write offs | (1) | (0) | - | (1) | - |
| Transfers and reclassifications | - | (1) | - | (1) | - |
| Closing balance | 128 | 134 | - | 263 | - |
| Net value | |||||
| As at 1 January 2025 | 12 | 134 | 10 | 156 | 639 |
| As at 31 December 2025 | 10 | 141 | 12 | 164 | 649 |
Consolidated Financial Statements
Jerónimo Martins | Annual Report 2025
| 2024 | Key money | Software and other intangible | Work in progress | Total intangible assets | Goodwill |
|---|---|---|---|---|---|
| Cost | |||||
| Opening balance | 137 | 211 | 28 | 376 | 635 |
| Foreign exchange differences | 1 | 2 | 0 | 4 | 5 |
| Increases | 0 | 9 | 6 | 16 | - |
| Transfers and reclassifications | - | 25 | (24) | 1 | - |
| Closing balance | 138 | 247 | 10 | 396 | 639 |
| Amortisation and impairment losses | |||||
| Opening balance | 123 | 98 | - | 220 | - |
| Foreign exchange differences | 1 | 1 | - | 2 | - |
| Increases | 2 | 15 | - | 18 | - |
| Closing balance | 126 | 114 | - | 240 | - |
| Net value | |||||
| As at 1 January 2024 | 14 | 113 | 28 | 156 | 635 |
| As at 31 December 2024 | 12 | 134 | 10 | 156 | 639 |
In 2025, due to its relevance, Goodwill began to be presented as a separate line item in the Balance Sheet, therefore 2024 comparison was updated accordingly.
The Group identified as intangible assets of indefinite useful life recognised, besides Goodwill, the trademark Pingo Doce, with net value of €9 million.
9.2. Guarantees
No intangible assets have been pledged as security for the fulfilment of bank or other obligations.
9.3. Intangible assets in progress
Intangible assets in progress include the implementation of projects for processes simplification, usage rights and key money.
9.4. Impairment tests for goodwill and other intangible assets
Goodwill is allocated to the Groups' business areas as presented below:
| Business areas | 2025 | 2024 |
|---|---|---|
| Portugal Retail | 247 | 247 |
| Portugal Cash & Carry | 84 | 84 |
| Poland Retail | 304 | 300 |
| Poland Health and Beauty Retail | 9 | 9 |
| Other businesses | 6 | - |
| Total | 649 | 639 |
As a consequence of the currency translation adjustment of the assets in the Group's businesses in Poland, the Goodwill related to the Biedronka business, totalling 1,282 million złoty, and to the Hebe business, totalling 39 million złoty, were in total updated positively by €4 million.
The cash-generating units used to perform Goodwill impairment tests correspond to the business segments, which is the lowest level that Goodwill is monitored by Management.
In 2025 evaluations were made based on the value in use according to DCF evaluation models, thereby sustaining the recoverability of Goodwill value.
The values of these evaluations are determined by past performance and the expectation of market development, with future cash flow projections, for a five-year period, being drawn up for each of the businesses, based on medium/long term plans approved by the Board of Directors. These projections, in addition to the evolution of the performance of each business unit, incorporate the expected impacts of its investment plans, weighted by the risks each business is exposed to.
Pingo Doce brand is not being amortised but subject to impairment tests annually, with the same assumptions that are used for Goodwill. The same applies to intangible assets in progress.
Consolidated Financial Statements
Jerónimo Martins | Annual Report 2025
These estimates are made considering the following assumptions:
| Business area | Discount rates | Growth rates in perpetuity |
|---|---|---|
| Retail in Portugal | 7,0% (2024: 7,0%) | 2,0% (2024:2,0%) |
| Cash & Carry in Portugal | 7,0% (2024: 7,0%) | 2,0% (2024:2,0%) |
| Retail in Poland | 8,0% (2024: 8,0%) | 2,0% (2024:2,0%) |
| Health and Beauty Retail in Poland | 9,0% (2024: 9,0%) | 2,0% (2024:2,0%) |
The discount rates adopted corresponds to the required rate of return (hurdle rate), to each of the business areas on the different geographies, based on the respective WACC. Growth rates in perpetuity considered was 2%.
Cash flows also include the expected annual growth in sales, margins and operating costs of each of the business areas, as well as possible impacts arising from risks associated with climate change, which at the present date are not considered materially relevant in the period under analysis.
Note 2.6. presents the information related to sensibility analysis to the Goodwill impairment tests.
Even so, in scenarios of a permanent 10% decrease in expected cash flows, there is no risk of recoverability of the Goodwill of any of the business units.
10. Leases
Accounting policies
The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period in exchange for consideration. Leases are recognized as a right-of-use and a corresponding liability at the date at which the leased asset is available for use by the Group. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period to produce a constant periodic rate of interest on the remaining balance of the lease liability for each period. The right-of-use asset is depreciated on a straight-line basis from the effective date of the lease, over the shorter of the asset's useful life and the lease term. If at the end of the lease contract the asset is transferred to the Group, or if the lease liabilities reflect the exercise of the purchase option, depreciation is calculated in accordance with the estimated useful life of the asset.
Whenever the information is available the Group separates the lease and non-lease components included in lease payments for all leases.
At the commencement date lease liabilities measurement is mainly composed by the present value of lease payments to be made over the lease term, which includes fixed payments less any lease incentives receivable and variable lease payments that depend on an index or rate.
In calculating the present value of lease payments, the Group used its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability and by reducing the carrying amount to reflect the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term or a change in the lease payments (e.g. changes to future payments resulting from a change in an index or rate used to determine such lease payments). The weighted-average rate applied is 7.18% (in a range between 2.52% and 14.84%) based on the features of the agreement (underlying asset and guarantees, currency and lease term). The weighted-average rate used in 2024 was 6.80% (in a range between 2.52% and 14.84%).
Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of initial lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received.
The Group applies the short-term lease recognition exemption to its short-term leases (lease term of 12 months or less) and it also applies the lease of low-value assets recognition exemption to leases considered to be low value. Lease payments on short-term leases and leases of low-value assets are recognised as expense on a straight-line basis over the lease term.
The Group's leases relate mostly to store and warehouse rent contracts, with initial terms between 5 and 20 years, but may have extension options. The lease agreements do not impose any covenants. Right-of-use assets are subject to impairment tests, as referred in note 2.5.1.
In geographies where the accounting impacts result from the application of IFRS 16 – Leases are not tax relevant, the Group recognized the net amount resulting from the respective deferred tax asset (on the lease liability) and the deferred tax liability (on the right-of-use asset), on the date of initial and subsequent recognition of the lease contracts
Consolidated Financial Statements
Jerónimo Martins | Annual Report 2025
(note 7.3). In the event of a change in the tax law by the Tax Authorities, the recognised deferred taxes may have to be reviewed / amended.
10.1. Right-of-use assets
| 2025 | Land, buildings and other constructions | Equipment and others | Total |
|---|---|---|---|
| Cost | |||
| Opening balance | 5,328 | 292 | 5,620 |
| Foreign exchange differences | 81 | 3 | 84 |
| Increases | 278 | 71 | 349 |
| Contracts update | 416 | 8 | 424 |
| Transfers and reclassifications | - | (5) | (5) |
| Contracts cancellation | (52) | (11) | (63) |
| Acquisitions/Disposals of business | 5 | - | 5 |
| Closing balance | 6,056 | 359 | 6,415 |
| Depreciation and impairment losses | |||
| Opening balance | 1,866 | 78 | 1,945 |
| Foreign exchange differences | 26 | 1 | 27 |
| Increases | 443 | 47 | 489 |
| Transfers and reclassifications | - | (6) | (6) |
| Contracts cancellation | (32) | (10) | (42) |
| Acquisitions/Disposals of business | 1 | - | 1 |
| Closing balance | 2,304 | 110 | 2,414 |
| Net value | |||
| As at 1 January 2025 | 3,462 | 214 | 3,676 |
| As at 31 December 2025 | 3,753 | 249 | 4,001 |
| 2024 | Land, buildings and other constructions | Equipment and others | Total |
| --- | --- | --- | --- |
| Cost | |||
| Opening balance | 4,501 | 244 | 4,745 |
| Foreign exchange differences | (1) | 2 | 1 |
| Increases | 271 | 80 | 350 |
| Contracts update | 608 | 5 | 614 |
| Transfers and reclassifications | (0) | (9) | (9) |
| Contracts cancellation | (50) | (30) | (80) |
| Closing balance | 5,328 | 292 | 5,620 |
| Depreciation and impairment losses | |||
| Opening balance | 1,472 | 75 | 1,547 |
| Foreign exchange differences | 9 | 1 | 9 |
| Increases | 417 | 39 | 456 |
| Transfers and reclassifications | - | (8) | (8) |
| Contracts cancellation | (32) | (28) | (60) |
| Closing balance | 1,866 | 78 | 1,945 |
| Net value | |||
| As at 1 January 2024 | 3,029 | 169 | 3,198 |
| As at 31 December 2024 | 3,462 | 214 | 3,676 |
Consolidated Financial Statements
Jerónimo Martins | Annual Report 2025
10.2. Lease liabilities
| 2025 | Current | Non-current | Total |
|---|---|---|---|
| Opening balance | 607 | 3,311 | 3,918 |
| Increases (new contracts) | 40 | 309 | 349 |
| Payments | (407) | (2) | (409) |
| Transfers | 370 | (370) | - |
| Contracts change/ cancel | 50 | 351 | 401 |
| Acquisitions/Disposals of business | 0 | 4 | 5 |
| Foreign exchange difference | 8 | 49 | 57 |
| Closing balance | 670 | 3,652 | 4,322 |
| 2024 | Current | Non-current | Total |
| --- | --- | --- | --- |
| Opening balance | 530 | 2,853 | 3,382 |
| Increases (new contracts) | 39 | 311 | 350 |
| Payments | (392) | (0) | (392) |
| Transfers | 344 | (344) | - |
| Contracts change/ cancel | 87 | 506 | 593 |
| Foreign exchange difference | (1) | (15) | (16) |
| Closing balance | 607 | 3,311 | 3,918 |
10.3. Expenses recognised in the income statement
| 2025 | 2024 | |
|---|---|---|
| Depreciation charge of right-of-use assets | ||
| Buildings and other constructions | (443) | (417) |
| Equipment and others | (47) | (39) |
| Subtotal | (489) | (456) |
| Interest expense with lease liabilities | (279) | (235) |
| Gains / (losses) with contract cancellations | 1 | 1 |
| Net foreign exchange on lease liabilities | 5 | 6 |
| Subtotal | (273) | (229) |
| Rents (note 4) | ||
| Expenses with short term leases | (2) | (2) |
| Expenses with leases of low-value assets | (8) | (7) |
| Expenses with variable lease payments not included in lease liabilities | (4) | (4) |
| Expenses with non-lease components | (24) | (23) |
| Income from subleasing | 26 | 19 |
| Subtotal | (13) | (17) |
| Total expenses of the year related with lease | (775) | (702) |
In 2025 the total cash outflow for leases was €700 million (€644 million in 2024).
11. Other financial investments
| 2025 | 2024 | |
|---|---|---|
| Listed equity investments | ||
| Andfjord Salmon AS | 20 | - |
| Total | 20 | - |
| Non-listed equity investments | ||
| Total | 2 | 2 |
| Total other financial investments | 23 | 2 |
In December 2025, Andfjord Salmon Group, AS initiated a capital increase, for which Jerónimo Martins-Agro-Alimentar (JMA) made an advance payment of €20 million. This capital increase was only concluded and registered in January 2026.
Consolidated Financial Statements
Jerónimo Martins | Annual Report 2025
12. Derivative financial instruments
Accounting policies
The Group uses derivatives with the sole intention of managing any financial risks to which it is exposed. In accordance with its financial policies, the Group does not enter into speculative positions.
Whenever available, fair values are estimated based on quoted instruments. In the absence of market prices, fair values are estimated through DCF methods or option valuation models, in accordance with generally accepted assumptions.
Derivative financial instruments are recognised on the date they are negotiated (trade date), at their fair value. Subsequently, the fair value of derivative financial instruments is valued on a regular basis, and the gains or losses resulting from this valuation are recorded directly in the income statement, except in relation to cash flow hedge and net investments in foreign entities hedge derivatives, whose changes in fair value are recorded in equity in other comprehensive income. Recognition of changes in the fair value of hedge instruments depends on the nature of the hedged risk and the type of hedge used.
Derivatives not designated as hedging instruments
Although derivatives entered by the Group correspond to effective economic hedges against risks to be hedged, not all of them qualify as hedge instruments for accounting purposes, according to IFRS 9 rules. Those that do not qualify as hedge instruments are booked on the balance sheet at fair value and changes to that amount are recognised in the profit and loss.
Hedge accounting
At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which it wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge. The documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged and how the Group will assess whether the hedging relationship meets the hedge effectiveness requirements. A hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness requirements:
i) There is 'an economic relationship' between the hedged item and the hedging instrument;
ii) The effect of credit risk does not 'dominate the value changes' that result from that economic relationship;
iii) The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item.
The hedges that meet all the qualifying criteria for hedge accounting are accounted for, as described below:
Interest rate and energy price risk (cash flow hedge)
Whenever expectations surrounding movements in interest rates so justify, the Group tries to anticipate any adverse impact through the use of derivatives. The selection process that each instrument is subject to favours economic contribution more than anything else. The implications of adding any new instrument to a portfolio of derivatives are also taken into account, namely in terms of volatility impact on earnings.
As far as electricity prices are concerned, as there are a number if renewal energy operators on the market, willing to establish virtual power purchase agreements (VPPA) for the delivery of green energy, the Group may choose to enter into these contracts, in order to set the price of energy from a renewal source. Since these are not direct contracts between the energy distributor of the Group companies, they qualify as derivative instruments.
The instruments that qualify as cash flow hedging instruments are booked at fair value on the balance sheet and, to the degree that they are considered effective, changes to their fair value are recognised in other comprehensive income, in the cash flow hedge reserve. Amounts accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss (for example, when the forecast transaction or event that is hedged takes place). However, in the case of a hedge of a forecast transaction that results in the recognition of a non-financial asset (for example: inventory), the gains or losses previously deferred in equity are transferred and included in the initial measurement of the asset.
The gain or loss relating to the ineffective portion is recognised immediately in the income statement. This way, in net terms, all costs associated with the interest rate risk to the underlying exposure are carried at the interest rate of the hedging instruments. Regarding the energy price risk, the monthly price adjustment/compensation mechanism allows stabilizing contracted green energy costs for each period.
When a hedge instrument expires or is sold, or when the hedge ceases to meet the criteria required for hedge accounting, the changes in the fair value of the derivative, that are accumulated in other comprehensive income, are recognised in the results when the hedged operation also affects the results.
The instruments that do not qualify as cash flow hedging instruments are booked at fair value on the balance sheet, with changes recognised directly in financial results (other operating gains or losses, in the case of energy price derivatives).
Consolidated Financial Statements
Jerónimo Martins | Annual Report 2025
Foreign exchange risk (net investments in foreign entities hedge)
With respect to foreign exchange risks, the Group follows a natural hedge policy, raising debt in local currency whenever market conditions are judged to be convenient (namely, taking into consideration the level of interest rates).
Exchange rate fluctuations in loans contracted in foreign currencies for the purpose of funding investments in foreign operations are taken directly to the currency translation reserve in other comprehensive income (note 2.2).
Cross currency swaps that are entered into with the purpose of hedging investments in foreign entities that qualify as hedging instruments are booked at fair value on the balance sheet. To the degree that they are considered effective, changes to their fair value are recognised directly in the currency translation reserve (note 2.2). The cumulative gains and losses recognised in other comprehensive income are transferred to results of the year when foreign entities are disposed.
| 2025 | 2024 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Notional | Assets | Liabilities | Notional | Assets | Liabilities | |||||
| Current | Non-current | Current | Non-current | Current | Non-current | Current | Non-current | |||
| Derivatives held for trading | ||||||||||
| Currency forwards - stock purchase | 83.3 million EUR | |||||||||
| 5 million USD | 0 | - | 0 | - | 58.4 million EUR | |||||
| 100 million EUR | 0 | - | 0 | - | ||||||
| Cross-currency-swaps - treasury applications | 100 million EUR | 0 | - | - | - | - | - | 0 | - | |
| Commodities swap - energy purchase | n/a | - | 2 | - | - | n/a | - | - | - | 13 |
| Cash flow hedging derivatives | ||||||||||
| Currency forwards - stock purchase | 7.8 million EUR | |||||||||
| 22.2 million USD | 0 | - | 0 | - | 3.8 million EUR | |||||
| 6.4 million USD | 0 | - | 0 | - | ||||||
| Foreign operation investments hedging derivatives | ||||||||||
| Currency forwards | 820 million PLN | 0 | - | 3 | - | 2,080 million PLN | 0 | - | 4 | - |
| Total derivatives held for trading | 0 | 2 | 0 | - | 0 | - | 0 | 13 | ||
| Total hedging derivatives | 0 | - | 4 | - | 0 | - | 4 | - | ||
| Total assets/liabilities derivatives | 0 | 2 | 4 | - | 0 | - | 4 | 13 |
Derivatives held for trading
Currency forwards and cross-currency-swaps
The Group hedges its exposure to foreign exchange risk inherent to the purchase of stocks in foreign currency. For this purpose, in 2025, the Group had contracted currency forwards in euros and American dollars, with maturity until February 2026, with notional amounting of €83.3 million and 5 million American dollars.
Additionally, in 2025, a derivative was contracted to cover the exchange rate risk (cross-currency-swap) of a Euro deposit made by a subsidiary in Poland, with maturity in March 2026 and notional of €100 million.
Swap for energy price
The Group provides economic coverage of the energy price risk inherent to its commercial activity, for part of its needs. For this purpose, one of the Group's subsidiaries entered into a VPPA, settled in euros, which allows it to fix the price of electricity, for a portion of its estimated consumption, until February 2038, while ensuring that the volumes purchased are of renewal origin. On the date of execution of the VPPA, its fair value was zero, with no cash flow between the parties.
For more information on how we manage the Group's energy consumption, our actions to reduce carbon emissions, as well as our climate transition plan, see Chapter 5 - "Sustainability Statement", subchapter 3. "Environmental information", section 3.2. "Managing environmental topics", subsection 3.2.1. "Climate change".
Cash flow hedge
Currency forwards
On 31 December 2025 the Group had contracted currency forwards in euros and American dollars, for future purchase of stocks, with notional amounting of €7.8 million and 22.2 million American dollars, with maturity until April 2026.
Hedging of investments in foreign entities
Currency forwards
The Group hedges the economic risk of its exposure to the exchange rate of $z$ to $y$ . To do so, the Group entered into currency forwards, with maturities until April 2026.
Consolidated Financial Statements
Jerónimo Martins | Annual Report 2025
Impacts on the Financial Statements
| 2025 | 2024 | |
|---|---|---|
| Fair value of financial instruments as at 1 January | (17) | (12) |
| (Receipts) / payments made | 3 | 13 |
| Change in the fair value of held for trading derivatives (net financial costs) | - | (6) |
| Change in the fair value of held for trading derivatives (other operating profits/losses) | 14 | (7) |
| Change in the fair value of net investment hedging derivatives (currency translation reserves) | (2) | (4) |
| Fair value of financial instruments as at 31 December | (2) | (17) |
13. Inventories
Accounting policies
Inventories are valued at the lower of cost or net realisable value. The net realisable value corresponds to the selling price in the ordinary course of business, less the estimated selling expenses.
Its valuation generally follows the last acquisition price, which, given the high inventory turnover in the Group's operations, does not differ materially from what would be determined using the FIFO (First In, First Out) method.
The cost of finished goods and work in progress comprises raw materials, direct labour, and other direct costs.
| 2025 | 2024 | |
|---|---|---|
| Raw and subsidiary materials and consumables | 17 | 17 |
| Work in progress and finished goods | 5 | 5 |
| Goods available for sale | 2,375 | 2,122 |
| 2,397 | 2,144 | |
| Net realisable adjustment | (149) | (147) |
| Net inventories | 2,248 | 1,997 |
Adjustments in inventories to net realisable value:
| 2025 | 2024 | |
|---|---|---|
| Balance as at 1 January | (147) | (159) |
| Set up, reinforced and transfers | (3) | (2) |
| Unused and reversed | 3 | 15 |
| Foreign exchange difference | (2) | (2) |
| Balance as at 31 December | (149) | (147) |
No inventories have been pledged as guarantee for the fulfilment of contractual obligations.
14. Trade debtors, accrued income and deferred costs
Accounting policies
Customers and debtor balances are amounts to be received regarding goods sold or services rendered in the ordinary course of the business. They are initially recognised at fair value, being subsequently measured at amortised cost in accordance with the effective interest rate method, net of any impairment losses (notes 2.4.1 and 2.5).
| 2025 | 2024 | |
|---|---|---|
| Non-current | ||
| Other debtors | 44 | 47 |
| Deferred costs | 3 | 3 |
| Total | 48 | 50 |
| Current | ||
| Commercial customers | 78 | 75 |
| Other debtors | 238 | 209 |
| Other taxes receivable | 35 | 12 |
| Accrued income and deferred costs | 563 | 540 |
| Short-term investments that don't qualify as cash equivalents | - | 58 |
| Total | 914 | 895 |
Non-current debtors include €43 million (€43 million in 2024) relating to additional tax liquidation as well as pre-paid tax. The Group has already contested the amounts paid and made a legal claim for reimbursement (note 23).
Consolidated Financial Statements
Jerónimo Martins | Annual Report 2025
The increase in other current debtors is mainly explained by advances for the acquisition of tangible fixed assets.
As of 31 December 2025, the Group does not hold any treasury investment that do not qualify as a cash equivalent (2024: €58 million).
Accrued income includes basically supplementary gains contracted with suppliers, in the amount of €529 million (2024: €510 million).
The deferred costs include €7 million of rents paid in advance, €7 million of insurance costs and €16 million of other costs attributable to future years and paid in 2025, or, if not yet paid, already charged by the entities.
Current debtors with overdue amounts are subject to an analysis of the probability of future losses, based on historical information, taking into account the nature of the commercial relationship established, as well as to existing collateral and credit insurance, with reinforcements/reversals of adjustments for impairment losses recognised when justified (see note 28.2.1).
The ageing analysis of debtors that are past their due date is as follows:
| 2025 | 2024 | |
|---|---|---|
| Debtors balances not considered impaired | ||
| Less than 3 months past due | 49 | 42 |
| More than 3 months past due | 11 | 6 |
| Total | 60 | 48 |
| Debtors balances considered impaired | ||
| Less than 3 months past due | 2 | 2 |
| More than 3 months past due | 8 | 10 |
| Total | 10 | 12 |
Of the debtors balances not considered impaired, €3 million (2024: €3 million) are covered by credit guarantees and credit insurance.
Movements on impairment of trade receivables are as follows:
| 2025 | 2024 | |
|---|---|---|
| Balance as at 1 January | 16 | 14 |
| Set up, reinforced and transfers | 2 | 4 |
| Unused and reversed | (1) | (1) |
| Used | - | (1) |
| Balance as at 31 December | 16 | 16 |
15. Cash and cash equivalents
Accounting policies
Cash and cash equivalents include cash, deposits on hand and other short-term highly liquid investments with initial maturities of three months or less. In the consolidated balance sheet, bank overdrafts are shown within borrowings in current liabilities.
| 2025 | 2024 | |
|---|---|---|
| Bank deposits | 504 | 379 |
| Short-term investments | 1,757 | 1,441 |
| Cash in hand | 8 | 4 |
| Total | 2,268 | 1,823 |
Bank deposits correspond to values in banks to meet current cash requirements as well as receipts from customers in transit.
Short-term investments correspond to time deposits in financial institutions.
Ratings of bank deposits and short-term investments are detailed in note 28.2.1.
Consolidated Financial Statements
Jerónimo Martins | Annual Report 2025
16. Capital and reserves
Accounting policies
Share capital
Share capital corresponds to the nominal value of the ordinary shares issued.
Share premium is recognised when the issued share price exceeds its nominal value. Costs incurred with the issuance of new shares are recognised directly in this heading, net of respective taxes.
Own shares purchased are shown at cost as a deduction in equity. When they are disposed, the amount received, net of costs related with the transaction and taxes, is recognised directly in equity.
Payable dividends
Payable dividends are recognised as a liability in the Group’s Financial Statements in the period in which they are approved for distribution by the shareholders.
16.1. Share capital and share premium
Authorised share capital is represented by 629,293,220 ordinary shares (2024: 629,293,220), each with a nominal value of one euro.
The holders of ordinary shares have the right to receive dividends as established at the General Shareholder’s Meeting and have the right to one vote for each share held. There are no preferential shares and the own shares rights are suspended until these shares are sold in the market.
During the year no changes occurred in the amount of €22 million showed in share premium.
16.2. Own shares
On 31 December 2025 the Group held 859,000 own shares, acquired in 1999 at an average price of 7.06 euros per share. There were no transactions in 2025.
16.3. Dividends
Dividends and free reserves distributed in 2025, totalling €388 million, were paid to JMH shareholders in the amount of €371 million – corresponding to an amount per share of 0.5900 euros (excluding own share in the portfolio), and to non-controlling interests in the Group Companies in the amount of €17 million.
| Dividends per share distributed in 2025 to JMH shareholders | 0.5900 |
16.4. Other reserves and retained earnings
In the individual accounts of JMH duly states all conditions related to the use of reserves to be distributed comprised in the Company equity. We therefore recommend reading this information.
17. Earnings per share
Accounting policies
Basic and diluted earnings per share are calculated based on the net profit attributable to shareholders divided by the weighted average of outstanding ordinary shares.
17.1. Basic and diluted earnings per share
| 2025 | 2024 | |
|---|---|---|
| Ordinary shares issued at the beginning of the year | 629,293,220 | 629,293,220 |
| Own shares at the beginning of the year | (859,000) | (859,000) |
| Weighted average number of ordinary shares | 628,434,220 | 628,434,220 |
| Diluted net results of the year attributable to ordinary shares | 646 | 599 |
| Basic and diluted earnings per share – Euros | 1.0287 | 0.9532 |
Consolidated Financial Statements
Jerónimo Martins | Annual Report 2025
18. Borrowings
Accounting policies
Borrowings are initially recognised at fair value less the transaction costs that were incurred and are subsequently measured at the amortised cost. Any difference between the issued value (net of transaction costs incurred) and the nominal value is recognised in the results during the period of the borrowings, in accordance with the effective interest rate method (note 2.4.2).
Borrowings are classified as current or non-current liabilities depending on Group's right to defer payment beyond 12 months after the balance sheet date. If the Group has the right, at the balance sheet date, to refinance or renew a loan negotiated under a credit line for at least twelve months after the reporting period, it classifies the borrowing as non-current, even if it is due in a shorter term. On the contrary, if the Group does not have the right to refinance or renew the loan, it is classified as a current liability.
The classification of a borrowings as current or non-current is determined based on the existence of any eventual covenants that the Group must comply with, even when their verification by the creditor only occurs after the balance sheet date.
General and specific borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use, are added to the cost of those assets, until the assets are substantially ready for their intended use.
Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
At the end of the year, the Group had commercial paper programs in place in the total amount of €425 million, of which €200 million are committed. These include two new contracts formalized in the last quarter of 2025, both structured as Sustainability-Linked Commercial Paper, each with a maximum amount of €50 million. The utilizations under these programs are remunerated at the Euribor rate for the respective issue period plus variable spreads and can also be issued on auctions. During the period some issuances were carried out, for short periods of time, to meet cash requirements whose use as of 31 December 2025 was of €50 million.
During the 2025 financial year, JMR, SGPS, S.A. issued a sustainability-linked bond with a 3-year maturity, at a fixed rate, in the amount of €50 million.
Jeronimo Martins Polska, S.A. made payments of 99.3 million złoty, approximately €23 million, relating to principal amortizations of a medium- and long-term financing. A loan of 300 million złoty, around €71 million, was issued with a 7-year maturity and variable interest rate to finance the deposit and recycling system for packaging in Biedronka stores. A new bank overdraft facility was also contracted, with a total amount of 100 million złoty, approximately €24 million.
Jeronimo Martins Colombia SAS (JMC) renegotiated its local and external financing limits, increasing its financing capacity by 1.072 billion Colombian pesos, approximately €243 million. In 2024, a loan was contracted with the International Finance Corporation (IFC), part of the World Bank Group, in the total amount of 120 million dollars. In the first quarter of 2025, the last tranche was issued in the amount of 21 million dollars (85 billion Colombian pesos). This loan, ESG Linked, has a maturity of seven years and is intended to support the JMC's expansion with the construction of two distribution centers with a 'Green' rating through EDGE-Advanced certification. During the year, JMC also made payments of 150 billion Colombian pesos, approximately €34 million, related to principal amortization of three medium- and long-term loans previously contracted with the same institution.
18.1. Current and non-current loans
| 2025 | Opening balance | Business acquisition | Loans receipts | Loans paid | Transfers | Accruals and deferrals variation | Foreign exchange difference | Closing balance |
|---|---|---|---|---|---|---|---|---|
| Non-current loans | ||||||||
| Bank loans | 507 | - | 72 | (77) | (42) | - | 10 | 470 |
| Bond loans | - | - | 50 | - | - | - | - | 50 |
| Accrued and deferred financial expenses | (2) | - | - | 0 | (0) | (1) | ||
| Total | 505 | - | 122 | (77) | (42) | 0 | 10 | 519 |
| Current loans | ||||||||
| Bank overdrafts | - | - | 29 | - | - | - | 1 | 30 |
| Bank loans | 496 | - | 151 | (24) | 42 | - | 22 | 687 |
| Accrued and deferred financial expenses | 13 | - | - | - | - | 0 | 0 | 14 |
| Total | 509 | - | 180 | (24) | 42 | 0 | 23 | 731 |
Consolidated Financial Statements
Jerónimo Martins | Annual Report 2025
| 2024 | Opening balance | Business acquisition | Loans receipts | Loans paid | Transfers | Accruals and deferrals variation | Foreign exchange difference | Closing balance |
|---|---|---|---|---|---|---|---|---|
| Non-current loans | ||||||||
| Bank loans | 280 | 5 | 259 | - | (23) | - | (14) | 507 |
| Accrued and deferred financial expenses | (0) | - | - | - | - | (1) | - | (2) |
| Total | 280 | 5 | 259 | - | (23) | (1) | (14) | 505 |
| Current loans | ||||||||
| Bank overdrafts | 73 | - | - | (70) | - | - | (3) | - |
| Bank loans | 412 | - | 117 | (23) | 23 | - | (33) | 496 |
| Accrued and deferred financial expenses | 12 | 0 | - | - | - | 2 | (1) | 13 |
| Total | 497 | 0 | 117 | (93) | 23 | 2 | (37) | 509 |
18.2. Loan terms and maturities
| 2025 | Average rate | Total | Less than 1 year | Between 1 and 5 years | More than 5 years |
|---|---|---|---|---|---|
| Bank loans | |||||
| Loans in EUR | 60 | 50 | 5 | 5 | |
| Loans in PLN | 308 | 42 | 202 | 63 | |
| Loans in COP | 790 | 594 | 182 | 13 | |
| Bond Loans | |||||
| Loans | 50 | - | 50 | ||
| Bank overdrafts | 30 | 30 | |||
| Accrued and deferred financial expenses | 12 | 14 | (1) | - | |
| Total | 7.75% | 1,250 | 731 | 438 | 81 |
| 2024 | Average rate | Total | Less than 1 year | Between 1 and 5 years | More than 5 years |
| --- | --- | --- | --- | --- | --- |
| Bank loans | |||||
| Loans in EUR | 54 | 30 | 15 | 9 | |
| Loans in PLN | 257 | 23 | 169 | 65 | |
| Loans in COP | 692 | 442 | 218 | 32 | |
| Accrued and deferred financial expenses | 11 | 13 | (2) | - | |
| Total | 9.08% | 1,014 | 509 | 400 | 105 |
18.3. Financial net debt
As the Group contracted several foreign exchange rate risk and interest risk hedging operations, as well as short-term investments, the net consolidated financial debt as at 31 December is:
| 2025 | 2024 | |
|---|---|---|
| Non-current loans (note 18.1) | 519 | 505 |
| Current loans (note 18.1) | 731 | 509 |
| Financial lease liabilities - non-current (note 10) | 3,652 | 3,311 |
| Financial lease liabilities - current (note 10) | 670 | 607 |
| Derivative financial instruments (note 12) | 2 | 17 |
| Interest on accruals and deferrals | (4) | (3) |
| Cash and cash equivalents (note 15) | (2,268) | (1,823) |
| Short-term investments that don't qualify as cash equivalents (note 14) | - | (58) |
| Total | 3,302 | 3,064 |
Consolidated Financial Statements
Jerónimo Martins | Annual Report 2025
19. Provisions
Accounting policies
Provisions are recognised in the balance sheet whenever the Group has a present obligation (legal or implicit) as a result of a past event and it is probable that a reasonably estimated outflow of resources embodying economic benefits will be required to settle the obligation.
Restructuring provision
Provisions for restructuring costs are set up whenever a formal restructuring plan has been approved by the Group and the restructuring has started to be implemented or has been announced publicly.
Provisions for restructuring include all liabilities to be paid with the implementation of the plan, including employee termination payments. These provisions do not include any estimated future operating losses or estimated profits from the disposal of assets.
Legal claims provision
Provisions related with litigation against Group Companies are set up in accordance with risk assessments carried out by the Management, with the support and advice of its lawyers and legal advisers.
| 2025 | Opening balance | Set up, reinforced and transfers | Unused and reversed | Foreign exchange difference | Used | Closing balance |
|---|---|---|---|---|---|---|
| Taxes | 33 | 6 | (1) | - | (0) | 38 |
| Legal claims | 19 | 36 | (1) | 0 | (0) | 55 |
| Others | 31 | 8 | (0) | 0 | (0) | 38 |
| 83 | 50 | (2) | 0 | (1) | 130 | |
| 2024 | Opening balance | Set up, reinforced and transfers | Unused and reversed | Foreign exchange difference | Used | Closing balance |
| --- | --- | --- | --- | --- | --- | --- |
| Taxes | 26 | 9 | (2) | - | (0) | 33 |
| Legal claims | 22 | 13 | (3) | 0 | (14) | 19 |
| Others | 31 | 2 | (2) | (0) | (0) | 31 |
| 79 | 25 | (7) | 0 | (14) | 83 |
Provisions for tax are aimed to cover possible future disbursements resulting from the tax litigation described in note 23. These are all cases in dispute in several courts, for which there is no date to be concluded.
The ongoing lawsuits for which the Group constitutes provisions essentially relate to commercial, labour and regulatory disputes, from which it is estimated that may result in future disbursements. Since these are several legal proceedings related to different periods, their payment (if it occurs) should be phased over time upon completion of the respective court proceedings.
The provision for other litigation is intended to cover the estimated future disbursements related to liabilities assumed by the Group as a result of past transactions, such as guarantees provided by the sale of business. Since they are mostly events that are not yet in dispute with the counterparty, the probability of short-term disbursement is considered remote.
More information on "GRI 2-27 - Compliance with laws and regulations" can be found in Chapter 5 - "Sustainability Statement", subchapter 7. "Reporting frameworks", section 7.2 "GRI - Global Reporting Initiative".
20. Trade creditors, accrued costs and deferred income
Accounting policies
Suppliers and other creditor's balances are obligations related to goods or services that have been acquired in the ordinary course of the business. They are initially recognised at the fair value and subsequently at the amortised cost, in accordance with the effective interest rate method (note 2.4.2).
Suppliers and other creditors are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities.
Consolidated Financial Statements
Jerónimo Martins | Annual Report 2025
| 2025 | 2024 | |
|---|---|---|
| Non-current | ||
| Trade payables | 2 | 2 |
| Accrued costs and deferred income | 5 | 3 |
| Total | 7 | 6 |
| Current | ||
| Suppliers | 5,433 | 4,943 |
| Other trade payables | 508 | 407 |
| Non-trade payables | 609 | 480 |
| Other taxes payables | 221 | 212 |
| Contracts liabilities with customers | 36 | 29 |
| Refunds liabilities to customers | 3 | 2 |
| Accrued costs and deferred income | 780 | 714 |
| Total | 7,590 | 6,787 |
The current accrued costs (incorporated in the current Accrued costs and deferred Income heading in the table above) total €744 million and include salaries and wages to be paid to the employees, in the amount of €365 million and interest payable of €27 million in additional costs. The remaining €352 million relates to sundry costs (utilities, insurance, consultants, rents, among others) for 2025, which had not been invoiced by the respective entities prior to the end of the year.
As mentioned in note 2.7, some subsidiaries of the Group have entered into confirming protocols with financial institutions, of voluntary adherence by suppliers, which allow them to anticipate the receipt of their invoices to approximately 7 days. The Suppliers heading includes the amount of €1,006 million, already received by suppliers, relating to liabilities covered by these protocols (see note 28.2.2).
These agreements do not expose the Group's subsidiaries to additional credit risk, nor do they guarantee significant additional benefits regarding payment terms or commercial conditions. As such, the amounts under these protocols continue to be booked as trade credits from suppliers, considering that, in substance, these amounts maintain the characteristics of commercial debt.
21. Guarantees
The bank guarantees are as follows:
| 2025 | 2024 | |
|---|---|---|
| Guarantees provided to suppliers | 74 | 68 |
| Guarantees for Tax Authorities | 253 | 280 |
| Other State guarantees | 18 | 4 |
| Other guarantees provided | 25 | 23 |
| Total | 371 | 374 |
The Group provided security in the form of sureties, which aimed to suspend the payment of fines imposed by the Portugal Competition Authority and whose proceedings are being challenged before the Competition, Regulation and Supervision Court, as described in note 23.
There are also some financial guarantees granted by the Group, relating to liabilities already reflected in the consolidated balance sheet.
22. Capital commitments
Capital expenditure contracted for at the balance sheet date amounted to €185 million (€163 million in 2024) and refers, to work in progress, preliminary agreement signed for the purchase of equipment and the acquisition of land, and buildings, whose public deeds will occur in due time.
There are no capital commitments assumed by the Group in relation to joint ventures and associates.
23. Contingencies, contingent assets and contingent liabilities
✓ Accounting policies
Contingent assets are potential Group assets that result from past events, but whose recognition depends on the occurrence or not of one or more future events that are not under its control.
Consolidated Financial Statements
Jerónimo Martins | Annual Report 2025
Disclosure is made in the notes when it becomes probable that future economic benefits will be received by the Group. It is recognised in the Consolidated Financial Statements when it becomes virtually certain to be received.
Contingent liabilities correspond to potential obligations as result of past events and whose recognition depends on the occurrence or not of one or more uncertain future events not wholly within the control of the Group. They may also represent present obligations as result of past events, which are not recognised in the Financial Statements because its payment is not probable, or it is not possible to obtain a reliable value estimation.
The Group discloses in the notes whenever the probability of future disbursement is not considered remote. It is recognised or a provision is set up when the payment of its value becomes probable, and it can be estimated with some degree of reliability.
Assets recognised in the Consolidated Financial Statements
- Under non-current debtors (note 14), an amount of €42 million (€42 million in 2024) relates to tax liquidations claimed by the Tax Administration.
The Management, supported by its lawyers and tax advisers, believes the Company has acted within the law and maintains the administrative and judicial claims filed against such settlements expecting their full recovery.
In this context, the Group immediately demanded total reimbursement of the amounts paid, as well as indemnity interest at the legal rate for the period between the payment date and its effective restitution date.
In 2012 one of the judicial proceedings was held to be well-grounded by the Court of Appeal (Tribunal Central Administrativo Sul), which ruled the cancellation of the referred liquidations and the payment of compensatory interests and of a compensation for the guarantees granted within the proceedings. The Group recognised the amount of compensatory interest due on this credit.
Contingent liabilities
Competition Authorities proceedings:
- In Portugal, following search and seizure actions carried out in late 2016 and early 2017 in several entities operating in the food distribution sector, the Portuguese Competition Authority (AdC) determined the opening of several inquiries, in the scope of which it came to issue against suppliers and retailers, including the subsidiary Pingo Doce - Distribuição Alimentar, S.A. (Pingo Doce) ten statements of objections for alleged anti-competitive practices, consisting of price alignment for certain products.
At the end of 2023, Pingo Doce had been notified of decisions issued by AdC regarding all of the above-mentioned proceedings, imposing fines on several retailers and their suppliers. In the case of Pingo Doce these decisions resulted in the imposition of fines in the amount around of €190 million.
Pingo Doce totally disagrees with such decisions which it considers to be completely ungrounded. As such, the Company filed the respective appeals before the Competition, Regulation and Supervision Court ("Tribunal da Concorrência, Regulação e Supervisão") in the first processes. Under the terms of the applicable law, Pingo Doce also requested the awarding of suspensive effect to the appeals, subject to providing a guarantee, to prevent the immediate payment of the fines. Based on the opinion of its legal counsels and economic advisors, the Company is fully convinced of the strength and merits of its position.
- In Poland, in December 2020, the Polish Office of Competition and Consumer Protection (UOKiK) notified JMP of the decision of applying a fine of 723 million złoty (c.€169 million), for the alleged abuse of bargaining power in commercial relations with suppliers, namely of fruits and vegetables. JMP understands that the decision lacks both legal and factual grounds and, therefore, challenged the decision before the Court of Competition and Consumer Protection (CCCP). On 17 October 2024, CCCP issued a ruling, upholding UOKiK's decision in 7 of the 214 cases presented and, reducing the fine to 506 million złoty (c.€118 million). On 24 December 2024, JMP filed an appeal from the CCCP's ruling to the Court of Appeal.
JMP reiterates that it has always engaged in transparent and fair negotiations, aiming to build long-term relationships essential for its supply chain's sustainability and to serve consumers in Poland. During the trial, factual arguments (including testimonies from the suppliers in question) and legal arguments were presented, demonstrating the merits of its defence. JMP believes this should have led to a complete acquittal rather than a partial one.
On 10 August 2022 the President of UOKiK initiated the proceedings regarding the promotional campaign 'Biedronka's Anti-inflation Shield', having on 13 April 2023 issued a decision to impose a fine of 161 million złoty (c.€36 million). JMP filed an appeal to the CCCP. The court of first instance has upheld the decision of UOKiK and an appeal was already filed by JMP to the Court of Appeal.
In November 2025, UOKiK notified JMP of the decision, concluding with the imposition of a fine of 105 million złoty (c. €25 million), regarding "Special Wednesday" and "Valentine's Wednesday" promotional campaigns, sustaining that the campaigns mislead the consumers in advertising messages, using information selectively. JMP, disagreeing with the understanding and conclusion of this Authority, has filed an appeal to the CCCP.
Consolidated Financial Statements
Jerónimo Martins | Annual Report 2025
Other tax and legal proceedings:
-
In 2023, a consumer protection association filed several collective actions against Pingo Doce in respect to damages arisen from an alleged discrepancy in prices between what is displayed on the shelf and what appears at the checkout counter in its supermarkets. The safeguarding of the consumer's legitimate interests is always a priority for Pingo Doce, and therefore, convinced that there is no ground for these actions, the Company has contested the actions, which are still at a preliminary stage.
-
In addition to several disputes arising out of the ordinary course of the Group's businesses, there are several legal proceedings also pending resolution, for which the Management, supported by the opinion of its lawyers and tax advisors, considers that there is enough ground for its appeal in court. The most significant issues (amounted higher than €5 million) are detailed below:
a) The Portuguese Tax Authorities (PTA) have informed Recheio SGPS that it should restate the dividends received, amounting to €82 million, from its subsidiary in the Madeira Free Zone in the years 2000 to 2003, considering them as interest for tax purposes. According to the PTA the said income should be subject to Corporate Income Tax (CIT) as opposed to dividends received that are exempt. The PTA have issued additional assessments, amounting to €21 million, of which €20 million is still in dispute. In spite that both judicial claims were ruled in favour of the PTA, the Management maintains its convictions and claimed against them judicially. In one of the cases the Central Administrative Court has ruled in favour of Recheio SGPS, although the PTA has claimed against that decision. The Supreme Administrative Court decided in favour of the PTA, thus Recheio has already filed a nullity appeal as well as an appeal to the Constitutional Court;
b) The PTA carried out some corrections to the CIT amount from Companies included in the perimeter of the Tax group headed by JMR SGPS, which led to additional assessments concerning 2002 to 2015, amounting to €81 million, of which an amount of €71 million is still in dispute. In the meantime, the Lisbon Tax Court has ruled partially in favour of the Group in several cases, regarding the 2002 to 2007, 2011 and 2014 assessments, which, having been only partially favourable to the Group, have already been challenged at a higher court; Regarding the cases of 2005 and 2014 The Central Administrative Court (CAC) issued unfavourable decisions for JMR SGPS, thus appeals to the Supreme Administrative Court were presented and, already, been accepted by that Court. Concerning 2004, the CAC ruled partially in favour of JMR SGPS, thus an appeal will be presented for the unfavourable part;
c) The PTA carried out some corrections to the CIT from Companies included in the perimeter of the Tax Group headed by Recheio SGPS. With these corrections the total assessments concerning 2007 to 2014 amounted to €17 million, of which an amount of €16 million is still in dispute. The Lisbon Tax Court has already ruled in favour of Recheio SGPS regarding the 2008, 2009, 2010, 2011, 2013 and 2014 assessments. Up to this date, the PTA has appealed of all those decisions. In 2024 the Central Administrative Court ruled in favor of Recheio, regarding the year 2010, and the Supreme Administrative Court in favor of the PTA, regarding 2013, therefore, regarding the latter, Recheio has already filed an appeal which was decided in favour of the PTA;
d) The PTA assessed, for the period from 2016 to 2019, JMR SGPS and JMH (as the head of the Tax Group in which Recheio SGPS is included), the amounts of €122 million and €30 million, respectively, related to the taxation in CIT of $\frac{1}{4}$ of the results generated in internal operations of the Tax Group, in each of these years. As explained in the 2018 Annual Report (and previous years), this assessment results from the application of the transitional rule included in the Portuguese State Budget of 2016 (and then in the next three budgets). The Management, supported by its lawyers and tax advisers, believes that the company is right. As such, appeals have already been filed to oppose the said assessments. Regarding JMR SGPS's 2016 case, and JMH's 2018 case, the Lisbon Tax Court decided in favour of the PTA, thus JMR and JMH have appealed those decisions. Regarding JMH's 2017 case, after the Lisbon Tax Court decided in favour of the PTA, JMH appealed to the Supreme Administrative Court which has decided favourably to JMH and declared as unconstitutional the 2017 State Budget legal norm, Tax Authorities appealed to the Constitutional Court, which was dismissed. However, as required by law, the Public Prosecutor's Office also filed an appeal with that Court, and its appeal was admitted. Accordingly, the company will continue its defense;
e) The PTA assessed JMR SGPS, regarding 2017, the amount of €13 million, regarding the restate of the dividends received in that year, amounting to approximately €45 million, from one subsidiary in the Madeira Free Zone. In the opinion of PTA, these dividends should be treated as interest received, which is subject to CIT as opposed to the dividends that are exempt. In view of some specific technical aspects of this case and recent Court decisions (see paragraph a) above), the Management, supported by its lawyers and tax advisers, believes the Company has sufficient grounds for its defence.
f) The PTA notified JMR SGPS, for 2020 to 2022, of the settlement in the amount of €11 million and corrected JMH's tax losses concerning 2020 and 2021, in the amount of €5.4 million, considering that the amortization of brands and, also in JMR SGPS, donations granted, were not CIT deductible, a decision
Consolidated Financial Statements
Jerónimo Martins | Annual Report 2025
contrary to the legislative changes. The Management, supported by the opinion of its lawyers and tax advisers, believes the Company has sufficient grounds for its defence;
g) The PTA carried out some corrections of VAT rates applied to certain goods sold by some Group Companies. With these corrections the total amount of assessments up to 2022 in Pingo Doce (Feira Nova) and Recheio amounted to € 6.4 million. The Management, supported by the opinion of its lawyers and tax advisers, believes the Company has sufficient grounds for its defence and has been appealing against those assessments;
h) In July 2025, the subsidiary Pingo Doce – Distribuição Alimentar, SA received a notification from the Portuguese Social Security Institute requesting the voluntary payment of €9.6 million, corresponding to contributions allegedly due under the Social Security Tax (Taxa Social Única - TSU), related to extraordinary benefits granted to employees between May 2021 and September 2023. The Management, supported by legal and tax opinions issued by external advisors, believes that the claimed contributions are not legally owed. Accordingly, the Company will take all appropriate procedural steps, within the applicable legal deadlines, to challenge the legality of the assessment through judicial means.
i) The court trustee of the company ZM Kania has brought a lawsuit against JMP for the amount of 23 million zloty (c.€5 million). The claim disputes all the discounts that JMP collected from this supplier in the period 2016-2019 with grounds on the Unfair competition act (all granted rappels are argued as not constituting a price element) and on the Law on protection of competition and consumers. On 29 February 2024, the Court dismissed all trustee's claims against JMP. The ZM Kania trustee has meanwhile filed an appeal to the second-instance Court. On 13 September 2024, JMP submitted a reply to that appeal;
j) Polenergia Obrót S.A. has brought a lawsuit against JMP for the amount of 41 million zloty (c.€9.5 million). The dispute concerns unpaid invoices for delivered electricity for the period from May 1 to May 31, 2022. JMP has filed a response to the lawsuit.
Based on the opinion of its lawyers, the Companies carry out a risk assessment regarding the probability of the outcome of each case, setting up provisions that they deem necessary at any time to cover potential future disbursements, or proceeding with its payment (see note 19), when it considers that it is the best way to protect the Group's interests. In order to protect its legitimate interests and not to harm its position in these disputes, it does not disclose the amounts that may have been provisioned.
More information on "GRI 2-27 - Compliance with laws and regulations" can be found in Chapter 5 - "Sustainability Statement", subchapter 7. "Reporting frameworks", section 7.2 "GRI - Global Reporting Initiative".
Contingent assets
There are decisions taken by the competent courts, partially favourable to the Group's interests, on some of the cases that were paid in 2016, and even though the Tax Authority has appealed to higher courts, the Management believes that the Group will obtain future repayments. However, according to our policy described above, the disclosure of any amounts related to contingent assets will be made when their receipt becomes quantifiable.
24. Related parties
Accounting policies
A related party is a person or entity that is related to the Group, including those that have, or are subject to, the influence or control of the Group.
24.1. Balances and transactions with related parties
56.136% of the Group is owned by Sociedade Francisco Manuel dos Santos, B.V., being Sociedade Francisco Manuel dos Santos Holding, B.V. the ultimate parent company of the Group.
Consolidated Financial Statements
Jerónimo Martins | Annual Report 2025
Balances and transactions of Group Companies with related parties are as follows:
| Joint ventures | Associates | Other related parties(*) | ||||
|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
| Sales and services rendered | 0 | - | 37 | 32 | 0 | 0 |
| Interest income | 0 | 1 | - | - | - | - |
| Stocks purchased and services supplied | 7 | 5 | (1) | (0) | 128 | 117 |
| Joint ventures | Associates | Other related parties(*) | ||||
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
| Trade debtors, accrued income and deferred costs | 4 | 0 | 7 | 6 | 1 | 1 |
| Trade creditors, accrued costs and deferred income | 0 | 1 | 0 | 0 | 20 | 23 |
(*) Other related parties corresponds to Other financial investments, entities participated and/or controlled by the major shareholder of Jerónimo Martins and entities owned or controlled by members of the Board of Directors.
All the transactions with related parties were made under normal market conditions, meaning, the transaction value corresponds to prices that would be applicable between non-related parties.
Outstanding balances between Group Companies and related parties, as a result of trade agreements, are settled in cash, and are subject to the same payment terms as those applicable to other agreements contracted between Group Companies and their suppliers.
There are no provisions for doubtful debts and no costs were recognised during the year related with bad debts or doubtful debts with these related parties.
24.2. Remuneration paid to Directors and Senior Managers
The costs incurred with fixed and variable remuneration and contributions to the pension plans attributed to the Directors and Senior Managers were as follows:
| 2025 | 2024 | |
|---|---|---|
| Salaries and other short-term employee benefits | 52 | 44 |
| Termination benefits | 1 | 4 |
| Post-employment benefits | 1 | 2 |
| Other benefits | 3 | 1 |
| Total | 57 | 51 |
The Board of Directors of the Company consisted of 11 Members at the end of 2025 (2024: 11 Members). The average number of Senior Managers of the Group was 113 (2024: 108).
Senior Managers include the Members of the Managing Committee and leading teams of the Group's business units and the Directors of the Corporate Centre.
The remuneration policy of the Board of Directors and of the Supervisory Board are stated in this Annual Report in Chapter 4 - Corporate Governance.
The post-employment benefits granted to the Directors and the Senior Managers are part of the defined contribution plan described in note 5.2.
The cost incurred with other benefits refer to long-term benefits and are described in note 5.2.
Consolidated Financial Statements
Jerónimo Martins | Annual Report 2025
25. Group subsidiaries
Group control is ensured by the parent Company, Jerónimo Martins, SGPS, S.A..
The tables below list the subsidiaries of Jerónimo Martins Group, fully consolidated.
| Company | Business area | % Owned |
|---|---|---|
| Jerónimo Martins, SGPS, S.A. | Business portfolio management | Lisbon |
| Jerónimo Martins - Serviços, S.A. | Human resources top management | Lisbon |
| New World Investments B.V. | Business portfolio management and financial services | Amsterdam (The Netherlands) |
| Origins - Agro Business Investments B.V. | Business portfolio management and financial services | Amsterdam (The Netherlands) |
| Tagus - Retail & Services Investments B.V. | Business portfolio management and financial services | Amsterdam (The Netherlands) |
| Warta - Retail & Services Investments B.V. | Business portfolio management and financial services | Amsterdam (The Netherlands) |
| Desimo, Lda. | Real estate management and administration and trademarks | Lisbon |
| Jerónimo Martins Inovação, S.A. | Other business and management consultancy activities | Lisbon |
| Larantigo - Sociedade de Construções, S.A. | Real estate purchase and sale | Lisbon |
| Santa Maria Manuela Turismo, S.A. | Sea passenger water transport | Lisbon |
| Trade Wings, S.A. | Renting of air transport equipment | Lisbon |
| Jerónimo Martins - Restauração e Serviços, S.A. | Coffee shops | Lisbon |
| Hussel Ibéria - Chocolates e Confeitaria, S.A. | Retail sale of chocolates, confectionery and similar products | Lisbon |
| Jerónimo Martins Colombia S.A.S. | Trading and distribution of consumer goods | Bogotá (Colombia) |
| Jerónimo Martins - Agro-Alimentar, S.A. | Other business support service activities | Lisbon |
| Best-Farmer - Actividades Agro-Pecuárias, S.A. | Growing of crops and animal farming | Lisbon |
| Terra Alegre Lacticínios, S.A. | Manufacture of milk and dairy products | Portalegre |
| Seaculture - Aquicultura, S.A. | Saline brackish waters aquaculture | Lisbon |
| Outro Chão - Agricultura Biológica, Lda. | Wholesale of fruit and vegetables | Lisbon |
| Mediterranean Aquafarm S.A. | Saline brackish waters aquaculture | Saidia (Morocco) |
| Ovinos da Tapada - Agropecuária, Lda | Animal farming | Fundão |
| Supreme Fruits, Lda. | Growing of citrus fruits | Beja |
| Tastyfruits, Lda. | Farming of crops | Lisboa |
| JMR - Gestão de Empresas de Retalho, SGPS, S.A. | Business portfolio management in the area of retail distribution | Lisbon |
| JMR - Prestação de Serviços para a Distribuição, S.A. | Retail management, consultancy and logistics | Lisbon |
| Pingo Doce - Distribuição Alimentar, S.A. | Retail sales in supermarkets | Lisbon |
| Imoretalho - Gestão de Imóveis, S.A. | Real estate management and administration | Lisbon |
| Escola de Formação Jerónimo Martins, S.A. | Training | Lisbon |
| Lido Sol II - Distribuição de Produtos Alimentares, S.A. | Retail sales in supermarkets | Funchal |
| Lidinvest - Gestão de Imóveis, S.A. | Real estate management and administration | Funchal |
| Recheio, SGPS, S.A. | Business portfolio management in wholesale and retail distribution | Lisbon |
| Recheio - Cash & Carry, S.A. | Wholesale of food and consumer goods | Lisbon |
| Imocash - Imobiliário de Distribuição, S.A. | Real estate management and administration | Lisbon |
| Recheio Masterchef, Lda. | Wholesale of other food products | Lisbon |
| João Gomes Camacho, S.A. | Wholesale of food and consumer goods | Funchal |
Consolidated Financial Statements
Jerónimo Martins | Annual Report 2025
| Company | Business area | % Owned |
|---|---|---|
| Jeronimo Martins Polska S.A. | Retail and wholesale of food and consumer goods | Kostrzyn (Poland) 100.00 |
| JM Nieruchomości Bis sp. z o.o. | Real estate management and administration | Kostrzyn (Poland) 100.00 |
| Jeronimo Martins Slovensko, s. r. o. | Retail sale of food and consumer goods | Bratislava (Slovakia) 100.00 |
| Jeronimo Martins Drogerie i Farmacja Sp. z o.o. | Retail sale of health and beauty products | Kostrzyn (Poland) 100.00 |
| Hebe Česko s.r.o. | Retail sale of health and beauty products | Prague (Czechia) 100.00 |
| Hebe Slovensko, s. r. o. | Retail sale of health and beauty products | Bratislava (Slovakia) 100.00 |
In June 2025, through its subsidiary JMA, 50% of the share capital of the company Tastyfruits, Lda. (Tastyfruits) was acquired, the Group now owns 100% of the company. As a result, Tastyfruits is now fully consolidated in the Group's Financial Statements (previously classified as a joint venture and consolidated using the equity method), without materially relevant impacts.
In December 2025, through its subsidiary JMA, 20% of the share capital of the company Supreme Fruits, Lda. (Supreme Fruits), was acquired, the Group now owns 100% of the company.
26. Financial information on subsidiaries with material non-controlling interests
As at 31 December 2025, the non-controlling interests were €238 million (2024: €247 million), relating almost entirely to JMR Group (Portugal Retail segment – see note 3), where Ahold Delhaize Group holds a stake c. 49%.
The Financial Statements of this business unit, fully consolidated, include the following amounts related to assets, liabilities and earnings:
| 2025 | 2024 | |
|---|---|---|
| Non-current assets | 2,271 | 2,220 |
| Current assets | 504 | 487 |
| Non-current liabilities | (597) | (545) |
| Current liabilities | (1,693) | (1,664) |
| Total shareholders equity | 485 | 497 |
| Sales and services rendered | 5,995 | 5,712 |
| Net profit | 23 | 16 |
| Other comprehensive income | (0) | (0) |
| Total comprehensive income | 23 | 15 |
27. Interests in joint ventures and associates
Set out below are the joint ventures and associates of the Group, consolidated by the equity method
| Company | Business area | % Owned |
|---|---|---|
| Andfjord Salmon Group, AS (1) | Sustainable salmon aquaculture production | Andoya (Norway) 35.11 |
| Norcod AS (2) | Sustainable cod aquaculture production | Trondheim (Norway) 18.06 |
| Marismar - Aquicultura Marinha, Lda. | Saline brackish waters aquaculture | Funchal 50.00 |
| Financor Distribuição Alimentar, Lda. | Retail sale in supermarkets | Ponta Delgada 20.00 |
| Financor Cash & Carry, Lda. | Wholesale of food and consumer goods | Ponta Delgada 20.00 |
| Pure Planet, S.A. | Wholesale of food and consumer goods | Ponta Delgada 33.00 |
(1) Andfjord Salmon Group AS additionally holds 100% of the share capital of the following entities: Andfjord Salmon Midco AS and Andfjord Salmon AS
(2) Norcod AS additionally holds 100% of the share capital of the following entities: Norcod Equipment AS, Kräköy Slakteri AS, Kräköy Norcod Eiendom AS, and Norway Royal Cod AS
In August 2025, the company Pure Planet, S.A. was incorporated, with the corporate purpose of collecting and processing urban and industrial waste, in which the Group holds 33.33% of the share capital. This entity is included in the Group's Consolidated Financial Statements using the equity method.
During the 2025 financial year, the associate Andfjord Salmon Group AS ("Andfjord") completed two capital increases, in which the Group, through its subsidiary JMA, acquired a total of 14.6 million shares for a total amount of €45 million.
Consolidated Financial Statements
Jerónimo Martins | Annual Report 2025
As of 31 December 2025, the Group's interest in Andfjord amounted to 35.11%. Additionally, as mentioned in note 11, in December 2025, Andfjord launched a new capital increase, for which JMA made an advance payment of €20 million. This capital increase was only completed in January 2026, with JMA receiving an additional 9 million shares, thereby increasing its total ownership to 39.72% (note 30).
In December 2025, the Group, through its subsidiary JMA, acquired 12.7 million shares of the Norwegian company Norcod AS, corresponding to an 18.06% interest, for an amount of €13 million. Norcod produces cod through aquaculture and is considered an associate in the Group's accounts, being included in the Group's Consolidated Financial Statements using the equity method. The Group's assessment supporting the classification of Norcod as an associate is disclosed in Note 2.6.
Andfjord and Norcod are listed on Euronext Growth Oslo, and at the date of preparation of these Consolidated Financial Statements, the financial information of these two groups for December 2025 had not yet been published, therefore, when updating the investment value, it was used the most recent published information, related to the previous quarter (September 2025).
27.1. Financial statements and reconciliations to the consolidated financial statements
The financial statements of joint ventures and associates integrated into the consolidated by the equivalence method, present the following values, which were adjusted for the accounting policies adopted by the Group:
| Joint Ventures | Associates | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Non-current assets | 2 | 18 | 428 | 215 |
| Current assets | 5 | 5 | 103 | 35 |
| Non-current liabilities | (3) | (16) | (146) | (52) |
| Current liabilities | (2) | (2) | (143) | (56) |
| Net assets | 2 | 5 | 243 | 142 |
| Sales and services rendered | 7 | 6 | 140 | 117 |
| Net result | - | (1) | (5) | (2) |
| Other comprehensive income | - | - | - | - |
| Total comprehensive income | - | (1) | (5) | (2) |
The table below presents the reconciliation of the financial position of the joint ventures and associated companies with the value presented in Jerónimo Martins' financial statements:
| Joint Ventures | Associates | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Net assets as at 1 January | 5 | 19 | 142 | 115 |
| Net result | - | (1) | (5) | (2) |
| Dividends | - | - | (1) | (1) |
| Other Increases/(reductions) | (3) | (12) | 109 | 34 |
| Other comprehensive income | - | - | (2) | (4) |
| Net assets as at 31 December | 2 | 5 | 243 | 142 |
| Interest in Joint ventures and associates (%) | 50% | 50% | 18 - 35% | 20 - 28% |
| 1 | 2 | 76 | 37 | |
| Loans (Supplementary share capital) | 1 | 15 | - | - |
| Goodwill | - | - | 47 | 30 |
| Carrying value | 2 | 17 | 123 | 67 |
Consolidated Financial Statements
Jerónimo Martins | Annual Report 2025
The table below presents the reconciliation of the application of the equity method to the joint ventures and associates with the amounts reported in the Jerónimo Martins financial statements:
| Joint ventures | Associates | Total | ||||
|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
| Opening balance | 17 | 23 | 67 | 57 | 84 | 80 |
| Application of the equity method: | ||||||
| Net results | - | - | (2) | (1) | (2) | (1) |
| Dividends and other income received | - | (1) | - | - | - | (1) |
| Other comprehensive income | - | - | (1) | (3) | (1) | (3) |
| Other Increases/(reductions) | - | 2 | 45 | 14 | 45 | 15 |
| Transfers from Other investments | (3) | - | - | - | (3) | - |
| Change in consolidation method | (12) | (7) | - | - | (12) | (7) |
| Business acquisition | - | - | 14 | - | 14 | - |
| Closing balance | 2 | 17 | 123 | 67 | 125 | 84 |
28. Financial risk
The Group is exposed to several financial risks, namely: i. price risk, which includes interest, exchange rate and energy price risks; ii. transactional risk, which includes credit and liquidity risk; and iii. the risk arising from the Group's investments portfolio, which covers various economic and financial risks such as interest rate, credit, foreign exchange or inflation, as well as political and fiscal.
The management of these risks is focused on the unpredictable nature of the financial markets and aims to minimize its adverse effects on the Group's financial performance.
At this level, certain types of exposure are managed using financial derivative instruments.
The activity in this area is carried out by the Financial Operations Department. It is responsible, with the cooperation of the financial areas of the Group's companies, for identifying and assessing risks and for executing the hedging of financial risks, following guidelines set out in the Financial Risk Management Policy.
Every quarter, reports on compliance with the Financial Risk Management Policy are presented to and discussed with the Audit Committee.
28.1. Pricing risk
28.1.1. Foreign exchange risk
The main source of exposure to foreign exchange risk comes from the Group operations in Poland and in Colombia.
In addition to this exposure, within the scope of the commercial activities of its subsidiaries, the Group acquires merchandise in foreign currency, mainly euros and US dollars for the Polish and Colombian operations and in US dollars for the Portuguese operations. In general, these transactions are very short dated. Exchange rate risks associated with imports are covered by forward purchases of the currency of payment.
The Management of the operational Companies' exchange rate risk is centralised in the Group's Financial Operations Department. Whenever possible, exposure is managed through natural hedges, namely through loans denominated in local currency. When this is not possible, hedging structures are contracted using instruments such as swaps, forwards or options.
The Group's exposure to foreign exchange risk in financial instruments recognised as at 31 December 2025, was as follows:
Consolidated Financial Statements
Jerónimo Martins | Annual Report 2025
| As at 31 December 2025 | Euro | Zloty | Colombian peso | Total |
|---|---|---|---|---|
| Assets | ||||
| Cash and cash equivalents | 382 | 1,784 | 103 | 2,268 |
| Loans to joint ventures and associates | 3 | - | - | 3 |
| Other financial investments | 23 | - | - | 23 |
| Trade debtors and deferred costs | 131 | 680 | 41 | 852 |
| Derivative financial instruments | 2 | 0 | - | 2 |
| Total financial assets | 541 | 2,463 | 144 | 3,148 |
| Liabilities | ||||
| Borrowings | 110 | 310 | 830 | 1,250 |
| Lease liabilities | 640 | 2,955 | 727 | 4,322 |
| Derivative financial instruments | 0 | 3 | - | 4 |
| Trade creditors, accrued costs and deferred income | 1,340 | 5,081 | 585 | 7,006 |
| Total financial liabilities | 2,091 | 8,350 | 2,141 | 12,582 |
| Net financial position in the balance sheet | (1,550) | (5,886) | (1,997) | (9,434) |
| As at 31 December 2024 | ||||
| Total financial assets | 626 | 1,901 | 162 | 2,688 |
| Total financial liabilities | 1,965 | 7,450 | 1,772 | 11,188 |
| Net financial position in the balance sheet | (1,339) | (5,550) | (1,611) | (8,499) |
Considering the net position of the financial assets and liabilities on the balance sheet at 31 December 2025, a depreciation of the zloty against the euro of around 10% would have a positive impact of €535 million on the equity's currency translation reserves (on 31 December 2024: a positive impact of €504 million). Regarding the colombian peso, a depreciation against the euro of 10% would have a positive impact on the equity's currency translation reserves of €182 million (on 31 December 2024: a positive impact of €146 million).
Considering the net financial assets related with operating activities that some Group subsidiaries hold in currencies other than their functional currency, a 10% depreciation of the exchange rate would have a negative impact on the results of €50 million (2024: €52 million).
Considering the total net assets (financial and non-financial) to which the Group is exposed to in zloty and colombian peso, the effect of a 10% depreciation of these currencies would have a negative impact of €195 million in total equity (on 31 December 2024: a negative impact of €145 million).
28.1.2. Interest rate risk (cash flow and fair value)
All financial liabilities are directly or indirectly indexed to a reference interest rate, which exposes the Group to cash flow risk. A given portion of this risk is hedged through interest rate swaps, thus the Group is also exposed to fair value risk.
Exposure to interest rate risk is monitored continuously. In addition, to evaluate future interest costs based on forward rates, sensitivity tests to variations in the interest rate level are performed. The Group is essentially exposed to interest rate curves of the euro, the zloty, and to the colombian peso.
The sensitivity analysis is based on the following assumptions:
- Changes in market interest rates affect interest gains and losses on financial instruments, traded at variable interest rates;
- Changes in market interest rates only affect gains and losses in interest on financial instruments with fixed interest rates if these are recognised at fair value;
- Changes in market interest rates affect the fair value of derivative financial instruments and other financial assets and liabilities;
- Changes in the fair value of derivative financial instruments and other financial assets and liabilities are estimated by discounting future cash flows from current net values, using the market rates at the valuation date.
For each analysis, whatever the currency, the same changes to the yield curves are used. The analyses are carried out for the net debt, meaning deposits and short-term investments with financial institutions and derivative financial instruments are deducted. Simulations are performed based on net debt values and the fair value of derivative financial instruments as of the reference dates, and the respective change in the interest rate curves.
Based on the simulations performed at 31 December 2025, and excluding the effect of interest rate derivatives, a rise of 50 b.p. in interest rates, with everything else remaining constant, would have a positive impact of €4 million (2024:
Consolidated Financial Statements
Jerónimo Martins | Annual Report 2025
positive in €4 million). These simulations are carried out once a quarter, but are reviewed whenever there are relevant changes, such as debt issuance, debt repayment or restructuring, significant variations in reference rates and in the slope of the interest rate curve.
28.1.3. Energy price risk
Within the scope of its activity, the Group is exposed to energy prices fluctuation, since its electricity supply contracts are indexed to spot market prices, exposing the Group to the risk of variability in cash flows. Regularly the Group analyses the evolution of the energy price, in all the geographies where it operates, and when market conditions allow it, tries to fix, for more or less long periods, the energy price with its suppliers, as a way to mitigate the respective risk. This is the case of companies in Portugal, for which it was possible to fix the price per Mwh with the electricity operator, until 2027.
Additionally, as described in note 12, it was signed a financial settlement agreement on the energy price covering part of the Group needs. As at 31 December 2025, the fair value of the contract was €1.6 million (negative €12.8 million at 31 December 2024).
Based on the simulations carried out on 31 December 2025, a 5% increase/decrease (parallel shift of the price curve) in the electricity price would have a positive/negative impact, keeping everything else constant, of about €3.2 million.
For more information on how we manage the Group's energy consumption, our actions to reduce carbon emissions, as well as our climate transition plan, see Chapter 5 - "Sustainability Statement", subchapter 3. "Environmental information", section 3.2. "Managing environmental topics", subsection 3.2.1. "Climate change".
28.2. Transactional risk
28.2.1. Credit risk
The Group manages centrally its exposure to credit risk on bank deposits, short-term investments and derivatives contracted with financial institutions. The Financial Departments of the business units are responsible for the management of credit risk on its customers and other debtors.
The financial institutions that the Group chooses to do business with are selected based on the ratings they receive from one of the independent benchmark rating agencies. Apart from the existence of a minimum accepted rating, there is also a maximum exposure value to each of these financial institutions.
In each Company the bank that collects the deposits from stores may have a lower rating than the one defined in the general policy, although the maximum exposure does not exceed two days of sales of the operating company.
The following table shows a summary of the credit quality on bank deposits and short-term investments and derivative financial instruments with positive fair value, as at 31 December 2025 and 2024:
| Financial institutions | Rating | Balance | |
|---|---|---|---|
| 2025 | 2024 | ||
| Standard & Poor's | [A+ : AA] | 283 | 42 |
| Standard & Poor's | [BBB+ : A] | 489 | 312 |
| Standard & Poor's | [BB+ : BBB] | - | 25 |
| Moody's | [A2 : A1] | 367 | 248 |
| Moody's | [A3] | 100 | 92 |
| Moody's | [Baa3:Ba1] | 1 | 90 |
| Fitch | [A- : A+] | 922 | 536 |
| Fitch | [BBB- : BBB+] | 0 | 458 |
| Fitch | [B- : BB+] | 15 | 1 |
| Not available | 84 | 73 | |
| Total | 2,261 | 1,878 |
The ratings presented correspond to those assigned by international rating agencies, framed within the financial risk management policy of the Group.
With regard to customers, the risk is mainly limited to Cash & Carry business, since the other businesses operate based on sales paid with cash or bank cards (debit and credit). This risk is managed based on experience and individual customer knowledge, as well as through credit insurance and by imposing credit limits which are monitored on a monthly basis and reviewed annually by Internal Audit. In addition, the Company uses credit insurance to mitigate the associated risk.
The following table shows an analysis of the credit quality of the amounts receivable from customers and other debtors without non-payment or impairment:
Consolidated Financial Statements
Jerónimo Martins | Annual Report 2025
Credit quality of the financial assets
| 2025 | 2024 | |
|---|---|---|
| New customer balances (less than six months) | 1 | 3 |
| Balances of customers without a history of non-payment | 72 | 66 |
| Balances of customers with a history of non-payment | 7 | 6 |
| Balances of other debtors with the provision of guarantees | 38 | 18 |
| Balances of other debtors without the provision of guarantees | 208 | 200 |
| Total | 325 | 293 |
The following table shows an analysis of the concentration of credit risk from amounts receivable from customers and other debtors, taking into account its exposure for the Group:
Concentration of the credit risk from the financial assets
| 2025 | 2024 | |||
|---|---|---|---|---|
| No. | Balance | No. | Balance | |
| Customers with a balance above €1,000 thousand | 3 | 11 | 13 | 10 |
| Customers with a balance between €250 thousand and €1,000 thousand | 28 | 17 | 29 | 14 |
| Customers with a balance below €250 thousand | 8,915 | 53 | 9,062 | 50 |
| Other debtors with a balance above €250 thousand | 19 | 200 | 77 | 169 |
| Other debtors with a balance below €250 thousand | 355 | 45 | 2,659 | 50 |
| 9,320 | 325 | 11,840 | 293 |
The maximum exposure to credit risk as at 31 December 2025 and 2024 is the financial assets carrying value.
28.2.2. Liquidity risk
Liquidity risk is managed by maintaining an adequate level of cash or cash equivalents, as well as by negotiating credit lines and limits that not only ensure the regular development of the Group's activities, but that also ensure some flexibility to be able to absorb shocks unrelated to Group activities.
Treasury needs are managed based on short-term planning, executed on a daily basis, which derives from the annual plans that are reviewed regularly throughout the year.
The following table shows the Group's liabilities by intervals of contractual residual maturity. The amounts shown in the table are the non-discounted contractual cash flow. In addition, it should be noted that all the derivative financial instruments that the Group contracts are settled/paid at net value.
Exposure to liquidity risk
| 2025 | Less than 1 year | Between 1 and 5 years | More than 5 years |
|---|---|---|---|
| Borrowings | 780 | 516 | 86 |
| Creditors | 6,550 | - | - |
| Lease liabilities | 703 | 2,430 | 3,551 |
| Total | 8,033 | 2,946 | 3,637 |
| 2024 | Less than 1 year | Between 1 and 5 years | More than 5 years |
| --- | --- | --- | --- |
| Borrowings | 545 | 496 | 117 |
| Derivative financial instruments | (1) | 0 | 18 |
| Creditors | 5,830 | - | - |
| Lease liabilities | 670 | 2,248 | 3,372 |
| Total | 7,044 | 2,744 | 3,507 |
The Group has foreseen in its contracts for the medium and long-term debt in place some covenants that are usual in loan agreements.
These covenants include:
- Limitation on the disposal and pledge of assets above a certain amount;
- Limitation on mergers and/or demergers when these imply the reduction of assets above a certain limit of the consolidation perimeter;
Consolidated Financial Statements
Jerónimo Martins | Annual Report 2025
- Change of control clause;
- Limit on the ratios of Net Debt/EBITDA, without the effect of adopting the IFRS 16 standard;
- Fulfilment of social and environmental standards.
In some cases, the breach of these covenants may trigger the early redemption of the associated debt. At the end of December 2025, the Group was in full compliance with the covenants assumed on the debt loans in place.
Throughout the year the Group maintains liquidity reserves in the form of credit lines contracted with the financial institutions with which it relates, in order to ensure the ability to meet its commitments, without having to finance itself under disadvantages and unfavourable conditions. Thus, on 31 December 2025, the Group has contracted credit lines that were not being used in the total amount of €1,357 million.
In addition, the Group had, at 31 December 2025, a liquidity reserve consisting of cash and cash equivalents in the amount of €2,268 million.
The Group estimates to satisfy all its treasury needs with the use of operating activity flows and liquidity reserves, and if necessary, using the available credit lines.
Creditors
Creditors essentially comprise trade suppliers' liabilities, which, on December 31, 2025, represented 83% of the total amount. The Group's companies agree different payment terms with their suppliers, which are established in a General Supply Agreement, taking into account the countries' regulations, the usual industry practices, the type and size of suppliers and the category of products supplied.
The table below shows the liabilities towards trade suppliers, segregating the amounts paid under confirming protocols.
| € million | % | Payment term range | |
|---|---|---|---|
| Responsibilities with suppliers, under confirming protocols (who receive their invoices within 7 days) | 1,006 | 18,5% | 74% of liabilities were paid within 30 to 60 days |
| Responsibilities with suppliers, not included in confirming protocols | 4,426 | 81,5% | 72% of liabilities were paid within 30 to 60 days |
| Creditors, accruals and deferrals – Suppliers (note 20) | 5,433 |
Liabilities paid outside the above ranges relate essentially to perishable food products, for which payment terms of less than 30 days are agreed, or to slow-moving non-food products (e.g. books or toys), for which it is usual to agree longer terms.
Supplier financing agreements ("confirming" or "reverse factoring")
As mentioned in notes 2.7 and 20, some of the Group's subsidiaries have entered into confirming protocols with financial institutions, with voluntary adherence by suppliers, which allow them to anticipate receipt of their invoices to approximately 7 days, at a cost. According to the conditions of these protocols, the amounts remain booked as to be paid to suppliers, considering that, in substance, the characteristics of commercial debt remain. Suppliers who do not adhere to these protocols receive payment within the contractually agreed period.
As of December 31, 2025, existing liabilities under confirming protocols totalled €1,006 million (2024: €882 million), representing 18.5% of total trade suppliers, with no amounts beyond the payment terms agreed with suppliers.
More information, specifically about sustainability actions, is detailed in Chapter 5 "Sustainability Statement", subchapter 5. "Governance Information", section 5.2. "Business Conduct", subsection 5.2.4. "Supplier payment practices and initiatives".
28.2.3. Capital risk management
The Group seeks to keep its capital structure at appropriate levels so that it not only ensures the continuity and development of its activity, but also to provide adequate returns to its shareholders and to optimise the cost of capital.
Balance of the capital structure is monitored based on the financial leverage ratio (Gearing), calculated according to the following formula: Net debt/Shareholder Funds and by the ratio Net debt/EBITDA. The Board of Directors established a target for the Gearing ratio below 100%, consistent with an investment grade rating, and a ratio Net debt/EBITDA below 3.
The Gearing ratios as at 31 December 2025 and 2024, calculated without the effect of adopting the IFRS 16 standard, as analysed by the Management, were as follows:
Consolidated Financial Statements
Jerónimo Martins | Annual Report 2025
| 2025 | 2024 | |
|---|---|---|
| Capital invested | 2,948 | 2,749 |
| Net debt | (866) | (726) |
| Shareholder’s funds | 3,814 | 3,475 |
| Gearing* | n.a. | n.a. |
| EBITDA | 1,811 | 1,622 |
| Net debt / EBITDA | (0.5) | (0.4) |
*At 31 December 2025 and 2024 the net debt was positive.
29. Additional information required by law
In accordance with article 508-F of the Portuguese Commercial Companies Code, we hereby inform the following:
a) In addition to all operations described in the notes above, as well as in the Management's Report, there are no other operations considered relevant that are not already contained either in the balance sheet or its annex;
b) The total remuneration paid to the External Auditor and Statutory Auditor (PricewaterhouseCoopers & Associados, SROC, Lda.) in 2025 was €1,269 thousand, of which €1,106 thousand related to statutory audit of the accounts, while the remaining €163 thousand, to human resources support services, access to tax information platform, audit and assurance services within the scope of the legislation applicable in the countries in which the Group operates, agreed-upon procedures related to the submission of expenses under the Recovery and Resilience Plan (PRR), and limited assurance services on sustainability indicators, all duly approved by the Audit Committee. An amount of €24 thousands was also paid to the former External Auditor (Ernst & Young Audit & Associados, SROC, S.A.) for assurance services provided within the scope of the legislation applicable in the countries in which the Group operates as well as in support in human resources matters.
c) Note 24 of the Notes to the Consolidated Financial Statements includes all the related parties disclosures, in accordance with the International Accounting Standards.
30. Events after the balance sheet date
Accounting policies
Where events occur after the balance sheet date that provide evidence of conditions that existed at the end of the reporting period, the impact of these events is adjusted within the Financial Statements. Otherwise, events after the balance sheet date of a material size or nature are disclosed below.
As mentioned in note 27, in December 2025, Andfjord Salmon Group AS initiated a capital increase, for which JMA made an advance payment of €20 million. This capital increase was only concluded in January 2026, with JMA receiving an additional 9 million shares, increasing its total interest to 39.72%.
In October 2025, an Agreement was entered into for the acquisition of the Luís Vicente Group business (a business unit within the Nuvi Group in Portugal dedicated to the production and marketing of fruit and horticultural products) by the subsidiary Supreme Fruits, Lda. (Supreme Fruits). This Agreement also provided for the acquisition of the remaining 20% of the share capital of Supreme Fruits not yet owned by the Group, which was completed in December 2025, after the Competition Authority had notified the Group of its decision of non-opposition. As the Agreement was still subject to certain conditions precedent, the transfer of the Luís Vicente Group's operations to Supreme Fruits was only formalised on 9 January 2026. On 13 January 2026, Supreme Fruits also acquired 100% of the company Plump España, S.L.U. (an international fruit and vegetable trading unit).
On 6 January 2026, the Group publicly announced that it would discontinue the operations of Hussel Ibéria – Chocolates e Confeitaria, S.A. (Hussel), with the progressive closure of the 18 stores expected to take place until 30 April 2026. The estimated costs associated with Hussel's discontinuation have already been recognised in the 2025 financial statements.
Apart from the matters described above, no other significant events occurred up to the date of the completion of this Report that are not reflected in the Consolidated Financial Statements.
Lisbon, 17 March 2026
The Certified Accountant
The Board of Directors
Consolidated Financial Statements
Jerónimo Martins | Annual Report 2025
2. Statement of Board of Directors
Statement of the Board of Directors
Within the terms of paragraph c), number 1 of article 29-G of the Portuguese Securities Code, the members of the Board of Directors, identified below, declare that to the best of their knowledge:
i) the information contained in the management report, the annual accounts, the Auditors’ Report and all other accounting documentation required by law or regulation, was produced in compliance with the applicable accounting standards and gives a true and fair view of the assets and liabilities, the financial position and the results of Jerónimo Martins, SGPS, S.A. and the companies included in the consolidation perimeter; and
ii) the Management report is a faithful statement of the evolution of the businesses, of the performance and of the position of Jerónimo Martins, SGPS, S.A. and the companies included within the consolidation perimeter, and contains a description of the main risks and uncertainties which they face.
Lisbon, 17 March 2026
Pedro Soares dos Santos
(Chairman of the Board of Directors and CEO)
Agnieszka Słomka-Gołębiowska
(Member of the Board of Directors)
António Domingues
(Member of the Board of Directors and Member of the Audit Committee)
Elizabeth Ann Bastoni
(Member of the Board of Directors and Chair of the Audit Committee)
Fabio Villegas
(Member of the Board of Directors)
Francisco Sá Carneiro
(Member of the Board of Directors)
João Vale de Almeida
(Member of the Board of Directors)
José Soares dos Santos
(Member of the Board of Directors)
María Ángela Holguín
(Member of the Board of Directors)
Nigyar Makhmudova
(Member of the Board of Directors)
Sérgio Tavares Rebelo
(Member of the Board of Directors and Member of the Audit Committee)
Consolidated Financial Statements
pwc
Statutory Audit Report and Auditors' Report
(Free translation from the original in Portuguese)
Report on the audit of the consolidated financial statements
Opinion
We have audited the accompanying consolidated financial statements of Jerónimo Martins, S.G.P.S., S.A. (the Group), which comprise the consolidated balance sheet as at December 31, 2025 (which shows total assets of Euros 17,058 million and total shareholders' equity of Euros 3,529 million including a net profit attributable to Jerónimo Martins S.G.P.S., S.A. shareholders of Euros 646 million), the consolidated income statement by functions, the consolidated statement of comprehensive income, the consolidated statement of changes in shareholders' equity and the consolidated cash flow statement for the year then ended, and notes to the consolidated financial statements, including material accounting policy information.
In our opinion, the accompanying consolidated financial statements present fairly in all material respects, the consolidated financial position of Jerónimo Martins, S.G.P.S., S.A. as at December 31, 2025, and their consolidated financial performance and their consolidated cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRS), as adopted by the European Union.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs) and other technical and ethical standards and recommendations issued by the Institute of Statutory Auditors. Our responsibilities under those standards are described in the "Auditor's responsibilities for the audit of the consolidated financial statements" section below. In accordance with the law we are independent of the entities that are included in the Group and we have fulfilled our other ethical responsibilities in accordance with the ethics code of the Institute of Statutory Auditors.
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 judgement, were of most significance in our audit of the consolidated financial statements of the current year. 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 we do not provide a separate opinion on these matters.
PricewaterhouseCoopers & Associados - Sociedade de Revisores Oficiais de Contas, Lda.
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Key Audit Matter
Summary of the Audit Approach
Valuation of owned stores (tangible fixed assets) and leased stores (right-of-use assets) (Disclosures related to the valuation of owned and leased stores are presented in Notes 8 and 10 to the consolidated financial statements)
The carrying amount of tangible fixed assets and right-of-use assets, in the amount of Euros 6,146 million and Euros 4,001 million, respectively, includes the operation of a significant number of stores in Portugal, Poland, Slovakia, and Colombia, which are subject to impairment testing whenever indicators are identified.
In accordance with IAS 16 and IAS 36, Management annually assesses the existence of impairment indicators, based on the current performance and projected future performance of cash-generating units (CGUs). The determination of the recoverable amount of said assets is carried out using the discounted cash flow methodology (value in use), whereby the sensitivity of the tests to key assumptions, such as the discount rate and the growth rate, increases the risk of material misstatement.
Given the materiality of the above-mentioned balances, the significant degree of judgment involved in the identification of CGUs and impairment indicators, and the inherent subjectivity in determining the recoverable amount, we considered this to be a key audit matter.
We obtained an understanding of, evaluated and tested the relevant controls over the investment and lease processes.
We assessed the policies and procedures for the identification of impairment indicators and Management's review of the performance of the CGUs.
Where applicable, we obtained the assumptions used and the supporting documentation for the impairment tests prepared by Management.
We evaluated the appropriateness of the critical assumptions underlying the impairment tests based on external and internal sources (identification of CGUs, plans approved by the Board of Directors, operational metrics, market analyses), with the involvement of our internal valuation specialists to assess the discount rate applied to the model.
We recalculated, on a sample basis, the value in use computations and the sensitivity analyses to key assumptions.
We also reviewed the disclosures included in the consolidated financial statements.
Recognition of supplementary gains (Disclosures related to the recognition of supplementary income are presented in Notes 4, 13 and 14 to the consolidated financial statements)
The Group enters into a number of arrangements with suppliers that give rise to significant commercial income ("supplementary gains"). Such income relates to volume rebates
We obtained an understanding of, evaluated and tested the controls over the rebate recognition process.
Statutory Audit Report and Auditors' Report
December 31, 2025
Jerónimo Martins, S.G.P.S., S.A.
PwC 2 of 7
| Key Audit Matter | Summary of the Audit Approach |
|---|---|
| obtained based on purchases made or the provision of in-store services. | We performed, on a sample basis, substantive tests over the underlying contracts, independently recalculating the amounts recognised in order to verify their accuracy. |
| In accordance with IAS 2 – Inventories, such income represents a deduction from the purchase price and is accordingly deducted from Cost of Sales or from the carrying amount of Inventories. | We performed detailed analytical procedures, including current and historical monthly trend analysis, variance analysis and rebate ratios. |
| The existence of manual processes, combined with the materiality of this balance, increases the risk of error in the determination of the amounts, and accordingly we considered this to be a key audit matter. | We obtained external confirmations, on a sample basis, from suppliers. |
| We performed cut-off testing through the inspection of subsequent credit notes. | |
| We also reviewed the disclosures included in the consolidated financial statements. | |
| Ongoing legal and tax contingencies | |
| (Disclosures related to ongoing legal and tax contingencies are presented in Note 19 and 23 to the consolidated financial statements) | |
| The Group is exposed to legal, tax and competition-related proceedings and inspections. Management continuously monitors the risk inherent to tax matters and other ongoing disputes. | We obtained an understanding of and evaluated Management’s process for monitoring litigation and contingencies. |
| We read the minutes of meetings, made inquiries of Management, the Legal and Tax departments, and analysed the supporting documentation for the respective proceedings. | |
| Based on the opinions of its legal and tax advisors and Management’s judgment, contingencies are either recognised as liabilities or disclosed as contingent liabilities in the consolidated financial statements, in accordance with IAS 37 – Provisions, Contingent Liabilities and Contingent Assets. | We obtained and analysed the responses to external confirmation requests sent to external legal counsel and tax advisors regarding the existence, likelihood of loss and estimated exposure. |
| As at December 2025, the Group has a number of outstanding tax contingencies, including a dispute relating to the taxation of prior year gains arising from internal transactions, introduced by the State Budget Laws of 2016, 2017, 2018 and 2019, amounting to Euros 152 million. Additionally, there are significant proceedings related to fines issued by the Competition Authorities to Pingo Doce and Jerónimo Martins Polska, in the amounts of | Where necessary, we involved our internal tax specialists to independently assess the assumptions and arguments supporting Management’s position and the classification of the respective contingencies in relation to the most significant cases. |
| We also reviewed the disclosures included in the consolidated financial statements. |
Statutory Audit Report and Auditors' Report
December 31, 2025
Jerónimo Martins, S.G.P.S., S.A.
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Category Audit Report and Auditors' Report
December 31, 2025
Jerónimo Martins, S.G.P.S., S.A.
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| Key Audit Matter | Summary of the Audit Approach |
|---|---|
| Euros 190 million and Euros 179 million, respectively. | |
| The technical complexity, the uncertainty of the outcome and the potential financial impact involve a high degree of judgment, which is sensitive to measurement and disclosure error, and accordingly we considered this to be a key audit matter. |
Responsibilities of management and supervisory board for the consolidated financial statements
Management is responsible for:
a) the preparation of the consolidated financial statements, which present fairly the consolidated financial position, the consolidated financial performance and the cash flows of the Group in accordance with International Financial Reporting Standards (IFRS), as adopted by the European Union;
b) the preparation of the Management report, the corporate governance report, the consolidated non-financial statement and the remunerations report in accordance with the applicable law and regulations;
c) the creation and maintenance of an appropriate system of internal control to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error;
d) the adoption of appropriate accounting policies and criteria; and
e) the assessment of the Group's ability to continue as a going concern, disclosing, as applicable, events or conditions that may cast significant doubt on the Group's ability to continue its activities.
The supervisory board is responsible for overseeing the process of preparation and disclosure of the Group's financial information.
Auditor's responsibilities for the audit of the consolidated financial statements
Our responsibility is to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are 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 financial statements.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
a) identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. 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;
b) obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's internal control;
c) evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management;
d) conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the 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 the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group to cease to continue as a going concern;
e) evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation;
f) plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the Group as a basis for forming an opinion on the consolidated financial statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the Group audit. We remain solely responsible for our audit opinion;
g) communicate with those charged with governance, including the supervisory board, 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;
h) of the matters we have communicated to those charged with governance, including the supervisory board, we determine which one's were the most important in the audit of the consolidated financial statements of the current year, these being the key audit matters. We describe these matters in our report, except when the law or regulation prohibits their public disclosure; and
i) confirm to the supervisory board that we comply 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, actions taken to eliminate threats or safeguards applied.
Our responsibility also includes verifying that the information included in the Management report is consistent with the consolidated financial statements and the verification set forth in paragraphs 4 and 5 of article No. 451 of the Portuguese Company Law on corporate governance matters, and verifying that the consolidated non-financial statement and the remunerations report were presented.
Statutory Audit Report and Auditors' Report
December 31, 2025
Jerónimo Martins, S.G.P.S., S.A.
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Report on other legal and regulatory requirements
Management report
In compliance with paragraph 3 e) of article No. 451 of the Portuguese Company Law, it is our opinion that the Management report has been prepared in accordance with applicable requirements of the law and regulation, that the information included in the Management report is consistent with the audited financial statements and, taking into account the knowledge and assessment about the Group, no material misstatements were identified. As set forth in paragraph 7 of article No. 451 of the Portuguese Company Law, this opinion is not applicable to the consolidated non-financial statement included in the Management report.
Corporate governance report
In compliance with paragraph 4 of article No. 451 of the Portuguese Company Law, it is our understanding that the corporate governance report includes the information required under article No. 29-H of the Portuguese Securities Market Code, that no material misstatements were identified in the information disclosed in this report and that it complies with paragraphs 1 c), d), f), h), i) and l) of that article.
European Single Electronic Format (ESEF)
The Group's consolidated financial statements for the year ended on December 31, 2025 must comply with the applicable requirements established in Commission Delegated Regulation (EU) 2019/815, of December 17, 2018 (ESEF Regulation).
The management is responsible for the preparation and disclosure of the annual report in accordance with the ESEF Regulation.
Our responsibility is to obtain reasonable assurance about whether the consolidated financial statements included in the annual report are presented in accordance with the requirements of the ESEF Regulation.
Our procedures took into account the OROC Technical Application Guide on ESEF reporting and included, among others:
a) obtaining an understanding of the financial reporting process, including the annual report presentation in valid XHTML format; and
b) the identification and assessment of the risks of material misstatement associated with the tagging of information in the consolidated financial statements, in XBRL format using iXBRL technology. This assessment was based on an understanding of the process implemented by the Group to tag the information.
In our opinion, the consolidated financial statements included in the annual report are presented, in all material respects, in accordance with the requirements of the ESEF Regulation.
Consolidated non-financial statement
In compliance with paragraph 6 of article No. 451 of the Portuguese Company Law, we hereby inform that the Group included in its Management report the consolidated non-financial statement set forth in article No. 508-G of the Portuguese Company Law.
Statutory Audit Report and Auditors' Report
December 31, 2025
Jerónimo Martins, S.G.P.S., S.A.
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Remunerations report
In compliance with paragraph 6 of article No. 26-G of the Portuguese Securities Market Code, we hereby inform that the Entity included in a separate section, in its corporate governance report, the information set forth in paragraph 2 of that article.
Additional information required in article No. 10 of the Regulation (EU) 537/2014
In accordance with article No. 10 of Regulation (EU) 537/2014 of the European Parliament and of the Council, of April 16, 2014, and in addition to the key audit matters referred to above, we also provide the following information:
a) We were first appointed auditors of Jerónimo Martins, S.G.P.S., S.A. in the Shareholders' General Meeting of April 24, 2025 for the period from 2025 to 2027.
b) The management has confirmed to us it has no knowledge of any allegation of fraud or suspicions of fraud with material effect in the financial statements. We have maintained professional scepticism throughout the audit and determined overall responses to address the risk of material misstatement due to fraud in the consolidated financial statements. Based on the work performed, we have not identified any material misstatement in the consolidated financial statements due to fraud.
c) We confirm that our audit opinion is consistent with the additional report that was prepared by us and issued to the Group's supervisory board as of March 26, 2026.
d) We declare that we did not provide any prohibited non-audit services referred to in paragraph 1 of article No. 5 of Regulation (EU) 537/2014 of the European Parliament and of the Council, of April 16, 2014 and that we remain independent of the Group in conducting our audit.
March 26, 2026
PricewaterhouseCoopers & Associados
- Sociedade de Revisores Oficiais de Contas, Lda.
represented by:
João Rui Fernandes Ramos, ROC No. 1333
Registered with the Portuguese Securities Market Commission under No. 20160943
Statutory Audit Report and Auditors' Report
December 31, 2025
Jerónimo Martins, S.G.P.S., S.A.
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Jerónimo Martins | Annual Report 2025
4. Report and Opinion of the Audit Committee
Report and Opinion of the Audit Committee
Dear Shareholders,
In accordance with sub-paragraph g) of paragraph 1 of article 423-F of the Commercial Companies Code and with sub-paragraph a) of paragraph 3 of article 3 of Law 148/2015, of September 9th (that approved the Legal Framework on Audit Oversight), we herewith present our report on our supervisory activity and our opinion on the Jerónimo Martins, SGPS, S.A. management report, consolidated and individual accounts for the year ending December 31st, 2025, as well as on the proposals presented by the Board of Directors.
Supervisory activity
Throughout the year, this Committee monitored the management and evolution of the Company's businesses, in particular the impacts resulting from the uncertainty and instability originated by the growing geopolitical tensions and macroeconomic challenges. In doing so, it held regular meetings with the Directors and Heads of the functional areas of the corporate centre, with the members of the Managing Committee, the Company Secretary and the Statutory Auditor, who is also responsible for the audits foreseen in the Portuguese Securities Code, namely in its article 29-G, no. 2, paragraph a), having received full collaboration from everyone.
This Committee was given access to all corporate documentation that it considered relevant, to assess the compliance with its regulations and with the applicable laws.
From the Statutory Auditor and those responsible for preparing the Company's individual and consolidated financial information, with whom it met regularly, it obtained sufficient and necessary information to gauge the accuracy of the accounting documents, accounting policies, and valuation criteria adopted by the Company, as well as the accuracy of the process of preparing and disclosing the sustainability report. It thereby ensures that these correctly represent the results and the equity of the Company.
The Committee monitored, in particular, the development of legal and tax proceedings and litigation involving the Group's companies, namely the several ongoing processes of the Competition Authorities in Portugal and Poland. The clarifications obtained from the Company's management teams, supported by the opinion of its lawyers and economic consultants, allowed this Committee to assess the contingencies to which the Group is exposed and the adequacy of existing provisions.
In compliance with the Financial Risk Management Policy, the Committee monitored, specifically, the financing operations of the Colombian and Polish subsidiaries, the investment of cash surpluses, and guarantees provided at Group level. Throughout the year, the Committee gave its favourable opinion to the revision of this Policy, which, among other changes, updated some of its benchmark indicators. It monitored the management of interest rate and exchange rate risks, with the co-operation of the Financial Operations Department, and verified that the actions taken by the Company were adequate to comply with the policies issued by its Board of Directors. In particular, the Committee deliberated quarterly about the operations to hedge the exchange rate risk of the dividend flow to be paid by its main subsidiary in Poland.
The Committee continues to monitor the existing Group's internal control procedures for risk mitigation. It has obtained from several departments of the Company, namely those responsible for Finance, Internal Audit, Information Security, and Strategy and Risk Management, as well as from the representatives of the Statutory Auditor, all information and clarifications requested. The information gathered allowed the Audit Committee to verify the continued adequacy and effectiveness of the internal control and risk management systems.
It closely monitored the work carried out by the Internal Audit Department, approving the necessary adjustments to the annual activity plan, according to the areas considered to be a priority. It also verified
Consolidated Financial Statements
Jerónimo Martins | Annual Report 2025
the conclusions of the reports on the work carried out, as well as the actions that the Company implemented as a result of the recommendations issued by Internal Audit Department and the Internal Control Committee, as well as those contained in the reports issued by the Statutory Auditor. The Committee reviewed and approved the internal audit plan for 2026 as well as the necessary resource allocation.
The Audit Committee maintained a close monitoring of activities in the Information Security area, namely the work carried out and the initiatives in governance, prevention, detection and recovery, noting that the investments made in human resources and security and monitoring systems, contributed to the reduction of exposure levels across several areas of the organization.
It also followed the plan and procedures of external audit, having obtained the necessary comfort on the effectiveness of the work plans, on the approach to matters subject to audit procedures (including with regard to the limited assurance of the sustainability report) and the respective impact on the conclusions of the Statutory Auditor's work. In the course of its supervisory activities and in the preparation of the closing of the 2025 accounts, the Audit Committee kept in mind the recommendations of several international bodies, as well as the understandings provided by the Portuguese Securities Market Commission (CMVM).
It also monitored the evolution of issues raised by the Statutory Auditor, as well as the conclusions of the audit work that it carried out, which allowed the Auditor's Report being issued without any reservations. Within the scope of its responsibilities, the Audit Committee verified the independence and competence of the Company's Statutory Auditor in carrying out their functions.
It verified and approved all non-audit services provided by the Statutory Auditor to the Group's companies, ensuring that these services are not forbidden under its regulation and the applicable law. It also guaranteed that the amounts paid for the services rendered in no way jeopardise the independence of the work carried out by the Statutory Auditor nor do they affect its opinion. The Audit Committee also obtained confirmation that, besides those services that require the issuance of an opinion by the Statutory Auditor, the remaining additional services were provided by employees who do not participate in any audit work for the Group.
The Committee followed the application of Law 50/2020, of August 25th, concerning the rights of shareholders of listed companies regarding their long-term involvement, namely the transactions with related parties' regime, having concluded that all identified transactions were carried out in the ordinary course of business and performed under market conditions.
Following the election of the new Statutory Auditor on April 24, 2025, it monitored the adopted work methodology, particularly the transition process, which was accomplished as planned, without any relevant differences being reported in view of the opinion of the previous Statutory Auditor.
It also verified that, under the terms of paragraph 5 of article 420 of the Commercial Companies Code, the Corporate Governance Report includes all the elements mentioned in article 29-H of the Portuguese Securities Code.
The elements mentioned above have allowed this Commission to contribute decisively to the integrity of the process of preparation and disclosure of the Company's information.
Opinion
Considering the information received from the Board of Directors, the Company's departments and the conclusions outlined in the Statutory and Auditor's Report in respect of the Individual and Consolidated Financial Information, we are of the opinion that:
i. The Management Report should be approved;
ii. The Individual and Consolidated Financial Statements should be approved; and
iii. The Board of Directors' results appropriation proposal should be approved.
Consolidated Financial Statements
Jerónimo Martins | Annual Report 2025
Statement of Responsibility
In accordance with sub-paragraph c) of paragraph 1 of article 29-G of the Portuguese Securities Code, the members of the Audit Committee, identified below, declare that to the best of their knowledge:
i. The information contained in the Management Report, the Annual Accounts, the Auditors' Report and all other accounting documentation required by law or regulation, was produced in compliance with the applicable accounting standards and gives a true and fair view of the assets and liabilities, the financial position and the results of Jerónimo Martins, SGPS, S.A. and the companies included in the consolidation perimeter.
ii. The Management Report faithfully presents the evolution of the businesses, the performance and position of Jerónimo Martins, SGPS, S.A. and of the companies included within the consolidation perimeter and contains a description of the main risks and uncertainties which they face.
Lisbon, March 27, 2026
Elizabeth Ann Bastoni
(Chair of the Audit Committee)
António Domingues
(Member)
Sérgio Tavares Rebelo
(Member)
Consolidated Financial Statements
Jerónimo Martins | Annual Report 2025
Individual Financial Statements
1. Individual Financial Statements
INDIVIDUAL INCOME STATEMENT BY FUNCTIONS...145
INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME...145
INDIVIDUAL BALANCE SHEET...146
INDIVIDUAL STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY...147
INDIVIDUAL CASH FLOW STATEMENT...148
Index to the Notes to the Individual Financial Statements
Page
- Activity...149
- Accounting policies...149
- Operating costs...152
- Employees...153
- Net financial costs...154
- Taxes...154
- Gains (losses) in subsidiaries...156
- Gains (losses) in other investments...156
- Tangible assets...157
- Intangible assets...157
- Leases...158
- Investment properties...160
- Investments in subsidiaries...160
- Loans and supplementary capital to subsidiaries...160
- Associates...160
- Trade debtors, accrued income and deferred costs...161
- Cash and cash equivalents...161
- Capital and reserves...161
- Earnings per share...162
- Borrowings...162
- Provisions and adjustments for impairment losses...162
- Trade creditors, accrued costs and deferred income...163
- Guarantees...163
- Contingencies, contingent assets and contingent liabilities...163
- Subsidiaries...164
- Subsidiaries, joint ventures and associates – interests held directly and indirectly...164
- Related parties...164
- Financial risks...168
- Additional information requested by law...169
- Events after the balance sheet date...169
Individual Financial Statements
Jerónimo Martins | Annual Report 2025
INDIVIDUAL INCOME STATEMENT BY FUNCTIONS
For the years ended 31 December 2025 and 2024
Euro thousand
| Notes | 2025 | 2024 | |
|---|---|---|---|
| Services rendered | 27 | 65,946 | 45,467 |
| Costs of services rendered | 3 | (44,696) | (40,211) |
| Gross profit | 21,250 | 5,256 | |
| Administrative costs | 3 | (32,541) | (37,572) |
| Other operating profits/losses | 3 | (101,371) | (71,948) |
| Operating profit | (112,662) | (104,264) | |
| Net financial costs | 5 | 5,495 | 5,174 |
| Gains (losses) in subsidiaries | 7 | 723,476 | 801,381 |
| Gains (losses) in other investments | 8 | 234 | 225 |
| Profit before taxes | 616,543 | 702,516 | |
| Income tax | 6.1 | 3,313 | 2,699 |
| Net profit (loss) | 619,856 | 705,215 | |
| Basic and diluted earnings per share - euros | 19 | 0.9864 | 1.1222 |
To be read with the attached notes to the individual financial statements.
INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME
For the years ended 31 December 2025 and 2024
Euro thousand
| Notes | 2025 | 2024 | |
|---|---|---|---|
| Net profit | 619,856 | 705,215 | |
| Other comprehensive income: | |||
| Actuarial deviations in post-employment benefit obligations | 4.2 | (444) | (1,127) |
| Related tax | 6.3 | (132) | 182 |
| Items that will not be reclassified to profit or loss | (576) | (945) | |
| Items that may be reclassified to profit or loss | - | - | |
| Other comprehensive income, net of income tax | (576) | (945) | |
| Total comprehensive income | 619,280 | 704,270 |
To be read with the attached notes to the individual financial statements.
Individual Financial Statements
Jerónimo Martins | Annual Report 2025
As at 31 December 2025 and 2024
INDIVIDUAL BALANCE SHEET
| Notes | 2025 | Euro thousand | |
|---|---|---|---|
| 2024 | |||
| Assets | |||
| Tangible assets | 9 | 1,409 | 1,571 |
| Intangible assets | 10 | 8,108 | 10,295 |
| Investment property | 12 | 2,470 | 2,470 |
| Right-of-use assets | 11.1 | 3,136 | 2,631 |
| Investments in subsidiaries | 13 | 667,865 | 667,865 |
| Investments in associates | 15.1 | 50 | - |
| Loans and supplementary capital to subsidiaries | 14 | 2,500,128 | 2,275,628 |
| Loans and supplementary capital to associates | 15.2 | 650 | - |
| Other financial investments | 25 | 148 | 148 |
| Other debtors | 16 | 70 | 280 |
| Deferred tax assets | 6.3 | 4,316 | 3,159 |
| Total non-current assets | 3,188,350 | 2,964,047 | |
| Income tax receivable | 6.4 | 6,985 | 3,912 |
| Loans to subsidiaries | 14 | 268,615 | 341,800 |
| Trade debtors, accrued income and deferred costs | 16 | 38,701 | 92,159 |
| Cash and cash equivalents | 17 | 255,952 | 131,823 |
| Total current assets | 570,253 | 569,694 | |
| Total assets | 3,758,603 | 3,533,741 | |
| Shareholders' equity and liabilities | |||
| Share capital | 18.1 | 629,293 | 629,293 |
| Share premium | 18.1 | 22,452 | 22,452 |
| Own shares | 18.2 | (6,060) | (6,060) |
| Retained earnings | 18.3 | 3,051,621 | 2,803,117 |
| Total shareholders' equity | 3,697,306 | 3,448,802 | |
| Lease liabilities | 11.2 | 1,800 | 1,592 |
| Employee benefits | 4.2 | 10,726 | 11,410 |
| Provisions for risks and contingencies | 21 | 4,098 | 3,773 |
| Deferred tax liabilities | 6.3 | 105 | 454 |
| Total non-current liabilities | 16,729 | 17,229 | |
| Borrowings | 20 | - | - |
| Lease liabilities | 11.2 | 1,433 | 1,107 |
| Trade creditors, accrued costs and deferred income | 22 | 43,135 | 66,603 |
| Income tax payable | 6.4 | - | - |
| Total current liabilities | 44,568 | 67,710 | |
| Total shareholders' equity and liabilities | 3,758,603 | 3,533,741 |
To be read with the attached notes to the individual financial statements.
Individual Financial Statements
Jerónimo Martins | Annual Report 2025
INDIVIDUAL STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
For the years ended 31 December 2025 and 2024
Eura thousand
| Notes | Share capital | Share premium | Own shares | Retained earnings | Shareholders' equity | |
|---|---|---|---|---|---|---|
| Balance Sheet as at 1 January 2024 | 629,293 | 22,452 | (6,060) | 2,510,471 | 3,156,156 | |
| Equity changes in 2024 | ||||||
| Actuarial deviations in post-employment benefit obligations | ||||||
| - Gross amount | 4.2 | - | - | - | (1,127) | (1,127) |
| - Deferred tax | 6.3 | - | - | - | 182 | 182 |
| Other comprehensive income | - | - | - | (945) | (945) | |
| Net profit of 2024 | - | - | - | 705,215 | 705,215 | |
| Total comprehensive income | - | - | - | 704,270 | 704,270 | |
| Dividends | 18.4 | - | - | - | (411,624) | (411,624) |
| Balance Sheet as at 31 December of 2024 | 629,293 | 22,452 | (6,060) | 2,803,117 | 3,448,802 | |
| Equity changes in 2025 | ||||||
| Actuarial deviations in post-employment benefit obligations | ||||||
| - Gross amount | 4.2 | - | - | - | (444) | (444) |
| - Deferred tax | 6.3 | - | - | - | (132) | (132) |
| Other comprehensive income | - | - | - | (576) | (576) | |
| Net profit of 2025 | - | - | - | 619,856 | 619,856 | |
| Total comprehensive income | - | - | - | 619,280 | 619,280 | |
| Dividends | 18.4 | - | - | - | (370,776) | (370,776) |
| Balance Sheet as at 31 December of 2025 | 629,293 | 22,452 | (6,060) | 3,051,621 | 3,697,306 |
To be read with the attached notes to the individual financial statements.
Individual Financial Statements
Jerónimo Martins | Annual Report 2025
INDIVIDUAL CASH FLOW STATEMENT
For the years ended 31 December 2025 and 2024
Euro thousand
| Notes | 2025 | 2024 | |
|---|---|---|---|
| Net results | 619,856 | 705,215 | |
| Adjustments for: | |||
| Income tax | 6.1 | (3,313) | (2,699) |
| Depreciations and amortisations | 3 | 4,789 | 4,182 |
| Net financial costs | 5 | (5,495) | (5,174) |
| Gains/Losses in subsidiaries | 7 | (723,476) | (801,381) |
| Gains/Losses in other investments | 8 | (234) | (225) |
| Operating cash flow before changes in working capital | (107,873) | (100,082) | |
| Changes in working capital: | |||
| Trade debtors, accrued income and deferred costs | 35,543 | (33,772) | |
| Trade creditors, accrued costs and deferred income | (4,656) | (3,252) | |
| Provisions and employee benefits | (1,129) | (1,341) | |
| Cash generated from operations | (78,115) | (138,447) | |
| Income tax | (1,691) | 992 | |
| Cash flow from operating activities | (79,806) | (137,455) | |
| Investment activities | |||
| Interest received | 7 | 13,349 | 16,787 |
| Dividends received | 7 and 8 | 710,512 | 800,814 |
| Repayment of loans and capital contributions from subsidiaries | 14 | 154,775 | 53,390 |
| Loans and capital contributions given to subsidiaries | 14 | (306,090) | (416,415) |
| Loans and capital contributions given to associates | 15.2 | (650) | - |
| Acquisition of tangible assets | 9 | (230) | (322) |
| Acquisition of intangible assets | 10 | (933) | (1,405) |
| Acquisition and capital increase in associates | 15.1 | (50) | - |
| Acquisition and capital increase in subsidiaries | 13 | - | (1,750) |
| Cash flow from investment activities | 570,683 | 451,099 | |
| Financing activities | |||
| Interests and similar income received | 5 | 6,992 | 7,807 |
| Loans interest and similar expenses paid | 5 | (1,492) | (5,480) |
| Leases interest paid | 5 | (179) | (150) |
| Leases paid | 11.2 | (1,293) | (1,012) |
| Dividends paid | 18.4 | (370,776) | (411,624) |
| Cash flow from financing activities | (366,748) | (410,459) | |
| Net changes in cash and cash equivalents | 124,129 | (96,815) | |
| Cash and cash equivalents changes | |||
| Cash and cash equivalents at the beginning of the year | 131,823 | 228,638 | |
| Net changes in cash and cash equivalents | 124,129 | (96,815) | |
| Cash and cash equivalents at the end of the year | 17 | 255,952 | 131,823 |
To be read with the attached notes to the consolidated financial statements.
Individual Financial Statements
Jerónimo Martins | Annual Report 2025
1. Activity
Jerónimo Martins, SGPS, S.A. (JMH) is the parent Company of Jerónimo Martins Group (Group). Its activity consists mostly of managing its investment portfolio. The activities of the Group and its performance during the year 2025 are detailed in Chapter 2 – Management Report – Creating Value and Growth.
Head Office: Rua Actor António Silva, n.° 7, 1649-033 Lisboa.
Share Capital: 629,293,220 euros.
Registered at the Commercial Registry Office and Tax Number: 500 100 144.
JMH has been listed on the Euronext Lisbon since 1989.
The Board of Directors approved these Individual Financial Statements on 17 March 2026 and are subject to General Assembly approval.
2. Accounting policies
The recognition and measurement principles applied in these individual financial statements are the same as those applied in the consolidated financial statements (see accounting policies related to financial statements captions included in the relevant notes to the consolidated financial statements and note 2 of the consolidated financial statements).
The accounting policies are applied across the preparation of the Financial Statements and were consistently applied in comparative periods, except where otherwise stated.
2.1. Basis for preparation
All amounts are shown in thousand euros (€ thousand) unless otherwise stated.
The Individual Financial Statements of JMH were prepared in accordance with International Financial Reporting Standards (IFRS) as endorsed and applicable in the European Union (EU), as at 31 December 2025.
2.2. Investments and loans to subsidiaries
Subsidiaries are all entities over which JMH has control. JMH controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and when it has the ability to affect those returns through its power over the entity.
Investments and loans to subsidiaries are stated at cost. When so justified, adjustments for impairment losses are set up, namely when the financial shareholdings register significant deterioration in their financial position and the impairment tests performed by JMH conclude that it is necessary to recognise impairment losses in respect of investments and other net assets (note 2.3).
2.3. Impairment
2.3.1. Impairment of non-financial assets
Except for Investment property (note 12) and Deferred tax assets (note 6.3), all other JMH assets, essentially Investments in subsidiaries, are analysed at each balance sheet date in order to assess for indicators of possible impairment losses. If such indicators exist, the asset's recoverable amount is estimated.
In the impairment tests for Investments in subsidiaries, the inputs of these valuations for calculation of the value in use are determined by past performance and the expectation of market development for each company. Based on future cash flow projections, for a five-year period, and on medium and long-term plans approved by the Board of Directors.
The recoverable amount of assets with indicators of potential impairment loss is determined annually. Whenever the carrying value of an asset exceeds its recoverable amount, its value is reduced to the recoverable amount, and the impairment is recognised in the income statement of the year.
Determining the recoverable amount of assets
The recoverable amount of non-financial assets corresponds to the higher amount of fair value less costs of disposal and value in use.
Value in use of an asset is determined as the present value of estimated future cash flows. The discount rate used is a pre-tax rate that reflects current market assessments of the time value of money and the specific risks of the asset in question.
The recoverable amount of assets that do not generate independent cash flows is determined together with the cash-generating unit to which these assets belong.
Individual Financial Statements
Jerónimo Martins | Annual Report 2025
Reversal of impairment losses
Impairment losses are reversed whenever there are changes in the estimates used to determine the respective recoverable amount, to the extent of the amount, net of amortisation or depreciation, which would have been determined for the asset if no impairment loss was recognised.
2.3.2. Impairment of financial assets
Loans and supplementary capital to subsidiaries
The impairment test for Loans and supplementary capital to subsidiaries is held simultaneously with the impairment test to Investments in subsidiaries. The investment considered for comparison with the calculated value in use considers the historical cost of the subsidiary and the loans or supplementary capital. An impairment loss on Loans and supplementary capital to subsidiaries will only be recognised after the total investment in the subsidiary is fully covered by an impairment loss.
2.4. Critical accounting estimates and judgments made in preparation of Financial Statements
Impairment in investments and loans to subsidiaries
As a rule, according to IFRS an investment is recorded as impaired when the carrying amount of the investment exceeds the present value of future cash flows. Calculating the present value of estimated cash flows and the decision to consider an asset as impaired involves judgment and substantially relies on Management analysis of the future development of its subsidiaries. When measuring impairment, market prices are used if they are available, or other valuation parameters are used, based on the information available from the subsidiaries.
JMH considers the capacity and intention to retain the investment for a reasonable period of time that is sufficient to predict recovery of the fair value up to (or above) the carrying amount, including an analysis of factors such as the expected results of the subsidiary, the economic environment, and the status of the sector.
Deferred taxes
Recognising deferred taxes assumes the existence of results and future taxable income. Deferred tax assets and liabilities were determined based on tax legislation currently effective or on legislation already published for future application. Changes in the tax legislation may influence the value of deferred taxes.
Pensions and other long-term benefits granted to employees
Considering the information available from Bloomberg and some necessary estimation to derive the yield curve, JMH defined the following ranges for determining the appropriate discount rate:
- Narrow range [3.55% - 3.95%]
- Extended range [3.35% - 4.15%]
Based on these results, JMH, following the recommendation of external actuaries, has decided to increase its discount rate from 3.25% to 3.75%.
The table below shows the impacts on the obligations with defined benefit plans of JMH, resulting from changes in the following assumptions:
| Impact on defined benefit liabilities | ||||
|---|---|---|---|---|
| Assumption used | Change in assumption | Increase in assumption | Decrease in assumption | |
| Discount rate | 3.75% | 0.50% | (277) | 290 |
| Salary growth rate | 3.00% | 0.50% | 56 | (53) |
| Pension growth rate | 3.00% | 0.50% | 235 | (224) |
| Life expectancy | TV 88/90 | 1 year | 626 | (590) |
A positive amount means an increase in liabilities. A negative amount means a decrease in liabilities.
Provisions
JMH exercises considerable judgment in measuring and recognising provisions and its exposure to contingent liabilities related to legal proceedings. This judgment is necessary to determine the probability that a lawsuit may be successful or to record a liability. Provisions are recognised when JMH expects that proceedings under way will result in cash outflows, the loss is considered probable and may be reasonably estimated. Due to the uncertainties inherent in the evaluation process, real losses may be different from those originally estimated. These estimates are subject to changes as new information becomes available, mainly with the support of internal specialists, if available, or through the support of external consultants, such as actuaries or legal advisers. Changes to estimates of potential losses on proceedings under way may affect future results.
Individual Financial Statements
Jerónimo Martins | Annual Report 2025
2.5. Fair value hierarchy
The following table shows JMH's financial assets and liabilities that are measured at fair value as at 31 December 2025 and 2024, according to hierarchy levels as defined in the consolidated financial statements:
| 2025 | Total | Level 1 | Level 2 | Level 3 |
|---|---|---|---|---|
| Assets measured at fair value | ||||
| Investment property | 2,470 | - | - | 2,470 |
| Total assets | 2,470 | - | - | 2,470 |
| Liabilities measured at fair value | ||||
| Total liabilities | - | - | - | - |
| 2024 | Total | Level 1 | Level 2 | Level 3 |
| Assets measured at fair value | ||||
| Investment property | 2,470 | - | - | 2,470 |
| Total assets | 2,470 | - | - | 2,470 |
| Liabilities measured at fair value | ||||
| Total liabilities | - | - | - | - |
2.6. Financial instruments by category
| Financial assets at fair-value through results | Financial assets or liabilities at amortized cost | Other financial assets | Financial assets or liabilities out of IFRS 9 scope | Total financial assets and liabilities | Non-financial assets and liabilities | Total assets and liabilities | |
|---|---|---|---|---|---|---|---|
| 2025 | |||||||
| Assets | |||||||
| Cash and cash equivalents | - | 255,952 | - | - | 255,952 | - | 255,952 |
| Loans and supplementary capital to subsidiaries | - | 2,768,743 | - | - | 2,768,743 | - | 2,768,743 |
| Loans and supplementary capital to associates | - | 650 | - | - | 650 | - | 650 |
| Other financial investments | - | - | 148 | - | 148 | - | 148 |
| Debtors, accruals and deferrals | 70 | 36,425 | - | - | 36,495 | 2,276 | 38,771 |
| Other non-financial assets | - | - | - | - | - | 694,339 | 694,339 |
| Total assets | 70 | 3,061,770 | 148 | - | 3,061,988 | 696,615 | 3,758,603 |
| Liabilities | |||||||
| Lease liabilities | - | - | - | 3,233 | 3,233 | - | 3,233 |
| Creditors, accruals and deferrals | - | 18,666 | - | - | 18,666 | 24,469 | 43,135 |
| Other non-financial liabilities | - | - | - | - | - | 14,929 | 14,929 |
| Total liabilities | - | 18,666 | - | 3,233 | 21,899 | 39,398 | 61,297 |
Individual Financial Statements
Jerónimo Martins | Annual Report 2025
| Financial assets at fair-value through results | Financial assets or liabilities at amortized cost | Other financial assets | Financial assets or liabilities out of IFRS 9 scope | Total financial assets and liabilities | Non-financial assets and liabilities | Total assets and liabilities | |
|---|---|---|---|---|---|---|---|
| 2024 | |||||||
| Assets | |||||||
| Cash and cash equivalents | - | 131,823 | - | - | 131,823 | - | 131,823 |
| Loans and supplementary capital to subsidiaries | - | 2,617,428 | - | - | 2,617,428 | - | 2,617,428 |
| Other financial investments | - | - | 148 | - | 148 | - | 148 |
| Debtors, accruals and deferrals | 280 | 89,392 | - | - | 89,672 | 2,767 | 92,439 |
| Other non-financial assets | - | - | - | - | - | 691,903 | 691,903 |
| Total assets | 280 | 2,838,643 | 148 | - | 2,839,071 | 694,670 | 3,533,741 |
| Liabilities | |||||||
| Lease liabilities | - | - | - | 2,699 | 2,699 | - | 2,699 |
| Creditors, accruals and deferrals | - | 46,252 | - | - | 46,252 | 20,351 | 66,603 |
| Other non-financial liabilities | - | - | - | - | - | 15,637 | 15,637 |
| Total liabilities | - | 46,252 | - | 2,699 | 48,951 | 35,988 | 84,939 |
3. Operating costs
Accounting policies
Costs of services rendered
The costs of services rendered correspond to the costs incurred by each one of JMH departments in rendering technical and specialised services to its subsidiaries.
Administrative costs
The administrative costs shown in the income statement include, among others, the costs incurred by each of the departments of JMH not corresponding to services rendered, as well as the non-deductible VAT arising from the application of the effective allocation method.
Other operating profits/losses
Other operating profits/losses include the costs not related with the services rendered to its subsidiaries and the costs not directly related with the role as Holding of the Group.
3.1. Operational costs by nature
| 2025 | 2024 | |
|---|---|---|
| Supplies and services | 46,633 | 29,721 |
| Rents (11.3) | 2,098 | 1,787 |
| Staff costs (note 4.1) | 80,880 | 69,780 |
| Depreciation and amortisation of tangibles and intangibles assets | 3,466 | 3,118 |
| Depreciation of right-of-use assets (11.3) | 1,323 | 1,064 |
| Other natures of profit/loss | 44,208 | 44,261 |
| Total | 178,608 | 149,731 |
As of 31 December 2025, caption of other natures of profit/loss include donations in the amount of €2,703 thousand (2024: €3,213 thousand) and €40,000 thousand related to a dotation given, from 2024's results, to Jerónimo Martins Foundation (2024: €40,000 thousand), as stabilised in the Company Articles of Association. This Foundation, created in 2024, aims to expand the scale and increase the coverage of the Group's social and solidarity initiatives.
Individual Financial Statements
Jerónimo Martins | Annual Report 2025
4. Employees
4.1. Staff costs
| 2025 | 2024 | |
|---|---|---|
| Wages and salaries | 32,657 | 29,388 |
| Social security | 5,851 | 5,132 |
| Employee benefits | 32,260 | 27,216 |
| Other staff costs | 10,112 | 8,044 |
| Total | 80,880 | 69,780 |
Other staff costs include labour accident insurance, social responsibility costs, training costs, indemnities, among others.
The number of employees at the end of 2025 was 451 (402 in 2024). The average number of employees during the year was 424 (382 in 2024).
4.2. Employees benefits
Amounts of employee benefits in the balance sheet:
| 2025 | 2024 | |
|---|---|---|
| Retirement benefits - Defined benefit plan paid by the Company | 9,356 | 10,204 |
| Seniority awards - Defined benefit plan | 1,370 | 1,206 |
| Total | 10,726 | 11,410 |
Amounts recognised in the income statement in staff costs and remeasurements reflected in other comprehensive income:
| Income statement | Other comprehensive income | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Retirement benefits - Defined contribution plan | 1,723 | 1,744 | - | - |
| Retirement benefits - Defined benefit plan paid by the Company | 305 | 364 | 444 | 1,127 |
| Seniority awards - Defined benefit plan | 282 | 191 | - | - |
| Post-employment compensation - Defined contribution plan | 29,950 | 24,917 | - | - |
| Total | 32,260 | 27,216 | 444 | 1,127 |
The changes in each plan are detailed below:
| Defined contribution plans for active employees | Defined benefit plans paid by the Company | Other long term benefits - seniority awards | ||||
|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
| Balance as at 1 January | - | - | 10,204 | 10,357 | 1,206 | 1,082 |
| Interest costs | - | - | 305 | 364 | 42 | 45 |
| Current service cost | 31,673 | 26,661 | - | - | 114 | 117 |
| Actuarial (gains) losses | ||||||
| Changes in financial assumptions | - | - | (273) | (248) | (43) | 41 |
| Changes in experience | - | - | 717 | 1,375 | 169 | (12) |
| Contributions or retirement pensions paid | (31,673) | (26,661) | (1,597) | (1,644) | (118) | (67) |
| Balance as at 31 December | - | - | 9,356 | 10,204 | 1,370 | 1,206 |
Actuarial assumptions used in the calculation of the responsibilities for defined benefit plans and other long-term benefits:
| 2025 | 2024 | |
|---|---|---|
| Mortality table | TV 88/90 | TV 88/90 |
| Discount rate | 3.75% | 3.25% |
| Pension growth rate | 3.00% | 3.00% |
| Salaries growth rate | ||
| short term | 3.00% | 2.00% |
| long term | 3.00% | 3.00% |
The mortality assumptions used are those most commonly adopted in Portugal and are based on actuarial advice in accordance with published statistics. The sensitivity analyses made to the assumptions is stated in note 2.4..
Individual Financial Statements
Jerónimo Martins | Annual Report 2025
4.3. Expected future payments
The expected maturity for the liabilities associated with defined benefit plans for the next ten years is as follows:
| 1 year | 1 to 5 years | 5 to 10 years | |
|---|---|---|---|
| Retirement benefits - Defined benefit plan paid by the Company | 1,411 | 4,006 | 2,426 |
| Seniority awards - Defined benefit plan | 152 | 415 | 897 |
| Total | 1,563 | 4,421 | 3,323 |
5. Net financial costs
| 2025 | 2024 | |
|---|---|---|
| Loans interest expense | (10) | (325) |
| Leases interest expense | (179) | (150) |
| Interest received | 6,624 | 7,557 |
| Other financial gains and losses | (940) | (1,908) |
| Net financial costs | 5,495 | 5,174 |
Interest expenses include the interest related with loans and leasings measured at amortised cost.
Other financial gains and losses includes, among others, stamp tax on credit lines opening, issuing and maintaining bank guarantees and deferred costs related to the issuance of medium and long term debt, amortized over the term of the respective loan.
Caption interest received includes interests on treasury investments carried out throughout the year.
6. Taxes
6.1. Income tax
| 2025 | 2024 | |
|---|---|---|
| Current income tax | ||
| Current tax of the year | 3,236 | 1,740 |
| Adjustment to prior year estimation | (1,571) | (471) |
| 1,665 | 1,269 | |
| Deferred tax | ||
| Temporary differences created and reversed in current year | (188) | (263) |
| Tax rate reduction | (146) | (69) |
| Temporary differences from previous years | 1,972 | (78) |
| 1,638 | (410) | |
| Other gains/losses related to tax | ||
| Impact of changes in estimates for tax litigations | 10 | 1,840 |
| 10 | 1,840 | |
| Total income tax | 3,313 | 2,699 |
Individual Financial Statements
Jerónimo Martins | Annual Report 2025
6.2. Reconciliation of effective tax rate
| 2025 | 2024 | |
|---|---|---|
| Profit before tax | 616,543 | 702,516 |
| Income tax using the Portuguese corporation tax rate (21.5%) (2024: 22.5%) | (132,557) | (158,066) |
| Fiscal effect due to: | ||
| Non-taxable or non-recoverable results | 151,671 | 179,957 |
| Changes in estimates for tax litigations | 10 | 1,840 |
| Non-deductible expenses and fiscal benefits | (15,257) | (19,743) |
| Impact of tax rate reduction on deferred taxes | (146) | (69) |
| Adjustment to prior years estimation | (1,571) | (471) |
| Temporary differences of prior years | 1,972 | (78) |
| Results subject to autonomous taxation and other forms of taxation | (809) | (671) |
| Income tax | 3,313 | 2,699 |
| Effective tax rate | (0.54)% | (0.38)% |
In 2025 the Corporate Income Tax rate (CIT) applied to companies operating in Portugal was 20% (2024; 21%). For companies with a positive tax result, there is a surcharge of 1.5% regarding municipal tax, and an additional state tax that varies between 3%, 5% and 9%, for taxable profits higher than €1,500 thousand, €7,500 thousand and €35,000 thousand respectively.
JMH's effective tax rate is significantly influenced by the fiscal effect of the dividend income received from subsidiaries. This income is not subject to taxation according with the current tax legislation, as it has already been considered for Income Tax purposes in the companies which generated them.
6.3. Deferred tax assets and liabilities
| 2025 | Opening balance | Impact on results | Impact on equity | Closing balance |
|---|---|---|---|---|
| Deferred tax assets | ||||
| Provisions and adjustments behind tax limits | 459 | (14) | - | 445 |
| Liabilities with employee benefits granted | 2,453 | (337) | (132) | 1,984 |
| Effects of the application of leases standard | 5 | - | - | 5 |
| Other temporary differences | 242 | 1,640 | - | 1,882 |
| 3,159 | 1,289 | (132) | 4,316 | |
| Deferred tax liabilities | ||||
| Update of assets to fair value | (122) | 17 | - | (105) |
| Other temporary differences | (332) | 332 | - | - |
| (454) | 349 | - | (105) | |
| Net change in deferred tax | 2,705 | 1,638 | (132) | 4,211 |
Deferred taxes were updated considering that the CIT base rate in Portugal will gradually decrease by one percentage point per year to 17% in 2028.
| 2024 | Opening balance | Impact on results | Impact on equity | Closing balance |
|---|---|---|---|---|
| Deferred tax assets | ||||
| Provisions and adjustments behind tax limits | 476 | (17) | - | 459 |
| Liabilities with employee benefits granted | 2,574 | (303) | 182 | 2,453 |
| Effects of the application of leases standard | 11 | (6) | - | 5 |
| Other temporary differences | - | 242 | - | 242 |
| 3,061 | (84) | 182 | 3,159 | |
| Deferred tax liabilities | ||||
| Update of assets to fair value | (128) | 6 | - | (122) |
| Other temporary differences | - | (332) | - | (332) |
| (128) | (326) | - | (454) | |
| Net change in deferred tax | 2,933 | (410) | 182 | 2,705 |
JMH did not recognised any amounts in deferred taxes regarding uncertain tax positions.
Individual Financial Statements
Jerónimo Martins | Annual Report 2025
6.4. Receivable or payable income tax
Income tax reflected on the balance sheet is as follows:
| 2025 | 2024 | |
|---|---|---|
| Income tax payable | - | - |
| Income tax receivable | 6,985 | 3,912 |
| Total | 6,985 | 3,912 |
Since 1 January 2014, JMH integrates a group of companies taxed according with the Special Group Taxation Regime (RETGS), as the dominant Company of the group. In addition to JMH, the taxation group is currently composed of the following companies:
- Recheio, SGPS, S.A.
- Recheio - Cash & Carry, S.A.
- Imocash – Imobiliário de Distribuição, S.A.
- Larantigo – Sociedade de Construções, S.A.
- Trade Wings, S.A.
- Recheio Masterchef, Lda.
- Jerónimo Martins – Serviços, S.A.
- Desimo, Lda.
-
Jerónimo Martins – Agro-Alimentar, S.A.
-
Terra Alegre Lacticínios, S.A.
- Best-Farmer – Actividades Agro-pecuárias, S.A.
- Seaculture – Aquicultura, S.A.
- Ovinos da Tapada – Agropecuária, Lda.
- Outro Chão – Agricultura Biológica, Lda.
- João Gomes Camacho, S.A.
- Jerónimo Martins – Restauração e Serviços, S.A.
- Jerónimo Martins Inovação, S.A.
- Santa Maria Manuela Turismo, S.A.
Between 2017 and 2024, the RETGS tax group controlled by JMH generated unused tax losses of €158,709 thousand, with the estimated tax loss for 2025 being €11,872 thousand. The tax losses generated by the various companies before joining the RETGS regime amount to €5,131 thousand.
6.5. Unrecognised deferred taxes on tax losses
JMH did not recognise deferred tax assets related to tax losses in respect of which, with reasonable accuracy, no sufficient future taxable profits are expected to guarantee the recovery of deferred tax assets in the short and/or medium-term. According with the legislation in force in Portugal, there is not a limit period of time for carrying forward tax losses.
Between 2017 and 2024, JMH generated tax losses not yet used by the RETGS tax group, amounting to €91,037 thousand, with the estimated unused tax loss in 2025 being €11,872 thousand.
Total unrecognised deferred tax asset as of 31 December 2025 amounts to €17,495 thousand (2024: €17,395 thousand).
6.6. International Tax Reform – Pillar 2
Under Directive (EU) 2022/2523 of December 14, which introduced the rules of the so-called Pillar 2 in the EU, JMH is considered as "constituent entities" covered by the new rules, being part of a Group in which the ultimate parent entity is Sociedade Francisco Manuel dos Santos Holding NV (SFMS).
JMH expects that no additional tax will be due in Portugal, with reference to the period of 2025 due to the application of the transitional safe harbours provisions based on financial and tax information of the Country-by-Country Report ("Transitional CbCR Safe Harbours") for the fiscal year 2024 and based on additional financial information regarding to the fiscal year 2025.
At this date it is not anticipated that these new taxation rules will have a significant impact on the Financial Statements, with no amount recognized in taxes in the income statement, related to Pillar 2, on 31 December 2025.
7. Gains (losses) in subsidiaries
| 2025 | 2024 | |
|---|---|---|
| Dividends received | 710,500 | 800,800 |
| Interest from loans granted | 12,976 | 17,056 |
| Adjustments for impairment losses (21.2) | - | (16,475) |
| Total | 723,476 | 801,381 |
As mentioned in note 21.2, as a result of the impairment tests on investments in subsidiaries (including loans granted to subsidiaries), adjustments for impairment losses were recorded in 2024 in the subsidiary Origins - Agro Business Investments B.V., amounting to €16,475 thousand.
8. Gains (losses) in other investments
Accounting policies
Rents received for the lease of investment property are recognised as gains in other investments in the income statement in the period to which they relate.
Individual Financial Statements
Jerónimo Martins | Annual Report 2025
| 2025 | 2024 | |
|---|---|---|
| Rents from investment property | 222 | 211 |
| Dividends | 12 | 14 |
| Total | 234 | 225 |
9. Tangible assets
9.1. Changes occurred during the year
| 2025 | Buildings and other constructions | Equipments and others | Assets in progress | Total |
|---|---|---|---|---|
| Gross amount | ||||
| Opening balance | 1,223 | 5,241 | 47 | 6,511 |
| Increases | 2 | 41 | 187 | 230 |
| Transfers and reclassifications | 15 | 5 | (19) | 1 |
| Closing balance | 1,240 | 5,287 | 215 | 6,742 |
| Depreciation and impairment losses | ||||
| Opening balance | 688 | 4,252 | - | 4,940 |
| Increases | 102 | 291 | - | 393 |
| Closing balance | 790 | 4,543 | - | 5,333 |
| Net value | ||||
| As at 1 January 2025 | 535 | 989 | 47 | 1,571 |
| As at 31 December 2025 | 450 | 744 | 215 | 1,408 |
| 2024 | Buildings and other constructions | Equipments and others | Assets in progress | Total |
| Gross amount | ||||
| Opening balance | 1,140 | 4,898 | 93 | 6,131 |
| Increases | 70 | 215 | 37 | 322 |
| Disposals and write offs | - | (3) | - | (3) |
| Transfers and reclassifications | 13 | 131 | (83) | 61 |
| Closing balance | 1,223 | 5,241 | 47 | 6,511 |
| Depreciation and impairment losses | ||||
| Opening balance | 588 | 3,949 | - | 4,537 |
| Increases | 100 | 306 | - | 406 |
| Disposals and write offs | - | (3) | - | (3) |
| Closing balance | 688 | 4,252 | - | 4,940 |
| Net value | ||||
| As at 1 January 2024 | 552 | 949 | 93 | 1,594 |
| As at 31 December 2024 | 535 | 989 | 47 | 1,571 |
9.2. Guarantees
No assets have been pledged as security for the fulfilment of bank or other obligations.
10. Intangible assets
Intangible assets are made up of development expenses and include expenses incurred with the implementation of information system platforms.
Individual Financial Statements
Jerónimo Martins | Annual Report 2025
10.1. Changes occurred during the year
| 2025 | Development expenses | Intangible assets in progress | Total | |
|---|---|---|---|---|
| Gross amount | ||||
| Opening balance | 21,762 | 479 | 22,241 | |
| Increases | 418 | 470 | 887 | |
| Transfers and reclassifications | 77 | (78) | (1) | |
| Closing balance | 22,257 | 870 | 23,127 | |
| Amortisation and impairment losses | ||||
| Opening balance | 11,946 | - | 11,946 | |
| Increases | 3,073 | - | 3,073 | |
| Closing balance | 15,019 | - | 15,019 | |
| Net value | ||||
| As at 1 January 2025 | 9,816 | 479 | 10,295 | |
| As at 31 December 2025 | 7,238 | 870 | 8,108 | |
| 2024 | Development expenses | Intangible assets in progress | Total | |
| Gross amount | ||||
| Opening balance | 10,029 | 11,237 | 21,266 | |
| Increases | 556 | 479 | 1,035 | |
| Transfers and reclassifications | 11,177 | (11,237) | (60) | |
| Closing balance | 21,762 | 479 | 22,241 | |
| Amortisation and impairment losses | ||||
| Opening balance | 9,234 | - | 9,234 | |
| Increases | 2,712 | - | 2,712 | |
| Closing balance | 11,946 | - | 11,946 | |
| Net value | ||||
| As at 1 January 2024 | 795 | 11,237 | 12,032 | |
| As at 31 December 2024 | 9,816 | 479 | 10,295 |
11. Leases
JMH's leases relate mostly to head office and vehicles rent contracts, with initial terms between 3 and 4 years. The lease agreements do not impose any covenants. Regarding the incremental borrowing rate used to measure lease liabilities, the weighted-average rate applied by JMH, as of 31 December 2025, was 6.03% (5.47% as of 31 December 2024).
11.1. Right-of-use assets
| 2025 | Buildings and other constructions | Transport equipment and others | Total | |
|---|---|---|---|---|
| Gross amount | ||||
| Opening balance | 1,794 | 2,957 | 4,752 | |
| New contracts | - | 1,833 | 1,833 | |
| Contracts update | 22 | - | 22 | |
| Contracts cancellation | - | (571) | (571) | |
| Closing balance | 1,817 | 4,220 | 6,037 | |
| Depreciation and impairment losses | ||||
| Opening balance | 789 | 1,332 | 2,121 | |
| Increases | 373 | 950 | 1,323 | |
| Contracts cancellation | - | (544) | (544) | |
| Closing balance | 1,162 | 1,739 | 2,901 | |
| Net value | ||||
| As at 1 January 2025 | 1,006 | 1,625 | 2,631 | |
| As at 31 December 2025 | 655 | 2,481 | 3,136 |
Individual Financial Statements
Jerónimo Martins | Annual Report 2025
| 2024 | Buildings and other constructions | Transport equipment and others | Total |
|---|---|---|---|
| Gross amount | |||
| Opening balance | 1,794 | 2,075 | 3,870 |
| New contracts | - | 1,319 | 1,319 |
| Contracts update | - | (5) | (5) |
| Contracts cancellation | - | (432) | (432) |
| Closing balance | 1,794 | 2,957 | 4,752 |
| Depreciation and impairment losses | |||
| Opening balance | 424 | 1,044 | 1,468 |
| Increases | 365 | 699 | 1,064 |
| Contracts cancellation | - | (411) | (411) |
| Closing balance | 789 | 1,332 | 2,121 |
| Net value | |||
| As at 1 January 2024 | 1,371 | 1,031 | 2,402 |
| As at 31 December 2024 | 1,006 | 1,625 | 2,631 |
11.2. Lease liabilities
| 2025 | Current | Non current | Total |
|---|---|---|---|
| Opening balance | 1,107 | 1,592 | 2,699 |
| Increases (new contracts) | 498 | 1,335 | 1,833 |
| Payments | (1,293) | - | (1,293) |
| Transfers | 1,120 | (1,120) | - |
| Contracts change/ cancel | 1 | (7) | (6) |
| Closing balance | 1,433 | 1,800 | 3,233 |
| 2024 | Current | Non current | Total |
| --- | --- | --- | --- |
| Opening balance | 877 | 1,540 | 2,417 |
| Increases (new contracts) | 354 | 965 | 1,319 |
| Payments | (1,012) | - | (1,012) |
| Transfers | 901 | (901) | - |
| Contracts change/ cancel | (15) | (11) | (26) |
| Closing balance | 1,107 | 1,592 | 2,699 |
11.3. Expenses recognised in the income statement
The income statement includes the below expenses related with leases:
| 2025 | 2024 | |
|---|---|---|
| Depreciation of right-of-use assets | ||
| Buildings and other constructions | 373 | 365 |
| Transport equipment | 950 | 699 |
| Subtotal | 1,323 | 1,064 |
| Lease liabilities interests | 179 | 150 |
| Gains/losses with contract cancellation | - | - |
| Rents (note 3) | ||
| Expense related with short term leases | 1,344 | 1,152 |
| Expense related with low value assets leases | 28 | 22 |
| Expenses related with non-lease component included in payments | 726 | 613 |
| Subtotal | 2,098 | 1,787 |
| Total | 3,600 | 3,001 |
The total cash outflow for leases in 2025 was €3,570 thousand (2024: €2,948 thousand).
Individual Financial Statements
Jerónimo Martins | Annual Report 2025
12. Investment properties
JMH owns a property, which was partially rented to a Group company, with profits generated during the year in the amount of €222 thousand (2024: €211 thousand). This property is valued at its market value, according to an independent valuation entity, which is regularly confirmed through the application of income method and is recorded at €2,470 thousand (2024: €2,470 thousand).
In 2025, JMH incurred in expenses regarding this property in the amount of €4 thousand (2024: €4 thousand), recognised in results in other operating costs.
13. Investments in subsidiaries
The equity holdings in subsidiaries corresponds to investments in the acquisition of shareholdings in the companies listed in note 25.
| 2025 | 2024 | |
|---|---|---|
| Net value as at 1 January | 667,865 | 666,133 |
| Increases | - | 1,750 |
| Adjustments for impairment losses (21.2) | - | (18) |
| Net value as at 31 December | 667,865 | 667,865 |
During 2024 JMH acquired 70% of the capital of Larantigo – Sociedade de Construções, S.A. paying the amount of €1,750 thousand.
As mentioned in note 21.2, JMH conducted impairment tests on its investments in subsidiaries (including loans to subsidiaries). As a result of those tests, JMH recognized in 2024 an adjustment for impairment losses on financial investments in the subsidiary Origins - Agro Business Investments B.V. in the amount of €18 thousand.
14. Loans and supplementary capital to subsidiaries
| Non-current loans / Supplementary capital | 2025 | 2024 |
|---|---|---|
| Net value as at 1 January | 2,275,628 | 2,086,825 |
| Increases | 299,500 | 240,260 |
| Decreases | (75,000) | (35,000) |
| Adjustments for impairment losses (21.2) | - | (16,457) |
| Net value as at 31 December | 2,500,128 | 2,275,628 |
As mentioned in note 21.2, as a result of the impairment tests on investments in subsidiaries (including loans to subsidiaries), an adjustment for impairment losses on loans granted to the subsidiary Origins - Agro Business Investments B.V. was recorded in 2024, in the amount of €16,457 thousand.
Non-current loans are granted as supplementary capital contributions (which do not bear interest).
| Current loans | 2025 | 2024 |
|---|---|---|
| Net value as at 1 January | 341,800 | 184,035 |
| Increases | 6,590 | 176,155 |
| Decreases | (79,775) | (18,390) |
| Net value as at 31 December | 268,615 | 341,800 |
Current loans are granted as treasury operations (remunerated at normal market rates).
15. Associates
15.1. Investments in associates
| 2025 | 2024 | |
|---|---|---|
| Net value as at 1 January | - | - |
| Increases | 50 | - |
| Net value as at 31 December | 50 | - |
In October 2025 JMH acquired a 33.33% of the capital of Pure Planet, S.A. This company is engaged in the collection and treatment of urban and industrial waste, recycling, and energy production from waste.
Individual Financial Statements
Jerónimo Martins | Annual Report 2025
15.2. Loans and supplementary capital to associates
| Non-current loans / Supplementary capital | 2025 | 2024 |
|---|---|---|
| Net value as at 1 January | - | - |
| Increases | 650 | - |
| Net value as at 31 December | 650 | - |
Non-current loans are granted as supplementary capital contributions (which do not bear interest).
16. Trade debtors, accrued income and deferred costs
| 2025 | 2024 | |
|---|---|---|
| Non-current | ||
| Other debtors (work compensation fund - FCT) | 70 | 280 |
| Total | 70 | 280 |
| Current | ||
| Subsidiaries | 25,998 | 64,492 |
| Other debtors | 1,573 | 359 |
| Other taxes receivable | 16 | 961 |
| Accrued income | 8,667 | 24,347 |
| Deferred costs | 2,447 | 2,000 |
| Total | 38,701 | 92,159 |
Amounts recognised in subsidiaries mainly refers to invoices issued to Group companies related to various services provided, in the amount of €15,515 thousand (2024: €53,467 thousand), as well as the allocation of Corporate Income Tax (CIT) between JMH Group companies, which is taxed by the Special Group Taxation Regime (RETGS), in the amount of €9,630 thousand (2024: €9,799 thousand).
Accrued income mainly includes €8,177 thousand (2024: €24,248 thousand) related to the provision of technical services not yet invoiced.
Deferred costs mainly include €174 thousand (2024: €177 thousand) with bank guarantees issuance costs, and €2,260 thousand (2024: €1,806 thousand) of other costs related to future periods, paid in 2025, or when not paid, already charged by the competent entities.
17. Cash and cash equivalents
| 2025 | 2024 | |
|---|---|---|
| Bank deposits | 62,029 | 36,600 |
| Short-term investments | 193,900 | 95,200 |
| Cash | 23 | 23 |
| Total | 255,952 | 131,823 |
Short-term investments correspond to short-term deposits in financial institutions.
Ratings of bank deposits and short-term investments are detailed in note 28.1.
18. Capital and reserves
18.1. Share capital and share premium account
The authorised share capital is represented by €29,293,220 ordinary shares (2024: €29,293,220), each with a nominal value of one euro.
The owners of ordinary shares have the right to receive dividends in accordance with the deliberations of the General Shareholder's Meeting and have the right to one vote for each share owned. There are no preferential shares. Rights relating to own shares are suspended until they are placed on the market.
During the year 2025, no changes occurred in the amount of €22,452 thousand showed in share premium in 2024.
18.2. Own shares
At 31 December 2025 JMH held 859 thousand own shares, acquired in 1999 at an average price of €7.06 per share. There were no transactions in 2025.
18.3. Retained earnings
As at 31 December 2025, the total amount of retained earnings was €3,051,621 thousand (2024: 2,803,117 thousand), resulting from profit generated in the financial year, in the amount of €619,856 thousand (2024: €705,215 thousand) and the remaining in the previous years.
Individual Financial Statements
Jerónimo Martins | Annual Report 2025
Of this amount €314.432 thousand (2024: €315,008 thousand) are not able to be distributed, as provided in articles 32.°, 218.°, 295.°, 296.° and 324.° of the Commercial Companies Code.
18.4. Dividends
According with the decision made at the 24 April 2025 General Shareholders Meeting, the amount of €370,776 thousand was distributed to JMH shareholders in May 2025, corresponding to a dividend per share of 0.59 euros (excluding own shares in the portfolio). It was also decided to allocate €40,000 thousand from the 2024 results as a subsequent endowment for the Jerónimo Martins Foundation.
Following the decision made at the 18 April 2024 General Shareholders Meeting, the amount of €411,624 thousand was distributed to JMH shareholders in May 2024, corresponding to a dividend per share of 0.655 euros (excluding own shares in the portfolio).
In the proposal for the appropriation of results described in point 7 included in the Management Report chapter, which is integrated in the consolidated annual report, the Board of Directors proposes to the shareholders the distribution of the amount €408,482 thousand, which corresponds to a dividend per share of €0.65 (excluding own shares in the portfolio). In accordance with the wording of article 31, paragraph 3 of JMH Articles of Association, the Board of Directors also proposes the allocation of €40,000 thousand to the Jerónimo Martins Foundation.
19. Earnings per share
19.1. Basic and diluted earnings per share
| 2025 | 2024 | |
|---|---|---|
| Ordinary shares issued at the beginning of the year | 629,293,220 | 629,293,220 |
| Own shares at the beginning of the year | (859,000) | (859,000) |
| Weighted average number of ordinary shares | 628,434,220 | 628,434,220 |
| Diluted net results of the year attributable to ordinary shares | 619,856 | 705,215 |
| Basic and diluted earnings per share – euros | 0.9864 | 1.1222 |
20. Borrowings
This note provides information on the terms of loan contracts and other forms of financing.
20.1. Current and non-current loans
As of 31 December 2025 and 2024 JMH did not hold any bank loans or loans from Group companies.
20.2. Loan terms and maturities
JMH uses, with other Group companies, grouped credit lines, which means that the maximum amount approved by a financial entity can be used simultaneously by more than one company. The amount of credit lines granted to JMH which are not being used amounts to €116,890 thousand (2024: €143,500 thousand).
20.3. Bank loans: commercial paper
There are several issued bank loans in the form of a commercial paper program, in the global amount of €175,000 thousand (2024: €160,000 thousand), with variable interest rates. At the end of 2025 no amount of these credit lines was being used (in 2024 €45,000 thousand was being used by another Group company).
20.4. Financial net debt
| 2025 | 2024 | |
|---|---|---|
| Financial lease liabilities - non-current (note 11.2) | 1,800 | 1,592 |
| Financial lease liabilities - current (note 11.2) | 1,433 | 1,107 |
| Interest on accruals and deferrals | (501) | (102) |
| Bank deposits (note 17) | (62,029) | (36,600) |
| Short-term investments (note 17) | (193,900) | (95,200) |
| Total | (253,197) | (129,203) |
21. Provisions and adjustments for impairment losses
21.1. Provisions for other risks and contingencies
| 2025 | Opening balance | Set up and reinforced | Used and reversed | Closing balance |
|---|---|---|---|---|
| Other risks and contingencies | 3,773 | 326 | (1) | 4,098 |
| Total | 3,773 | 326 | (1) | 4,098 |
Individual Financial Statements
Jerónimo Martins | Annual Report 2025
| 2024 | Opening balance | Set up and reinforced | Used and reversed | Closing balance |
|---|---|---|---|---|
| Other risks and contingencies | 5,077 | 259 | (1,563) | 3,773 |
| Total | 5,077 | 259 | (1,563) | 3,773 |
The heading other risks and contingencies consists of provisions for possible compensation to be paid by JMH regarding guarantees provided in business sales agreements entered over the last few years and provisions for litigation processes where there are no prospects for resolution in less than one year.
21.2. Adjustments for impairment losses
| 2025 | Opening balance | Set up and reinforced | Used and reversed | Closing balance |
|---|---|---|---|---|
| Investments in subsidiaries | 18 | - | - | 18 |
| Subsidiaries loans | 16,457 | - | - | 16,457 |
| Total | 16,475 | - | - | 16,475 |
| 2024 | Opening balance | Set up and reinforced | Used and reversed | Closing balance |
| Investments in subsidiaries | - | 18 | - | 18 |
| Subsidiaries loans | - | 16,457 | - | 16,457 |
| Total | - | 16,475 | - | 16,475 |
In 2024, JMH conducted impairment tests on its investments in subsidiaries (including loans to subsidiaries). As a result of those tests, JMH recognized impairment losses on financial investments in the subsidiary Origins - Agro Business Investments B.V., in the amount of €16,475 thousand.
In performing these impairment tests, JMH calculated the value in use according with the Discounted Cash Flow (DCF) method. Value in use is supported by past performance and market development expectations, with five-year projections of future cash flows for each of the assets or cash-generating units, based on medium/long-term plans approved by the Board of Directors.
22. Trade creditors, accrued costs and deferred income
| 2025 | 2024 | |
|---|---|---|
| Current | ||
| Subsidiaries | 5,799 | 9,233 |
| Commercial creditors | 2,841 | 2,231 |
| Non-commercial creditors | 85 | 117 |
| Other taxes payables | 1,992 | 4,950 |
| Accrued costs | 32,399 | 50,054 |
| Deferred income | 19 | 18 |
| Total | 43,135 | 66,603 |
The heading accrued costs includes salaries and wages payable in the amount of €22,458 thousand (2024 €15,383 thousand), and €9,941 thousand (2024: €34,671 thousand) related to various costs (utilities, insurances, consultants, rents, among others), relating to 2025 and not yet invoiced by the respective entities prior to the end of the year.
23. Guarantees
The bank guarantees are as follows:
| 2025 | 2024 | |
|---|---|---|
| Guarantees for Tax Authorities | 38,785 | 44,965 |
| Financing guarantees | 377,770 | 374,258 |
| Other guarantees provided | 1,795 | 1,788 |
| Total | 418,350 | 421,011 |
The financing guarantees relates to financial loans obtained by the subsidiary Jerónimo Martins Colombia, S.A.S.. These guarantees will be released following the respective loans' reimbursement.
JMH also guarantees the fulfilment of some financial obligations of Group's subsidiaries, with this commitment amounting to €631,839 thousand as of 31 December 2025 (2024: €548,178 thousand), related to liabilities recognized in the Balance Sheet of the respective subsidiaries.
24. Contingencies, contingent assets and contingent liabilities
Contingent liabilities
There are several relevant disputes pending resolution, for which the Board of Directors, supported by the opinion of its lawyers and tax advisors considers that there is enough ground for its appeal in court, assesses the outcome of each
Individual Financial Statements
Jerónimo Martins | Annual Report 2025
proceedings, and for those where the Board estimates that a future cash outflow may occur a provision is taken (note 21). The material cases are detailed below:
- The PTA assessed, regarding 2016 to 2019, JMH (as the head of the Tax Group in which Recheio SGPS is included), in the amount of €30,026 thousand, related to the taxation in CIT of ¼ of the results generated in internal operations of the Tax Group, in each of these years. As explained in the 2018 Group Consolidated Annual Report (and previous years), this assessment results from the application of the transitional rule included in the Portuguese State Budget of 2016 (and then in the next three Budgets). The Management, based on the assessment of their lawyers and tax advisors, believes that there are grounds for their position and has therefore contested these processes. Regarding the case related to 2018, the Lisbon Tax Court issued an unfavourable decision to JMH, which was subsequently appealed. As for the case related to 2017, after the Tax Court ruled against JMH, JMH appealed to the Supreme Administrative Court, which upheld JMH's position and declared unconstitutional the respective tax law of 2017's State Budget. On the other hand, PTA appealed to the Constitutional Court, and although that appeal was denied, the Public Prosecutor's Office, as required, also appealed to the same Court, which appeal was admitted, and therefore JMH continues to pursue its defence;
- The PTA assessed JMH, regarding 2020 and 2021, the amount of €65 thousand and corrected tax losses in the amount of €5,400 thousand. PTA considered that the amortization of brands and some donations granted would not be accepted for tax purposes. The Management, based on the assessment of our lawyers and tax advisors, believe that there are sufficient grounds to oppose the said rules.
25. Subsidiaries
The direct investments owned by JMH, as at 31 December 2025, are as follows:
| Company | Notes | Head office | % Owned | Stake held directly | Total assets | Shareholder's equity | Net profit/loss |
|---|---|---|---|---|---|---|---|
| INVESTMENTS IN SUBSIDIARIES | |||||||
| Desimo, Lda. | a) | Lisbon | 100.00 | 50 | 863 | 862 | (3) |
| Jerônimo Martins - Serviços, S.A. | a) | Lisbon | 100.00 | 50 | 23,717 | 2,903 | 287 |
| Jerônimo Martins Inovação, S.A. | a) | Lisbon | 100.00 | 50 | 50 | 49 | 0 |
| Trade Wings, S.A. | a) | Lisbon | 100.00 | 1,000 | 66,857 | 24,375 | (6,448) |
| Larantigo - Sociedade de Construções, S.A. | a) | Lisbon | 70.00 | 1,750 | 23,794 | 23,645 | (30) |
| Warta - Retail & Services Investments B.V. | a) | Amsterdam | 100.00 | 18 | 1,552,201 | 1,548,700 | 606,740 |
| Tagus - Retail & Services Investments B.V. | a) | Amsterdam | 100.00 | 18 | 684,854 | 684,835 | 39,452 |
| New World Investments B.V. | a) | Amsterdam | 100.00 | 18 | 1,173,823 | 1,173,804 | (467) |
| Origins - Agro Business Investments B.V. | a) | Amsterdam | 100.00 | 18 | 562,815 | 562,808 | (27) |
| Jeronimo Martins Slovensko, s. r. o. | a) | Bratislava | 10.00 | 100 | 87,044 | 71,544 | (27,857) |
| INVESTMENTS IN ASSOCIATES | |||||||
| Pure Planet, S.A. | b) | Viseu | 33.33 | 50 | b) | b) | b) |
| OTHER FINANCIAL INVESTMENTS | |||||||
| Epic Partners, S.A. | b) | Geneve | 5.33 | 160 | b) | b) | b) |
a) For the purposes of the article 486, paragraph 3, of the Portuguese Commercial Companies Code, we declare that we hold the control of the companies indicated.
b) Information not available.
In October 2025 JMH acquired a financial investment of 33.33% in company Pure Planet, S.A..
26. Subsidiaries, joint ventures and associates – interests held directly and indirectly
The companies held directly and indirectly by JMH, as at 31 December 2025, are those mentioned in notes 24 and 26 of the Group Consolidated Annual Report.
27. Related parties
Transactions with related parties are always carried out at market prices.
Individual Financial Statements
Jerónimo Martins | Annual Report 2025
27.1. Transactions with related parties (shareholders)
JMH is owned 56.136% by Sociedade Francisco Manuel dos Santos B.V., being Sociedade Francisco Manuel dos Santos, N.V. the ultimate parent company of the Group. There were no direct transactions between these companies and JMH in 2025, nor are there any open amounts between them as at 31 December 2025.
27.2. Transactions with other related parties
27.2.1. Technical and administrative services provided
As the Group's Holding Company and Corporate Center, JMH co-ordinates and provides consultancy services to its subsidiaries. The Functional Divisions of support to the Group are described in Point 21 of Chapter 4, related with Corporate Governance. The turnover from these services in 2025 was €65,946 thousand (2024: €45,467 thousand).
27.2.2. Lease of property
JMH develops part of its activity in premises rented from related parties, which represented in 2025 costs of €1,160 thousand (2024: €1,056 thousand).
As mentioned in note 12, JMH owns a property which is partially rented out to a Group company, and generated profits in 2025 in the amount of €222 thousand (2024: €211 thousand).
27.2.3. Treasury operations (current loans)
JMH granted treasury operations to subsidiaries, which generated interest in 2025 in the amount of €12,976 thousand (2024: €17,056 thousand). The decrease in interest obtained results from the decrease in loan capital amounts.
27.2.4. Staff related costs
As a Group, Jerónimo Martins takes advantage of the synergies existing between various companies, and frequently transfers staff from one company to another according to the needs of the various businesses. In 2025 total costs incurred with services rendered by personnel from other companies amounted to €27,457 thousand (2024: €19,775 thousand).
Individual Financial Statements
Jerónimo Martins | Annual Report 2025
27.2.5. Open balances as at 31 December 2025
| Company | Current loans granted | Non-current loans granted | Accounts receivable and accrued income | Accounts payable, deferred income and accrued costs |
|---|---|---|---|---|
| Subsidiary companies | ||||
| Best-Farmer - Actividades Agro-Pecuárias, S.A. | 7,690 | - | 65 | 452 |
| Desimo, Lda. | - | 650 | - | 1 |
| Escola de Formação Jerónimo Martins, S.A. | - | - | 8 | 1 |
| Hussel Ibéria – Chocolates e Confeitaria, S.A. | - | - | 1 | 5 |
| Imocash – Imobiliário de Distribuição, S.A. | - | - | 635 | - |
| Imoretalho – Gestão de Imóveis, S.A. | - | - | - | 110 |
| João Gomes Camacho, S.A. | - | - | 805 | 3 |
| Jerónimo Martins - Agro-Alimentar, S.A. | 5,810 | - | 446 | 9 |
| Jeronimo Martins Colombia, S.A.S. | - | - | 1,134 | - |
| Jeronimo Martins Drogerie i Farmacja Sp. z. o.o. | - | - | 288 | - |
| Jeronimo Martins Polska S.A. | - | - | 7,077 | 189 |
| Jeronimo Martins Slovensko s.r.o. | - | 11,500 | 10 | - |
| Jerónimo Martins – Restauração e Serviços, S.A. | 5,345 | - | 120 | 116 |
| Jerónimo Martins Inovação, S.A. | - | - | - | 1 |
| Jerónimo Martins Serviços, S.A. | - | - | 6 | 11,423 |
| JMR – Gestão Empresas Retalho, SGPS, S.A. | 247,300 | - | 595 | - |
| JMR – Prestação Serviços para a Distribuição, S.A. | - | - | 5,395 | 257 |
| Larantigo - Sociedade de Construções, S.A. | - | 21,210 | - | 17 |
| Lido Sol II – Distrib. Produtos Alimentares, S.A. | - | - | 2 | 8 |
| New World Investments B.V. | - | 1,177,850 | - | - |
| Origins - Agro Business Investments B.V. | - | 579,295 | - | - |
| Ovinos da Tapada - Agropecuária, Lda. | 1,320 | - | 5 | 391 |
| Outro Chão - Agricultura Biológica, Lda. | - | - | - | 487 |
| Pingo Doce – Distribuição Alimentar, S.A. | - | - | 36 | 69 |
| Recheio - Cash & Carry, S.A. | - | - | 8,086 | 55 |
| Recheio Masterchef, Lda. | - | - | 288 | 8 |
| Recheio, SGPS, S.A. | - | - | 966 | - |
| Santa Maria Manuela Turismo, S.A. | - | - | - | 430 |
| Seaculture - Aquicultura, S.A. | 200 | - | 26 | 973 |
| Terra Alegre - Lacticínios, S.A. | 950 | - | 5 | 226 |
| Trade Wings, S.A. | - | 51,500 | - | 1,631 |
| Warta - Retail & Services Investments B.V. | - | 674,580 | - | - |
| Subtotal | 268,615 | 2,516,585 | 25,998 | 16,861 |
| Other related parties | ||||
| JMDB - Repr. e Distribuição Marcas, Lda. | - | - | 1 | - |
| Pure Planet, S.A: | - | 650 | - | - |
| Marismar Aquicultura Marinha S.A. | - | - | 8 | - |
| Unilever Fima, Lda | - | - | - | 11 |
| Subtotal | - | 650 | 9 | 11 |
| Total | 268,615 | 2,517,235 | 26,007 | 16,872 |
Individual Financial Statements
Jerónimo Martins | Annual Report 2025
27.2.6. Open balances as at 31 December 2024
| Company | Current loans granted | Non-current loans granted | Accounts receivable and accrued income | Accounts payable, deferred income and accrued costs |
|---|---|---|---|---|
| Subsidiary companies | ||||
| Best-Farmer - Actividades Agro-Pecuárias, S.A. | 17,600 | - | 143 | 1,279 |
| Desimo, Lda. | 650 | 2 | - | |
| Escola de Formação Jerónimo Martins, S.A. | - | - | 2 | - |
| Hebe Slovensko s.r.o. | - | - | - | - |
| Hussel Ibéria – Chocolates e Confeitaria, S.A. | - | - | - | 10 |
| Imocash – Imobiliário de Distribuição, S.A. | - | - | 124 | - |
| Imoretalho – Gestão de Imóveis, S.A. | - | - | 7 | 91 |
| João Gomes Camacho, S.A. | - | - | 802 | - |
| Jerónimo Martins - Agro-Alimentar, S.A. | - | - | 372 | 65 |
| Jeronimo Martins Colombia, S.A.S. | - | - | 785 | - |
| Jeronimo Martins Drogerie i Farmacja Sp. z. o.o. | - | - | 216 | - |
| Jeronimo Martins Polska S.A. | - | - | 21,179 | 205 |
| JM Nieruchomości Bis Sp. z o.o. | - | - | 1 | - |
| Jeronimo Martins Slovensko s.r.o. | - | 5,500 | - | - |
| Jerónimo Martins – Restauração e Serviços, S.A. | 9,010 | - | 418 | 288 |
| Jerónimo Martins Inovação, S.A. | - | - | - | 1 |
| Jerónimo Martins Serviços, S.A. | - | - | 2 | 8,283 |
| JMR – Gestão Empresas Retalho, SGPS, S.A. | 290,800 | - | 826 | 645 |
| JMR – Prestação Serviços para a Distribuição, S.A. | - | - | 22,689 | 388 |
| Larantigo - Sociedade de Construções, S.A. | - | 21,210 | - | 15 |
| Lidinvest - Gestão de Imóveis, S.A. | - | - | 1 | - |
| Lido Sol II – Distrib. Produtos Alimentares, S.A. | - | - | 114 | 8 |
| New World Investments B.V. | - | 1,047,350 | - | - |
| Origins - Agro Business Investments B.V. | - | 442,795 | - | - |
| Ovinos da Tapada - Agropecuária, Lda. | 740 | - | 13 | 326 |
| Outro Chão - Agricultura Biológica, Lda. | - | - | 4 | 224 |
| Pingo Doce – Distribuição Alimentar, S.A. | - | - | 2,639 | 68 |
| Recheio - Cash & Carry, S.A. | - | - | 11,840 | 27 |
| Recheio Masterchef, Lda. | - | - | 250 | - |
| Recheio, SGPS, S.A. | 9,030 | - | 1,918 | 24 |
| Santa Maria Manuela Turismo, S.A. | - | - | - | 503 |
| Seaculture - Aquicultura, S.A. | - | - | 28 | 315 |
| Terra Alegre - Lacticínios, S.A. | 6,630 | - | 96 | 1,021 |
| Trade Wings, S.A. | 7,990 | 25,000 | 24 | 2,113 |
| Warta - Retail & Services Investments B.V. | - | 749,580 | - | - |
| Subtotal | 341,800 | 2,292,085 | 64,495 | 15,899 |
| Other related parties | ||||
| JMDB - Repr. e Distribuição Marcas, Lda. | - | - | 1 | - |
| Soc. Francisco Manuel Santos SGPS, S.A. | - | - | 44 | - |
| Unilever Fima, Lda | - | - | - | 125 |
| Subtotal | - | - | 45 | 125 |
| Total | 341,800 | 2,292,085 | 64,540 | 16,024 |
27.2.7. Remuneration paid to Directors
| 2024 | 2023 | |
|---|---|---|
| Salaries and cash awards | 2,495 | 2,397 |
| Retirement benefits | 1,050 | 980 |
| Total | 3,545 | 3,377 |
The Board of Directors of the Company consists of 11 Members (2024: 11 Members). The remuneration shown includes also the amounts paid to the members which, being part of the Board of Directors, work on the Audit Committee, that in the year was €90 thousand (2024: €75 thousand).
The remuneration policy of the Members of the Board of Directors and of the Supervisory Board is stated in the Consolidated Annual Report, under the Corporate Governance Chapter.
The retirement benefits granted to the Directors correspond to post-employment benefits and are part of the plans described in note 5.2 from the Consolidated Financial Statements.
Individual Financial Statements
Jerónimo Martins | Annual Report 2025
28. Financial risks
JMH is exposed to various financial risks, namely market risk (which includes interest rate risk), liquidity risk and credit risk.
The management of these risks is focused on the unpredictable nature of the financial markets and aims to minimize its adverse effects on the Company's financial performance. Certain types of exposure are managed using financial derivative instruments.
The activity in this area is carried out by the Financial Operations Department, being responsible, with the cooperation of the financial areas of the Group's companies, for identifying and assessing risks and for executing the hedging of financial risks, by following the guidelines set out in the Financial Risk Management Policy.
28.1. Credit risk
Credit risk is managed centrally. The main sources of credit risk are bank deposits, short-term investments and derivatives contracted with financial institutions.
The financial institutions that JMH chooses to do business with are selected based on the ratings they receive from one of the independent benchmark rating agencies. Apart from the existence of a minimum accepted rating there is also a maximum amount to each of these financial institutions.
The following table shows a summary of credit quality of bank deposits and short-term investments, as at 31 December 2025 and 2024:
| Rating company | Rating | 2025 | 2024 |
|---|---|---|---|
| Standard & Poor's | [A+ : AA] | 44,130 | 40,426 |
| Standard & Poor's | [BBB+ : A] | 151,191 | 55,341 |
| Standard & Poor's | [BB+ : BBB] | - | 751 |
| Moody's | [A2 : A1] | 60,296 | 633 |
| Moody's | [Caa2 : Baa1] | - | 33,969 |
| Fitch | [A- : A+] | 221 | 254 |
| Fitch | [BBB- : BBB+] | 91 | 282 |
| Fitch | [BB+ : BBB] | - | 144 |
| Total | 255,929 | 131,800 |
The ratings presented correspond to those assigned by international rating agencies, framed within the financial risk management policy of the Company. The maximum exposure to credit risk at 31 December 2025 and 2024 is the financial assets carrying value.
28.2. Liquidity risk
Liquidity risk is managed by maintaining an adequate level of cash or equivalents, as well as by negotiating credit facilities that not only allow the regular development of JMH activities, but also ensuring some flexibility to be able to absorb shocks unrelated to its activities.
Treasury needs are managed based on short-term planning, executed on a daily basis, which derives from the annual financial plans, reviewed at least twice a year.
The following table shows JMH's liabilities by ranges of contractual residual maturity. The amounts shown in the table are the non-discounted contractual cash flow.
| Exposure to liquidity risk | |||
|---|---|---|---|
| 2025 | Less than 1 year | 1 to 5 years | More than 5 years |
| Borrowings | - | - | - |
| Creditors | 8,725 | - | - |
| Lease liabilities | 1,480 | 2,138 | - |
| Total | 10,205 | 2,138 | - |
| Exposure to liquidity risk | |||
| 2024 | Less than 1 year | 1 to 5 years | More than 5 years |
| Borrowings | |||
| Commercial paper | - | - | - |
| Creditors | 11,581 | - | - |
| Lease liabilities | 1,137 | 1,858 | - |
| Total | 12,718 | 1,858 | - |
The cash flows presented for commercial paper programs include fixed expenses incurred with these programs, whether they are being used or not.
Individual Financial Statements
Jerónimo Martins | Annual Report 2025
29. Additional information requested by law
In accordance with article 66-A of the Portuguese Commercial Companies Code, we hereby inform of the following:
a) In addition to all operations described in the notes above, as well as in the Management's Report, there are no other operations considered relevant which are not already contained either in the balance sheet or in these notes;
b) The total remuneration paid to the External Auditor and the Statutory Auditor in 2025 was €381 thousand, from which €245 thousand related to the statutory audit of the accounts and services related to the limited review of the interim consolidated financial statements, the remaining in the amount of €136 thousand, being related to limited assurance services on sustainability indicators and access to the tax information platform;
c) Note 27 of the Notes to the Financial Statements include all the related parties' disclosures, in accordance with the International Accounting Standards;
d) During the years of 2023 and 2024, JMH incurred in expenses with Research and Development (R&D) activities, which are, in your understanding, likely to be eligible for the purposes of Entrepreneurial R&D Tax Incentives System ("Sistema de Incentivos Fiscais em I&D Empresarial II – SIFIDE II").
Hence, regarding the year of 2023, JMH received the final decision from the Technical Committee with power delegated by the Agência Nacional de Inovação, S.A., granting a tax credit of €1,639 thousand as a result of investments related with R&D activities in the total amount of €2,875 thousand, consisting of human resources expenses amounting to €2,113 thousand and operating expenses amounting to €761 thousand.
Regarding the year of 2024, JMH is still waiting for the decision from the Technical Committee with power delegated by the Agência Nacional de Inovação, S.A.. JMH has requested a tax credit of €635 thousand as a result of investments related with R&D activities in the total amount of €1,954 thousand, consisting of human resources expenses amounting to €1,752 thousand and operating expenses amounting to €203 thousand.
Lastly, taking into consideration the investments made in 2025 in this particular area, JMH is also preparing an application to this Tax Incentive (SIFIDE II), within the legally stipulated deadline.
30. Events after the balance sheet date
At the conclusion of this Report there were no relevant events to highlight that are not disclosed in the Financial Statements.
Lisbon, 17 March 2026
The Certified Accountant
The Board of Directors
Individual Financial Statements
pwc
Statutory Audit Report and Auditors' Report
(Free translation from the original in Portuguese) Report on the audit of the financial statements
Opinion
We have audited the accompanying financial statements of Jerónimo Martins, S.G.P.S., S.A. (the Entity), which comprise the individual balance sheet as at December 31, 2025 (which shows total assets of Euros 3,758,603 thousand and total shareholders' equity of Euros 3,697,306 thousand including a net profit of Euros 619,856 thousand), the individual income statement by functions, the individual statement of comprehensive income, the individual statement of changes in shareholders' equity and the individual statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information.
In our opinion, the accompanying financial statements present fairly in all material respects, the financial position of Jerónimo Martins, S.G.P.S., S.A. as at December 31, 2025, and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRS), as adopted by the European Union.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs) and other technical and ethical standards and recommendations issued by the Institute of Statutory Auditors. Our responsibilities under those standards are described in the "Auditor's responsibilities for the audit of the financial statements" section below. In accordance with the law we are independent of the Entity and we have fulfilled our other ethical responsibilities in accordance with the ethics code of the Institute of Statutory Auditors.
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 judgement, were of most significance in our audit of the financial statements of the current year. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
PricewaterhouseCoopers & Associados – Sociedade de Revisores Oficiais de Contas, Lda.
Sede: Palácio Sottomayor, Rua Sousa Martins, 1 - 3º, 1069-316 Lisboa, Portugal
Tel: +351 213 599 000 | Matriculada na CRC sob o NIPC 506 628 752, Capital Social 314.000 EUR
Inscrita na lista das Sociedades de Revisores Oficiais de Contas sob o n° 183 e na CMVM sob o n° 20161485
PricewaterhouseCoopers & Associados – Sociedade de Revisores Oficiais de Contas, Lda. pertence à rede de entidades que são membros da PricewaterhouseCoopers International Limited, cada uma das quais é uma entidade legal autónoma e independente.
Receção: Palácio Sottomayor, Avenida Fontes Pereira de Melo, n°16, 1050-121 Lisboa, Portugal
Key Audit Matter
Summary of the Audit Approach
Investments in subsidiaries
(Disclosures related to the financial investments presented in Notes 13 to the financial statements)
Jerónimo Martins S.G.P.S., S.A. holds equity interests in subsidiaries amounting to Euros 667,865 thousand, measured at acquisition cost.
We obtained an understanding of, evaluated and tested the controls over the process relating to equity investments in subsidiaries.
In accordance with IAS 36 – Impairment of Assets, equity interests are assessed at each balance sheet date to identify indicators of impairment loss; where such indicators exist, the recoverable amount is determined.
We assessed the existence of potential impairment indicators.
In the impairment tests, value in use is estimated based on projected cash flows, discount rates and terminal growth rates, supported by past performance and market expectations for each business segment.
Where applicable, we obtained the impairment tests prepared by Management.
This matter involves a high degree of judgment and complexity and, accordingly, we considered this to be a key audit matter.
We evaluated whether the recoverable amount exceeded the carrying amount recognised in the financial statements.
We reviewed the assumptions and methodology adopted by Management, namely with regard to projected cash flows, discount rates, contingent liabilities and terminal growth rates.
We also reviewed the disclosures included in the financial statements.
Responsibilities of management and supervisory board for the financial statements
Management is responsible for:
a) the preparation of the financial statements, which present fairly the financial position, the financial performance and the cash flows of the Entity in accordance with International Financial Reporting Standards (IFRS), as adopted by the European Union;
b) the preparation of the Management report, the corporate governance report, the non-financial statement and the remunerations report in accordance with the applicable law and regulations;
c) the creation and maintenance of an appropriate system of internal control to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error;
d) the adoption of appropriate accounting policies and criteria; and
e) the assessment of the Entity's ability to continue as a going concern, disclosing, as applicable, events or conditions that may cast significant doubt on the Entity's ability to continue its activities.
Statutory Audit Report and Auditors' Report
December 31, 2025
Jerónimo Martins, S.G.P.S., S.A.
PwC 2 of 5
The supervisory board is responsible for overseeing the process of preparation and disclosure of the Entity's financial information.
Auditor's responsibilities for the audit of the financial statements
Our responsibility is to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are 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 financial statements.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
a) identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. 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;
b) obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Entity's internal control;
c) evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management;
d) conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Entity'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 financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Entity to cease to continue as a going concern;
e) evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation;
f) communicate with those charged with governance, including the supervisory board, 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;
g) of the matters we have communicated to those charged with governance, including the supervisory board, we determine which one's were the most important in the audit of the financial statements of the current year, these being the key audit matters. We describe these matters in our report, except when the law or regulation prohibits their public disclosure; and
Statutory Audit Report and Auditors' Report
December 31, 2025
Jerónimo Martins, S.G.P.S., S.A.
h) confirm to the supervisory board that we comply 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, actions taken to eliminate threats or safeguards applied.
Our responsibility also includes verifying that the information included in the Management report is consistent with the financial statements and the verification set forth in paragraphs 4 and 5 of article No. 451 of the Portuguese Company Law on corporate governance matters, and verifying that the non-financial statement and the remunerations report were presented.
Report on other legal and regulatory requirements
Management report
In compliance with paragraph 3 e) of article No. 451 of the Portuguese Company Law, it is our opinion that the Management report has been prepared in accordance with applicable requirements of the law and regulation, that the information included in the Management report is consistent with the audited financial statements and, taking into account the knowledge and assessment about the Entity, no material misstatements were identified. As set forth in paragraph 7 of article No. 451 of the Portuguese Company Law, this opinion is not applicable to the non-financial statement included in the Management report.
Corporate governance report
In compliance with paragraph 4 of article No. 451 of the Portuguese Company Law, it is our understanding that the corporate governance report includes the information required under article No. 29-H of the Portuguese Securities Market Code, that no material misstatements were identified in the information disclosed in this report and that it complies with paragraphs 1 c), d), f), h), i) and l) of that article.
European Single Electronic Format (ESEF)
The Entity's financial statements for the year ended on December 31, 2025 must comply with the applicable requirements established in Commission Delegated Regulation (EU) 2019/815, of December 17, 2018 (ESEF Regulation).
The management is responsible for the preparation and disclosure of the annual report in accordance with the ESEF Regulation.
Our responsibility is to obtain reasonable assurance about whether the financial statements included in the annual report are presented in accordance with the requirements of the ESEF Regulation.
Our procedures took into account the OROC Technical Application Guide on ESEF reporting and included, among others, obtaining an understanding of the financial reporting process, including the annual report presentation in valid XHTML format.
In our opinion, the financial statements included in the annual report are presented, in all material respects, in accordance with the requirements of the ESEF Regulation.
Non-financial statement
In compliance with paragraph 6 of article No. 451 of the Portuguese Company Law, we hereby inform that the Entity included in its Management report the non-financial statement set forth in article No. 66-B of the Portuguese Company Law.
Statutory Audit Report and Auditors' Report December 31, 2025
Jerónimo Martins, S.G.P.S., S.A. PwC 4 of 5
Remunerations report
In compliance with paragraph 6 of article No. 26-G of the Portuguese Securities Market Code, we hereby inform that the Entity included in a separate section, in its corporate governance report, the information set forth in paragraph 2 of that article.
Additional information required in article No. 10 of the Regulation (EU) 537/2014
In accordance with article No. 10 of Regulation (EU) 537/2014 of the European Parliament and of the Council, of April 16, 2014, and in addition to the key audit matters referred to above, we also provide the following information:
a) We were first appointed auditors of the Entity in the Shareholders' General Meeting of April 24, 2025 for the period from 2025 to 2027.
b) The management has confirmed to us it has no knowledge of any allegation of fraud or suspicions of fraud with material effect in the financial statements. We have maintained professional scepticism throughout the audit and determined overall responses to address the risk of material misstatement due to fraud in the financial statements. Based on the work performed, we have not identified any material misstatement in the financial statements due to fraud.
c) We confirm that our audit opinion is consistent with the additional report that was prepared by us and issued to the Entity's supervisory board as of March 26, 2026.
d) We declare that we did not provide any prohibited non-audit services referred to in paragraph 1 of article No. 5 of Regulation (EU) 537/2014 of the European Parliament and of the Council, of April 16, 2014 and that we remain independent of the Entity in conducting our audit.
March 26, 2026
PricewaterhouseCoopers & Associados
- Sociedade de Revisores Oficiais de Contas, Lda.
represented by:
João Rui Fernandes Ramos, ROC No. 1333
Registered with the Portuguese Securities Market Commission under No. 20160943
Statutory Audit Report and Auditors' Report
December 31, 2025
Jerónimo Martins, S.G.P.S., S.A.
PwC 5 of 5
2025 Annual Report
CORPORATE GOVERNANCE
Jerónimo Martins
Jerónimo Martins | Annual Report 2025
Corporate Governance
Part I – Information on Shareholder Structure, Organization and Corporate Governance ... 177
Section A – Shareholder Structure ... 177
Subsection I - Capital Structure ... 177
Subsection II - Shareholdings and Bonds Held ... 179
Section B – Corporate Bodies and Committees ... 182
Subsection I - General Meeting ... 182
A. Composition of the Presiding Board of the General Meeting ... 182
B. Exercising the Right to Vote ... 182
Subsection II - Management and Supervision (Board of Directors) ... 184
A. Composition ... 184
B. Functioning ... 205
C. Committees within the Board of Directors and Board Delegate ... 208
Subsection III - Supervision - (Audit Committee) ... 211
A. Composition ... 211
B. Functioning ... 213
C. Powers and Duties ... 215
Subsection IV - Statutory Auditor ... 216
Subsection V - External Auditor ... 216
Section C – Internal Organisation ... 219
Subsection I - Articles of Association ... 219
Subsection II - Reporting of Irregularities ... 219
Subsection III - Internal Control and Risk Management ... 220
Subsection IV - Investor Assistance ... 226
Subsection V - Website ... 228
Section D – Remuneration ... 230
Subsection I - Power to Establish ... 230
Subsection II - Remuneration Committee ... 230
Subsection III - Remuneration Structure ... 232
Subsection IV - Remuneration Disclosure ... 242
Subsection V - Agreements with Remuneration Implications ... 247
Subsection VI - Share Allocation and/or Stock Option Plan ... 247
Section E – Related Party Transactions ... 248
Subsection I - Control Mechanisms and Procedures ... 248
Subsection II - Data on Business Deals ... 250
Part II – Corporate Governance Assessment ... 251
1. Details of the Corporate Governance Code Implemented ... 251
2. Analysis of Compliance with the Corporate Governance Code Implemented ... 251
3. Other Information ... 259
Corporate Governance
Jerónimo Martins | Annual Report 2025
Part I – Information on Shareholder Structure, Organization and Corporate Governance
Section A – Shareholder Structure
Subsection I - Capital Structure
- The Capital Structure (Share Capital, Number of Shares, Distribution of Capital by Shareholders, etc.), Including an Indication of Shares That Are Not Admitted to Trading, Different Classes of Shares, Rights and Duties of Same and the Capital Percentage That Each Class Represents (Art. 29.°-H/1/a of the Portuguese Securities Code - PSC)
The Company's share capital is 629,293,220 euros. It is fully subscribed and paid up, and divided into six hundred and twenty-nine million, two hundred and ninety-three thousand, two hundred and twenty shares with a nominal value of one euro each.
All issued shares are ordinary, there are no other categories of shares, and all shares have been admitted to trading on the Euronext Lisbon stock exchange.
The Company's shareholder structure is the following, with reference to 31 December 2025*:
-
According to the last communications made by the shareholders with qualifying holdings to Jerónimo Martins, SGPS, S.A. up to the said date, being assumed that the number of shares owned is equivalent to the number of voting rights, unless otherwise disclosed to the issuer. See, point 7.
-
Restrictions on the Transfer of Shares, Such as Clauses on Consent for Disposal, or Limits on the Ownership of Shares (Art. 29.°-H/1/b PSC)
Jerónimo Martins' shares are freely transferable and there are no restrictions concerning their tradability.
- Number of Own Shares, the Percentage of Share Capital that it Represents and Corresponding Percentage of Voting Rights that Corresponded to Own Shares (Art. 29.°-H/1/a PSC)
The Company holds 859 thousand shares in its own portfolio, which were acquired in 1999 at an average price of 7.06 euros per share (price adjusted by the restatement of capital). These shares represent 0.14% of the Company's share capital, which would correspond to equal percentage of voting rights.
Corporate Governance
Jerónimo Martins | Annual Report 2025
- Important Agreements to which the Company is a Party and that Come Into Effect, Amend or are Terminated in Cases Such As a Change in the Control of the Company After a Takeover Bid, and the Respective Effects, Except Where Due to their Nature, the Disclosure Thereof Would be Seriously Detrimental to the Company; This Exception Does Not Apply Where the Company is Specifically Required to Disclose Said Information Pursuant to Other Legal Requirements (Art. 29.°-H/1/j PSC)
There are no agreements to which the Company is a party and that come into effect, are amended or terminated in case of a change in the control of the Company after a takeover bid.
- A System That is Subject to the Renewal or Withdrawal of Countermeasures, Particularly Those That Provide for a Restriction on the Number of Votes Capable of Being Held or Exercised by Only One Shareholder Individually or Together With Other Shareholders
No defensive measures are foreseen, nor are they subject to renewal or withdrawal.
Specifically, no defensive measures were adopted that require payments or the assumption of costs by the Company in the event of a change of control or a change in the composition of the Board of Directors and that are likely to impair the free transfer of shares and the free assessment by the shareholders of the performance of the Board members, or that provide for a restriction on the number of votes capable of being held or exercised by only one shareholder individually or together with other shareholders.
- Shareholders' Agreements that the Company is aware of and That May Result in Restrictions on the Transfer of Securities or Voting Rights (Art. 29.°-H/1/g PSC)
Pursuant to the communication regarding the qualifying holding received by the Company on 2nd January, 2012, the same was informed of a shareholders' agreement concerning the exercise of voting rights, on the following terms:
"It is further informed that, in accordance with the terms of number 2 of article 21, paragraphs b) and c), of the Portuguese Securities Code, Sociedade Francisco Manuel dos Santos, SGPS, S.A.[*] controls Sociedade Francisco Manuel dos Santos B.V., since it may exercise the corresponding voting rights under a Shareholders Agreement.
In accordance with the terms of article 20 of the Portuguese Securities Code, especially paragraph b) of its number 1, under the above mentioned Shareholders Agreement, the corresponding voting rights of the Jerónimo Martins, SGPS, S.A. shares, object of the purchase and sale above mentioned, remain attributed to Sociedade Francisco Manuel dos Santos, SGPS S.A.[*]".
The Company, however, does not know of any restrictions concerning the transfer of securities or voting rights.
- The company name was changed in 2025 to "Sociedade Francisco Manuel dos Santos Holding N.V." and subsequently, to "Sociedade Francisco Manuel dos Santos Holding B.V.".
Corporate Governance
Jerónimo Martins | Annual Report 2025
Subsection II - Shareholdings and Bonds Held
- Details of The Natural or Legal Persons Who, Directly or Indirectly, are Holders of Qualifying Holdings (Art. 29.°-H/1/c & /d PSC) and Art. 16.° PSC) With Details of the Percentage of Capital and Votes Attributed and the Source and Causes of the Attribution
The holders of qualifying holdings, calculated in accordance with the terms of paragraph 1 of Art. 20 PSC, based on the total number of shares under the terms of section b), paragraph 3 of Art. 16 PSC, as at 31st December 2025 are identified in the table below.
List of Qualifying Holdings as at 31st December 2025*
(Pursuant to sub-paragraph c) of paragraph 1 of Art. 29-H PSC)
| Shareholder | No. of Shares Held | % Capital | No. of Voting Rights | % of Voting Rights |
|---|---|---|---|---|
| Sociedade Francisco Manuel dos Santos Holding B.V. | 353,260,814 | 56.14% | 353,260,814 | 56.14% |
| Through Sociedade Francisco Manuel dos Santos, B.V. |
- Source: Last communications made by the shareholders with qualifying holdings to Jerónimo Martins, SGPS, S.A. up to the said date.
The reason for attributing the qualified holding to Sociedade Francisco Manuel dos Santos Holding B.V. is mentioned in point 6.
Corporate Governance
Jerónimo Martins | Annual Report 2025
8. A List of the Number of Shares and Bonds Held by Members of the Management and Supervisory Boards
(Pursuant to paragraph 5 of Art. 447 of the Commercial Companies Code - CCC)
The Board of Directors
| Members of the Board of Directors | Held on 31.12.24 | Increases during the year | Decreases during the year | Held on 31.12.25 | ||||
|---|---|---|---|---|---|---|---|---|
| Shares | Bonds | Shares | Bonds | Shares | Bonds | Shares | Bonds | |
| Pedro Manuel de Castro Soares dos Santos | 274,805 | - | - | - | - | - | 274,805 | - |
| Belonging to company in which is a Director (sec. dj. § 2 of Art. 447 CCC)¹ | 353,260,814 | 353,260,814 | ||||||
| Agnieszka Słomka-Gołębiowska² | - | - | - | - | - | - | - | - |
| António Domingues² | - | - | - | - | - | - | - | - |
| Elizabeth Ann Bastoni | - | - | - | - | - | - | - | - |
| Fábio Villegas Ramírez² | - | - | - | - | - | - | - | - |
| Francisco Sá Carneiro² | - | - | - | - | - | - | - | - |
| João Vale de Almeida² | - | - | - | - | - | - | - | - |
| José Manuel da Silveira e Castro Soares dos Santos | 20,509 | - | - | - | - | - | 20,509 | - |
| Belonging to company in which is a Director (sec. dj. § 2 of Art. 447 CCC)¹ | 353,260,814 | - | - | - | - | - | 353,260,814 | - |
| María Ángela Holguín Cuéllar | - | - | - | - | - | - | - | - |
| Nigyar Makhmudova² | - | - | - | - | - | - | - | - |
| Sérgio Tavares Rebelo | - | - | - | - | - | - | - | - |
Directors who ceased duties on 24th April 2025:
| Andrzej Szlezak | - | - | - | - | - | - | - | - |
|---|---|---|---|---|---|---|---|---|
| António Pedro de Carvalho Viana-Baptista | - | - | - | - | - | - | - | - |
| Artur Stefan Kirsten | - | - | - | - | - | - | - | - |
| Belonging to company in which is a Director (sec. dj. § 2 of Art. 447 CCC)¹ | 353,260,814 | - | - | - | - | - | 353,260,814 | - |
| Clara Christina Streit | 1,800 | - | - | - | - | - | n.a. | - |
| Francisco Manuel Seixas da Costa | - | - | - | - | - | - | - | - |
| Natalia Anna Olynec | - | - | - | - | - | - | - | - |
¹ Sociedade Francisco Manuel dos Santos, B.V.; See point 20.
² Beginning of the term of office as Director on 24th April 2025.
Statutory Auditor
As at 31st December 2025, the Statutory Auditor, PricewaterhouseCoopers & Associados, SROC, Lda., confirmed not holding any shares or bonds of Jerónimo Martins, SGPS, S.A. and not having made any transactions, during 2025, with Jerónimo Martins, SGPS, S.A. securities.
9. Special Powers of the Board of Directors, especially as Regards Resolutions on the Capital Increase (Art. 29.°-H/1/i) PSC) With an Indication as to the Allocation Date, Time Period Within Which Said Powers May Be Carried Out, the Upper Ceiling for the Capital Increase the Amount Already Issued Pursuant to the Allocation of Powers and Mode of Implementing the Powers Assigned
Any capital increase is subject to prior deliberation by the General Shareholders' Meeting.
Corporate Governance
Jerónimo Martins | Annual Report 2025
10. Information on Any Significant Business Relationships between the Holders of Qualifying Holdings and the Company
There are no significant business relationships between holders of Qualifying Holdings and the Company.
On the other hand, pursuant to the policy that has been followed by the Company in this area, no business was carried out by the Company with the owners of Qualifying Holdings or entities in any type of relationship with the owners of such holdings, outside of normal market conditions.
Corporate Governance
181
Jerónimo Martins | Annual Report 2025
Section B – Corporate Bodies and Committees
Subsection I - General Meeting
A. Composition of the Presiding Board of the General Meeting
11. Details and Position of the Members of the Presiding Board of the General Meeting and Respective Term of Office (Beginning and End)
Luis Miguel Reis Sobral and Nuno de Deus Pinheiro were in office as Chairman and Secretary of the General Shareholders' Meeting, respectively, until 24th April, 2025.
On 24th April, 2025, Luis Miguel Reis Sobral and Marta Leitão were appointed as Chairman and Secretary of the General Shareholders' Meeting, respectively, for the term 2025-2027.
B. Exercising the Right to Vote
12. Any Restrictions on the Right to Vote, Such as Restrictions on Voting Rights Subject to Holding a Number or Percentage of Shares, Deadlines for Exercising Voting Rights, or Systems Whereby the Financial Rights Attaching to Securities are Separated from the Holding of Securities (Art. 29.°-H/1/f PSC)
The Company and its Board of Directors particularly value the principles of free transferability of shares and assessment by shareholders of the performance of members of the Board of Directors.
As such Art. 24 of the Articles of Association of the Company establishes the rule that each share has the right to one vote.
Accordingly, the Company has not established mechanisms intended to cause mismatching between the right to receive dividends or the subscription of new securities and the voting right of each ordinary share, inter alia, no special rights for shareholders or restraints on the exercise of voting rights are provided for in the Company's Articles of Association, nor is there any special rule in the Articles of Association regarding systems whereby the financial rights attached to securities are separated from the holding of securities.
Attending the Shareholders' Meeting is not subject to holding a minimum number of shares.
According to Art. 26 of the Articles of Association of the Company, the Shareholders' Meeting may take place upon the first convocation, as long as more than 50% of the Company's capital is present or represented.
Participation in the General Shareholders' Meeting
Under the provisions of the Portuguese Securities Code and Art. 23 of the Articles of Association, the shareholders that meet the following conditions can participate and vote at the General Meeting:
i. On the Record Date, corresponding to 00:00 (GMT) of the fifth trading day prior to the General Shareholder's Meeting, they held shares of the Company entitling them to at least one vote;
ii. By the end of the day prior to the day of the Record Date, they had stated in writing, to the respective financial intermediary, their intention to participate in the meeting;
iii. By the end of the day of the Record Date, the respective financial intermediary has sent to the Chairman of the General Shareholder's Meeting information on the number of shares registered under that shareholder's name on the Record Date.
Remote Participation in the General Shareholders' Meeting
The Company implemented adequate means for the remote participation by its shareholders in the General Meeting. In 2025 a General Meeting of the Company took place, in which shareholders could
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Jerónimo Martins | Annual Report 2025
participate in person or, if they so wished, by telematic means, under the provisions of sub-paragraph b) of paragraph 6 of Art. 377 CCC.
Shareholders who declared they wanted to participate in the General Meeting by telematic means had to indicate an email address, to which the Company sent the link to the telematic session at stake, and an individual shareholder participation code, which served to complement the respective identification at the beginning of the meeting.
Postal Vote
According to paragraph three of Art. 25 of the Articles of Association, postal votes are allowed. Pursuant to the Articles of Association, postal votes count for the formation of a constitutive quorum for the General Shareholders' Meeting, and it is the responsibility of the Chairman of the Board of the General Shareholders' Meeting or his substitute to verify their authenticity and full compliance with the procedures, as well as to assure confidentiality when a vote is submitted. In the event that a shareholder or a shareholder's representative is present at the General Shareholders' Meeting, the postal vote that was issued is revoked.
Postal votes count as negative votes in relation to deliberative proposals presented subsequent to the date on which those votes were issued.
The Company has provided a form to exercise the right to vote by post on its web page.
As the Company's Articles of Association do not state anything on this matter, the Company has established a deadline of 48 hours prior to the General Shareholders' Meeting for receipt of postal votes, thus complying with and, to a certain extent, exceeding the recommendations of the CMVM on this matter.
Vote by Electronic Means
The Company, also recognising that using computerised means encourages shareholders to exercise their right to vote, has adopted, since 2006, adequate mechanisms so that they may vote electronically in General Shareholders' Meetings, having proceeded in 2020 to some changes in the procedures that, for this purpose, it had been implementing, such procedures having been disclosed ever since in the notices issued and on its institutional website.
Thus, shareholders who wished to exercise their right to vote electronically at the 2025 General Meeting had to express it, in due time, to the Chairman of the Board of the General Shareholders' Meeting, through the email address [email protected]. In that expression of interest, shareholders had to indicate an email address to which, subsequently, an identifier code was sent, to be used in the electronic mail message by which the shareholder exercised its right to vote.
Election of Members of Corporate Bodies
The notice dated 20 March, 2025 for the Company's General Meeting, held on April 24, 2025, in which the members of the Company's bodies were elected for the 2025-2027 term, shareholders were urged to, in the construction of proposals for the new term of office of the governing bodies, contribute to a better performance of such bodies and to the balance of its composition, taking into account, namely, criteria of competence, independence, integrity, availability, and experience. Shareholders were also urged to consider diversity requirements, with particular attention to gender diversity, as legally required. It was further referred that the proposals presented should be substantiated as to the suitability of the profiles, knowledge and curricula to the function(s) to be performed by each candidate.
13. Details of the Maximum Percentage of Voting Rights That May Be Exercised by a Single Shareholder or By Shareholders That Are In Any Relationship As Set Out In Art. 20/1 PSC
The Company has not established rules stating that voting rights over a certain number are not counted, when issued by a single shareholder or shareholders related to it.
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Jerónimo Martins | Annual Report 2025
14. Details of Shareholders' Resolutions That, Imposed By The Articles Of Association, May Only Be Taken With a Qualified Majority, In Addition To Those Legally Provided, and Details of Said Majority
There is no special rule in the Articles of Association regarding deliberative quorums.
Subsection II - Management and Supervision (Board of Directors)
A. Composition
15. Details of Corporate Governance Model Adopted
The Company has adopted the Anglo-Saxon governance model which corresponds to the option foreseen in subparagraph b) of Art. 278 CCC. According to this model the management and supervision of the Company are organized through a Board of Directors, which includes the Audit Committee, and a Statutory Auditor.
16. Articles of Association Rules on the Procedural Requirements Governing the Appointment and Replacement of Members of the Board of Directors (Art. 29-H/1/h PSC). Diversity Policy.
Art. 1 of the Regulations of the Company's Board of Directors foresees that the composition of this body will be decided in the General Shareholders' Meeting pursuant to the terms indicated in paragraph one of Art. 12 of the Articles of Association, and that it will be presided over by the respective Chairman, chosen by the General Shareholders' Meeting.
Paragraph number three of Art. 9 of the same Regulations prescribes that in the event of death, resignation or impediment, whether temporary or definitive, of any of its members, the Board of Directors will agree on a substitute. If the appointment does not occur within 60 days of the absence of the Director, the Audit Committee will be responsible for appointing the substitute.
As referred in point 12, the Company promotes that the proposals to be submitted by shareholders for the new term of office of the governing bodies, are substantiated as to the suitability of the profiles, knowledge and curricula to the function(s) to be performed by each candidate.
Under the terms of Art. 289, no. 1, d) CCC, the proposals for the appointment of members of the Board of Directors (as well as other corporate bodies) have made reference to the professional qualifications and professional activity, in the last five years, of the individuals proposed by the Company's shareholders for appointment. Such elements were sufficient justification in regard to the suitability of the profile, the skills and the curriculum vitae to the duties to be carried out.
Diversity Policy
In Portuguese company law the shareholders have exclusive competence to appoint the members of management and supervision bodies of companies.
Hence, considering that the shareholders are not to be confused with the Company, it is not possible for the latter to define or enforce a diversity policy as is foreseen in Art. 29-H, no. 1, q) of the Portuguese Securities Code.
Notwithstanding the above, as referred in point 12., the Company continued to urge its shareholders in the notice dated March 20, 2025 for the Company's General Meeting, held on April 24, 2025, to, in the construction of proposals to be presented for new terms of office of the governing bodies, consider diversity requirements, with particular attention to gender diversity, as legally required, and also to contribute to a better performance of such bodies and to the balance of its composition, taking also into account, namely, criteria such as competence, independence, integrity, availability, and experience.
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Jerónimo Martins | Annual Report 2025
On the other hand, it can be concluded that in selecting the members of management and supervision bodies of the Company (respectively, Board of Directors and Audit Committee), the shareholders have been taking into account diversity criteria that seek to combine the individual attributes of each of the members, such as independence, integrity, experience and competence, with the specific characteristics of the Company, e.g., its governance model, its dimension, its shareholder structure and its business model.
It can be continued to be said that, in the current structure of the Board of Directors and of the Audit Committee, the shareholders have maintained the safeguard of gender diversity, age diversity, qualification diversity and the diversity of professional experience, as can be seen in point 1.3.1. of Chapter 1, and in points 17 to 19, and 26 of Chapter 4 of this Report.
In this regard, it is also important to mention the Plan for Equality between Women and Men (2025-2026), disclosed by the Company and which can be consulted on the respective website, where are stated, namely, the goals to be achieved by the Company, the specific measures to be implemented, who is responsible for its implementation, and which indicators shall be used to measure the achievement of such goals.
Therefore, the Company considers to have adopted the said diversity criteria and requisites through its enunciation in the notice dated March 20, 2025 for the Company's General Meeting held on April 24, 2025, as well as through the approval by the Board of Directors and its shareholders of the Corporate Governance Report, where these criteria are also set out.
17. Composition of the Board of Directors, With Details of the Articles of Association's Minimum and Maximum Number of Members, Duration of Term of Office, Number of Effective Members, Date When First Appointed and End of the Term of Office of Each Member
According to the Articles of Associations, the Board of Directors is comprised of a minimum of seven and a maximum of eleven members, elected by the General Shareholders' Meeting for three-year terms. During 2025, the Board of Directors had the composition indicated below, being currently composed of eleven effective members, who were elected at the General Meeting held on 24th April 2025 for the term of office 2025-2027:
Pedro Manuel de Castro Soares dos Santos
- Chairman of the Board of Directors since 18 December 2013
- CEO
- First appointment on 31st March 1995
- Expiry of the term of office on 31st December 2027
Agnieszka Słomka-Gołębiewska
- Independent Non-executive director
- First appointment on 10th April 2013
- Expiry of the term of office on 31st December 2027
António Domingues
- Independent Non-executive director
- First appointment on 24th April 2025
- Expiry of the term of office on 31st December 2027
Elizabeth Ann Bastoni
- Independent Non-executive director
- First appointment on 11th April 2019
- Expiry of the term of office on 31st December 2027
Fábio Villegas Ramirez
- Independent Non-executive director
- First appointment on 24th April 2025
- Expiry of the term of office on 31st December 2027
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Jerónimo Martins | Annual Report 2025
Francisco Sá Carneiro
- Non-executive director
- First appointment on 24th April 2025
- Expiry of the term of office on 31st December 2027
João Vale de Almeida
- Independent Non-executive director
- First appointment on 24th April 2025
- Expiry of the term of office on 31st December 2027
José Manuel da Silveira e Castro Soares dos Santos
- Non-executive director, appointed by Sociedade Francisco Manuel dos Santos, B.V., under the terms of n.o 4 of art. 390 CCC
- First appointment on 31st March 1995 (expiry of term of office on 29th June 2001)
- New appointment on 15th April 2004 (expiry of term of office on 9th April 2015)
- Expiry of term of office on 31st December 2024
María Ángela Holguín Cuéllar
- Independent Non-executive director
- First appointment on 11th April 2019
- Expiry of the term of office on 31st December 2027
Nigyar Makhmudova
- Independent Non-executive director
- First appointment on 24th April 2025
- Expiry of the term of office on 31st December 2027
Sérgio Tavares Rebelo
- Non-executive director
- First appointment on 10th April 2013
- Expiry of the term of office on 31st December 2027
In the 2025 financial year, the following members of the Board of Directors ceased to serve:
Andrzej Szlezak
- Non-executive director
- First appointment on 10th April 2013
- Expiry of the term of office on 31st December 2024. In office until 24th April 2025
António Pedro de Carvalho Viana-Baptista
- Non-executive director
- First appointment on 9th April 2010
- Expiry of the term of office on 31st December 2024. In office until 24th April 2025
Artur Stefan Kirsten
- Non-executive director
- First appointment on 9th April 2010 (term of office expired in February 2011)
- New appointment on 9th April 2015
- Expiry of the term of office on 31st December 2024. In office until 24th April 2025
Clara Christina Streit
- Independent Non-executive director
- First appointment on 9th April 2015
- Expiry of the term of office on 31st December 2024. In office until 24th April 2025
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Jerónimo Martins | Annual Report 2025
Francisco Manuel Seixas da Costa
- Independent Non-executive director
- First appointment on 10th April 2013
- Expiry of the term of office on 31st December 2024. In office until 24th April 2025
Natalia Anna Olynec
- Independent Non-executive director
- First appointment on 21st April 2022
- Expiry of the term of office on 31st December 2024. In office until 24th April 2025
18. Distinction to be Drawn Between Executive and Non-Executive Directors And, as Regards Non-Executive Members, Details of Members that May Be Considered Independent
The Company seeks a balance in the composition of the Board of Directors through the integration of Non-executive directors and independent directors alongside the Executive Director, in the scope of a delegation of duties, the respective discrimination of which being referred in point 17, above. The distinctive criterium used by the Company coincides with that of the EU Commission's Recommendation 2005/162/EC, of 15th February 2005, being considered as Executive Director any member who is engaged in the daily management of the Company and, a contrario sensu, Non-Executive Directors are those who are not engaged in the daily management.
The Board of Directors is therefore composed of Non-executive Directors, in particular independent Directors who possess a wide range of technical skills, contact networks and connections with national and international bodies, who therefore enrich and optimise the Company's management in terms of creating value and ensuring adequate protection of the interests of all its shareholders and other stakeholders, thereby ensuring effective monitoring, supervision and assessment of the activity of the remaining members of the Board of Directors.
As referred in point 17., the number of Non-executive Directors of the Company is currently 10, which the Company considers suitable considering the terms under which, as described in point 21. below, the delegation of powers is made in favor of the Chief Executive Officer, the implementation of a support structure for him, and the establishment of a Mechanism for Coordinating the Activities of Non-Executive Directors, which allow to efficiently ensure the functions that are attributed to them, taking into account the size of the Company and the risks inherent to its activity.
In accordance with the principles by which the Company is run, although all Board members are accountable to all shareholders equally, the independence of the Board of Directors in relation to the shareholders is further reinforced by the existence of independent Board members.
Pursuant to the 2018 IPCG's Corporate Governance Code (2018 revised in 2023), hereafter referred to as "2023 IPCG's Recommendations", considering the provision of recommendation IV.2.4, which establishes the independence criteria to be used in the evaluation made by the Board of Directors, qualify as independent Directors:
- until 24th April, 2025: Clara Christina Streit, Elizabeth Ann Bastoni, Francisco Seixas da Costa, María Ángela Holguín Cuéllar, Natalia Anna Olynec and Sérgio Tavares Rebelo;
- since 24th April, 2025: Agnieszka Słomka-Gołębiowska, António Domingues, Elizabeth Ann Bastoni, Fabio Villegas Ramirez, João Vale de Almeida, María Ángela Holguín Cuéllar, and Nigyar Makhmudova.
António Domingues, Clara Christina Streit (until 24th April, 2025), Elizabeth Ann Bastoni and Sérgio Tavares Rebelo are also members of the Audit Committee, being subject further to the independence criteria indicated in paragraph 5 of Art. 414 CCC. According to these criteria Director Sérgio Rebelo cannot be regarded as independent either. Each of the members of the Audit Committee also complies with the rules of incompatibility laid down in paragraph 1 of Art. 414-A CCC, except that provided for in subparagraph b).
Being the number of independent directors of six (until 24th April, 2025), and seven (since 24th April, 2025), in accordance to the criteria above mentioned, out of a total of eleven Directors, the Company complied in 2025 with recommendation IV.2.4. (2023 IPCG's Recommendations).
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Jerónimo Martins | Annual Report 2025
19. Professional Qualifications and Other Relevant Curricular Information of Each Member of the Board of Directors
Pedro Soares dos Santos is a Portuguese national, and joined the Operating Division of Pingo Doce in 1983. In 1985, he joined the Sales and Marketing department of Iglo/Unilever, and five years later, assumed the post of Assistant Director of Recheio Operations. In 1995, he was named General Manager of the latter Company. Between 1999 and 2000 he accepted responsibility for operations in Poland and in Brazil. In 2001 he also assumed responsibility for the operations area for Food Distribution in Portugal. He has been a Director of Jerónimo Martins, SGPS, S.A. since 31st March 1995, and has been Chief Executive Officer since 9th April 2010 and Chairman of the Board of Directors of the Company since 18th December 2013.
Agnieszka Słomka-Gołbiowska is a Polish national and has a PhD in Economics from the Warsaw School of Economics and a Master's degree in International Business from the Copenhagen Business School. She is a professor at the Warsaw School of Economics and at the IE University.
She has extensive consulting experience, having worked at Accenture and Arthur Andersen. She chairs the Board of Directors of mBank and serves on Supervisory Boards of CD PROJEKT, PTE PZU, and Grupa Pracuj. A corporate governance expert, she is an advisor to the EU Platform on Sustainable Finance and to the Sustainable Investment Forum Poland (POLSIF), is a mentor at the Hertie School and a Vital Voices global ambassador. She was named Corporate Governance Personality of the Year 2019 in Poland by Konferencja Rada Nadzorcza (Supervisory Board Conference). She is a Non-executive Director of the Company since 24th April 2025.
António Domingues is a Portuguese national with more than 40 years of experience in banking, risk management and corporate governance. He holds a degree in Economics from ISEG and began his career in the Portuguese public sector before working in Macau and later at Banco de Portugal, the Portuguese central bank. He joined BPI in 1989, where he worked for almost three decades, including as Deputy CEO and CFO. In 2016, he was appointed Chairman and CEO of Caixa Geral de Depósitos. He has held board positions in leading institutions such as Allianz Portugal, SIBS, Unicre and NOS. He currently sits on the Boards of Directors of Haitong Investment Bank, Banco CTT and UniCredit SpA, where he is Chairman of the Remuneration Committee and a member of the Nomination Committee. He is a Non-executive Director of the Company since 24th April 2025.
Elizabeth Ann Bastoni is an American national and holds a BA degree with a concentration in Accounting from Providence College and a degree in French civilization studies from the Sorbonne University in Paris. She started her career in Paris with KPMG in 1989 in the International Tax Practice where she served in various roles, including senior manager of Business Development. From 1998 to 2000, she served as Director of Global Compensation, Benefits and Expatriate Programs for Lyonnaise des Eaux worldwide. Prior to joining The Coca-Cola Company in 2005, she held senior human resources positions with the Paris-based Thales Group. She joined Carlson from The Coca-Cola Company where she served as Chief Human Resources and Communications Officer. She served as Director of Carlson Wagonlit Travel and as a Director of The Rezidor Hotel Group, President of Bastoni Consulting Group LLC, Director of Société BIC and Chair of the Board of Directors and of the Remuneration and Nomination Committee of Limeade Inc. Currently, she is Director of Euroapi, S.A., of CNH Industrial, Coca Cola HBC A.G. and Qorium B.V.. She chaired the Remuneration Committee of the Jerónimo Martins Group between 2016 and 2018. She is a Non-executive Director of the Company since 11th April 2019.
Fabio Villegas Ramírez is a Colombian national, who holds a degree in Economics from the Jorge Tadeo Lozano University and a Masters from the London School of Economics. He has served as Chief of Staff to the President of Colombia, Minister of the Interior, and held executive roles at Deutsche Bank and the Rothschild Group. From 2005 to 2016, he was CEO of Avianca, leading its modernisation and listing on the New York Stock Exchange. Since 2016, he has been President of the Decameron Organization, a hotel chain in Latin America and the Caribbean. He is currently on the Board of Directors of Carvajal S.A., an industrial conglomerate focused on packaging, paper, and technology services. He is a Non-executive Director of the Company since 24th April 2025.
Francisco Sá Carneiro is a Portuguese national: He possesses over 35 years of experience in corporate law, M&A, capital markets, banking and finance. He holds a law degree from the Lisbon Law School of the Catholic University of Lisbon.
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Jerónimo Martins | Annual Report 2025
He was a founding partner at Vasconcelos, F. Sá Carneiro, Fontes & Associados and co-founder of Campos Ferreira Sá Carneiro & Associados. He joined Vieira de Almeida in 2022 as a partner in the Corporate and M&A practice. He is currently a member of the Boards of Directors of Sociedade Francisco Manuel dos Santos B.V., Arica – Investimentos, Participações e Gestão, S.A. and Sociedade Francisco Manuel dos Santos II, S.A., and a manager of Alnilam – Sociedade Imobiliária Lda. He is a Non-executive Director of the Company since 24th April 2025.
João Vale de Almeida is a Portuguese national, and is a diplomat. He holds a degree in History from the University of Lisbon. Over his 40-year career, he served in various high-profile roles within the European Commission, including Director-General for External Relations and Chief of Staff to President José Manuel Durão Barroso. He was the EU Ambassador to the US, the UN and the UK. After retiring, he was invited to teach at Columbia University and at the University of Cambridge. Currently, he is a member of the Board of Trustees of the Oceano Azul Foundation, Chairman of ODI Europe, and a member of the Strategic Council of the European Policy Center. He is an active participant in debates on international relations and European affairs. He is a Non-executive Director of the Company since 24th April 2025.
José Soares dos Santos is a Portuguese national, has a degree in Marine Biology from Lisbon Classic University, in 1986, with executive education at IMD (1995) and Harvard (1997), and alumni Member of Stanford (2000). Member of the Board of Directors of Sociedade Francisco Manuel dos Santos Holding N.V., since 2001. Executive President of Sociedade Francisco Manuel dos Santos B.V. since its establishment. Member of the Board of Directors of Jerónimo Martins SGPS, S.A., from 1995 to 2001 and from 2004 to 2015. Since 1995, he has been Chairman of Unilever Fima, Lda., Gallo Worldwide, Lda. and JMDB Representação e Distribuição de Marcas Lda.. Executive Board Member and Trustee of Fundação Francisco Manuel dos Santos, since 2009. Since September 2015, he has been Chairman of Oceanário de Lisboa, S.A. and, since December 2016, Chairman of the Board of Trustees and the Board of Directors of the Oceano Azul Foundation. Chairman of Movendo Capital B.V., since 2017. He has been a Non-executive Director of the Company, appointed by Sociedade Francisco Manuel dos Santos, since 11th April 2019.
Maria Ángela Holguín Cuéllar is a Colombian national, has a degree in Political Sciences from Universidad de los Andes. She also holds a specialization in Public Administration at the Andes University, and a specialization in Diplomacy and Strategy from the Centre d'Études Diplomatiques et Stratégie. With over two decades of public and private sector experience, she held high positions in the Colombian government, including at the Office of the President of Republic, at the Ministry of Foreign Affairs, and at the Office of the Attorney General of the Nation. As part of her broad professional experience in the diplomatic field, María Ángela Holguín Cuéllar has held, among others, the positions of Minister of Foreign Affairs of Colombia (2010-2018) and Deputy Minister (1998), Ambassador and Permanent Representative of the Colombian Mission to the United Nations (2004-2006) and Ambassador of Colombia to Venezuela (2002-2004). She was also Regional Director for Latin America of the Worldview International Foundation (2000-2002) and Representative in Argentina of the CAF Development Bank of Latin America (2008-2010). In addition, she was Coordinator for Colombia of the IADB Assembly and Inter-American Investment Corporation (1997), and Executive Director of the Latin American and Caribbean Regional Conference on Early Childhood (1997). She is a Non-executive Director of Hoteles Estelar S.A., of Gases del Pacifico S.A.C., of Gases del Norte del Perú S.A.C., of Procafecol S.A., and of TESICOL – Tejidos Sintéticos de Colombia S.A. She is a Non-executive Director of the Company since 11th April 2019.
Nigyar Makhmudova is a British national with global leadership experience in the consumer goods and retail sectors. She holds an MSc in Biochemistry from Moscow State University and has studied at top institutions including Harvard and IMD. Formerly Chief Growth Officer at Danone, she also held senior executive roles at MARS Petcare, including Global CEO of Pet Nutrition, and served on the board of Jungbunzlauer, a Swiss company that is a global leader in the biotechnology of biodegradable ingredients. She currently serves on the boards of directors of ISDIN and C&A. She is also a member of the Audit and Remuneration Committees at C&A. She is also a member of the European Advisory Board at the Ehrenberg-Bass Institute for Marketing Science. A strong advocate of inclusion and talent development, she mentors emerging leaders and is recognised for her strategic insights on business transformation and innovation. She is a Non-executive Director of the Company since 24th April 2025.
Sérgio Tavares Rebelo is a Portuguese national, has a degree in Economics from Universidade Católica Portuguesa. He also has a M.Sc. in Operations Research from Instituto Superior Técnico of Lisbon, as well as a M.A. and a Ph.D. in Economics from University of Rochester. He began his academic career as an
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instructor at Universidade Católica Portuguesa, in 1981. In 1988, he joined Northwestern University as Assistant Professor of Finance and became Associated Professor of Finance, in 1991. Between 1992 and 1997, he was Associated Professor of the Department of Economics of the University of Rochester and, since 1997, he has been Tokai Bank Distinguished Professor of International Finance, in Kellogg School of Management, of Northwestern University. Since 1982, he has published numerous articles and books on economics and finance. He has been a Member of the Advisory Council to the Global Markets Institute at Goldman Sachs, since April 2012, and was appointed Non-executive Director of Integrated DNA Technologies, from 2015 to 2018. He was Chairman of the Company's Audit Committee between 2016 and 2022. He has been a Non-executive Director of the Company, since 10th April 2013.
Andrzej Szlezak is a Polish national and has a Master degree in English philology and in law from Adam Mickiewicz University in Poznan, Poland. In 1981, he passed the judicial exam and in 1994, he was admitted to the Chamber of Legal Advisors (Poznan Chapter). In 1979, he started his academic career at said university where he was awarded his doctorate and post-doctorate degrees in Law ("Habilitated Doctor") in 1985 and in 1992, respectively. In 1994, he was awarded a professorship at Adam Mickiewicz University (Law School), which he held until 1996. At present, he is a professor at Warsaw School of Social Sciences and Humanities. In 1991, he joined the law firm of Soltysinski, Kawecki & Szlezak (SK&S) where he became Partner in 1993 and Senior Partner in 1996. During his practice at SK&S he has provided legal advice in numerous privatization and restructuring transactions in many sectors of Polish economy (mostly in M&A, corporate and greenfield projects). Since 1999, he has been an arbitrator of the Arbitration Court at the Polish Chamber of Commerce (KIG) in Warsaw, being at the moment Deputy Chairman of the Arbitration Board of this Court. He has also been appointed an arbitrator in several proceedings (national and international) before the ICC International Court of Arbitration in Paris and in ad hoc proceedings conducted according to the UNCITRAL Arbitration Rules. He is also the author of several publications, including foreign-language publications, in the fields of civil, commercial and arbitration law. He was a Non-executive Director of the Company from 10th April 2013 to 24th April 2025.
António Viana-Baptista is a Portuguese national, holds a Degree in Economics from Universidade Católica Portuguesa (1980), has a postgraduate diploma in European Economics from Universidade Católica Portuguesa (1981) and an MBA from INSEAD (Fontainebleau, 1983). Between 1985 and 1991, he was Principal Partner of Mckinsey & Co. in the Madrid and Lisbon offices. He held the post of Director in the Banco Português de Investimento, between 1991 and 1998. From 1998 to 2002, he was Chairman and CEO of Telefónica International. From 2002 to 2006 he was Chairman and CEO of Telefónica Móviles S.A. From 2006 to 2008, he was Chairman and CEO of Telefónica España. Between 2000 and 2008, he was a Non-executive Director of the Board of Directors of Portugal Telecom. He was CEO of Crédit Suisse AG for Spain and Portugal, from 2011 to 2016, acting currently as a consultant of that company. Between 2018 and 2022 he was a Non-executive Director of Atento, S.A.. He is a Non-executive Director of Semapa, SGPS, S.A. and of Azora Capital, S.L., and is also Director of Alter Venture Partners G.P., SARL. He was a member of the Audit Committee of the Company during the terms 2010-2012, and 2013-2015. He was a Non-executive Director of the Company from 9th April 2010 to 24th April 2025.
Artur Stefan Kirsten is a German national and took his master degree in Business Economics and Informatics, from 1981 to 1986, at the FernUniversität Hagen and Georg-August-Universität Göttingen. In 1991, he has taken his Doctorate Degree followed later by the Stanford Executive Program with the Graduate School of Business of Stanford University in California. Since 1995 he has been teaching at different universities in Germany and abroad. Dr. Kirsten has been appointed to a professorship with the Westfaelische University in Gelsenkirchen since 2001. He served as Chief Financial Officer of Vonovia SE (former "Deutsche Annington SE") between 2011 and 2018, where he was a member of the Management Board since 1st January 2011. Currently he has various non-executive directorships and is a Co-Founder of Monarch, a British/German specialized service company. He was Member of the Board of Directors of the Company, from April 2010 to February 2011, and he is currently a Board member at Sociedade Francisco Manuel dos Santos BV. His previous positions were as Chief Executive Officer (CEO) of Majid Al Futtaim Group LLC, a real estate development company focusing mainly on property, retail and ventures in the Emirates, Chief Financial Officer (CFO) of Metro AG and ThyssenKrupp AG in Germany, and Chairman of the Supervisory Board of Vonovia Finance B.V.. He was a Non-executive Director of the Company, from 9th April 2015 to 24th April 2025.
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Jerónimo Martins | Annual Report 2025
Clara Christina Streit is both a US and German citizen and holds a master's degree in Business Administration from the University of St. Gallen, Switzerland. She serves as an independent Non-executive Director of several European corporations. She began her career as a Consultant at McKinsey & Company where she retired as Senior Partner in 2012, after more than 20 years of experience as an advisor to financial institutions. From 2011 to 2024 she served as a Director and member of the Nomination and Compensation Committee of Vontobel Holding AG. Since 2013, she has been a member of the Supervisory Board of the German property company Vonovia SE (former "Deutsche Annington SE"). From May 2015 to April 2018, she was a Member of the Board of Directors and of the Internal Controls & Risks and Corporate Governance, HR & Nomination Committees at Unicredit S.p.A, Milan. In NN Group, NV, she was appointed, in 2017, as member of the Supervisory Board (until 2022), and of the Risk Committee and the Nomination and Corporate Governance Committee (until 2021) and became a member, in 2021, of the Remuneration Committee. In 2019, she was appointed Member of the Supervisory Board of Deutsche Börse AG, currently serving on the Nomination Committee. She currently is Chairman of the Company's Audit Committee. She was a Non-executive Director of the Company, from 9th April 2015 to 24th April 2025.
Francisco Seixas da Costa is a Portuguese national, has a degree in Political and Social Sciences from the Universidade Técnica of Lisbon. He started his diplomatic career in 1975 as a diplomat in the Portuguese Ministry of Foreign Affairs. Between 1995 and 2001, he was Secretary of State for European Affairs, where he had several official functions, amongst others, Portuguese chief negotiator of the EU Amsterdam treaty, from 1995 to 1997, Portuguese coordinator for the negotiation of the EU financial framework, from 1997 to 1999, and President of the Council of Ministers of the EU Internal Market in 2000. From 2001 until 2002, he was Ambassador, Permanent Representative to the United Nations, in New York, and, from 2002 until 2004, he was Ambassador, Permanent Representative to the Organization for Security and Cooperation in Europe (OSCE), in Vienna. Between 2004 and 2008, he was Ambassador to Brazil, in Brasília, and, between 2009 and 2013, he was Ambassador to France and Permanent Representative to UNESCO (since 2012), in Paris. He was a member of the Consultative Council of Fundação Calouste Gulbenkian and member of the Strategic Consultative Council of Mota-Engil, SGPS, S.A.. Since 2014, he is a professor in Universidade Autónoma de Lisboa. In April 2016, he was appointed Director and member of the Nominations and Remunerations Committee of EDP Renováveis and, on 2017 he was appointed Member of the Independent General Council of RTP – Rádio e Televisão de Portugal, S.A.. He is a Director of Mota-Engil, SGPS, S.A., Chairman of the Fiscal Council of Tabaqueira II, S.A. and of the Advisory Council of Kearney Portugal. He is a columnist and cooperates with several publications, also being the author of several works on international issues and security. He was a Non-executive Director of the Company, from 10th April 2013 to 24th April 2025.
Natalia Anna Olynec is a US and Canadian citizen residing in Switzerland. She holds a Honors Bachelor Degree in Political Science from McGill University of Canada, a Master's degree in Public Administration from the University of Singapore, and has completed executive education programs in high-performance leadership and sustainability strategies from IMD Business School in Switzerland. Speaking four languages, she has worked for over 20 years in management, consulting and sustainability education. She started her career as a journalist at Bloomberg in Eastern Europe and Singapore, has published several books, contributed to the World Economic Forum's Global Redesign Initiative report and served as editor of Global-is-Asian magazine at National University of Singapore. Between 2011 and 2014, she was Damco's (Maersk Group) Global Head of Sustainability, where she increased supply chain transparency and accountability resulting in risk mitigation and value creation in energy, green and humanitarian logistics, and responsible procurement. In 2015, she served as an adjunct professor of Sustainability in the graduate programme at S.P. Jain School of Global Management, Singapore, responsible for teaching sustainability megatrends. She joined the CEO Learning Center at IMD Business School in 2016. She took over as Sustainability Partner in 2018 and Head of Sustainability in 2020 at IMD, where she is responsible for sustainability strategy and develops sustainability executive education programs and advisory. She publishes articles and award-winning case studies on sustainability and is member of the executive committee of the IMD Global Center for Sustainable and Inclusive Business. She was a Non-executive Director of the Company from 21st April 2022 to 24th April 2025.
Corporate Governance
Jerónimo Martins | Annual Report 2025
- Customary and Meaningful Family, Professional or Business Relationships of Members of the Board of Directors, with Shareholders That are Assigned Qualifying Holdings That are Greater Than 2% of the Voting Rights
| Member of the Board of Directors | Type of Relationship | Shareholder with Qualifying Holding |
|---|---|---|
| Pedro Soares dos Santos | Director | Sociedade Francisco Manuel dos Santos, B.V. |
| President of the Supervisory Board | Sociedade Francisco Manuel dos Santos Holding, B.V. | |
| Francisco Sá Carneiro^{1} | Director | Sociedade Francisco Manuel dos Santos, B.V. |
| Artur Stefan Kirsten^{2} | Director | Sociedade Francisco Manuel dos Santos, B.V. |
| José Soares dos Santos | Executive President | Sociedade Francisco Manuel dos Santos, B.V. |
| Chairman of the Board of Directors | Sociedade Francisco Manuel dos Santos Holding, B.V. |
1 Beginning of term of office as Director on 24th April 2025.
2 Ceased duties as Director on 24th April 2025
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Jerónimo Martins | Annual Report 2025
21. Organisational Charts Concerning the Allocation of Powers Between the Various Corporate Boards, Committees and/or Departments Within the Company, Including Information on Delegating Powers, Particularly as Regards the Delegation of the Company's Daily Management
Chairman of the Board of Directors
The Chairman of the Board of Directors, according to the Board of Directors' Regulations, in addition to the institutional representation of the Company, has a special responsibility for managing the respective meetings, for monitoring the action taken on the decisions made by this body, for taking part in the meetings of other committees set up by the Board of Directors and for defining the overall strategy of the Company.
Delegation of Powers and Coordination of Non-executive Directors
The Board of Directors, by resolution, delegated various duties regarding the day-to-day management of the Company in one Chief Executive Officer who, in the terms of such delegation, is entitled:
a. to manage all corporate businesses and perform all operations relating to its corporate objectives, included in the scope of its current role, as holding company;
b. to represent the Company, in court or otherwise, to propose and answer to any lawsuits or engage in any arbitrations, for which purpose it may designate proxies, as well as compromise in, confess or withdraw from any such lawsuits or arbitrations;
c. to decide on loans or other financial operations to be contracted from the financial market at home or abroad, as well as on the issuance of debt securities within the powers of the Board of Directors and to accept the supervision of the lending entities, all these up to the amount of one hundred
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Jerónimo Martins | Annual Report 2025
million euros and in full compliance with that prescribed in the Articles of Association of the Company;
d. to decide on the provision of technical and financial support, including through the granting of loans by the Company to companies whose stakes or shares the former holds in total or in part;
e. to decide on the sale/transfer or lease (as lessor) any movable or immovable assets, including shares, units, quotas and bonds, and in general to decide on any divestments up to the amount of one hundred million euros or, independently of such threshold, whenever such divestment is set out in the Medium or Long Term Plans, as defined below, approved by the Board of Directors;
f. to decide on the acquisition or lease (as lessee) of any movable or immovable assets, including shares, units, quotas and bonds, and in general to decide on any investments up to the amount of one hundred million euros or, independently of such threshold, whenever such investment is set out in the Medium and Long Term Plans, as defined below, approved by the Board of Directors;
g. to appoint the individuals to be proposed to the General Shareholders' Meeting from the companies referred to in sub-paragraph d) above, to fill the roles of the respective corporate bodies, indicating those who will fulfil executive functions;
h. to approve policies and rules transverse to the Companies of the Group, such as procedure manuals, regulations and service instructions, maxime, those concerning (i) Human Resources, (ii) Operational Control, (iii) Food Safety and Quality Control, and (iv) Reporting and Investments;
i. to approve the expansion plans with respect to the activities of each of the business areas, as well as Group Companies forming part of the Group but not included in the business areas;
j. to approve the organic structure for the Group's companies;
k. to decide on the instructions to be given by the Company to the management of its subsidiary Companies with respect to those matters referred to herein, pursuant to and in compliance with the applicable laws.
For the purpose of the delegation of powers, it is considered as being foreseen in the Medium and Long-Term Plans (which are considered to be the activity and investment plans and financial projections on a three-year term), the acquisitions, sales, investments or divestments, the amount of which does not exceed by more than 10% each heading contained in those Plans.
In 2025, the Managing Committee remained in office as the consultative body which, as referred in point 29., has the primary goal of assisting the Chief Executive Officer in the duties delegated by the Board, in relation to the daily management of the businesses within the corporate purpose of the Company.
Nevertheless, pursuant to the terms of its Internal Regulation, the Board of Directors retains authority over strategic matters of management of the Group, in particular those regarding the definition of general policies of the Company and the corporate structure of the Group and those that, due to their importance and special nature, may significantly impact on the business activity of the Group, seeking to ensure the economic, financial and environmental sustainability of the Company's long-term objectives and an effective contribution for the community at large.
In addition to the delegated responsibilities, the Chief Executive Officer shall submit to the Board of Directors, for approval: consolidated medium and long term plans for Jerónimo Martins Group and for each business area thereof, together with his appraisal, including the activity and investments plans, as well as the three year term financial projections ("medium and long term plans"); budgets, including financial targets to be achieved in the following financial year, for Jerónimo Martins Group and for each business area thereof; accounts and the consolidated results for the Group and for each of the its business areas, any investments not foreseen in the delegation of powers.
The matters referred to in Art. 407(4) CCC are off-limits to the Chief Executive Officer.
Apart from the powers on strategic matters of management of the Group, the Board of Directors has effective control on directing corporate activities by always seeking to be duly informed and by ensuring the supervision of the Company's management, having implemented mechanisms that ensure such supervision.
To this end, at each Board of Directors meeting the Chief Executive Officer reports on the Company activity since the last meeting and provides any further clarification that the Non-executive Directors may require. All information requested by the Non-executive Directors in 2025 was provided in full and in a timely manner by the Chief Executive Officer.
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Jerónimo Martins | Annual Report 2025
Additionally, considering that the Chief Executive Officer is, simultaneously, Chairman of the Board of Directors, it was approved by decision of the said Board, a Mechanism for Coordinating the Activities of Non-Executive Directors.
Such Mechanism foresees that the members of the Board of Directors who are not part of an Executive Committee or are not Executive Directors are responsible, pursuant to the terms of Art. 407, paragraph 8 CCC, for monitoring the activity of the Executive Committee or the Executive Director(s), as the case may be, as well as for the damages caused by their acts or omissions when, having knowledge of such acts or the intent to commit them, they do not seek the intervention of the Board of Directors to take the necessary measures.
The monitoring and supervising activity is also carried out by Non-executive Directors through their participation in Specialized Committees and working groups set up by the Company, as well as in the corporate bodies of subsidiary companies.
Still on the terms of such Mechanism, the Executive Director(s) or the Chairman of the Executive Committee, as applicable, as well as Directors charged with a special duty, pursuant to the terms of Art. 407, paragraphs 1 and 2 CCC, shall:
a) whenever necessary disclose to Non-executive Directors all the relevant information regarding the performance of the delegated powers or the special duty conferred upon them;
b) answer, within a reasonable deadline, to any information request presented by any Non-Executive Director, within their respective functions, and such information shall also be made available to the remainder members of the Board of Directors.
It is foreseen in the said Mechanism that Non-executive Directors may also meet in ad hoc meetings, convened at the request of any two of them by the Company's Secretary (who shall inform the Chairman of the Board of Directors about the summons), pursuant to the terms foreseen in the Board of Directors Regulations.
In order to allow for an independent and informed participation of Non-executive Directors in the meetings of the Board of Directors or in the meetings of the Specialised Committees and working groups set up by the Company as well as in the corporate bodies of subsidiary companies they integrate, the Mechanism foresees that the Company's Secretary shall make available to them the definitive agenda of the meeting and respective preliminary documentation, pursuant to the terms and within the deadlines foreseen in the Board of Directors Regulation.
The Company's Secretary shall also ensure, according to the Mechanism implemented, the delivery to the Directors, who so request, of a copy of the minutes of the meetings of the Managing Committee as well as a copy of any other minutes of the meetings of corporate bodies or Specialised Committees within the Board of Directors. Moreover, the Company's Secretary shall, within its duties, provide Directors with all information regarding the resolutions of the Board of Directors or Executive Committee or the decisions of the Executive Director(s).
In accordance with the Board of Directors' Regulation, performance by executive Board Members of the Company of executive functions in entities that are not part of the Jerónimo Martins Group shall neither affect their availability, nor the standards of professional diligence, care and loyalty to which they are bound towards the Company.
Organisational Structure and Division of Responsibilities
Jerónimo Martins, SGPS, S.A. is the Holding Company of the Group and, as such is responsible for the main guidelines for the various business areas, as well as for ensuring consistency between the established objectives and available resources. The Holding Company's services include a set of functional divisions which provide support for corporate centre and services to the operating areas of the Group's companies, in the different geographical areas in which they operate.
In operational terms, Jerónimo Martins is organised into two business segments: i) Food Distribution and ii) Specialised Retail, with the former being the larger segment. The Food Distribution and the Specialised Retail are organised into geographical areas and operating areas (under different brands and formats).
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Jerónimo Martins | Annual Report 2025
The Company also has operations in the agrobusiness segment which serve, essentially, as a support to Food Distribution, mainly in Portugal, guaranteeing the supply and differentiation in strategic categories.
Holding Company Functional Divisions
The Holding Company is responsible for:
i. defining and implementing the development strategy of the Group's portfolio;
ii. strategic planning and control of the various businesses and consistency with the global objectives;
iii. defining and controlling financial policies; and
iv. defining Human Resources Policy, with direct responsibility for implementing the management development policy.
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Jerónimo Martins | Annual Report 2025
The Holding Company's functional divisions are organised as follows:
Functional Divisions of Corporate Support 2025
| Legal Affairs & Compliance | Carlos Martins Ferreira |
|---|---|
| Internal Audit | Gonçalo Borges |
| Corporate Communications and Responsibility | Sara Miranda |
| Environment | Fernando Ventura |
| Institutional Relations | Rita Fragoso |
| Sustainability and ESG Relations | Ana Rovisco |
| Food Portfolio Development | Pedro Leandro |
| Strategy and Innovation | João Nielsen Sebastian |
| Finance | Ana Luísa Virgínia |
| Controlling and M&A | Teresa Saraiva |
| Sustainable Finance | Conceição Carrapeta |
| Tax Affairs | Rita Marques |
| Financial Operations and Insurance | Madalena Mena |
| Investor Relations | Cláudia Falcão |
| Finance Transformation and Reporting | António Pereira |
| Chairman and CEO Office | Nuno Aguiar |
| Information Security | Nuno Galveia |
| Human Resources | Francisco d'Almeida |
| Information Technology | João Nuno Magalhães |
| Business Support | |
| Commercial/Global Sourcing | José A. Nogueira de Brito |
| Quality and Private Brand Development | Carlos Santos |
| Operations Quality and Food Security | Marta Moreira |
| Security | João Carreira |
Environment – Defines the environmental strategy, policies and procedures across all Jerónimo Martins' Companies by coordinating and guiding the efforts to fulfil their commitments. It seeks to identify opportunities for eliminating and/or minimising negative impacts (on the environment and on the business), both direct and indirect, arising both from the Group Companies' operations and own-brand products, and from the value chain.
Based on the assessment of environmental impacts, risks and opportunities, trends, the best scientific information available at any given time and the Sustainable Development Goals established by the United
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Jerónimo Martins | Annual Report 2025
Nations, the Group's environmental strategy prioritises fighting climate change, protecting biodiversity and accelerating the transition to a more circular economic model. Specific objectives, plans and targets are set for each of these areas, and the respective degree of implementation and progress is reported periodically and publicly.
The main commitments and actions carried out in 2025, as well as the results achieved, can be found in Chapter 5, being worth of highlight:
- the update of the assessment of financial risks and opportunities arising from climate change;
- the preliminary assessment of impacts, risks, and dependencies related to nature;
- the definition, through the Ellen MacArthur Foundation's Global Commitment initiative, of the 2030 targets to increase the circularity of private brand plastic packaging of the Group's Companies.
Legal Affairs & Compliance – Ensures ongoing legal assistance to the Company, preparing contracts, opinions and studies, assisting the Board of Directors in decision making, implementing risk planning policies and giving support to other functional divisions. It also ensures the necessary coordination between the legal departments of subsidiaries in the different jurisdictions in which they operate.
In the area of Compliance, this Division is responsible for designing and coordinating the implementation of mechanisms that ensure regulatory compliance in various areas, including capital markets, competition, business practices, data protection, and anti-corruption, as well as providing ongoing support to the various companies in these matters to safeguard the Group's value and operations, reinforcing its commitment to sustainable development principles.
In particular with regard to data protection, and in close collaboration with data protection officers, this Division is responsible for (i) monitoring compliance with applicable legislation, (ii) supporting companies in the prevention, assessment, and mitigation of privacy risks, and (iii) defining and implementing policies, procedures, and methodologies across all Group companies. In 2025, continued to focus its activities on (i) monitoring personal data processing activities to strengthen and implement appropriate controls, (ii) overseeing relevant projects to ensure compliance, and (iii) communicating and training employees on data privacy matters.
Regarding corruption prevention, the Division is responsible for (i) identifying the main legal obligations and risks to which companies are exposed and (ii) supporting companies in implementing the most suitable prevention and mitigation mechanisms to comply with these legal obligations and address risks. In 2025, the Group's compliance program in this area was enhanced, primarily through (i) reviewing, defining, and implementing procedures relevant to corruption prevention and related offenses, (ii) reviewing processes in areas more exposed to risk, and (iii) conducting training and communication activities to educate and raise awareness among employees about risk situations, as well as the procedures and measures to prevent and mitigate them.
Internal Audit – Assesses the quality and effectiveness of the internal control and risk management systems (both operational and non-operational) that are set by the Board of Directors, ensuring their compliance with the Group's and each business unit's procedures, as well as ensuring compliance, namely, with the law, regulations, rules and policies applicable to the respective operations.
This division reports hierarchically to the Chairman of the Board of Directors and functionally to the Audit Committee. The activities carried out by this functional division are referred in point 50.
Commercial/Global Sourcing – Responsible for proposing, coordinating and implementing the global procurement strategy, and global sourcing policies, in the different geographies where the Group operates.
Procurement, particularly of agri-food products, is becoming increasingly complex, as a series of trends are emerging in the international context that have a major impact on international supply chains and the production sites of these types of goods. Examples include geopolitical tensions, climate change with an increase in the number of extreme phenomena, the increase in the world population, the globalization of consumer habits, or the scarcity of certain commodities. This last trend has also been impacted by increasing limitations on intensive agricultural and livestock production, imposed by regulators, NGO's, analysts and consumer groups.
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Jerónimo Martins | Annual Report 2025
All of these trends, many of which already have a current and significant expression, and are expected to worsen over the next 3 years, should continue to guide the Global Sourcing strategy of the Group companies, with the vision of prioritizing the following 3 axes:
- Ensuring the supply of the main agri-food commodities – guarantee availability of volumes and protect their sources of supply;
- Protect the profitability of operating companies – guarantee the best purchasing conditions, based on leveraging volumes;
- Buy in a more responsible and sustainable way, developing the group of strategic suppliers for the Group in the areas of Private Brands and Specialized Perishables, with a view to continuous improvement in terms of quality, food safety and compliance with ESG criteria, in the areas environmental and social.
Based on this vision, Global Sourcing's main mission is to conduct and lead the coordination and integration of the commercial departments of the various operational companies, in pursuit of the following main activities:
- Coordinate and implement international negotiations with selected global suppliers;
- Plan and execute the annual commodity Global Tenders plan;
- Deepen technical knowledge of global food commodity markets and development of costing models for essential products;
- Develop the park of international suppliers of quality food products;
- Analyse, propose and coordinate the implementation of new procurement models for fresh agri-food products, with a focus on fruits and vegetables, bringing the Group operating companies closer to the producers and shortening supply chains;
- Promote the sharing of know-how and information between different geographies;
- To promote the cross-country development of private label brands within the Group, with a view to leveraging the innovation and differentiation efforts made in one company across all companies, with lower costs and shorter time-to-market;
- Develop global brands (to be potentially used by all Group operating companies) in specific product categories;
- Harmonize the internal standards and procedures for procurement, supplier selection and price negotiation, applicable in all Group operating companies, with integration of ESG criteria into the respective decision-making processes;
- Antecipate and support the preparation of all Group operating companies for the impacts on their sourcing activity of new relevant regulatory frameworks, particularly in the E.U.
Reinforcing the emphasis on social and environmental sustainability criteria introduced in the decision-making process of global tenders, Global Sourcing also takes as a priority in its actions:
- Coordinate monitoring, control and decision-taking following the results of the Group's suppliers within the environmental and social performance audit and rating programs. This activity also includes mapping the risk of the Group's suppliers, with emphasis on private label brand products and perishables.
Corporate Communications and Responsibility – Ensures the strategic management of the Jerónimo Martins brand, promoting and strengthening its reputation across all areas of the Group's activity. Defines and implements the Group's sustainability strategy and policies, maintaining ongoing dialogue with different internal and external stakeholders to manage the balance between economic prosperity, social development and environmental protection.
Controlling and M&A – The division of Financial Controlling coordinates and supports the preparation of the Strategic Plans' consolidated financial statements, which are the basis for the strategic decision-making by the Company corporate bodies.
It has a control function, monitoring the performance of the different business units of the Group and identifying eventual deviations from the plans and budgets. It thus provides the Managing Committee with relevant information and proposals to guarantee corrective measures that allow the defined strategic objectives to be achieved.
It also makes a financial validation of all investment projects that are relevant for the Group, providing support to the Managing Committee for its approval and monitoring.
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Jerónimo Martins | Annual Report 2025
In 2025, it maintained the support and monitoring of the performance of the business units and of the development of the Group's medium and long-term strategic plans, which are essential to the valuation and protection of the Group's assets.
In the Mergers and Acquisitions component, all the Jerónimo Martins Group's inorganic growth opportunities, including partnerships, are analysed and evaluated, in the sectors and geographies where the Group operates. This process is conducted in close collaboration with the tax, legal and different teams of the different business units, as well as with external advisors. For each opportunity, the Management is provided with a complete report of the analysis carried out, which supports decision-making.
Food Portfolio Development – The food portfolio development area emerges following the need to monitor the new consumer trends and to anticipate and limit the impacts from the disruption and strong challenges that affected the food manufacturing industry over the last few years, namely coming from instability in the raw materials supply chains, increasing regulatory requirements, and a general shortage of funding, which are pressuring small and medium-sized suppliers that are so important to the Jeronimo Martins Group.
The Group's ambition to continue growing implies taking a very close look at the food industry in order to identify strategic suppliers with support needs where we can make a difference, as well as investment opportunities for a group with the know-how, capabilities and size of Jeronimo Martins.
Working in articulation with Strategy and M&A, this area is thus responsible for:
- Monitoring consumer trends and the food industry's ability to respond;
- Continuously assessing vulnerabilities in the food industry supply chain, with a focus on private label producers;
- Identifying opportunities for differentiation and value creation in the food industry;
- Structuring proposals for the development and expansion of a potential industrial portfolio;
- Preparing action plans and monitoring potential M&A, mergers and partnership processes.
Strategy and Innovation – Performs a set of activities aimed at supporting the Group in defining and executing strategic initiatives and identifying innovation opportunities that drive growth and contribute to creating sustainable value for the organization. It is also responsible for ensuring continuous monitoring of the risks to which the Group's is exposed. These are described in points 52 to 55 of this Report, together with the activities, policies and procedures developed in the Group's risk management. The work developed can be classified into the following areas:
- Strategy – coordination of multidisciplinary projects with global reach designed to analyse and support decision making on growth opportunities that contribute to achieving the Group's objectives;
- Innovation – incorporation of external perspectives, trends and innovative practices within the organization, namely through the establishment of strategic partnerships and acceleration of innovation pilots;
- Portfolio development – identification and analysis of investment opportunities that ensure strategic alignment with the organization's portfolio and objectives;
- Trends analysis – research and analysis of the likely evolution of consumer behaviour, major geopolitical and market trends, globally with particular focus on the regions where the Group operates;
- Risk monitoring – regular monitoring of the risks to which the Group is exposed and of the main mitigation initiatives, including the preparation of periodic reports to inform the Group's several Departments and companies;
- Strategic planning support – provision of the necessary support to the Group's several companies and governance bodies in the activities included in the annual strategic planning process.
During 2025 the area was restructured and strengthened in its capabilities, leading and supporting several strategic projects and investment opportunity analyses, while continuing to monitor the latest developments in the sector. Additionally, it also conducted again the annual risk assessment, covering the entire Group, and ensured the main conclusions were shared with the teams involved in the preparation and approval of the strategic plans.
Sustainable Finance – The Sustainable Finance division is responsible for reinforcing and ensure full coordination between financial operations and the Group's sustainability initiatives and practices, including the introduction of metrics in financial activity and a total alignment in financial and non-financial
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Jerónimo Martins | Annual Report 2025
reporting. It is also responsible for creating incentive mechanisms that aim to support the implementation of more sustainable practices throughout the Group's supply chain.
During 2025, and under the scope of the Sustainable Finance Framework (SFF) issued in 2024, some new credit lines were negotiated and other converted into debt linked to Sustainable objectives. Working together with the financial area, it was issued a new bond loan, as well as two commercial paper programs, all linked to sustainable targets included in the SFF, in a total amount of 150 million euros. Also under the SFF, two additional supply chain finance credit lines were converted, which now include sustainability metrics for the suppliers benefitting from those, allowing them to benefit from reduced financing costs, indexed to their sustainability practices. It was also made the follow up of the Green Finance from IFC (International Finance Corporation) to Jerónimo Martins Colombia (ARA), as to monitor the achievement of the sustainability targets agreed. Together with the Global Sourcing area, the development of a project that aims to encourage the adoption of best ESG practices in the Group's supply chain was continued.
Fiscal Affairs – Provides all the Group's companies with assistance in tax matters, ensuring compliance with legislation in force and in the optimisation of the business units' management decisions from a tax perspective, in line with principles of responsible governance. It also manages the Group's tax litigation and coordinates its institutional relations with external consultants and lawyers, as well as with tax authorities, ensuring ethical and transparent practices.
In 2025, it provided specialized technical support in M&A operations and corporate restructuring processes, reinforcing the integration of ESG basis into tax analysis. It continued to monitor legislative changes, particularly the various amendments to personal income tax – IRS – and their implications for employees (such as “IRS Jovem” scheme or the tax incentive for scientific research and innovation) across the Group's companies in Portugal.
It was also responsible for analysing the impact of EU Directives, namely the initiative known as "Pillar Two", ensuring compliance with international standards for fair taxation.
Finally, through active participation in national and international associations representing the sector, it contributed to defending the Group's interests, promoting the clarification and implementation of new legislation, and engaging in public debate on tax rules, always with a focus on transparency and sustainability.
Financial Operations and Insurance – This Division includes Financial Risk Management, as well as Insurance and Treasury Management. The activity of the first area is discussed in detail in points 52 to 55.
Treasury Management is responsible for managing relations with the financial institutions that already undertake, or have the potential to undertake, business with the companies of the Group, ensuring that these entities fulfil the defined criteria, and also ensuring that the best possible conditions are always achieved and ensuring the best possible conditions are contracted for Jerónimo Martins. It also executes treasury planning with the aim of negotiating and implementing, for all the Group's Companies, the most suitable financial sources according to its cash flow generation profile, or to get the highest return with the lowest risk from the excess cash of the Group.
A large part of the treasury activities of Jerónimo Martins is centralized in the Holding Company, which is a structure that provides services to all other Companies of the Group. The negotiation and management of the main insurance policies of the Group are also negotiated and managed in this division, where lies the responsibility for the relation with the insurance brokers and insurance companies that do business with the Group.
In compliance with the above-described activities, during 2025, credit lines were reinforced which, according to the Financial Risk Management Policy, have to be available up to the limits imposed on it. On what concerns insurance policies, the annual renegotiation of the same was made, reinforcing once again an integrated approach of all geographies where the Group operates.
Quality and Private Brand Development – Responsible for defining, planning, implementing and controlling the policies, procedures, methodologies and rules in the various countries where Jerónimo Martins operates, ensuring the use of the best and most up-to-date practices in this area. This Division is also responsible for managing the JM Molecular Biology Lab.
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Jerónimo Martins | Annual Report 2025
In 2025, the main activities carried out focused on:
- carrying out the defined product and supplier control activities;
- review of the supplier checklist taking into account international benchmarks updates;
- continuous improvement of Private Brand products by reformulating existing products;
- in the largest and fastest anti-fraud related to ingredient species and genetically modified organisms (GMO) ingredients control – carried out in the Molecular Biology Laboratory;
- maintaining the certifications in quality and food safety;
- upgrade 2.0 of the Quality Management System (QMS) IT tool for all geographies;
- revision of the corporate guidelines for Private Brand – perishables, food and non-food products;
- maintaining the accreditation of the JM Molecular Biology Laboratory (DNA Lab).
Operations Quality and Food Safety – Responsible for, in the several geographies where Jerónimo Martins operates, ensuring quality and food safety in all perishable products and processes, along the supply chain, in all its steps: producers and suppliers, goods reception and storage, stores, kitchens and fresh dough factory.
For that it defines, plans, implements and controls Group policies, standards and requirements, for products and processes, promoting alignment of local structures and sharing of best practices, always seeking continuous improvement of products Quality and Food Safety and customer satisfaction.
For that, in 2025, the main activities developed were the implementation of a continuous improvement plan for suppliers focused on their performance along the year and in food fraud control, a continuous improvement plan for product through several consumer panels and internal sensory panels and its follow up in stores, maintenance of Quality and Food Safety Certifications, and continuous improvement of Quality management and data analysis tool.
Human Resources – Responsible for defining the strategy and global human resources policies, ensuring the consolidation of the position as a reference employer in the geographies where the Group operates. Within its responsibilities, it ensures compliance with these guidelines and good practices of social sustainability, respecting the specificities of different countries and the unique identity of each company, promoting good practices that reinforce the attraction, retention, and development of talent.
The activities that this functional division carried out in 2025 can be found in detail in Chapter 5 – "Sustainability Statement", subchapter 4. "Social Information", section 4.2. "Managing social topics", subsection 4.2.1. "Own work force" of the Annual Report.
Investor Relations – Responsible for the communication with investors – whether current shareholders or not, institutional and private, national and foreign - as well as with the analysts who formulate opinions and recommendations regarding Jerónimo Martins' share price. It is also the responsibility of this Division to co-ordinate all matters related to the Portuguese financial markets regulator (CMVM).
The activities carried out by this functional division can be found in detail in points 56. and 58.
Institutional Relations – Responsible for anticipating trends and potential impacts arising from political contexts and regulatory frameworks, and for identifying opportunities that promote and defend the interests of the Jerónimo Martins Group at national, European and international level, thereby contributing to the continued strengthening of the Group's reputation and to the preparation and prosperity of its businesses.
The quality of interinstitutional dialogue and external representation, as well as the proper monitoring of political and legislative agendas relevant to the Jerónimo Martins Group and its Companies, largely determine its ability to remain prepared to manage the necessary changes within a global environment marked by high uncertainty and geopolitical volatility, and by increasing risks of crises and disruptions.
The growing influence of the European Union (EU) over its Member States, with legislative, economic and social implications, requires close monitoring of the European agenda—a responsibility ensured by this Department.
The Group's representation in organisations considered strategic in the geographies where it operates (such as APED, EuroCommerce, Fenalco or POHiD), and whose agendas we seek to follow and influence, is an integral part of the work carried out by the Institutional Relations team. This also includes the internal
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coordination required for effective information management and for ensuring the participation of the relevant areas of expertise in the appropriate moments and forums
Security Services
Responsible for the implementation of an integrated security strategy, defining and coordinating procedures for the prevention and protection of people and property and intervening whenever thefts, robberies, or other illicit and/or violent activities occur within the Group's facilities. In addition, through its Audit team, it assesses the quality and effectiveness of in-store security systems, ensuring compliance with internal procedures and applicable legislation.
International cooperation with teams in Poland and Colombia, which report to this Department was strengthened, and two new strategic areas were created: Security Audit Directorate, dedicated to continuous evaluation of systems and processes, and Innovation Directorate, focused on developing technological solutions and high-efficiency protocols, anticipating current and future threat scenarios.
In the Agribusiness sector, focus was maintained on the specific challenges of the various areas covered (dairy, livestock, aquaculture, and fruit and vegetable operations), since there are significant challenges that require robust and tailored solutions in terms of safety.
Information Security
Responsible for planning, implementing and maintaining an information security and cybersecurity management system across all Group Companies, based on risk management and on prevention, detection, response and recovery of incidents.
Information security officers (ISO) in the geographies where the Group operates, as well as those responsible for technology security, report to this division. Together they ensure the implementation of the information security strategy, compliance with applicable cybersecurity legislation and adherence to internal Information Security Policies and Standards. They also support the respective Companies by assessing and mitigating cybersecurity risks associated with projects and activities.
In 2025, the main initiatives included raising cybersecurity and providing employee training, including on the use of Artificial Intelligence tools, strengthening and testing technical and human resources for incident prevention, detection, response and recovery, improving system resilience and preparing for compliance with the NIS 2 EU Directive. This Department maintains close cooperation with national cybersecurity authorities in Portugal, Poland and Colombia.
Information Technology
Responsible for the management of Information Technologies ("IT"), selecting, developing and maintaining technological solutions for all business units. This Department is divided between global teams, which provide services to the various companies of the Group, and local teams, which are integrated into the structures of the respective companies.
The global team is responsible for i) defining and implementing the Group's global technology strategy, including IT policies, standards and procedures; ii) continuously promote agility and productivity through technology-based innovation; and iii) contribute to the solidity and autonomy of the IT areas of each company, closely monitoring the activities of the different businesses.
In 2025, the global area began preparing the next cycle of investments in its technological infrastructure, including the redefinition of its data center architecture, the selection of a new data center in Bogotá, and the negotiation of new servers in Portugal and Poland.
In addition, it has negotiated, agreed and defined the path for the evolution of its Enterprise Resource Planning (ERP) system, whose implementation will begin in 2026.
Another prominent initiative is the redesign of the data architecture model, which will migrate from a datawarehousing to a datalakehouse model. This initiative will strengthen the efficiency in the use of data and allow its greater exploitation in the context of artificial intelligence (AI) tools.
The use of AI in Jerónimo Martins companies has gained ground in 2025, with the progressive adoption of new global solutions and the launch of multiple pilot projects to test the applicability and efficiency of AI models to different problems and opportunities.
Although the Company used effective technological solutions to assist in the preparation and management of meetings of its corporate bodies, namely meetings of the Board of Directors and General Meeting, artificial intelligence mechanisms were not used as a decision-making tool by its corporate bodies.
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Sustainability and ESG Relations – Responsible for coordinating and monitoring the Group's sustainability strategy, ensuring the integration of environmental, social and governance (ESG) factors into management models, internal processes and decision-making, as well as the Group's strategic positioning on these matters. Ensures alignment with the applicable regulatory framework and with the public commitments assumed by the Group. Acts as a liaison with ESG investors, non-governmental organisations and other stakeholders, ensuring transparent communication aligned with best practices.
It is responsible for preparing the Group's Sustainability Statement (chapter 5 of this Report), coordinating the collection, validation and consolidation of ESG information from the various companies and functional areas of the Group. The Sustainability Statement provides detailed information on the Group's material topics identified through the double materiality assessment, the ongoing sustainability initiatives, and the main policies and measures adopted in relation to environmental, social and governance targets. It also describes the processes established by the Company for collecting and processing ESG data, monitoring relevant risks and defining mitigation strategies. Additionally, chapter 5, as well as point 53 of this chapter, includes information on how climate change is considered within the organisation and how climate-related risks and opportunities are factored into decision-making processes.
Finance Transformation and Reporting – Responsible for optimizing and automating financial processes and tasks, aiming for its modernization and best practices alignment, alongside with the adaptation of systems and technological solutions of support.
Together with the Finance Transformation team, also integrates the Corporate Consolidation and Accounting areas, responsible for the preparation of consolidated financial information in order to comply with statutory and legal obligations and for supporting the Board of Directors by implementing and monitoring the policies and the accounting principles adopted by the Group.
It also supervises the financial reporting of the different Group Companies to ensure that it conforms to the standards, supporting the Companies in the accounting assessment of non-recurrent transactions, as well as restructuring and expansion operations.
In 2025, continued the automation of financial reports, the standardization of administrative and accounting processes. It continued the implementation of a new solution for Consolidation and lease management (IFRS16).
It also ensured compliance with the annual financial reporting of 2024 and the quarters of 2025, in what regards the IFRS (International Financial Reporting Standards), as well as the guidelines issued by ESMA (European Securities and Markets Authority), with regard to the priorities defined for the 2024 annual reports.
Operational Areas
The organisational structure of Jerónimo Martins is aimed mainly at ensuring specialisation in the Group's various businesses by creating geographical areas and operational areas, thus guaranteeing the required proximity to the different markets.
The Food Distribution business is divided by geographical areas - Portugal, Poland, Slovakia and Colombia – and within these, by operational areas. In Portugal there are two operational areas: Pingo Doce (supermarkets) and Recheio (cash & carry), which also includes the food service division through Recheio Masterchef. In Poland, it has the Biedronka operational unit (food stores), and in 2025 operations under the same brand began in Slovakia. In Colombia it has Ara (food stores).
The Group's portfolio also includes a business segment dedicated to Specialised Retail, with the operational areas of Jeronymo (cafeterias) and Hussel (chocolate and confectionery shops) in Portugal – having decided, at the beginning of 2026, to discontinue the operations of the latter – and in Poland with Hebe (health and beauty retail), which, in order to support its online and international operation, also operates five stores in the Czech Republic and two stores in Slovakia.
The Group also has companies in the agro business sector, with activities in the areas of dairy products, agriculture, aquaculture, and fruits and vegetables in Portugal and, in the case of aquaculture, also in Morocco, with a primary focus on protecting and differentiating the supply chain of its food distribution
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operations. It also has investments in Norway, in Andfjord Salmon, a company that produces salmon in an innovative and sustainable way, and, from the end of 2025, also in Norcod, AS, a company listed on the Oslo Stock Exchange, which is dedicated to the production of cod in aquaculture..
B. Functioning
22. Availability and Place Where Rules on the Functioning of the Board of Directors May be Viewed
The Regulation of the Board of Directors is available on the Company's website, through the link mentioned in point 61. ("Relevant Addresses").
23. The Number of Meetings Held and the Attendance Report For Each Member of the Board of Directors
The Board of Directors, whose duties are described in Art. 13 of the Company's Articles of Association, meets at least four times a year, and any of its members may be represented at the Board Meetings by another member, by means of a letter addressed to the Chairman.
During 2025, the Board of Directors met seven times. The respective minutes were prepared for all meetings. The number of annual meetings held by this body is also disclosed on the Company's website, through the link mentioned in point 62. ("Relevant Addresses").
The attendance of each Director to the referred meetings during the exercise of respective duties, measured in terms of their effective attendance, was as follows:
| Pedro Soares dos Santos | 100% |
|---|---|
| Agnieszka Słomka-Gołębiowska^{1} | 100% |
| António Domingues^{1} | 100% |
| Elizabeth Ann Bastoni | 100% |
| Fabio Villegas Ramírez^{1} | 100% |
| Francisco Sá Carneiro^{1} | 100% |
| João Vale de Almeida^{1} | 100% |
| José Soares dos Santos | 100% |
| María Ángela Holguín Cuéllar | 100% |
| Nigyar Makhmudova^{1} | 100% |
| Sérgio Rebelo | 100% |
| Directors who ceased duties on 24^{th} April 2025: | |
| Andrzej Szlezak^{2} | 100% |
| António Viana-Baptista^{2} | 100% |
| Artur Stefan Kirsten^{23} | 0% |
| Clara Christina Streit^{23} | 0% |
| Francisco Seixas da Costa^{2} | 100% |
| Natalia Olynec^{2} | 100% |
1 Only the meetings of the Board of Directors held after 24th April 2025, date of the respective appointment as Director were taken into account..
2 Only the meetings of the Board of Directors held until 24th April 2025, date of expiry of the term of office, were taken into account.
3 In every meeting not attended, the Director in question issued a representation letter, according to the Company's by-laws.
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24. Details of Competent Corporate Boards Undertaking the Performance Appraisal of Executive Directors
The assessment of performance of Executive Directors is made by the Remuneration Committee, elected by the General Shareholders' Meeting (see points 66. et seq.).
The Remuneration Committee is in charge of, in the scope of the Remuneration Policy, assessing the individual and collective performance of Executive Directors, evaluating their influence and impact in Jerónimo Martins' businesses and assessing their alignment with the medium and long-term interests of the Company.
As referred below (see point 27.), currently there are no committees composed exclusively by Directors. Notwithstanding such fact, the performance of Executive Directors who are part of mixed committees (i.e. also composed of Non-directors) is evaluated by the Remuneration Committee, in the terms referred above.
Additionally, every year, on November, the discussion within the Board of Directors of the strategic plans of the Group and of the different areas of business has underlying the performance evaluation in the year of the Board of Directors, the existing Internal Committees, and of the Chief Executive Officer, taking into account not only qualitative aspects, by comparison with the plans and approved budgets, but also the main projects under course, including those of portfolio expansion. Such yearly performance evaluation is afterwards complemented at the time of the approval of the Management Report and of the accounts.
25. Predefined Criteria For Assessing Executive Directors' Performance
The predefined criteria for assessing Executive Directors' performance arise from that established in the Remuneration Policy described in point 69.
26. The Availability of Each Member of the Board of Directors and Details of the Positions Held at the Same Time in Other Companies Within and Outside the Group, and Other Relevant Activities Undertaken by Members of This Board Throughout the Financial Year
Throughout the year, the members of the Board of Directors held positions in other companies, namely:
Pedro Soares dos Santos
Director of Jerónimo Martins - Serviços, S.A.
Director of Jeronimo Martins Polska, S.A.
Director of Jeronimo Martins Drogerie i Farmacja Sp. z o.o.
Director of Jeronimo Martins Colombia, S.A.S.
Director of Recheio, SGPS, S.A.
Director of JMR – Gestão de Empresas de Retalho, SGPS, S.A.
Director of Jerónimo Martins – Agro-Alimentar, S.A.
Director of Jerónimo Martins Inovação, S.A.
Director of Santa Maria Manuela Turismo, S.A.
President of the Supervisory Board of Warta – Retail & Services Investments B.V.
President of the Supervisory Board of New World Investments B.V.*
Director of Arica Holding B.V.
Chairman of the Board of Directors of Sociedade Francisco Manuel dos Santos Holding, N.V. (until November 2025)
President of the Supervisory Board of Sociedade Francisco Manuel dos Santos Holding, B.V. (as from November 2025)
Director of Sociedade Francisco Manuel dos Santos, B.V.
Director of Sociedade Francisco Manuel dos Santos II, S.A.
Agnieszka Słomka-Gołębiowska
Chair of the Board of Directors of mBank (Commerzbank AG Group)
Director (Non-Executive), and Member of the Supervisory Board of CD Projekt
Director (Non-Executive), and Chair of the Audit Committee of Pracuj Group
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António Domingues
- Director of Haitong Investment Bank, S.A.
- Director of Banco CTT, S.A.
- Director of UniCredit SpA
Elizabeth Ann Bastoni
- Director of Euroapi, S.A.
- Director of CNH Industrial
- Director of Qorium B.V.
- Director of Coca-Cola HBC AG
Fábio Villegas Ramírez
- President of Decameron Hotels & Resorts
- Director of Carvajal, S.A.
Francisco Sá Carneiro
- Director of Sociedade Francisco Manuel dos Santos B.V.
- Director of Arica – Investimentos, Participações e Gestão, S.A.
- Director of Sociedade Francisco Manuel dos Santos II, S.A.
- Manager of Alnilam – Sociedade Imobiliária, Lda.
João Vale de Almeida
- Does not hold positions in corporate bodies of other companies
José Soares dos Santos
- Director of Arica Holding B.V.
- Chairman of Arica – Investimentos, Participações e Gestão, S.A.
- CEO of Sociedade Francisco Manuel dos Santos Holding N.V. (until November 2025)
- Chairman of Sociedade Francisco Manuel dos Santos Holding B.V. (as from November 2025)
- Executive President of Sociedade Francisco Manuel dos Santos, B.V.
- Chairman of Sociedade Francisco Manuel dos Santos II, S.A.
- Chairman of Movendo Industries B.V. (until December 2025)
- Chairman of Movendo Capital B.V.
- Chairman of Unilever Fima, Lda.
- Chairman of Gallo Worldwide, Lda.
- Chairman of JMDB Representação e Distribuição de Marcas, Lda.
- Chairman of Oceanário de Lisboa, S.A.
- Chairman of Waterventures – Consultoria, Projectos e Investimentos, S.A.
- Director of REF Eastern European Opportunities Luxembourg S.a.r.l.
- Chairman of the Supervisory Board of Inovamar, S.A.
María Ángela Holguín Cuéllar
- Director (Non-Executive) of Hoteles Estelar S.A.
- Director (Non-Executive) of Gases del Pacífico S.A.C.
- Director (Non-Executive) of Gases del Norte del Perú S.A.C.
- Director (Non-Executive) of Procafecol S.A.
- Director (Non-Executive) of TESICOL – Tejidos Sintéticos de Colombia S.A.
- Member of the Supervisory Board of New World Investments B.V.*
Nigyar Makhmudova
- Director of ISDIN S.A.
- Director of C&A N.V. (until 31st May 2025)
- Director of Pinnacle Pet Group Limited
Sérgio Tavares Rebelo
- Member of the Supervisory Board of Warta – Retail & Services Investments B.V.*
- Member of the Supervisory Board of New World Investments B.V.*
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Andrzej Szlezak (until 24th April 2025)
Chairman of the Supervisory Board of Agora, S.A.
Member of the Supervisory Board of Warta – Retail & Services Investments B.V.*
António Viana-Baptista (until 24th April 2025)
Director (Non-Executive) of Semapa, SGPS, S.A.
Director of Alter Venture Partners G.P., SARL
Director of Alter Venture Partners G.P. II SARL (since July, 2024)
Director (Non-Executive) of Azora Capital, S.L.
Artur Stefan Kirsten (until 24th April 2025)
Director of Movendo Capital, B.V.
Director of Sociedade Francisco Manuel dos Santos, B.V.
Director of Planted Foods AG
Director of Footprint International Holding Inc.
Managing Director of Brilliant 3333 GmbH
Managing Director of parabellum.one GmbH
Managing Director of Spac-Founder GmbH
Managing Director of ASK-Consult GmbH
Clara Christina Streit (until 24th April 2025)
Chair of the Supervisory Board of Vonovia SE
Member of the Supervisory Board of Deutsche Börse AG
Francisco Seixas da Costa (until 24th April 2025)
Director (Non-Executive) of Mota-Engil, SGPS, S.A.
Chairman of the Supervisory Board of Tabaqueira II, S.A.
Chairman of the Advisory Council of Kearney Portugal
Natalia Anna Olynec (until 24th April 2025)
Did not perform duties in other companies
- Companies that are part of the Group.
The positions held by the members of the Board in other companies did not affect their availability to take part in the Company's affairs, as demonstrated in the attendance report mentioned in point 23.
C. Committees within the Board of Directors and Board Delegate
- Details of the Committees created within the Board of Directors, and the Place Where the Rules on the Functioning Thereof is Available
Currently – without prejudice to the Audit Committee to which is made reference to in points 30. to 33., being the Regulation of the Audit Committee available on the Company's website, through the link mentioned in point 61. ("Relevant Addresses") – only the Committee on Corporate Governance and Corporate Responsibility (CCGCR), referred on point 29. has, among its members, a majority of Company's Directors and is considered to be a Company Internal Committee in the sense that continues to be given to this expression in the 2023 IPCG's Recommendations.
There are also other committees created in the Company, composed by Directors and by other individuals who are not Directors, analysed in point 29.
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28. Details of the Board Delegate
The Board of Directors appointed a Chief Executive Officer, responsible for implementing the strategic decisions taken by the Board, in accordance with the delegated powers, and a Managing Committee, responsible for assisting the Chief Executive Officer in the duties delegated to that officer by the Board of Directors.
The role of Chief Executive Officer is performed by Pedro Soares dos Santos.
29. Description of the Powers of Each of The Committees Established and a Summary of Activities Undertaken in Exercising Said Powers
a) Company's Committees
Committee on Corporate Governance and Corporate Responsibility (CCGCR)
CCGCR is made up of a minimum of three and a maximum of nine members, who are not required to be directors, appointed by the Board of Directors. One of the members will be the Chairman.
The Board of Directors decided to appoint the current Chairman of the Board of Directors, Pedro Soares dos Santos, as Chairman of CCGCR, as well as the Company's Directors José Soares dos Santos Agnieszka Słomka-Gołębiewska (as from 24th April 2025), Francisco Sá Carneiro (as from 24th April 2025), Andrzej Szlezak (until 24th April 2025), and Natalia Anna Olynec (until 24th April 2025). Claire Bright is also a member of this Committee.
In carrying out its mission, the CCGCR collaborates with the Board of Directors, assessing and submitting to it proposals for strategic orientation in the area of Corporate Responsibility, as well as monitoring and supervising on a permanent basis matters concerning: i) corporate governance, social responsibility, the environment and ethics; ii) the business sustainability of the Group; iii) internal codes of ethics and of conduct; and iv) systems of assessment and resolution of conflicts of interest, especially regarding relations between the Company and its shareholders or other stakeholders.
Especially in what concerns company governance, CCGCR has the duty to keep up, review and assess the appropriateness of the Company's model of governance and its consistency with the recommendations, patterns, and national and international best practices on company governance, addressing the Board of Directors the recommendations and proposing any changes, deemed adequate, having met once in 2025.
The Regulation of the CCGCR, as well as the number of annual meetings held by this Committee, is available on the Company's website, through the link mentioned in point 61. ("Relevant Addresses").
In the 2025 financial year, as explained above, two members of the CGSRC ceased their functions and were replaced by two new members.
b) Other Committees
Managing Committee
The Managing Committee of the Company, which has the same term of office as that of the Board of Directors that appointed it, is currently composed of the Chief Executive Officer, Pedro Soares dos Santos, who is the Chair, Ana Luísa Virgínia, António Serrano, Carlos Martins Ferreira, Francisco d'Almeida, Isabel Ferreira Pinto, João Nielsen Sebastian, João Nuno Magalhães, Luís Araújo, Marta Lopes Maia, Nuno Begonha, Nuno Sereno, and Sara Miranda. In accordance with its regulations, the Managing Committee is responsible for advising the CEO, within the respective delegation of powers, in carrying out the following functions:
- control over the implementation by the Companies in the Group of the strategic guidelines and policies defined by the Board of Directors;
- financial and accounting control of the Group and of the Companies that are a part thereof;
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- senior coordination of the operational activities of the different Companies in the Group, whether integrated or not in business areas;
- launching of new businesses and monitoring them until they are implemented and integrated in the respective business areas;
- implementation of the management policy of human resources defined for the top-level management of the entire Group.
In 2025, the Managing Committee held meetings regularly for the exercise of its competences having been drawn up minutes of the meetings, which were sent to the Chairman of the Board of Directors and to the Company's Secretary.
The Regulation of the Managing Committee is available on the Company's website, through the link mentioned in point 61. ("Relevant Addresses").
Ethics Committee
The Ethics Committee of Jerónimo Martins is composed of three to five members appointed by the Board of Directors. Since 24th April 2025 it is composed by Jaroslaw Sobczyk, Ana Cristina Silva, Dominik Wolski, Pedro Antunes and Pedro Maya. The mission of the Ethics Committee is to provide independent supervision of the disclosure of and compliance with the Group's Code of Conduct in all the Companies of the Group.
The duties of the Ethics Committee include: i) establishing the channels of communication with the addressees of the Jerónimo Martins Group Code of Conduct and gathering such information as may be addressed to it in this connection; ii) ensuring the existence of an adequate system of internal control of compliance with the Jerónimo Martins Group Code of Conduct and with the appraisal of the recommendations stemming from such control; iii) appraising such issues as may be submitted to it by the Board of Directors, by the Audit Committee or by the Committee on Corporate Governance and Corporate Responsibility (CCGCR) within the scope of compliance with the Code of Conduct; iv) proposing to the Board of Directors or to CCGCR the adoption of such measures as it may deem fit in this connection, including a review of internal procedures and alterations to the Jerónimo Martins Group Code of Conduct; v) drawing up an annual report on its activities to be presented to the Committee on Corporate Governance and Corporate Responsibility; and vi) to ensure the receipt and follow-up of the reports of any irregularities embodying the violation of the Jerónimo Martins Group Code of Conduct or violations of any rules provided in the law applicable in the countries where the Company and the Companies which make part of it operate, without prejudice to the availability of autonomous reporting channels in subsidiary companies obliged to do so (Pingo Doce, Distribuição Alimentar, S.A., Recheio Cash & Carry, S.A., JMR – Prestação de Serviços para a Distribuição, S.A., and Lidosol II – Distribuição de Produtos Alimentares, S.A.), under the terms of the law.
The Ethics Committee reports functionally to the CCGCR, which has responsibilities in the fields of corporate governance, social responsibility, environment and ethics, including those related to the internal codes of ethics and of conduct. The minutes of the meetings held in 2024 for the exercise of its competences were drawn up.
The Regulation of the Ethics Committee is available on the Company's website, through the link mentioned in point 61 ("Relevant Addresses").
Internal Control Committee
The Internal Control Committee (ICC), appointed by the Board of Directors and reporting to the Audit Committee, is specifically responsible for evaluating the quality and reliability of the internal control system and the process of preparing financial statements, as well as for evaluating the quality of the monitoring process in force in Jerónimo Martins' Companies, with a view to ensuring compliance with the laws and regulations to which they are subject. In performing this latter task, the ICC must obtain regular information on the legal and fiscal contingencies that affect the Companies of the Group.
The ICC meets monthly, as a general rule, for the exercise of its competences, having been drawn up minutes of such meetings. It is composed of a Chairman (Alan Johnson) and four members (Gonçalo
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Borges, Henrique Soares dos Santos, Jorge Santos Dias and José Vitorino). None of the members is an executive director of the Company.
In 2025, the ICC continued its activities of supervision and evaluation of risks and critical processes, analysing the reports prepared by the Internal Audit department. As a representative of the External Audit team is invited to attend these meetings, the Committee is also informed of the conclusions of the external audit work that takes place during the year.
The Regulation of the ICC is available on the Company's website, through the link mentioned in point 61. ("Relevant Addresses").
Subsection III - Supervision - (Audit Committee)
A. Composition
30. Details of the Supervisory Board (Audit Committee) Representing the Model Adopted
The supervisory board of the Company is the Audit Committee, consequence of the anglo-saxon governance model adopted.
Under the terms of the respective regulation, according to an updated interpretation (in light of the provisions of Article 66.°-B of the Commercial Companies Code and Article 9.° of the Civil Code), in addition to the powers attributed to it by law, the Audit Committee is responsible for the following:
- monitoring the preparation and disclosure of financial information and corporate sustainability reporting;
- monitoring the effectiveness of internal control systems, internal auditing and risk management. For this purpose, they may work with the ICC, which shall report to them regularly on their work, pointing out situations that should be analysed by the Audit Committee;
- evaluating the external audit on a regular basis;
- approving activity plans in the area of risk management and following up on their execution, proceeding with the assessment of the recommendations resulting from the audit actions and the revisions of the procedures undertaken;
- looking after the existence of an adequate internal risk management system for the companies of which Jerónimo Martins is holder of shares or quotas, ensuring full compliance with its objectives;
- approving internal audit activity programmes, which respective department functionally reports to it, as well as of the external audit;
- selecting, as proposed by the Managing Committee, the service provider for the external audit;
- monitoring the legal accounts audit services and the audit works of the corporate sustainability reporting;
- assessing and monitoring the independence of the Statutory Auditor, especially when it performs additional services for the Company.
Under the terms of the law and the procedure described below in points 89. and 91., the Audit Committee is responsible for assessing whether any existing transactions with related parties were carried out within the scope of the current activity of the Company and/or its subsidiaries and under market conditions. The Audit Committee is also responsible for, whenever necessary, to issue its prior opinion on any transactions with related parties or transactions that may generate conflicts of interest.
The Audit Committee, for the adequate performance of its duties, requests and appraises all the management information deemed necessary. In addition, it has unrestricted access to the documentation produced by the auditors of the Company, having the possibility to request any information from them it deems necessary and being the first recipient of the final reports prepared by the external auditors.
Within the scope of its attributions in terms of monitoring the legal accounts audit services, and the statutory auditor, the Audit Committee shall propose to the competent body the dismissal of the former, or the termination of the contract for the provision of services entered into, should there be just cause.
In 2025, the Audit Committee once again paid particular attention to financial risk management, having issued a favorable opinion on the update of the Group's Financial Risk Policy, which was subsequently
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Jerónimo Martins | Annual Report 2025
approved by the Board of Directors. It also focused on the evolution of the main pending legal and tax proceedings, on the plan and activity of the Internal Audit Department, as well as on other internal control activities, highlighting those related to Finance, Information Security, and Risk Management, including Insurance. The Committee also gave special attention to the plan and the external audit work carried out throughout the year, which includes the review of non-financial information in accordance with the European Sustainability Reporting Standards (ESRS), and prepared the proposal for the appointment of the new Statutory Auditor, which was approved at the General Shareholders' Meeting held in April 2025.
31. Composition of the Audit Committee, With Details of the Articles of Association's Minimum and Maximum Number of Members, Duration of Term of Office, Number of Effective Members, Date of First Appointment, Date of End of the Term of Office for Each Member. Diversity Policy.
According to the Articles of Association, the Audit Committee is comprised of three members of the Board of Directors, one of whom will be its Chairman.
The members of the Audit Committee are appointed by the General Shareholder's Meeting to terms of three years, simultaneously with the members of the Board of Directors, and the lists of proposed members of the latter body must indicate those that are intended to form the Audit Committee. The members of the Audit Committee cannot perform executive roles in the Company.
The composition of the Audit Committee, during 2025, was the following:
Elizabeth Ann Bastoni
- Chair of the Audit Committee (as from 24th April 2025)
- First appointment on 11th April 2019
- Expiry of the term of office on 31st December 2024
António Domingues
- First appointment on 24th April 2024
- Expiry of the term of office on 31st December 2027
Sérgio Tavares Rebelo
- First appointment on 10th April 2013
- Chairman of the Audit Committee between 2016 and 2022
- Expiry of the term of office on 31st December 2024
Clara Christina Streit
- Chair of the Audit Committee (until 24th April 2025)
- First appointment on 14th April 2016
- Expiry of the term of office on 31st December 2024. In office until 24th April 2025
The Company considers the number of members of the Audit Committee to be suitable, taking into account that it constitutes about one third of the Non-executive Directors of the Company, and the powers that are attributed to it, described in point 30., thus allowing it to efficiently ensure the functions that are attributed to it, taking into account the size of the Company and the risks inherent to its activity.
Diversity Policy
In this regard it is applicable what is stated in point 16.
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Jerónimo Martins | Annual Report 2025
32. Details of the Members of the Audit Committee, Which are Considered to be Independent Pursuant to Art. 414/5 CSC
Each member of the Audit Committee complies with the rules of incompatibility laid down in paragraph 1 of Art. 414-A CCC, except that provided for in sub-paragraph b). António Domingues, and Elizabeth Ann Bastoni comply with the independence criteria foreseen in Art. 414, number 5 CCC. Clara Christina Streit also complied, until the date of termination of her duties on 24th April 2025, with the aforementioned incompatibility regime and independence criteria.
33. Professional Qualifications of each Member of the Audit Committee and Other Important Curricular Information
The professional qualifications of the members of the Audit Committee are those described in point 19. ("Professional Qualifications of the Members of the Board of Directors").
Additionally, reference should be made to the fact that the vast experience of the members of the Committee in corporate body positions, as well as to their special technical merit in this particular matter, have created particular added value for the Company.
The Chair of the Audit Committee, Elizabeth Ann Bastoni holds a BA degree with a concentration in Accounting from Providence College and a degree in French Civilization studies from the Sorbonne University in Paris, having started her career in 1989, in Paris, in the international tax practice of KPMG, where she held various positions, including senior manager of business development. Subsequently, she held several important positions in the human resources field at leading companies in Europe. Her academic training, her extensive professional experience, ensure her a special competence for the assignment as Chair of the Company's supervisory body.
Clara Christina Streit holds a Masters in Business Administration from the University of St. Gallen, Switzerland, having started her career at McKinsey & Company as a consultant, having ceased her collaboration with that company in 2012 as a senior partner, after more than 20 years of experience as an adviser to financial institutions. She is currently an independent non-executive director of several European companies. Her academic training, her extensive professional experience, namely in matters of control and supervision, and her keen critical and analytical sense, ensured her a special competence for the assignment as Chair of the Company's supervisory body until 24th April 2025.
B. Functioning
34. Availability and Place Where the Rules On The Functioning of the Audit Committee May Be Viewed
The Regulation of the Audit Committee is available on the Company's website, through the link mentioned in point 61. ("Relevant Addresses").
35. The Number of Meetings Held and the Attendance Report for Each Member of The Audit Committee
The Audit Committee meets, at least, once every three months and is responsible for supervising Company management, carrying out the duties attributed by law and by Article Twenty of the Articles of Association.
During 2025 the Audit Committee met six times, and all meetings were duly minuted. The number of annual meetings held by this body is also disclosed on the Company's website, through the link mentioned in point 62. ("Relevant Addresses").
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Jerónimo Martins | Annual Report 2025
The attendance of each Director at the meetings during the exercise of the respective duties was as follows:
| Elizabeth Ann Bastoni | 100% |
|---|---|
| António Domingues ¹ | 100% |
| Sérgio Rebelo | 100% |
| Clara Christina Streit ² | 100% |
1 Only the meetings of the Audit Committee held after 24th April 2025, date of the respective appointment as member of the Audit Committee, were considered.
2 Only the meetings of the Audit Committee held until 24th April 2025, date of expiry of the term of office, were taken into account
36. The Availability of Each Member of the Audit Committee, Indicating the Positions Held Simultaneously in Other Companies Inside and Outside the Group, and Other Relevant Activities Undertaken by Members of These Boards Throughout the Financial Year
The members of the Audit Committee have always been available for the Company's affairs during 2025, having participated in the same when it was necessary or when they considered to be necessary.
The positions held by the members of the Audit Committee in other companies are described in point 26.
Corporate Governance
Jerónimo Martins | Annual Report 2025
C. Powers and Duties
37. A Description of the Procedures and Criteria Applicable to the Supervisory Body for The Purposes of Hiring Additional Services From the External Auditor
According to the provisions of Law no. 148/2015, of 9th September, the provision of services other than audit services, is subject to the verification of its adequacy (under the point of view of threats to independence and safeguard measures that eventually may be necessary) and prior approval of the Audit Committee, duly substantiated.
This Committee defined through a specific regulation the services that cannot be provided by the external auditor, following the provisions of European legislation and the Legal Regime of the Portuguese Statutory Auditors.
In order to ensure the independence of the external auditor, this regulation also provides for the responsibility of the Audit Committee to verify, follow and monitor the independence of the external auditor, having to monitor the services provided by the external auditor, ensuring that it does not provide the Company with services other than accounting that cannot be provided and are listed in said regulation, as well as to evaluate the threats to the independence of the external auditor, the applied or to be applied safeguard measures, proceeding to their discussion with the external auditor when deemed necessary. It is also up to the Audit Committee to evaluate on an annual basis the work performed by the external auditor, including on what concerns its independence and suitability for the performance of its duties and to implement any other measures deemed necessary to ensure the independence of the external auditor.
At the beginning of each year, the Audit Committee approves a list of services, in addition to the audit services, which may be provided by the external auditor during that year, which are considered to be pre-authorized, as well as establishing the maximum amount for hiring the external auditor by the Company or by entities belonging to the same network to provide such services in that year. This list includes services that require certification by the Statutory Auditor, in matters of compliance with legal obligations that are based on information collected during the fieldwork of the external auditor. In addition to these, all other pre-authorized services are in no way related to matters subject to audit, being limited to ancillary work duly identified, carried out by employees who do not participate in any audit work.
If it is understood that it is the external auditor, or entities related to him, who are in the best position to carry out any additional work that is not pre-authorized, specific approval by the Audit Committee is required, upon presentation of proposal by the management bodies, justifying the reasons for such choice, as well as how the independence of the external auditor is safeguarded.
38. Other Duties of the Supervisory Body
The duties of the Audit Committee are described in point 30.
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Jerónimo Martins | Annual Report 2025
Subsection IV - Statutory Auditor
39. Details of the Statutory Auditor and the Partner That Represents the Same
The Company's Statutory Auditor is PricewaterhouseCoopers & Associados, SROC, Lda. (Chartered Accountant) No. 183, registered at the CMVM (Portuguese Securities Market Commission) under no. 20161485, represented by João Rui Fernandes Ramos, ROC no. 1333
The former Company's Statutory Auditor, Ernst & Young Audit & Associados, SROC, S.A. (Chartered Accountant) No. 178, registered at the CMVM (Portuguese Securities Market Commission) under no. 20161480, represented by Pedro Miguel Borges Marques, ROC no. 1801, remained in office until 24th April 2025.
40. Statement on the Number of Years that the Statutory Auditor Consecutively Carries Out Duties With the Company and/or Group
The Company's Statutory Auditor has carried out its duties with the Company since 24th April 2025.
The former Company's Statutory Auditor Ernst & Young Audit & Associados, SROC, S.A. carried out duties with the Company for eight years.
41. Description of Other Services that the Statutory Auditor Provides to the Company
The Statutory Auditor also carries out the role of the Company's External Auditor, as mentioned in point 42. In point 46. reference is made to other services carried out by the Statutory Auditor for the Company.
Subsection V - External Auditor
42. Details of the External Auditor Appointed in Accordance With Art. 8 PSC and the Partner That Represents the Same in Carrying out These Duties, and the Respective Registration Number at the CMVM
The External Auditor is PricewaterhouseCoopers & Associados, SROC, Lda., (Chartered Accountant No. 183), registered at the CMVM (Portuguese Securities Market Commission) under no. 20161485, represented by João Rui Fernandes Ramos, ROC no. 1333.
During 2025, the External Auditor monitored the efficiency and functioning of the internal control mechanisms, taking part in the meetings of the Internal Control Committee, reporting any deficiencies identified in the exercise of its activity, as well as making the necessary recommendations regarding the procedures and mechanisms that were analysed.
The External Auditor was able to verify the implementation of the remuneration policies and systems by reviewing the minutes of the Remuneration Committee's meetings, the remuneration policy in force and other accounting and financial information that is essential for that purpose.
The former External Auditor, Ernst & Young Audit & Associados, SROC, S.A. (Chartered Accountant No. 178), registered at the CMVM (Portuguese Securities Market Commission) under no. 20161480, represented by Pedro Miguel Borges Marques, ROC no. 1801, remained in office until 24th April 2025.
43. Statement on the Number of Years that the External Auditor and Respective Partner that Represents the Same in Carrying out These Duties Consecutively Carries Out Duties With the Company and/or Group
PricewaterhouseCoopers & Associados, SROC, Lda. as well as the partner that represents the External Auditor has been carrying out that role for the Company since 24th April 2025.
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Jerónimo Martins | Annual Report 2025
The former External Auditor, Ernst & Young Audit & Associados, SROC, S.A. carried out that role for the Company for eight years.
44. Rotation Policy and Schedule of the External Auditor and the Respective Partner That Represents Said Auditor in Carrying Out Such Duties
The Company did not set any specific policy regarding the rotation of the External Auditor and of the Statutory Auditor. It follows, however, the Legal Regime of Portuguese Statutory Auditors, approved by Law nr. 140/2015, of 7th September, which establishes in its article 54, no. 2, that the maximum period for carrying out the duties as partner responsible for the Statutory Audit is seven years, and the company of statutory auditors may, pursuant to no. 3 of said article, as it stood in the period under analysis, be appointed as Statutory Auditor and External Auditor for the minimum period of two years, and a maximum period of ten years.
45. Details of the Board Responsible for Assessing the External Auditor and the Regular Intervals When Said Assessment is Carried Out
The Audit Committee is the responsible body for evaluating the performance of the External Auditor, which is performed annually.
46. Details of Services, Other Than Auditing, carried out by the External Auditor for the Company and/or Companies in a Control Relationship and an Indication of the Internal Procedures for Approving the Recruitment of Such Services and a Statement on the Reasons for Said Recruitment
During 2025, in what concerns the non-audit services requested by Group's Companies to the External Auditor and other entities belonging to the same network, the following should be taken into consideration:
- Until 24th April 2025, Ernst & Young Audit & Associados, SROC, S.A. provided services totalling 23,664 euros, concerning audit services under applicable laws in the countries where the Group operates and support services in the field of human resources;
- From 24th April 2025, PricewaterhouseCoopers & Associados, SROC, Lda. provided services totalling 163,635 euros, concerning support services in the field of human resources, access to a tax information platform, audit services under applicable laws in the countries where the Group operates, agreed upon procedures services in the submission of expenses over the Recovery and Resilience Plan (RRP) and limited assurance services on sustainability indicators.
Audit services under applicable legislation in the countries where the Group operates, and agreed upon procedures services in the submission of expenses over the Recovery and Resilience Plan (RRP), as they require the issuance of an opinion by the Company's Statutory Auditor, were provided by employees participating in audit work for the Group.
The services provided relating to support services in the field of human resources, as well as the limited assurance services on sustainability indicators, were provided by employees who do not participate in any audit work for the Group. These services are marginal to the work of the auditors and do not affect, either by their nature or by their amount, the independence of the External Auditor in the performance of its role.
As a result of the procedure mentioned in point 37., all services to which is made reference above were subject to prior approval of the Audit Committee, duly substantiated.
47. Details of the Annual Remuneration Paid by the Company and/or Legal Entities in a Control or Group Relationship to the Auditor and Other Natural or Legal Persons Pertaining to the Same Network and Percentage Breakdown Relating to the Following Services
Annually, which also happened in the year under analysis, the Audit Committee approved, at its meeting held on 30th July 2025, the remuneration to be paid to the External Auditor in 2025.
Corporate Governance
Jerónimo Martins | Annual Report 2025
In 2025, the total remuneration paid to Ernst & Young Audit & Associados, SROC, S.A. and other individuals or companies' belonging to the same network, for services rendered until 24th April 2025 was 23,664 euros.
In percentage terms, the amount referred to is divided as follows:
| Amount | % | |
|---|---|---|
| By the Company | ||
| Amount for statutory auditing services (€) | - | - |
| Amount for audit reliability services (€) | - | - |
| Amount for tax consulting services (€) | - | - |
| Amount for other non-statutory auditing services (€) | - | - |
| By entities comprising the Group | ||
| Amount for statutory auditing services (€) | - | - |
| Amount for audit reliability services (€) | - | - |
| Amount for tax consulting services (€) | - | - |
| Amount for other non-statutory auditing services (€) | 23,664 | 100.0% |
In 2025, the total remuneration paid to PricewaterhouseCoopers & Associados, SROC, Lda. and other individuals or companies' belonging to the same network, for services rendered from 24th April 2025, was 1,269,287 euros.
In percentage terms, the amount referred to is divided as follows:
| Amount | % | |
|---|---|---|
| By the Company | ||
| Amount for statutory auditing services (€) | 245,200 | 19.3% |
| Amount for audit reliability services (€) | 131,250 | 10.3% |
| Amount for tax consulting services (€) | - | - |
| Amount for other non-statutory auditing services (€) | 4,753 | 0.4% |
| By entities comprising the Group | ||
| Amount for statutory auditing services (€) | 860,452 | 67.8% |
| Amount for audit reliability services (€) | 3,000 | 0.3% |
| Amount for tax consulting services (€) | - | - |
| Amount for other non-statutory auditing services (€) | 24,632 | 1.9% |
Corporate Governance
Jerónimo Martins | Annual Report 2025
Section C – Internal Organisation
Subsection I - Articles of Association
48. The Rules Governing Amendment to the Articles of Association (Art. 29-H/1/h) PSC)
The Articles of Association do not define any rules applicable to the amendment of the Company's Articles of Association, therefore the terms defined by the Law apply to these matters.
Subsection II - Reporting of Irregularities
49. Reporting Means and Policy on the Reporting of Irregularities in the Company
Since 2004, the Ethics Committee of Jerónimo Martins has implemented a system of bottom-up communication that ensures that every employee and other stakeholders, regardless of their function, to report possible irregularities occurring in the Group. They may also make any comments, particularly with respect to compliance with the Code of Conduct.
The Code of Conduct defines the principles and values of the Jerónimo Martins Group, namely, the respect for the law, honesty and integrity, corporate social responsibility, and a set of rules of conduct such as non-discrimination and equal opportunities, loyalty in negotiating with suppliers, prevention of conflicts of interests, among other matters.
The Ethics Committee has informed all the Group employees, through internal communication channels, of its email address and the contents of the Code of Conduct, of which is delivered a copy to each employee on the moment of his admission in any of the Group's Companies. Without prejudice of resorting to the Ethics Committee's email, the employees can always resort to their hierarchy for guidance about the Code of Conduct, or should they want to report any irregularity. The employees can also use the Employee Assistance Service, which is an internal channel available in each of the countries where the Group operates.
In 2019, the Board of Directors approved an Anti-Corruption Policy, which is applicable to all Jerónimo Martins' Group Companies and all its associates – including management positions and positions based on a term of office -, and regardless of the nature of their contractual relationship, job position or working country, and which purpose is to establish the acting principles and obligations laid out in the Code of Conduct with regard to honesty and integrity. This Policy sets rules for preventing unlawful conducts that constitute acts of corruption and safeguarding against potential conflicts of interest. On what concerns conflicts of interests, the Anti-Corruption Policy foresees that the associate shall immediately report the existence of such conflict and refrain from carrying out any act or making any decision in relation to it. According to the Policy, any associate who becomes aware or has justified suspicions of breaches to the Policy should report such situations and, in case of doubt about the existence of a conflict of interest, the Ethics Committee should be consulted.
The Company has a Whistleblowing Policy, which establishes the set of rules adopted with a view to receiving, recording, and handling reports on wrongdoing by employees and other stakeholders, concerning any of the companies that are part of the Jerónimo Martins Group, in order to ensure, namely, the existence of mechanisms for detecting and preventing wrongdoing, the promotion of a culture of transparency, integrity and accountability and the consequent adoption of ethical, principled and professional behaviour by the Company's employees and managers, compliance with EU law, national law and the Jerónimo Martins Group Code of Conduct, and the effective risk management.
This Policy is available on the Company's institutional website, referred to in point 59.
In light of the existing Whistleblowing Policy, face-to-face and telematic training sessions are carried out, and communication instruments containing various information in this regard are disseminated, highlighting concrete situations that may consubstantiate internal or external risks for the Company. In addition, the Company disclosed on its website, referred to above, and on its intranet a Plan for the Prevention of Corruption Risks, applicable to the Company and its subsidiaries.
Corporate Governance
Jerónimo Martins | Annual Report 2025
The Ethics Committee safeguards the confidentiality of the contacts sent to its email address.
Subsection III - Internal Control and Risk Management
50. Individuals, Boards or Committees Responsible for the Internal Audit and/or Implementation of the Internal Control Systems
It is the responsibility of the Internal Audit department to assess the quality and effectiveness of the internal control and risk management systems established by the Board of Directors, namely those set out in the Group Risk Management Policy.
The objectives of internal control are to ensure the efficiency of operations, the reliability of financial and operational reporting, and compliance with laws and regulations. The activity plan of the Internal Audit Department is defined based on the assessment of operational risks and the critical processes of each Company.
The results of the audits are assessed monthly by the Internal Control Committee – which reports to the Audit Committee – and are reported to the Group's Managing Committee. On a quarterly basis, these results are also made available to the Audit Committee, whose responsibilities in the area of risk management are described in point 52. With the same regularity, a status update is carried out on the implementation of recommendations agreed with the heads of the audited areas.
The structure of the Company's internal control system is described in point 52. and includes, among others, the risk management, supervision/compliance, and internal audit functions.
During the 2025 financial year, the Company continued the process of conducting, among others, audits of inventory management processes, accounts payables and receivables management, supplementary gains, food quality and safety, investments, information systems, and recruitment.
51. Details of Hierarchical and/or Functional Dependency in Relation to Other Boards or Committees of the Company
The Head of the Internal Audit Department reports hierarchically to the Chairman of the Board and functionally to the Audit Committee. The Head of the Internal Audit Department is also a member of the Internal Control Committee, which in turn reports to the Audit Committee.
52. Other Functional Areas Responsible for Risk Control
The Group, and particularly its Board of Directors, dedicates a great deal of attention to the risks affecting the businesses and their objectives, and is committed to ensure that risk management is an effective and fundamental component of the corporate strategy, culture and value-creation process.
The approach to risk management is detailed in the Group's Risk Management Policy, which sets out the Group's risk management system and outlines the roles and responsibilities of the persons responsible for its execution.
a) Risk Management Objectives
The aim of the Group's risk management system is not to eliminate risk completely from the Group's activities, but rather to ensure that every effort is made to manage risk appropriately, maximising potential opportunities and minimising its adverse effects.
The Group's risk management system has the objectives of structuring and consistently organising the way the Group identifies and evaluates risks, ensuring that they are assessed broadly, considering dependencies and correlations among various risk areas and also promoting alignment of the process across the organization. It establishes procedures for reporting that allow for an adequate monitoring of the risk mitigation and control measures.
Corporate Governance
Jerónimo Martins | Annual Report 2025
Due to the size and geographical dispersion of Jerónimo Martins' activities, successful risk management depends on the active participation of all employees, namely those who are directly involved in the risk assessment process, who should assume this as an integral part of their jobs, particularly through the identification, reporting and mitigation of risks associated with their areas of responsibility. Therefore, all activities must be carried out with a clear understanding of the risks involved, with an awareness of the potential impact of unexpected events on the Company and its reputation.
The Group is committed to ensure that all employees are provided with adequate guidance and training on the principles of risk management, on the criteria and processes set by the Risk Management Policy and on their responsibilities to manage risks effectively.
b) Organisation of Risk Management
Governance Model
The risk management governance model is defined in order to ensure the effectiveness of the Risk Management Framework and is aligned with the Three Lines Model, which distinguishes among three groups (or lines) involved in effective risk management, namely:
- First Line (Business Operations: Risk Owners) – responsible for the daily risk management activities aligned with the business strategy, with existing internal procedures and with the Risk Management Policy;
- Second Line (Oversight / Compliance Functions: Group and Business Unit Risk Managers) – responsible for the Risk Management analysis and reporting, as well as for suggestions or policies development that ensure an adequate management of risks. This second line also includes functions such as Financial Control, Physical Security, Information Security, Data Privacy, Corruption Prevention, Quality & Food Safety, amongst other corporate areas;
- Third Line (Independent Assurance: Internal Audit and External Audit) – responsible for providing assurance on the effectiveness of governance, Risk Management and internal controls, including the manner in which the first and second lines perform their Risk Management and control objectives.
Roles and Responsibilities
The existing risk management model defines the following roles and responsibilities, which were effectively exercised over the period under review:
- the Board of Directors is responsible for establishing the Risk Management Policy and strategy, - upon prior knowledge and pronouncement of the Audit Committee - which includes the process for establishing thresholds applicable to the Group's risk exposure and for setting goals in terms of risk-taking. It is also the Board's responsibility to provide for the creation of control systems necessary to ensure that the risks effectively incurred are consistent with the goals set. These duties were carried out, namely, through the approval of the aforementioned Risk Management Policy, which foresees the referred aspects, and which application was maintained in 2025;
- the Audit Committee approves the activity plans with regard to Risk Management, monitors their execution, and evaluates and monitors the effectiveness of the internal control, internal auditing and risk management systems. Its responsibilities include, namely, to evaluate global risk exposure levels and ensure that they are compatible with the objectives and strategies approved by the Board of Directors, to review mitigation actions defined for the most critical risks, to review the development of Risk Management initiatives and planning, and to review periodically the Group's Top Risks, thus enabling the Board of Directors to make adjustments to the Risk Management Policy, as was done, whenever necessary, during 2025;
- the CEO, assisted by the Managing Committee, ensures the implementation of the Risk Management Policy and strategy as established by the Board of Directors, as well as promotes a risk awareness culture in the organisation ensuring that Risk Management is embedded in all processes and activities;
- the Risk Committee, which is made up of representatives from Functional Divisions of Corporate Support, referred to in no. 21, and by a member certified in the area of risk management, assists and advises the Managing Committee, as the CEO's assisting body, in assessing and monitoring the mitigating measures for the different types of risk, and aims at ensuring the existence of an effective Risk Management Framework, that ensures a level of risk exposure compatible with the
Corporate Governance
Jerónimo Martins | Annual Report 2025
objectives and strategies approved by the Board of Directors, without prejudice to the duties of the Audit Committee;
- the Strategy and Innovation Department is responsible for the implementation of the Risk Management framework, for coordinating the activities related to risk analysis and reporting, supporting the Managing Committee and the Risk Committee in the identification of risk exposures that might compromise the Group's strategic and business goals. Its responsibilities include the identification and recognition of Risk Management best practices, sharing recommendations from renowned organizations and/or compliance requirements. Strategy and Innovation Department is also responsible for coordinating and aligning the practices followed by the Companies in the preparation and development of their BCP;
- the Business Unit Risk Managers are responsible for the implementation of Risk Management initiatives at the Company level and to support the respective Risk Owners activities;
- the Risk Owners are all employees in charge of the execution and/or control over a given process or activity, within a business unit or a corporate structure, and are responsible for managing the risks involved in those activities;
- the Internal Audit Department focuses its work on the most significant risks, as identified by management, and audits the controls of the most exposed processes, providing assurance regarding its effectiveness and efficiency and active support in the Risk Management process.
53. Details and Description of the Major Economic, Financial and Legal Risks to which the Company is Exposed in Pursuing Its Business Activity
The year 2025 was marked by a demanding international context, characterized by the persistence of geopolitical tensions and the uncertainty associated with electoral processes in several relevant geographies. This scenario was further compounded by the high complexity and intensity of the flow of European legislation and regulation, as well as by evolving consumption patterns and purchasing power. In addition, the impacts of climate change and the growing relevance of technology and digitalisation in business models stood out, including the adoption of solutions based on Artificial Intelligence and the challenges associated with cybersecurity.
All these factors significantly impacted the conditions in which Jerónimo Martins' Companies operated throughout the year, were reflected in the various risks to which the Group is exposed, namely in strategic and operational terms. Therefore, various measures were implemented in order to anticipate and mitigate the most relevant impacts on the execution of the strategic objectives.
Strategic Risks
Strategic risk management involves monitoring factors such as the quality of products and raw materials, environmental sustainability, social, political and macro-economic trends, namely the evolution of demographics and the shortage of human resources with specific skills, purchasing power, market dynamics (financial, employment, natural resources and energy), the geopolitical situation, technological innovation, legal and regulatory developments and social and reputational scrutiny to which the Group's activities are exposed.
The management team uses this information to understand the market context and thereby identify any opportunities and threats for the development of its activities, namely in terms of potential growth and profitability, but also in terms of the strategic alignment of its business model in light of current and future conditions.
Operating Risks
Arise from the execution of normal business functions, across the value chain, and focuses on risks generated among the processes through which the Group units operate.
The operational risks cover risks related to the management of operational human resources, category management and sourcing, inventory management, logistics and supply chain, and the efficiency and safety in the use of resources and assets. It also considers the risks related to the behaviour of competitors, business partners, and consumers.
Corporate Governance
Jerónimo Martins | Annual Report 2025
Fraud, money laundering and corruption risks are also considered in the risk assessment for the most relevant operational activities. The adequacy and range of the controls and mitigation measures are also reviewed and reconsidered whenever necessary.
Food Quality and Safety⁴
The Group seeks to provide safe and healthy food products and solutions in its Private Label and Fresh Perishable Products, and it seeks to ensure and enforce product safety measures in strict compliance with the highest food safety standards.
The Quality and Food Safety Departments of the Group’s Companies ensure these high standards through:
i. conducting supplier audits to ensure good production practices in compliance with Jerónimo Martins’ Quality and Food Safety Policy;
ii. monitoring, by following the product throughout the logistics flow to assess compliance with the requirements defined in the Specifications Model – all JM companies are certified by Quality and Food Safety under ISO standards;
iii. performing periodic product analyses based on the annual Analytical Plan, including physical-chemical, microbiological, and DNA testing in Accredited Laboratories to ensure label accuracy and compliance;
iv. detecting food fraud by identifying species present in products, with the Group having its own Molecular Biology laboratory for this purpose; and
v. ongoing training through simulations and awareness-raising activities.
The Companies are monitored by quality control technicians, who evaluate the implementation of procedures, the effectiveness of training, and the suitability of the facilities and equipment.
Environmental Risks⁵
Jerónimo Martins implements processes to compile and evaluate data related to environmental sustainability, ensuring that the administration body is aware of the risks that the Company may incur, being able to outline and implement action plans to mitigate them. Regular assessments of the environmental risks and opportunities that may be associated with its businesses are therefore carried out, using studies and audits to assess the main impacts and dependencies of its activities on ecosystems and the resources they provide, in the following areas:
- Analysis of risks and opportunities associated with impacts arising from climate change, water use and interactions with nature, as well as the quantification and assessment of the materiality of the Group’s greenhouse gas emissions (scopes 1, 2 and 3);
- Analysis of risks and opportunities associated with impacts arising from the use of packaging for Private Brand and perishable products, as well as the quantification and materiality assessment of packaging materials and food waste generated;
- Mapping, within the universe of Private Label and perishable products, of commodities associated with deforestation risks, including their origins and production methods;
- Assessment of the level of conservation of the fish species sold under Private Brand and also in the perishables category;
- Agricultural management practices focused on reducing water and energy consumption, preserving biodiversity, ensuring proper waste management, adopting best agronomic practices and supporting the economic sustainability of fruit and vegetable suppliers;
- Carrying out internal and external audits at its own facilities, on Private Brand and perishables suppliers and service providers.
Therefore, the following risk typologies were identified:
- Transition, which may cause an increase in costs in order to comply with environmental legislation and originated by the transition to a low-carbon economy, the promotion of biodiversity and the sustainable use of water resources;
- Physical, which may result in shortage of natural resources, such as agricultural products, or disruption of supply chain activities associated with climatic events;
Corporate Governance
⁴ The actions carried out by the Group for Food Quality and Safety in 2025 are detailed in Chapter 5 – “Sustainability Statement”, subchapter 4. “Social Information”, section 4.2. “Managing social topics”, subsection 4.2.3. “Consumers and end-users”.
⁵ Actions carried out by the Group during 2025, on Environment Protection are detailed in Chapter 5 - “Sustainability Statement”, subchapter 3. “Environmental Information”.
Jerónimo Martins | Annual Report 2025
- Reputational, associated with expectations of the Group's stakeholders in what regards the impact and adaptation measures adopted by the Group.
The probability of occurrence of these situations and their level of impact, including financial risks, as well as their management, is analysed by the Group as part of the short, medium and long-term risk assessment processes. Based on these assessments, adaptation and mitigation measures are defined to maximize differentiating opportunities and improve the resiliency of our Companies and their businesses. These actions promote efficient management in the use of resources in the operations, products and services of the Group Companies, mitigate the occurrence of possible natural risks such as extreme climate events, and identify opportunities to create value from a logic of promoting environmental preservation and regeneration.
Assets, People, and Property Security Risks
The Security Department is responsible for ensuring the necessary conditions to protect people (employees, customers, suppliers, and shareholders), as well as physical and intangible assets.
Assets, people and property security risk management involves: i) definition and dissemination of standards and work instructions, ii) promotion of awareness initiatives and training initiatives for employees, iii) auditing of stores, warehouses, and other sites across all Group companies iv) risk assessment (threat analysis and identification of vulnerabilities), and the proposal of mitigation and/or elimination measures across all the Group's universe, v) collaboration in the conduction of emergency drills, and vi) development of projects and the identification of innovative technological solutions to provide appropriate and proportional responses to the risks/threats the Group faces.
Technological and Information Security Risks
The risks associated to Information Technologies are analysed considering their different components: planning and organisation, development, innovation, operations management, information security and continuity.
The risk management of Information Security in the Group is the responsibility of an exclusively dedicated Department and consists of implementing and maintaining an Information Security Management System that ensures confidentiality, integrity and availability of critical business information, performing monitoring, control and incident management and recovery activities to identify, mitigate and respond to potential vulnerabilities.
Regulation Risks
Compliance with legislation is provided by the legal departments of the Group's Companies.
Regarding the Holding Company, the Legal Affairs & Compliance Department guarantees the coordination and implementation of strategies aimed at protecting the interests of Jerónimo Martins in legal disputes, and it also manages outside advisers.
Compliance in issues related, particularly, with personal data and corruption prevention is the responsibility of the Legal Affairs & Compliance Department in collaboration with the Legal Department of the Group companies, the Information Security Department, the Internal Audit Department, the Human Resources Department, among others.
The Company, and the Group's main companies, in Portugal and in Poland, also have a Data Protection Officer, in what regards data protection compliance.
In order to ensure the fulfilment of tax obligations, the Group Fiscal Affairs Department advises the Group's companies, as well as oversees their tax proceedings.
Financial Risks
Jerónimo Martins is exposed to several financial risks, namely: price risk; which includes interest and exchange rate risks: transactional risk, which includes credit and liquidity risk; and the risk arising from the Group's investments portfolio, including various risks such as interest rate, credit, foreign exchange, inflation, political and fiscal.
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The management of these risks is focused on the unpredictable nature of the financial markets and aims to minimize its adverse effects on the Company's financial performance.
Certain types of exposure are managed using financial derivative instruments.
The activity in this area is carried out by the Financial Operations Department. It is responsible, in conjunction with the financial areas of the Group's companies, for identifying and assessing risks, and for executing the hedging of financial risks, by following the guidelines set out in the Financial Risk Management Policy.
Every quarter, the report on compliance with the Financial Risk Management Policy is presented to and discussed with the Audit Committee.
The information concerning financial risks to which the Group is exposed can be found in note 28 – Financial Risks, in the Consolidated Financial Statements, of Chapter 3 of the Annual Report and Accounts.
54. Description of the Procedure for Identification, Assessment, Monitoring, Control and Risk Management
The Group's Risk Management Framework is based on a continuous process of risk assessment, which is an integral part of the normal decision-making and management processes.
The Risk Management process is aligned with the ISO 31000 international standard's recommendations, and seeks mainly to distinguish what is irrelevant from what is material, requiring an active management which involves the assessment of sources of risk, the probability of occurrence of a certain event, and the consequences of its occurrence within the context of the control environment.
The Group prepares and maintains an overall risk profile that lists all relevant operational and strategic risks, as well as the corresponding implemented mitigation and control mechanisms. The list is updated regularly with information from the on-going risk assessment processes.
Annual cycle
The annual risk assessment exercise is coordinated by the Strategy and Innovation Department, involving the first and second lines (identified in point 52), in a comprehensive analysis of the internal and external environments that influence the context in which the Group operates. This exercise, which is part of Jerónimo Martins' strategic and operational planning processes, ensures that the main risks and respective mitigating initiatives are duly identified and considered during planning. This process triggers the development of the alternatives under analysis as well as the identification of new activities that strengthen the defense of the targeted objectives.
The criticality level of each risk is determined based on the Group's Risk Matrix which considers, at different levels, the probability of occurrence of certain events, as well as their expected impact on the defined indicators. Risks considered to be more critical and/or that may have a more relevant impact on the Group's objectives are subject to a quarterly reassessment, in order to ensure that any relevant changes are duly considered.
The Strategy and Innovation Department also maintains permanent contact with the main elements of the different lines to update its assessment of risks and monitor mitigating initiatives, and constantly follows all changes that may influence the strategic and operational environments of the Companies. Whenever sudden or significant changes occur in the risk context, the assessment and monitoring process is reactivated outside the regular cycle, ensuring a timely and appropriate response.
Through the Risk Committee, which assists and advises the Managing Committee (as per point 51), analyses are carried out on the risks that most affect the Group, in a multidisciplinary approach and through which new forms of mitigation are stimulated and other forms of action are promoted.
Throughout the entire process, open and regular communication channels are ensured between all the elements that compose the Risk Management model (listed in point 52).
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Annually, the Board of Directors approves, after a favorable opinion from the Audit Committee, the budgets and strategic plans for the following year, taking into account the opportunities and risks considered.
55. Core Details on the Internal Control and Risk Management Systems Implemented in the Company Regarding the Procedure for Reporting Financial Information (Art. 29-H/1/I) PSC)
The Board of Directors is highly committed to assuring the reliability of the Group's financial reporting, namely, by ensuring that the Group has in place adequate policies that provide reasonable assurance that transactions are recorded and reported in accordance with Generally Accepted Accounting Principles (GAAP), and that expenditures are made only when properly authorized.
The financial reporting risks are mitigated by enforcing segregation of duties and by setting preventive and detective controls, which involves limiting access to IT systems, and a comprehensive performance monitoring system.
Additional controls are provided by the Audit Committee oversight and Internal Control Committee reliability assessments over the preparation and disclosure of financial information and by the Group's Controlling division monitoring activities regarding the performance of the different business units, including analysis of the deviations to the approved plans.
Subsection IV - Investor Assistance
56. Department Responsible for Investor Assistance, Composition, Functions, the Information Made Available by Said Department and Contact Details
Composition
The Investor Relations Office of Jerónimo Martins is comprised as follows:
Office Manager: Cláudia Falcão
Team: Ana Maria Marcão, Hugo Fernandes and Teresa Balsas
Main Roles
The Investor Relations Office of Jerónimo Martins is responsible for communication with all investors - institutional and private, national and foreign - as well as the analysts who formulate opinions and recommendations regarding the Company. The Investor Relations Office is also responsible for matters related to the Comissão do Mercado de Valores Mobiliários (Portuguese Securities and Exchange Commission).
Communication Policy of Jerónimo Martins for the Capital Markets
Jerónimo Martins' policy for communicating to the capital markets aims to ensure a regular flow of relevant information - history, current performance and outlook for the future -, which respects the principles of symmetry and simultaneity and creates a faithful image of the Company's business performance and strategy for investors, shareholders, analysts and the general public.
The financial communication strategy outlined for each year is based on the principles of transparency, rigour and consistency. This ensures that all relevant information is transmitted in a non-discriminatory, clear and complete manner to stakeholders.
Information Provided
Annually, and based on the above-mentioned principles, the Office draws up a Communication Plan for the financial market, which is included in the global communication strategy of Jerónimo Martins.
With the objective of transmitting an updated and clear vision of the strategies of the different business areas of Jerónimo Martins to the market, in terms of operational performance and outlook, the Investor Relations Office organises and participates in a series of events so that investors can learn about Jerónimo
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Martins' various businesses, its strategies and prospects for the future, and simultaneously follow the progress of activities during the year, by clarifying any doubts.
The actions carried out throughout the year made it possible to maintain the level of dialogue that was the benchmark for Jerónimo Martins' stakeholders. Among the organized activities, the following are highlighted:
- virtual and face-to-face meetings with financial analysts and investors;
- responses to e-mails with questions addressed to the Investor Relations Office;
- virtual and face-to-face meetings hosted by the Management from the business areas, the Chairman and Group CFO;
- meetings with investors in Poland and visit to the operation;
- conference calls;
- release of announcements to the market through the CMVM (Portuguese Securities and Exchange Commission) extranet, through the Jerónimo Martins and Euronext Lisbon websites, and email messages sent to all the Company's investors and financial analysts listed in the database created and updated by the Office;
- presentations to the financial community: presentation of results, roadshows, conferences and Annual General Shareholders' Meeting;
- continuous update of the investor relations webpage on the Company's institutional website.
In order to make information easily accessible to all stakeholders, the communications issued regularly by the Office are available in full on the Jerónimo Martins' institutional website, at https://www.jeronimomartins.com/en/.
The site not only provides, in Portuguese and in English, mandatory information, but also general information about the Group and the Companies that form it, in addition to other information considered relevant, namely:
- announcements to the market about privileged information;
- annual accounts, including the Annual Report on the activities of the Audit Committee, six-month and quarterly reports of the Group;
- economic and financial indicators and statistical data, updated every quarter or annually, in accordance with the Company or business area;
- Jerónimo Martins' most recent presentation to the financial community, and historical collection;
- information about share performance on the stock market;
- the annual calendar of Company events, released at the year-end to the following year, including, among others, General Shareholders' Meetings, the disclosure of annual, half-yearly and quarterly results;
- information about Corporate Governance;
- Code of Conduct of Jerónimo Martins;
- Company Articles of Association;
- current Internal Regulations;
- Information regarding the General Shareholders' Meetings;
- Minutes of the General Shareholders' Meetings, or respective extracts;
- Historical agendas and decisions taken at the General Shareholders' Meetings.
Contacts
The Office may be contacted through the Market Relations Representative and the Investor Relations Office Manager, Cláudia Falcão - and via the email address: [email protected].
The main contact information for the Investor Relations Office is as follows:
Address: Rua Actor António Silva, n.° 7, 1649-033, Lisboa
Telephone: +351 21 752 61 05
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57. Market Liaison Officer
The Jerónimo Martins' Market Relations Representative is the Investor Relations Office Manager, Cláudia Falcão.
58. Data on the Extent and Deadline for Replying to the Requests for Information Received Throughout the Year or Pending from Preceding Years
Within the scope of issues addressed to the Investor Relations Office, during the course of 2025, 399 contacts with investors were recorded through meetings that took place in person or through virtual means, 167 contacts through telephone conferences with investors and 334 requests for information sent via email, or by telephone by investors, financial analysts or by other entities, to which was given a reply to, within an average period of two days or as soon as possible, taking into account the complexity of the request.
Requests for information from the year 2024 were not carried over to 2025 nor were questions asked to this Office in 2025 left unanswered.
Subsection V - Website
59. Address(es)
The Company's institutional website is available in Portuguese and English and can be accessed using the following address:
https://www.jeronimomartins.com/pt/
https://www.jeronimomartins.com/en/
60. Place Where Information on The Firm, Headquarters and Other Details Referred to in Art. 171 CCC is Available
Information concerning Art. 171 CCC is available on the Jerónimo Martins institutional website through the following link:
https://www.jeronimomartins.com/en/contacts/
61. Place Where the Articles of Association and Regulations on the Functioning of the Boards and/or Committees are Available
The Articles of Association and regulations on the functioning of the boards and/or committees are available on the Jerónimo Martins institutional website through the following link:
https://www.jeronimomartins.com/en/investors/governance/articles-of-association-and-regulations/
62. Place Where Information is Available on the Names of the Corporate Boards' Members, the Market Liaison Officer, the Investor Assistance Office or Comparable Structure, Respective Functions and Contact Details
The information in question is available on the Jerónimo Martins institutional website and may be accessed through the following links:
- Names of the Corporate Boards' Members:
Board of Directors:
https://www.jeronimomartins.com/en/investors/governance/corporate-bodies/board-of-directors/
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Audit Committee:
https://www.jeronimomartins.com/en/investors/governance/corporate-bodies/audit-committee/
General Meeting
https://www.jeronimomartins.com/en/investors/governance/corporate-bodies/shareholders-meeting/
Statutory Auditor
https://www.jeronimomartins.com/en/investors/governance/corporate-bodies/statutory-auditor-roc/
- Name of the Market Liaison Officer:
https://www.jeronimomartins.com/en/investors/investor-contacts/ -
Information concerning the Investor Assistance Office, respective functions and contact details:
https://www.jeronimomartins.com/en/investors/investor-contacts/ -
Place Where the Documents are Available and Relate to Financial Accounts Reporting, Which Should be Accessible For at Least Five Years and the Half-Yearly Calendar on Company Events that is Published at the Beginning of Every Six Months, Including, Inter Alia, General Meetings, Disclosure of Annual, Half-Yearly and, Where Applicable, Quarterly Financial Statements
The place where the documents in question are available is the Jerónimo Martins institutional website through the following links:
- Financial accounts reporting:
https://www.jeronimomartins.com/en/investors/presentations-and-reports/ -
Half-yearly calendar on Company events:
https://www.jeronimomartins.com/en/investors/financial-calendar/ -
Place Where the Notice Convening the General Meeting and All the Preparatory and Subsequent Information Related Thereto is Disclosed
The place where the notice convening the General Meeting and all the preparatory and subsequent information related thereto is disclosed is the Jerónimo Martins institutional website through the following link:
https://www.jeronimomartins.com/en/investors/general-meetings/
- Place Where the Historical Archive on the Resolutions Passed at the Company's General Meetings, Share Capital and Voting Results Relating to the Preceding Three Years are Available
The place where the historical archive on the resolutions passed at the Company's General Meetings, share capital and voting results relating to the preceding years, including the last three, is available is the Jerónimo Martins institutional website through the following link:
https://www.jeronimomartins.com/en/investors/general-meetings/
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Section D – Remuneration
(Report For the Purposes of paragraph 8 of Article 26-G PSC)
Subsection I - Power to Establish
66. Details of the Powers for Establishing the Remuneration of Corporate Boards, Chief Executive and Directors of the Company
Within the terms of Article Twenty Nine of the Company's Articles of Association, the remuneration of the statutory bodies is set by the Shareholder's Meeting, or by a Committee nominated by the latter. Within the scope of the latter possibility, the shareholders of Jerónimo Martins decided to nominate the Remuneration Committee to set the remuneration of the members of the statutory bodies.
The Remuneration Committee is elected for a three-year term, being the present term comprised between years 2025-2027.
The remuneration of the remaining Company's management is decided by the respective Board.
Subsection II - Remuneration Committee
67. Composition of the Remuneration Committee, Including Details of Individuals or Legal Persons Recruited to Provide Services to Said Committee and a Statement on the Independence of Each Member and Advisor
At the General Shareholders' Meeting held on 21st April 2022, Jorge Ponce de Leão (Chairman), Erik Geilenkirchen and Chittaranjan Kuchinad were elected to this Committee, for the term 2022-2024, having remained in office until 24th April 2025.
At the General Shareholders' Meeting held on 24th April 2025, Jorge Ponce de Leão (Chairman), Erik Geilenkirchen and Kirsty Russell were elected to this Committee, for the term in force.
None of the members of the Remuneration Committee serves on the Company's Board of Directors, nor do they have a spouse, family member or relative in such a position. They also maintain no relationships with members of the Board of Directors that could compromise their independence or impartiality in the performance of their duties.
Jorge Ponce de Leão, as outgoing Chair of the Remuneration Committee, was present in the 2025 Annual General Meeting of the Company held on 24th April 2025.
In 2025, the Remuneration Committee requested that the Company hire specialized consultancy services with the objective to assessing the alignment of remuneration levels and package components of the Group's governing bodies with international market benchmarks that are comparable to the context in which the Group operates. Specifically for the Chairman of the Board of Directors and Chief Executive Officer, non-executive directors, and members of specialised committees.
Independence was a mandatory criterion for the selection of consultants. The service providers were required to be free from any conflicts of interest and were not permitted to render other services to the Company or to any entity that is controlled or has a relationship with the Group.
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68. Knowledge and Experience in Remuneration Policy Issues by Members of the Remuneration Committee
The Members of this Committee have extensive knowledge and international experience in management and remuneration policies, which gives them the necessary skills to perform their duties effectively and with due diligence.
Throughout the year, the members of the Remuneration Committee were, on a regular basis, provided with information by the various companies of the Group regarding their respective business activities. Such information enabled the Committee to assess whether the remuneration policies and strategies in force remained consistent with the Company's competitive positioning in the relevant reference market, within the scope of assessing the individual performance objectives assigned to the CEO of the Company.
Jorge Ponce de Leão has a Law degree, having worked in the Labor Law area since the beginning of the 70's as external legal advisor, as well as in-house in some Portuguese companies. He worked as Head of Legal and Tax Services (Jerónimo Martins Group – industrial area), and was appointed Member of the Board of Directors of the Company during the 1990's. He also held management duties in the HR area of Radiotelevisão Portuguesa, was CEO of SAIP SGPS and Chairman of the Board of Directors of ANA – Aeroportos de Portugal, and of NAV – Navegação Aérea de Portugal, E.P.E..
Erik Geilenkirchen has an academic background in Engineering, having worked for more than 30 years in positions of responsibility both in the Human Resources area and in commercial areas. In Asia Pacific, where he worked for over 15 years, he held the role of CHRO of Royal Ahold Asia and Philips Electronics Asia Pacific, as well as the role of CEO of Philips Domestic Appliances. He was Purchasing Director for Techtronics in Hong Kong before joining the Board of Directors of one of Europe's largest private family-owned companies, owned by the Brenninkmeijer family in Switzerland. He now runs his own software company, IntelligentBoardRoom, and serves on the Advisory Board of EMK Capital, a London-based mid-cap private equity firm.
Kirsty Russell is a global Human Resources executive with extensive experience in leading people, culture and organizational transformation at C-suite level. She has driven business growth, M&A integration, restructuring and cultural change across multiple industries. Starting her career in financial services and consulting, she later joined Nokia in 1998, progressing to senior HR roles including Director of Compensation & Benefits and VP of HR Global Practices. Kirsty played a pivotal role in Nokia's turnaround and Microsoft's acquisition, leading the integration of 33,000 employees. In 2016, she became Head of People & Culture at Logitech, advising the CEO and Board on organisational strategy and culture while supporting global growth and leadership development.
Chittaranjan Kuchinad has an academic background in statistics (a degree in Statistics/Economics in the University of Bombay, India, and a Masters in Statistics in the Marquette University, United States of America). He has extensive experience in the design and funding of compensation and benefits programs in Europe, Asia/Pacific and Latin America. He started his career as a consultant at Wyatt and at Towers Perrin. He provided services to a broad spectrum of mid-size to large global companies and was the primary consultant to major clients, namely, IBM Asia / Pacific, IBM Latina America, Coca-Cola, Gillette, InchCape and Citibank. He was Director of International Compensation of McDonald's Corporation, Senior Director of Human Resources of Nike, Inc. Asia/Pacific, Executive Vice President of Human Resources and Senior Vice President of Total Pay of Starbucks Coffee Company, Chief People Officer of ASDA (Walmart), of Guess?, Inc., and of Jacobs Douwe Egberts. He has been performing the duties of Chief People Officer of Save The Children. He was a member of the Remuneration Committee between 11th April 2019 and 24th April 2025.
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Subsection III - Remuneration Structure
69. Description of the Remuneration Policy of the Board of Directors and Supervisory Boards
At the Company's General Meeting held on 24 April 2025, the proposal for a new Company's Corporate Bodies Remuneration Policy, presented by the Remuneration Committee was approved, which is set out below.
1. Independence and conflicts of interest
The Committee maintains and reaffirms, at every moment, its independent nature, being composed only by non-directors appointed by the shareholders. This independence, together with the permanent monitoring of the relevant market benchmarks referred to below and, whenever necessary, the engagement of reputable external consultancy services, constitutes an effective mechanism to prevent any potential conflicts of interest with the members of the corporate bodies concerned.
2. Core principles
The Remuneration Committee reviewed and gave careful consideration to the principles that govern the remuneration policy of the corporate bodies of the Company. These principles reinforce and highlight those aspects of the remuneration policy that are critical to the sustainability of the Jerónimo Martins business, namely:
- the international landscape should be the foundation of the benchmark for the corporate bodies’ competitive remuneration. It is essential to maintain the ability to attract and retain the best talent in a competitive international context;
- the alignment of the remuneration of the corporate bodies’ members to their responsibilities, their availability and their competencies put at the service of the Company;
- the target competitiveness level, encompassing the total remuneration package (fixed remuneration and variable payments), that should consider the best practices of the reference market⁶ (e.g., European top executives’ market), and the internal remuneration policies;
- the alignment with the Company employees’ remuneration policies and employment conditions is ensured by considering the reference markets and/or other companies with similar strategic positioning (always comparing to equivalent jobs)⁷ that confer a substantial level of internal equity and adequate external competitiveness;
- the importance of rewarding the commitment to the Group’s overall strategy and to the shareholders’ long-term interests, the achievement of superior results and the demonstration of appropriate attitude and behaviours, which is also taken into consideration in the rewarding policies of the Company; and
- the need to safeguard the overall interests of the Company.
3. Organizational model and remuneration framework
The committee decided to propose to maintain the above-mentioned policy’s principles. The proposal considers the legal framework and the existing recommendations, as well as the organizational model adopted by the Board of Directors.
With respect to the organisation of the Board of Directors, the Remuneration Committee has specifically considered the following characteristics:
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- the existence of a Chief Executive Officer with delegated duties (who since 18th December 2013, accumulates such duty with that of Chairman of the Board of Directors) regarding the day-to-day management of the Company;
- the existence of a director or directors to whom the Board have entrusted or may entrust special duties;
- the participation of Non-executive Directors in Specialised Committees, who are therefore called to devote increased time to Company's affairs.
Given the current organizational model and in accordance with the framework of the compensation principles, the Remuneration Committee considered also relevant:
- ensure that the remuneration of directors with executive duties is aligned with international market practices⁸, reinforcing the importance of keeping the process for defining targets and assessing performance, which should be subject to review and/or update on a regular basis (every mandate);
- guarantee the consistency between the quantitative key performance indicators defined for the Chief Executive Officer’s annual performance evaluation and those that are also considered, according to their responsibilities, in the annual performance appraisal for all Company’s managers;
Considering the above-mentioned core principles and assumptions, the following remuneration framework was defined:
3.1. Non-executive Directors
- the remuneration of the Non-executive Directors shall be a fixed amount exclusively, reviewed periodically according to international best practices and taking into consideration the benchmark with other listed companies and the specific responsibilities and availability of such directors;
- the amount paid to Directors with non-executive duties may be differentiated for those who have been assigned functions in Specialized Committees or Supervisory Boards of subsidiaries. With respect to those, the Remuneration Committee considers it appropriate to award a fee per meeting, since the duties performed on behalf of these Committees and Supervisory Boards demand additional availability from the respective committee members. An additional fixed remuneration may also be paid to those Non-executive Directors who are in charge of specific tasks.
3.2. Directors with executive duties
Regarding the remuneration of Directors with executive duties, specifically the Chief Executive Officer (CEO), the Remuneration Committee decided to maintain the existence of two remuneration components, fixed and variable:
i) Fixed component: corresponds to a monthly remuneration paid in 14 monthly instalments, the amount of which is determined taking into account the duties and responsibilities attributed to the CEO of the Company, the performance achieved and the benchmark for similar positions⁸; also the CEO remuneration cannot or should not create an impediment to the competitiveness of the Company’s remuneration policies;
ii) Variable component: corresponds to an annual amount determined by the Remuneration Committee and is limited to the maximum amount of three times the value of the fixed remuneration. The determination of a final amount is based on an annual individual performance evaluation. The evaluation is based on a framework of key quantitative indicators which should be in line with the Group strategic goals and business plans approved by the Board of Directors, and qualitative goals that are critical for the long-term sustainability of the business;
These dimensions, quantitative and qualitative (the latter more a long-term by nature), are critical for the future success of the businesses and, as such, can have a timeline that can exceed a year.
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Bearing in mind the contribution of the countries and business areas where the Group operates, the Remuneration Committee considers adequate that the payment of fixed and variable components of remuneration to Directors with executive duties be split between the Company and its subsidiary companies where such Directors are also members of the management body, in a proportion determined by the Remuneration Committee.
3.2.1. Performance evaluation methodology and variable remuneration attribution
The Remuneration Committee believes that achieving an individual target should not automatically guarantee a specific percentage of variable pay. After the Board of Directors sets the financial (quantitative) and non-financial qualitative targets, the Committee reviews how these different indicators relate to one another and how achieving one target may influence the achievement of others.
Therefore, the final overall assessment is holistic, taking all interactions into account, while still respecting the weighting defined for the financial (quantitative) and qualitative components.
The quantitative key performance indicators of a financial nature account for 50% of the individual performance calculation, and reflect performance translated into real Company growth and the shareholders' return. These indicators are weighed according to the strategic priorities of the Company, the context of the business and the overall interests of the stakeholders, as follow:
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| Weight | Objectives | Description |
|---|---|---|
| Quantitative key performance indicators | Turnover Growth (Excl. FX) | Based on reported consolidated sales increase; the following are also evaluated: real like-for-like growth, the contribution of organic growth, the evolution of new and mature markets, the evolution of sales per square meter and per employee full-time equivalent (FTE), capital turnover, and the impact on gross margin for achieving the proposed targets. |
| Net Earnings to JM | Based on the consolidated net results, with targets defined in absolute value; the following are also taken into account: the evolution of earnings before taxes, interests, depreciations and amortisations (EBITDA), the EBITDA margin (with and without IFRS16), the impact on it of the growth of developing markets, the weighting of the different markets in the sales mix and the evolution of the EBITDA margin in each business area and country. | |
| EVA | The return on invested capital - is based on the economic value added (EVA) defined in absolute value deducted from minority interests. The assessment takes into account: the rates of return on capital invested in each business and the respective cost of capital in each country (with and without IFRS 16), the evolution in relation to previous years and at estimated rates, the rate of reinvestment relating to depreciations amount, the evolution of the average amount invested per square meter of sales area, the comparison with the return rates of the sector, the impact on the achieved value of the businesses under development, and finally, the cash flow released and available for shareholders (the conversion rate of earnings into cash). | |
| Gearing | The robustness of the Company's capital structure is measured by the debt ratio ("gearing" - net financial debt after distribution of dividends, divided by equity). The assessment also weighs: the value of the working capital and its contribution to financing invested capital and reducing financial debt, the structure of financing obtained, currencies and maturity, the contribution to hedging exchange rate risks, and the interest coverage rate on EBITDA. |
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The qualitative key performance indicators (of non-financial nature) account for 50% of the individual performance calculation and are grounded in the evaluation of real implementation of transversal projects across the Group's companies, aligned with established priorities, to ensure the future business competitiveness and long-term sustainability. The individual performance indicators include the following:
| Weight | Objectives | Description | |
|---|---|---|---|
| Qualitative key performance indicators | 50% | Strategy and Resource Allocation | Includes both the development and implementation of strategic projects, and the exploitation of new investment opportunities, consistent with the Group's capabilities and resources. Considering the objective of sustained growth and the ongoing transformation of the Company to ensure its competitiveness and long-term success, priority is given to investment decisions and the launch of projects or initiatives whose execution prevents the dilution of return on capital and safeguards the strength of the balance sheet. |
| Organisational Health | The organisational health and talent agenda evaluates the dissemination of the Company's values, the consolidation of the core elements of its culture, the degree of engagement and satisfaction of employees, the identification and promotion of leaders who guarantee the growth of the Company, and the normal replacement of executive and management teams, linking the human resources strategy to the business strategy, monitoring the implementation of salary policies suited to remunerate loyalty and merit, as well as social responsibility projects within the scope of HR; | ||
| Multi-Stakeholder Relations | The performance and results achieved in the multi-stakeholder relations indicator are measured by Environmental Social & Governance (ESG) analysts according to the information disclosed on the policies, practices and KPI's. The Committee takes into account, in particular, the progress shown during the year, considering the aspirations defined by the Board of Directors in this matter, and the evolution made by other organizations within the same sector and / or country. |
The attribution of the annual variable component should consider the following criteria: a) if after review, the individual performance does not meet any of the set targets (quantitative or qualitative), there will be no annual variable remuneration payment; b) if the individual performance equals or exceeds in all or some of the targets, the variable remuneration payment may range from 50% to 100% of the maximum variable amount.
The process for the CEO performance review includes an annual performance assessment with quarterly reviews which are made available to the Remuneration Committee. The assessment and reviews are based on evidence, and on a regular monitoring of the degree of achievement of the targets. In accordance with the established procedure, the annual performance cycle is concluded with the award of the variable incentive component in the first quarter of the year following the performance period after the calculation of the full year results. The payment is made during the first semester.
Together, the fixed and variable components should ensure a competitive remuneration in the international market and drive individual and collective performance, through the setting and achievement of ambitious goals of accelerated growth and appropriate shareholder return. Furthermore, the Committee considers that the Remuneration Policy of the Company is also aligned with the remuneration practices of comparable publicly traded peers, operating in the global arena. Given the pressures in the marketplace for executive capabilities, the Remuneration Committee analyzes the competitiveness of the Company in this
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matter from time to time based on appropriate and reliable benchmark studies provided by independent and credible entities.
3.3. Members of the Audit Committee
The remuneration of the members of the Audit Committee as well as the remuneration of Directors with non-executive duties shall continue to comprise a fixed component only.
3.4. Members of the shareholders general meeting
The Chairman and secretary of the Shareholders General meeting will keep a per meeting fee.
3.5. Statutory auditor
The Statutory Auditor will be remunerated in accordance with the auditing services agreement signed with Jerónimo Martins, which covers almost all its subsidiaries. This remuneration shall be in line with market practices and is subject to the approval of the Audit Committee.
4. Alignment of long-term interests
The Remuneration Committee considers that the remuneration framework for Directors with executive duties is adequate and allows for a strong alignment through the setting targets in line with the long term interests of the Company. The alignment with the long-term interests of the Company is reinforced by the fact that the current Chairman of the Board of Directors and Chief Executive Officer is a member of the family who is the majority shareholder of the Company.
The Remuneration Committee considers it unnecessary, to establish a maximum potential remuneration amount, either in aggregate or on an individual basis, for members of the Corporate Bodies. This position is maintained without prejudice to the proportional balance defined between fixed and variable remuneration for executive directors.
For the same reasons, the Committee also concludes that the inclusion of a clawback mechanism for variable remuneration already paid is not required.
4.1. Variable Remuneration deferral
Without prejudice to the foregoing, to reinforce the alignment of executive directors' performance with the long-term interests of the Company, a significant part of the respective annual variable remuneration will be deferred in time, distributed over a period of four years, subject to the confirmation by the Remuneration Committee of the sustainability of the performance (understood as the non-deterioration of the results, objectives and metrics that supported the level of variable remuneration attributed), in the following terms:
i) 50% of the variable remuneration awarded will be due in the year of attribution;
ii) 20% of the variable remuneration awarded will be due in the year following the attribution;
iii) 15% of the variable remuneration awarded will be due in the second year following the attribution; and
iv) 15% of the variable remuneration awarded will be due in the third year following the attribution.
In the event of termination of duties of the executive director, the following rules will be applied:
a) If the termination of duties occurs due to a fact not attributable to the executive director, inter alia, due to retirement, death, illness, non-renewal of mandate or resignation pursuant to an agreement with the Company, the entire variable remuneration awarded, including the part that has been deferred, will be due in the year of termination, provided that the Remuneration Committee confirms that performance has been sustainable up to that moment;
b) If the director ceases executive functions but remains as a non-executive director, the entire variable remuneration awarded, including the part that has been deferred, will be due on the scheduled dates, provided that the Remuneration Committee confirms that performance has been sustainable up to that moment;
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Jerónimo Martins | Annual Report 2025
c) If the termination of duties occurs due to a fact attributable to the executive director, inter alia, due to dismissal for cause or resignation from the position for circumstances other than those referred to in paragraph a), the right to receive part of the variable remuneration that has been deferred will be extinguished;
d) For the purposes of calculating the pensionable salary, under the terms of Plan C, of the Jerónimo Martins e Associadas Pension Fund, whenever the last variable remuneration received should be taken into account - in the case of directors who no longer receive variable remuneration, but maintain eligibility conditions -, the entirety of the last variable remuneration awarded will be considered, regardless of its partial deferral.
5. Pension Plan and fringe benefits
Additionally, the Company provides for a Retirement Pension Plan for Executive Directors which was approved by the General Meeting, which is described in point 76.
As established by the Remuneration Committee in 2010, life and health insurance fringe benefits for Directors with executive duties shall continue unchanged. These fringe benefits have no relevant weight on the remuneration of such directors, representing less than 1% of the total remuneration.
6. Revision Process
Ordinarily, at the end of each mandate, and extraordinarily, whenever justified, the Remuneration Committee will assess the need to propose to the shareholders general meeting, the revision of the remuneration policy, taking into account the aforementioned principles. With a view to apply, monitor and define possible proposals to revise the remuneration policy, the Committee meets at least once a quarter, in order to monitor the situation of the Company, and assess the adequacy of the corporate bodies' remuneration. In the exercise of its duties, the Remuneration Committee also requests the information and the internal and external studies (in this case, ensuring the competence and independence of the service providers that carry them out) that it deems relevant, and when needed, requests the participation of any directorates, departments and services of the Company.
7. Final remarks
The Company continues not to have any type of plan for the attribution of shares or share purchase options to directors, nor has there been any remuneration paid in the form of profit sharing.
The Company did not enter into any contracts with its Directors which mitigate the risk inherent to the remuneration variability set by the Company, nor is the same aware that any such contracts have been entered into between its Directors and third parties.
The Company did not and will not adopt any policy or execute any contracts or arrangements with any Directors, members of the Audit Committee or members of the Company's Internal Committees, related with the performance of their duties, the applicable notice periods, and the terms of the termination and payment linked to termination.
Accordingly, in the 2025 financial year there was no assumption by the Company of any costs related to the respective termination of functions.
Assessment by the Remuneration Committee of the Chairman of the Board of Directors and Chief Executive Officer in February 2025, in relation to 2024 financial year.
Having considered all the circumstances in which the Chairman of the Board of Directors and Chief Executive Officer developed his activities and led the Group in the effective and challenging management, in a year following the inflationary cycle in sales. Despite the investment in price made as a way to increase volumes in a market without growth, like the polish food market, the growth in volume and diluting costs revealed the vision, focus and commitment with consumers. Taking into account the financial performance of most of the businesses, despite not having achieved all the financial targets set in a very ambitious way facing the conjuncture, as well as the
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Jerónimo Martins | Annual Report 2025
continued progress in the quantitative and qualitative targets deemed relevant, the Committee decided to grant to the Chairman and CEO the incentive award of €2,600,000.
The Remuneration Committee also highlighted that this decision considered the contributions to the sustainable performance of the Group, which, under the very special circumstances that have impacted the year under review, reinforced a solid foundation for the future. In this respect, the Committee members felt worthwhile to note the following elements to support their decision:
- The visible success of implementing the concept “All about food” in Portugal, reinforcing the retailing knowledge and culture of the Group and mainly the competitiveness of the new format with a remarkable LfL growth in a crowded market;
- Executing carefully the entry in Slovakia, adding another geography and source of growth to Biedronka;
- Achieving solid cash generation in Hebe, becoming another contributor to net profits and improving the experience and know-how of the Group on the virtual market and creating conditions either to make Hebe evolve to an international business, or to support e-commerce and q-commerce operations of Biedronka;
- Recovery of Ara's gross margin, without loss of competitiveness, which allowed to present once again positive results in terms of EBITDA (excluding IFRS16);
- Undisputed progress across a broad set of criteria of sustainable development for the business, with remarkable achievements such as the ratings awarded by CDP and FTSE, which shows the leading position of Jerónimo Martins among its peers;
- Strong investment in our leadership across the board, that will allow us not to lose competitiveness in the future;
- A unique investment in our corporate responsibility that anchors our interests in the communities that we serve, through the creation of the Jerónimo Martins Foundation.
70. Information on How Remuneration is Structured so as To Enable the Aligning of the Interests of the Members of the Board of Directors With the Company's Long-Term Interests And How It Is Based on the Performance Assessment and How It Discourages Excessive Risk Taking
As results from the Remuneration Policy described in point 69, remuneration is structured in a way that allows alignment between the interests of the Board Members with the long-term interests of the Company.
The existence of fixed and variable components of remuneration and the fact that the definition of the variable remuneration depends on a framework of key quantitative and qualitative business dimensions and key performance indicators (KPI's), being the definition of the variable component of the CEO remuneration based on the achievement of those KPI's foreseen in the Group's business plans approved by the Board of Directors, lead to management's evaluation to be made taking into attention the interests of the Company and its shareholders not only in the short term, but also in the middle and long-term.
Within the parameters of the remuneration policy in force, and to ensure alignment with market best practices, the Remuneration Committee deemed adequate to review the process of defining targets and assess performance of Directors with executive duties, namely the Chief Executive Officer, having followed-up the progress in both qualitative and quantitative targets on a quarterly basis. It also defined clear and measurable qualitative targets, namely by getting access to ESG (Environmental, Social and Governance) reports.
Based on a rigorous and thorough analysis of multiple sources of evidence both internal and independent, the Remuneration Committee followed closely the progress of several performance indicators, both quantitative (sales growth, net earnings, EVA and gearing) and qualitative (strategic direction and resources allocation, organizational health and talent management, and stakeholder relations).
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Jerónimo Martins | Annual Report 2025
As referred in point 69., the Company did not enter into any contracts with its Directors which intend to mitigate the risk inherent to the variability of remuneration set by the Company.
71. Reference to There being a Variable Remuneration Component and Information on Any Impact of the Performance Appraisal on This Component
The remuneration of Directors with executive duties is comprised of a variable component depending, also, of a performance review depending on the effective delivery of the objectives and targets, measured by the behaviour of the quantitative and qualitative indicators. See points 69. and 70.
72. The Deferred Payment of the Remuneration's Variable Component and Specification of Relevant Deferral Period
For the 2024 performance year, the variable remuneration awarded in 2025 was paid in accordance with the remuneration policy then in force. For the 2025 performance year, the variable remuneration component will be subject to a deferral mechanism, as provided in point 69.
73. The Criteria Whereon the Allocation of Variable Remuneration on Shares is Based, and Also on Maintaining Company Shares That The Executive Directors Have Had Access To, On the Possible Share Contracts, Including Hedging or Risk Transfer Contracts, the Corresponding Limit, and Its Relation to the Total Annual Remuneration Value
The Company does not have any type of plan for attribution of shares to Directors.
74. The Criteria Whereon the Allocation of Variable Remuneration on Options is Based and details of the Deferral Period and the Exercise Price
The Company does not have any plan for the attribution of share purchase options to Directors.
75. The Key Factors and Grounds for Any Annual Bonus Scheme and Any Additional Non-Financial Benefits
See points 69. to 71. Directors with executive duties also receive life and health insurance fringe benefits.
76. Key Characteristics of the Supplementary Pensions or Early Retirement Schemes For Directors and Statement on the Date When Said Schemes Were approved at the General Meeting, on an Individual Basis
At the 2005 Annual General Meeting, a Retirement Pension Plan for Executive Directors was approved.
It is a Defined Contribution Pension Plan, in which the value of the contribution is fixed in advance – the percentage of the monthly deduction for the Fund is currently 25% - the value of the benefits varying depending on the earnings obtained. The Remuneration Committee defines the contribution rate of the Company.
Plan Participants, as defined in the respective regulation, include the Executive Directors of the Company. In the specific case of Executive Directors in office at the time of the 2005 General Meeting, those who opted for the current Pension Plan would forego eligibility for the Alternative Pension Plan, by way of expressly and irrevocably waiving it.
The retirement date coincides with the day itself or the first day of the month following the month in which the Participant reaches normal retirement age, as established into the General Social Security Scheme. A Participant will be considered to be in a state of total and permanent invalidity if recognised as such by the Portuguese Social Security.
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Jerónimo Martins | Annual Report 2025
The pensionable salary is the gross monthly salary paid by the Company and any of its direct or indirect subsidiary companies, multiplied by 14 and divided by 12. To this fixed monthly amount is added, at the end of each calendar year, a variable amount comprising all the amounts received as variable remuneration from said Company and subsidiary companies.
The Remuneration Committee may determine the Company to make extraordinary contributions on behalf of the Participants, including through the redemption of life insurance, if this proves to be appropriate in light of the reasons that led the shareholders to approve such an amendment to the Pension Plan in 2020. This possibility is in accordance with the remuneration policy in force, namely in the case of short contributory careers or misaligned with the benchmark or in the event of a mismatch between the contribution period and the career at the service of the Company.
Whenever the Participant, despite continuing to meet eligibility conditions, starts to perform a function that, under the Remuneration Policy that is in force, does not provide for the existence of variable remuneration, to the mentioned fixed amount will be added, annually, an amount corresponding to the last variable remuneration earned, updated in the same proportion as the fixed remuneration.
Additionally, concerning Directors who were in office at the date of the said 2005 General Meeting, the complementary pension or retirement system regime applies, and under the terms of the respective Regulation, Directors have the right to a Complementary Pension at retirement age, cumulatively, when they: i) are over 60 years old; ii) have performed executive functions; and iii) have performed the role of a Director for more than 10 years. This supplement was established in the 1996 Annual General Shareholders' Meeting and only those Directors that have not opted for the Retirement Pension Plan mentioned above may benefit from this supplement.
The Retirement Pension Plan revoked and substituted, as from the date of its approval, on 30th March 2005, the complementary retirement plan that already existed in the Company without prejudice to acquired rights.
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Subsection IV - Remuneration Disclosure
77. Details on the Amount Relating to the Annual Remuneration Paid as a Whole and Individually to Members of the Company's Board of Directors, Including Fixed and Variable Remuneration and as Regards the Latter, Reference to the Different Components That Give Rise to Same
The gross remuneration of the members of the Board of Directors, paid by the Company during 2025, totaled 3,425,000 euros, corresponding to 1,515,000 euros of fixed remuneration, 910,000 euros of variable remuneration and 1,000,000 euros of ordinary contributions to the retirement pension plan.
In the chart below reference is made, pursuant to paragraph 2 of Art. 26-G PSC, to the gross remuneration paid individually to the Members of the Board of Directors:
| Director | Remuneration Paid (euros) | ||
|---|---|---|---|
| Fixed Component | Variable Component * | Retirement Pension Plan | |
| Pedro Soares dos Santos | 490,000 | 910,000 | 1,000,000 |
| Agnieszka Słomka-Gołębiowska | 125,000 | - | - |
| António Domingues | 120,000 | - | - |
| Elizabeth Ann Bastoni | 120,000 | - | - |
| Fabio Villegas | 120,000 | - | - |
| Francisco Sá Carneiro¹ | - | - | - |
| João Vale de Almeida | 120,000 | - | - |
| José Soares dos Santos¹ | - | - | - |
| Maria Ángela Holguín Cuéllar | 120,000 | - | - |
| Nagyar Makhmudova | 120,000 | - | - |
| Sérgio Tavares Rebelo | 180,000 | - | - |
| Directors who ceased duties on 2025: | |||
| Andrzej Szlezak | - | - | - |
| António Viana-Baptista | - | - | - |
| Artur Stefan Kirsten | - | - | - |
| Clara Christina Streit | - | - | - |
| Francisco Seixas da Costa | - | - | - |
| Natalia Anna Olynec | - | - | - |
- Annual variable remuneration fixed and paid in 2025, following the performance assessment for the year 2024
¹ Waived the remuneration for the entire term of office.
In the following charts, the provisions of Article 26-G CVM are complied with, with reference to the disclosure of the total remuneration earned by the Members of the Board of Directors, including the amounts paid by subsidiary companies referred to in point 78.
In the chart below reference is made, pursuant to paragraph 2 of Art. 26-G PSC, to the relative proportion of each of the remuneration components, considering the gross total amounts paid individually to the Members of the Board of Directors:
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| Director | Remuneration Paid (% of annual total) | ||
|---|---|---|---|
| Fixed Component (%) | Variable Component* (%) | Retirement Pension Plan (%) | |
| Pedro Soares dos Santos | 28 | 52 | 20 |
| Agnieszka Słomka-Gołębiowska | 100 | - | - |
| António Domingues | 100 | - | - |
| Elizabeth Ann Bastoni | 100 | - | - |
| Fabio Villegas Ramírez | 100 | - | - |
| Francisco Sá Carneiro¹ | - | - | - |
| João Vale de Almeida | 100 | - | - |
| José Soares dos Santos¹ | - | - | - |
| Maria Ángela Holguín Cuéllar | 100 | - | - |
| Nigyar Makhmudova | 100 | - | - |
| Sérgio Tavares Rebelo | 100 | - | - |
| Directors who ceased duties on 2025: | |||
| Andrzej Szlęzak | - | - | - |
| António Viana-Baptista | - | - | - |
| Artur Stefan Kirsten | - | - | - |
| Clara Christina Streit | - | - | - |
| Francisco Seixas da Costa | - | - | - |
| Natalia Anna Olynec | - | - | - |
- Annual variable remuneration fixed and paid in 2024, following the performance assessment for the year 2023
¹ Waived the remuneration for the entire term of office.
In the charts below is provided the information required under the terms of paragraph 2 of Art. 26-G PSC, i.e., the annual variations of the gross remuneration amounts paid individually by the Company, and by the companies referred to in point 78., to the Members of the Board of Directors, as well as of the average remuneration paid to full-time employees of the Company in equivalent terms, in the last five years, and the performance indicators verified:
| Chairman & CEO | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|
| Pedro Soares dos Santos | Fixed Remuneration (€) | 700,000 | 910,000 | 1,160,000 | 1,400,000 | 1,400,000 | 1,400,000 |
| Variable Remuneration (€)¹ | 1,400,000 | 1,550,000 | 1,820,000 | 2,520,000 | 2,800,000 | 2,600,000 | |
| Ordinary Contributions to Pension Plan (€) | 476,875 | 615,000 | 740,833 | 980,000 | 1,050,000 | 1,000,000 | |
| Total Remuneration including Ordinary Pension Plan Contributions (€) | 2,576,875 | 3,075,000 | 3,720,833 | 4,900,000 | 5,250,000 | 5,000,000 | |
| % Change | - | 19.3 | 21.0 | 31.7 | 7.1 | -4.8 | |
| Extraordinary Contribution to Pension Plan² (€) | - | 9,300,00 | - | - | - | - | |
| Total Remuneration including Ordinary Pension Plan Contributions and Extraordinary Contribution (€) | 2,576,875 | 12,375,00 | 3,720,833 | 4,900,000 | 5,250,000 | 5,000,000 | |
| % Change | - | 380.2 | -69.9 | 31.7 | 7.1 | -4.8 |
¹ Variable Remuneration paid in a specific year is related to the previous year performance.
² Extraordinary contribution to the Pension Plan awarded in 2021 by decision of the Remuneration Committee to correct the identified deviation.
It should be noted that, at the request of the Chairman of the Board of Directors & CEO, the Remuneration Committee postponed the entry into force of the increases in their respective fixed remuneration decided in 2024 (amounting to 6.3%) and in 2025 (amounting to 3.5%). The request, which the Remuneration Committee granted, was based on the uncertain macroeconomic context that marked previous years, requiring an approach of financial prudence and budgetary discipline.
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Jerónimo Martins | Annual Report 2025
| Non-Executive Directors | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|
| Agnieska Slomka-Golebiowska | Fixed Remuneration (€) | - | - | - | - | - | 125,000 |
| % Change | - | - | - | - | - | - | |
| António Domingues | Fixed Remuneration (€) | - | - | - | - | - | 120,000 |
| % Change | - | - | - | - | - | - | |
| Elizabeth Ann Bastoni | Fixed Remuneration (€) | 80,000 | 80,000 | 100,000 | 100,000 | 100,000 | 120,000 |
| % Change | 0 | 0 | 25 | 0 | 0 | 20 | |
| Fabio Villegas Ramírez | Fixed Remuneration (€) | - | - | - | - | - | 120,000 |
| % Change | - | - | - | - | - | - | |
| Francisco Sá Carneiro | Fixed Remuneration (€) | - | - | - | - | - | - |
| % Change | - | - | - | - | - | - | |
| João Vale de Almeida | Fixed Remuneration (€) | - | - | - | - | - | 120,000 |
| % Change | - | - | - | - | - | - | |
| José Soares dos Santos | Fixed Remuneration (€) | - | - | - | - | - | - |
| % Change | - | - | - | - | - | - | |
| Maria Ángela Holguín Cuéllar | Fixed Remuneration (€) | 130,000 | 130,000 | 144,000 | 160,000 | 160,000 | 182,000 |
| % Change | 30 | 0 | 10.8 | 11.1 | 0 | 13.8 | |
| Nigyar Makhmudova | Fixed Remuneration (€) | - | - | - | - | - | 120,000 |
| % Change | - | - | - | - | - | - | |
| Sérgio Tavares Rebelo | Fixed Remuneration (€) | 220,000 | 220,000 | 228,000 | 260,000 | 260,000 | 304,000 |
| % Change | - | 0 | 3.6 | 14 | 0 | 16.9 | |
| Directors who ceased duties on 2025: | |||||||
| Andrzej Szlezak^{a} | Fixed Remuneration (€) | 133,000 | 133,000 | 149,000 | 165,000 | 165,000 | 24,000 |
| % Change | - | 0 | 12 | 10.7 | 0 | -85.5 | |
| António Viana-Baptista | Fixed Remuneration (€) | 80,000 | 80,000 | 100,000 | 100,000 | 100,000 | - |
| % Change | - | 0 | 25 | 0 | 0 | - | |
| Artur Stefan Kirsten | Fixed Remuneration (€) | 80,000 | 80,000 | 100,000 | 100,000 | 100,000 | - |
| % Change | - | 0 | 25 | 0 | 0 | - | |
| Clara Christina Streit | Fixed Remuneration (€) | 80,000 | 80,000 | 100,000 | 100,000 | 100,000 | - |
| % Change | - | 0 | 25 | 0 | 0 | - | |
| Francisco Seixas da Costa | Fixed Remuneration (€) | 80,000 | 80,000 | 100,000 | 100,000 | 100,000 | - |
| % Change | - | 0 | 25 | 0 | 0 | - | |
| Natalia Anna Olynec | Fixed Remuneration (€) | - | - | 105,000 | 105,000 | 105,000 | - |
| % Change | - | - | - | 0 | 0 | - |
a The amount relating to 2025 refers to the performance of duties in a supervisory board until April 24, 2025
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| Company Associates | 2020 | 2021 | 2022 | 2023 | 2024 | 2025^{1} | |
|---|---|---|---|---|---|---|---|
| Total Remuneration^{1} | FTE Average Remuneration (€)^{2} | 105,857 | 106,928 | 126,211 | 130,190 | 110,388 | 101.366 |
| FTE Average Remuneration - % Change^{3} | 6.5 | 5.6 | 24.5 | 16.1 | 10.1 | -3.2 |
1 Includes both fixed and variable remuneration earned, as well as the annual contributions to the Pension Plan.
2 For the calculation of average total remuneration, only full-time active employees who performed their duties throughout the entire year under analysis were included.
3 Average remuneration change (%) was calculated using a constant population between year N and year N-1, excluding the effect of new hires.
4 In the past two years, the integration of transferred employees into administrative roles within the Group's shared services centers has contributed to the reduction in the reported average salary.
| Jerónimo Martins Group Performance | 2020 (%) | 2021 (%) | 2022 (%) | 2023 (%) | 2024 (%) | 2025 (%) | |
|---|---|---|---|---|---|---|---|
| Key Performance Indicators | Sales Growth (at constant exchange rates) | 6.7 | 10.7 | 23.9 | 18.1 | 4.9 | 6.7 |
| EBITDA growth (at constant exchange rates) | 1.9 | 14.1 | 19.7 | 13.7 | -1.7 | 9.9 | |
| Δ Ordinary Net Earnings attributable to JM^{1} | -10.2 | 30.1 | 34.2 | 18.7 | -10.3 | 10.3 | |
| Pre-tax Return on Invested Capital | 16.5 | 21.5 | 27.0 | 26.8 | 20.0 | 20.1 |
1 The ordinary net result refers to the ordinary consolidated amount, adjusted for the accounting effects of the adoption of IFRS16, attributable to Jerónimo Martins, SGPS, SA., which are the base for the application of the dividend distribution policy.
78. Any Amounts paid, For Any Reason Whatsoever, By Other Companies in a Control or Group Relationship, or are Subject to a Common Control
Additionally to the amounts referred to in point 77., amounts were paid by other companies in a control or group relationship or subject to a common control, according to number 1 of article 2, paragraph g), of Decree-Law no. 158/2009, of 13th July, to Directors during 2025 totalling 2,810,000 euros, being the gross individual amounts paid detailed, pursuant to paragraph 2 of article 26-G PSC, in the chart below:
| Director | Amounts Paid (euros) | |
|---|---|---|
| Fixed Component | Variable Component * | |
| Pedro Soares dos Santos^{1} | 910,000 | 1,690,000 |
| Andrzej Szlezak^{2} | 24,000 | - |
| Maria Angela Holguín Cuéllar^{3} | 62,000 | - |
| Sérgio Tavares Rebelo^{3} | 124,000 | - |
- Annual variable remuneration fixed and paid in 2025, following the performance assessment for the year 2024.
1 For exercise of management duties.
2 For exercise of functions in supervisory board until 24th April 2025
3 For exercise of functions in supervisory board
79. Remuneration Paid in the Form of Profit-Sharing and/or Bonus Payments and The Reasons For Said Bonuses or Profit Sharing Being Awarded
The Company did not pay to Directors any remuneration in the form of profit-sharing or bonuses (other than the variable remuneration referred in points 77. and 78., set according to the Remuneration Policy described in point 69.).
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Jerónimo Martins | Annual Report 2025
80. Compensation Paid or Owed to Former Executive Directors Concerning Contract Termination During the Financial Year
No payment was made, nor there is any payment obligation whatsoever, in the event of termination of functions during the term of the Board of Directors.
81. Details of the Annual Remuneration Paid, as a Whole and Individually, to the Members of the Company's Supervisory Board for the Purposes of §2 of Art. 26-G PSC
The gross remuneration paid, during 2025, to the Members of the Audit Committee, in such quality, as a whole was 90,000.00 euros, being the gross individual amounts paid detailed, pursuant to paragraph 2 of Art. 26-G PSC, in the chart below:
| Audit Committee | Remuneration Paid (euros) | |||
|---|---|---|---|---|
| Fixed Component | % | Variable Component | % | |
| Elizabeth Ann Bastoni (President) | 30,000 | 100 | - | - |
| António Domingues | 30,000 | 100 | - | - |
| Sérgio Tavares Rebelo | 30,000 | 100 | - | - |
| Clara Christina Streit | - | - | - | - |
In the chart below is provided the information required under the terms of paragraph 2 of Art. 26-G PSC, i.e., the annual variations of the remuneration amounts paid individually by the Company to the Members of the Audit Committee, in the last five years:
| Audit Committee | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|
| Elizabeth Ann Bastoni (President) | Fixed Remuneration (€) | 20,000 | 20,000 | 25,000 | 25,000 | 25,000 | 30,000 |
| % Change | - | 0 | 25 | 0 | 0 | 20 | |
| António Domingues | Fixed Remuneration (€) | - | - | - | - | - | 30,000 |
| % Change | - | - | - | - | - | - | |
| Sérgio Tavares Rebelo | Fixed Remuneration (€) | 20,000 | 20,000 | 25,000 | 25,000 | 25,000 | 30,000 |
| % Change | - | 0 | 25 | 0 | 0 | 20 | |
| Clara Christina Streit | Fixed Remuneration (€) | 20,000 | 20,000 | 25,000 | 25,000 | 25,000 | - |
| % Change | - | 0 | 25 | 0 | 0 | - |
The information regarding the annual variations in the average remuneration paid to full-time employees of the Company in equivalent terms, in the last five years, and the performance indicators verified in the same period are referred to in point 77.
82. Details of the Remuneration in Said Year of the Chairman of the Presiding Board to the General Meeting
The remuneration paid by the Company to the Chairman of the Board of the General Shareholder's Meeting in the year was 10,000 euros.
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Jerónimo Martins | Annual Report 2025
Subsection V - Agreements with Remuneration Implications
83. The Envisaged Contractual Restraints for Compensation Payable for the Unfair Dismissal of Directors and the Relevance Thereof to the Remuneration's Variable Component
There are no contractual restraints for the compensation payable in the event of dismissal of Directors without due cause. This matter is regulated by the applicable law.
Likewise, the termination of duties of members of the Company's committees shall be governed by the provisions of the applicable legislation.
In any case, it is reaffirmed, as was already stated in Point 69., that, in accordance with the Remuneration Policy approved at the 2023 General Meeting, the Company has not and will not adopt any policy or execute any contracts or agreements with directors, members of the Audit Committee or members of the Company's Internal Committees, related to the performance of their duties, applicable notice periods, termination and payment clauses associated with the termination thereof.
84. Reference to the Existence and Description, With Details of the Sums Involved, of Agreements Between the Company and Members of the Board of Directors and Managers, Pursuant to Art. 29-R/1 of the Securities Code That Envisage Compensation in the Event of Resignation or Unfair Dismissal or Termination of Employment Following a Takeover Bid (Art. 29-H/1/k) PSC
There are no agreements between the Company and members of the Managing bodies, officers or employees that foresee indemnity payments in the event of resignation, dismissal without due cause, or termination of the labour relationship as a consequence of change in the Company's control. See, also, Points 69. and 83.
Subsection VI - Share Allocation and/or Stock Option Plan
85. Details of the Plan and the Number of Persons Included Therein
The Company does not have any plan in force to attribute shares or options to acquire shares.
86. Characteristics of the Plan (Allocation Conditions, Non-Transfer of Share Clauses, Criteria on Share-Pricing and the Exercising Option Price, the Period During Which the Options May be Exercised, the Characteristics of the Shares or Options to be Allocated, the Existence of Incentives to Purchase and/or Exercise Options)
The Company does not have any plan in force to attribute shares or options to acquire shares.
87. Stock Option Plans for the Company Employees and Staff
The Company does not have any plan in force to attribute options to acquire shares.
88. Control Mechanisms for a Possible Employee-Shareholder System Inasmuch as the Voting Rights are not Directly Exercised by Said Employees (Art. 29-H/1/e) PSC
There is no employee-shareholder system in the Company.
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Jerónimo Martins | Annual Report 2025
Section E – Related Party Transactions
Subsection I - Control Mechanisms and Procedures
89. Mechanisms Implemented by the Company For the Purpose of Controlling Transactions With Related Parties
Business between the Company and the Members of the Board; Conflicts of Interest
Any dealings that may exist between the Company and its Board Members are subject to the provisions of Art. 397 CCC, and may only be entered into if so authorised by a resolution of the Board of Directors, for which the interested Director cannot vote, and that authorisation must be preceded by a favourable opinion from the Audit Committee.
Taking into account the election of Francisco Sá Carneiro (partner in the firm of lawyers Vieira de Almeida & Associados – Sociedade de Advogados, SP RL, one of the Jerónimo Martins Group's External Legal Counsels) for the position of Director of Jerónimo Martins for the term 2025-2027, the Board of Directors authorized, since May 2025, within the terms of paragraph 2 of Art. 397 CCC and following the favourable opinion of the Audit Committee, the maintenance of the contract between the Companies and its subsidiaries and the above-mentioned law firm for the provision of legal services.
In the event of a conflict of interest between a director, on his own behalf or that of a third party, and the Company, the provisions of the Anti-Corruption Policy referred above in Point 49 are applicable, without prejudice to what is said below.
In these cases, paragraph 6 of Art. 410. CSC is also applicable. Thus, this director cannot vote on the resolutions that the Board of Directors of the Company may adopt regarding any matter in which there is a divergence between the interest, direct or indirect, of the director, and the interest of the company, and such director must inform the Chairman of the Board of Directors regarding such a conflict situation.
Business between the Company and Other Related Parties
In order to allow the Audit Committee to assess whether any existing related parties transactions have been carried out in the ordinary course of business and concluded on normal market terms and also to enable the Audit Committee, whenever required, to issue their prior opinion on any related parties transactions or transactions that may lead to conflicts of interest, the Board of Directors adopted with a binding favorable opinion from the Audit Committee, the procedure described below in point 91.
90. Details of Transactions That Were Subject To Control in the Referred Year
In 2025, there were no transactions that would fall into the scope of the criteria foreseen in points 89. and 91. and, consequently, there were no transactions subject to control.
The Audit Committee verified the half-yearly reports, which detail all transactions with related parties carried out in the last six months, which were performed within the ordinary course of business and under normal market terms, therefore not submitted to a prior opinion according to the procedure described in point 91.
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Jerónimo Martins | Annual Report 2025
91. A Description of the Procedures and Criteria Applicable to the Supervisory Body When Same Provides Preliminary Assessment of the Business Deals to be Carried Out Between the Company and the Holders of Qualifying Holdings or Entity-Relationships With the Former, as Envisaged in Art. 20 of the Securities Code
According to the procedure adopted by the Company, to which is made reference in point 89, in order to allow the Audit Committee to assess whether any existing related parties transactions have been carried out in the ordinary course of business and concluded on normal market terms and also to enable the Audit Committee, whenever required, to issue their prior opinion on any related parties transactions or transactions that may lead to conflicts of interest, the following rules shall apply.
The Company's Certified Accountant will keep an updated (non-exhaustive) list of the entities that may qualify as Related Parties, having the Group Controller to share every year with the competent functional divisions of the Company and with the CEOs and CFOs of the different Company's subsidiaries the updated definition of Related Parties in accordance with IAS 24, the above mentioned list, as well as a copy of the applicable procedure.
The competent functional divisions of the Company as well as the CEOs and CFOs of the different Company's subsidiaries will report to the Company's Secretary any negotiation in course with a third party (not limited to the list referred to above) that may give rise to a Related Party Transaction (i.e. a transaction between the Company and/or its subsidiaries and a Company's related party).
The report mentioned in the previous paragraph will include:
- the object, purpose and opportunity of the potential Related Party Transaction from the point of view of the Company and/or the subsidiary's business;
- the nature of the potential Related Party Transaction, with the demonstration that its terms and conditions are similar, or at least more favorable, to those that the Company and/or the subsidiary would obtain in comparison to those generally available on the market, or those offered to or by a third party in equivalent circumstances;
- the description of existing relationships with the Related Party, and the interest of the Related Party and other counterparties in the transaction;
- the financial amount involved in the Transaction with the Related Party, as well as in the set of deals eventually carried out with that Related Party in the previous 12 (twelve) months or in the same fiscal year; and
- any other information that may be relevant given the circumstances of the specific transaction.
The Company Secretary will collect all related parties transactions under negotiation and, if necessary, assess together with the Group General Counsel and the Company's Certified Accountant if said transactions may be considered as carried out in the ordinary course of business of the Company and/or its subsidiaries and concluded on normal market terms.
Any Related Party Transaction that cannot be considered as carried out in the ordinary course of business of the Company and/or its subsidiaries and on normal market terms can only be concluded after being approved by a resolution of the Company's Board of Directors, preceded by an opinion of the Company's Audit Committee, having the Company's Secretary to provide for the intervention of the mentioned corporate bodies, as timely as possible.
Related Party Transactions that may be considered carried out in the ordinary course of business of the Company and/or its subsidiaries and concluded on market terms will follow the normal procedure for approval, under the applicable laws, bylaws, regulations and delegations of powers.
If the Related Party transaction is approved by the Board of Directors and its amount (or aggregated amount) is equal or greater than $2.5\%$ of Consolidated Assets of the Company, the Company will make the public disclosure of the transaction. This disclosure should include:
- The identification of the related party;
- Information on the nature of the relationship with related parties;
- The date and amount of the transaction;
- The reasons for the fair and reasonable nature of the transaction, from the point of view of the Company and its Shareholders, that are not related parties, including minority shareholders;
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- The opinion of the Company's Audit Committee.
Transactions (except for consumer transactions) between the Company and/or its subsidiaries and:
- Francisco Manuel dos Santos family members, either directly or through entities in which they hold a financial interest and/or a key management position (not including entities within the scope of the group of companies and joint ventures headed by Sociedade Francisco Manuel dos Santos, Holding N.V. (currently named Sociedade Francisco Manuel dos Santos Holding B.V.), to which, nevertheless the procedure described above will apply entirely);
- persons discharging managerial responsibilities in the Company, either directly or through entities in which they hold a financial interest and/or a key management position,
irrespective of qualifying as Related Parties Transactions and/or despite being carried out in the ordinary course of business of the Company and/or its subsidiaries and concluded on market terms, will always have to be subject to the prior opinion of the Company's Audit Committee (being applicable with the necessary adaptations to Transactions mentioned herewith that do not qualify as Related Parties Transactions, the procedures described above involving the reporting of situations to the Company Secretary, the collection of information by the same, and its approval, except in what refers to the need of intervention of the Board of Directors, unless such intervention is required by applicable laws, bylaws, regulations and delegations of powers).
The provisions hereof are without prejudice of what is foreseen in Art. 397 of the CCC regarding transactions with Directors as referred in point 89.
Every six months, the Company's Secretary will provide the Company's Audit Committee with a detailed report identifying the related parties' transactions that have occurred in the past six months and have not been submitted to such Committee's prior opinion. Such report will include the relevant information referred above.
If the Company's Audit Committee assesses that the procedure above has not been observed, it will immediately inform the Company's Board of Directors of such situation.
Subsection II - Data on Business Deals
92. Details of the Place Where the Financial Statements Including Information on Business Dealings With Related Parties Are Available, in Accordance With IAS 24
The information concerning business dealings with related parties may be found on note 24 – Related Parties, in the Consolidated Financial Statements, of Chapter 3 of the Annual Report and Accounts.
Corporate Governance
Jerónimo Martins | Annual Report 2025
Part II – Corporate Governance Assessment
1. Details of the Corporate Governance Code Implemented
The Company adopted IPCG's Corporate Governance Code (which is available on IPCG's website at https://cgov.pt/codigo-de-governo-das-sociedades/o-codigo/cgs-em-vigor), having considered that the same ensures an adequate level of protection of its shareholders' interests, and company governance transparency.
The Company is also governed by its Code of Conduct and other codes and policies, namely, the Anti-Corruption Policy, whose content is linked to corporate governance matters, and which may be consulted on its website. All of its corporate bodies are governed by regulations, which are documented and available on the Company's website at https://www.jeronimomartins.com/en/.
2. Analysis of Compliance with the Corporate Governance Code Implemented
2.1. Statement of Compliance
The Company complies in its essence with the Recommendations of IPCG in the Corporate Governance Code of 2018 (revised in 2023). It is accepted, however, that there are some recommendations that were not adopted in their entirety as it is better explained below, without prejudice to the explain presented.
The following shows the breakdown of the recommendations contained in IPCG's Code of Corporate Governance (2018 revised in 2023) that were adopted, partially adopted, not adopted and not applicable, as well as reference to the text of the Report where the compliance or justification for not adopting or partially adopting these recommendations may be found.
The Company clarifies that, with regard to the recommendations of multiple significance, referred to in the Update of the Table of Multiple Recommendations of the IPCG CGS revised in 2023, when, in the table below it is stated that a certain recommendation has been adopted by the Company, it is to be understood that the Company considers that all "sub-recommendations" in the scope of such recommendation have been adopted, without prejudice to, in specific cases, the recommendation in question not being applicable in totum to the Company, which is identified in the table.
When the Company considers to have partially adopted a certain recommendation, as well as in cases where the Company considers that a "sub-recommendation" is not applicable to it, reference is made in the table as to the "sub-recommendations" that the Company considers not being applicable to it or that have not been adopted, and the justification concerning the "sub-recommendations" that were not adopted is disclosed in the subparagraphs of point 2.1., presented below the table.
It is also indicated, by reference to the last monitoring carried out by CEAM / IPCG, the recommendations or "sub-recommendations" whose explanation presented was considered as equivalent to adoption or "compliant".
| RECOMMENDATION | STATUS REGARDING THE ADOPTION | REFERRAL TO THE CGR TEXT |
|---|---|---|
| Chapter I. COMPANY'S RELATIONSHIP WITH SHAREHOLDERS, INTERESTED PARTIES AND THE COMMUNITY AT LARGE | ||
| I.1.1. The company specifies in what terms its strategy seeks to ensure the fulfilment of its long-term objectives and what are the main contributions resulting herefrom for the community at large. | Adopted | Part I, Section B, Sub-section II, point 21 |
| I.2. The company identifies the main policies and measures adopted with regard to the fulfilment of its environmental and social objectives. | Adopted | Part I, Section B, Sub-section II, points 21 and 29, Section C, Sub-section II, point 49, Sub-section III, point 53 |
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| RECOMMENDATION | STATUS REGARDING THE ADOPTION | REFERRAL TO THE CGR TEXT |
|---|---|---|
| Chapter II. COMPOSITION AND FUNCTIONING OF THE CORPORATE BODIES | ||
| II.1.1. The Company establishes mechanisms to adequately and rigorously ensure the timely circulation or disclosure of the information required to its bodies, the company secretary shareholders, investors, financial analysts, other stakeholders and the market at large. | Adopted | Part I, Section B, Sub-section II, point 21, and Part I, Section C, Sub-section IV, points 56 and 58 |
| II.2. Diversity in the composition and functioning of the corporate bodies | ||
| II.2.1. Companies establish, previously and abstractly, criteria and requirements regarding the profile of the members of the corporate bodies that are adequate to the function to be performed, considering, notably individual attributes (such as competence, independence, integrity, availability, and experience), and diversity requirements (with particular attention to equality between men and women), that may contribute to the improvement of the performance of the body and of the balance in its composition. | Adopted | Part I, Section B, Sub-section I, point 12, Sub-section II, points 16 to 19 and 26, Sub-section III, points 31 and 33 |
| II.2.2. The management and supervisory bodies and their internal committees are governed by regulations – notably regarding the exercise of their powers, chairmanship, the frequency of meetings, operation and the duties framework of their members – fully disclosed on the website of the company, whereby minutes of the respective meetings shall be drawn up. | Adopted | Part I, Section B, Sub-section II, points 22 and 23, 27 and 29, Sub-section III, points 34 and 35, Section C, point 61 |
| II.2.3. The composition and number of meetings for each year of the management and supervisory bodies and of their internal committees are disclosed on the website of the company. | Adopted | Part I, Section B, Sub-section II, points 23 and 29, Sub-section III, point 35, Section C, Sub-section V, point 62 |
| II.2.4. The companies adopt a whistle-blowing policy that specifies the main rules and procedures to be followed for each communication and an internal reporting channel that also includes access for non-employees, as set forth in the applicable law. | Adopted | Part I, Section B, Sub-section II, point 29, Section C, Sub-section II, point 49 |
| II.2.5. The companies have specialised committees for matters of corporate governance, remuneration, appointments of members of the corporate bodies and performance assessment, separately or cumulatively. If the Remuneration Committee provided for in article 399 of the Portuguese Commercial Companies Code has been set up, the present Recommendation can be complied with by assigning to said committee, if not prohibited by law, powers in the above matters. | Partially Adopted | |
| (Not Adopted Sub-Recommendation II.2.5. (3) - explain equivalent to compliance) | Part I, Section B, Sub-section II, points 24, 25, 27 and 29, and Section D, Sub-section III, point 69, and Part II, point 2.1., sub. a) | |
| II.3. Relations between corporate bodies | ||
| II.3.1. The Articles of Association or equivalent means adopted by the company set out the mechanisms to ensure that, within the limits of the applicable law, the members of the management and supervisory bodies have permanent access to all necessary information to assess the performance, situation and development prospects of the company, including, specifically, the minutes of the meetings, the documentation supporting the decisions taken, the convening notices and the archive of the meetings of the executive management body, without prejudice to access to any other documents or persons who may be requested to provide clarification. | Adopted | Part I, Section B, Sub-section II, point 21 |
| II.3.2. Each body and committee of the company ensures, in a timely and adequate manner, the interorganic flow of information required for the exercise of the legal and statutory flow of information required for the exercise of | Adopted | Part I, Section B, Sub-section II, points 21 and 29, Sub-section III, points 30 and 35 |
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| RECOMMENDATION | STATUS REGARDING THE ADOPTION | REFERRAL TO THE CGR TEXT |
|---|---|---|
| the legal and statutory powers of each of the other bodies and committees. |
II.4. Conflicts of interest
| II.4.1. By internal regulation or an equivalent hereof, the members of the management and supervisory bodies and of the internal committees shall be obliged to inform the respective body or committee whenever there are any facts that may constitute or give rise to a conflict between their interests and the interest of the company. | Adopted | Part I, Section B, Sub-section II, point 29, Section C, Sub-section II, point 49, Section E, Sub-section I, point 89 |
|---|---|---|
| II.4.2. The company adopts procedures to ensure that the conflicted member does not interfere in the decision-making process, without prejudice to the duty to provide information and clarification requested by the body, committee or respective members. | Adopted | Part I, Section B, Sub-section II, point 29, Section C, Sub-section II, point 49, Sub-section III, point 54, Section E, Sub-section I, point 89 |
II.5. Transactions with related parties
| II.5.1. The management body discloses, in the corporate governance report or by other publicly available means, the internal procedure for verification of transactions with related parties. | Adopted | Part I, Section E, Sub-section I, points 89 and 91 |
|---|---|---|
Chapter III - SHAREHOLDERS AND GENERAL MEETINGS
| III.1. The company does not set an excessively large number of shares to be entitled to one vote and informs in the corporate governance report of its choice whenever each share does not carry one vote. | Adopted
(Not Applicable Sub-recommendation III.1.(2)) | Part I, Section B, Sub-section I, point 12 |
| --- | --- | --- |
| III.2. The company that has issued special plural voting rights shares identifies, in its corporate governance report, the matters that, pursuant to the company's Articles of Association, are excluded from the scope of plural voting. | Not applicable | |
| III.3. The company does not adopt mechanisms that hinder the passing of resolutions by its shareholders, specifically fixing a quorum for resolutions greater than that foreseen by law. | Adopted | Part I, Section B, Sub-section I, points 12 and 14 |
| III.4. The company implements adequate means for shareholders to participate in the general meeting without being present in person, in proportion to its size. | Adopted | Part I, Section B, Sub-section I, point 12 |
| III.5. The company also implements adequate means for the exercise of voting rights without being present in person, including by correspondence and electronically. | Adopted | Part I, Section B, Sub-section I, point 12 |
| III.6. The Articles of Association of the company that provide for the restriction of the number of votes that may be held or exercised by one single shareholder, either individually or jointly with other shareholders, shall also foresee that, at least every five years, the general meeting shall resolve on the amendment or maintenance of such statutory provision — without quorum requirements greater than that provided for by law — and that in said resolution, all votes cast will be counted without observation of the imposed limits. | Not applicable | Part I, Section B, Sub-section I, point 13 |
| III.7. The company does not adopt any measures that require payments or the assumption of costs by the company in the event of change of control or change in the composition of the management body and which are likely to damage the economic interest in the transfer of shares and the free assessment by shareholders of the performance of the Directors. | Adopted | Part I, Section A, Sub-section I, points 4 and 5, Section B, Sub-section I, point 12 |
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| RECOMMENDATION | STATUS REGARDING THE ADOPTION | REFERRAL TO THE CGR TEXT |
|---|---|---|
| Chapter IV · MANAGEMENT | ||
| IV.1. Management Body and Executive Directors | ||
| IV.1.1. The management body ensures that the company acts in accordance with its object and does not delegate powers, notably with regard to: i) definition of the corporate strategy and main policies of the company; ii) organisation and coordination of the corporate structure; iii) matters that shall be considered strategic due to the amounts, risk and particular characteristics involved. | Adopted | Part I, Section B, Sub-section II, point 21 |
| IV.1.2. The management body approves, by means of regulations or through an equivalent mechanism, the performance regime for executive directors applicable to the exercise of executive functions by them in entities outside the group. | Adopted | Part I, Section B, Sub-section II, point 21 |
| IV.2. Management Body and Non-Executive Directors | ||
| IV.2.1. Notwithstanding the legal duties of the chairman of the board of directors, if the latter is not independent, the independent directors - or, if there are not enough independent directors, the non-executive directors - shall appoint a coordinator among themselves to, in particular (i) act, whenever necessary, as interlocutor with the chairman of the board of directors and with the other directors, (ii) ensure that they have all the conditions and means required to carry out their duties, and (iii) coordinate their performance assessment by the administration body as provided for in Recommendation VI.1.1.; alternatively, the company may establish another equivalent mechanism to ensure such coordination. | Adopted | Part I, Section B, Sub-section II, point 21 |
| IV.2.2. The number of non-executive members of the management body shall be adequate to the size of the company and the complexity of the risks inherent to its activity, but sufficient to ensure the efficient performance of the tasks entrusted to them, whereby the formulation of this adequacy judgment shall be included in the corporate governance report. | Adopted | Part I, Section B, Sub-section II, points 17 and 18 |
| IV.2.3. The number of non-executive directors is greater than the number of executive directors. | Adopted | Part I, Section B, Sub-section II, points 17 and 18 |
| IV.2.4. The number of non-executive directors that meet the independence requirements is plural and is not less than one third of the total number of non-executive directors. For the purposes of the present Recommendation, a person is deemed independent when not associated to any specific interest group in the company, nor in any circumstances liable to affect his/her impartiality of analysis or decision, in particular in virtue of: i. Having carried out, continuously or intermittently, functions in any corporate body of the company for more than twelve years, with this period being counted regardless of whether or not it coincides with the end of the mandate; ii. Having been an employee of the company or of a company that is controlled by or in a group relationship with the company in the last three years; iii. Having, in the last three years, provided services or established a significant business relationship with the company or with a company that is controlled by or in a group relationship with the company, either directly or as a partner, director, manager or officer of a legal person; iv. Being the beneficiary of remuneration paid by the company or by a company that is controlled by or in a group relationship with the company, in addition to remuneration stemming from the performance of the function of director; | Adopted | Part I, Section B, Sub-section II, points 17 and 18 |
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| RECOMMENDATION | STATUS REGARDING THE ADOPTION | REFERRAL TO THE CGR TEXT |
|---|---|---|
| v. Living in a non-marital partnership or being a spouse, relative or kin in a direct line and up to and including the third degree in a collateral line, of directors of the company, of directors of a legal person owning a qualifying stake in the company or of natural persons owning, directly or indirectly, a qualifying stake | ||
| vi. Being a holder or representative of a shareholder of qualifying holding. | ||
| IV.2.5. The provisions of paragraph (i) of the previous Recommendation do not prevent the qualification of a new Director as independent if, between the end of his/her functions in any corporate body and his/her new appointment, at least three years have elapsed (cooling-off period). | Not Applicable |
Chapter V. SUPERVISION
| V.1. With due regard for the competences conferred to it by law, the supervisory body takes cognisance of the strategic guidelines and evaluates and renders an opinion on the risk policy, prior to its final approval by the administration body. | Adopted | Part I, Section B, Sub-section II, point 29, Sub-section III, point 30, Section C, Sub-section III, points 50, 51, 52, 54 and 55 |
|---|---|---|
| V.2. The number of members of the supervisory body and of the financial matters committee should be adequate in relation to the size of the company and the complexity of the risks inherent to its activity, but sufficient to ensure the efficiency of the tasks entrusted to them, and this adequacy judgement should be included in the corporate governance report. | Adopted | |
| Not applicable | ||
| Sub-Recommendation V.2.(2) | Part I, Section B, Sub-section III, point 31 |
Chapter VI · PERFORMANCE ASSESSMENT, REMUNERATION AND APPOINTMENTS
| VI.1. Annual Performance Assessment | ||
|---|---|---|
| VI.1.1. The management body – or committee with relevant powers, composed of a majority of non-executive members - evaluates its performance on an annual basis, as well as the performance of the executive committee, of the executive directors and of the company committees, taking into account the compliance with the strategic plan of the company and of the budget, the risk management, its internal functioning and the contribution of each member to that end, and the relationship between the bodies and committees of the company. | Adopted | Part I, Section B, Sub-section II, points 21, 24, 25 and 27, and Section D, Sub-section III, points 69 and 70 |
VI.2. Remunerations
| VI.2.1. The company constitutes a remuneration committee, whose composition shall ensure its independence from the board of directors, whereby it may be the remuneration committee appointed pursuant to article 399 of the Commercial Companies Code. | Adopted | Part I, Section D, Sub-section I, point 66 |
|---|---|---|
| VI.2.2. The remuneration of the members of the management and supervisory bodies and of the company committees is established by the remuneration committee or by the general meeting, upon proposal of such committee. | Adopted | Part I, Section D, Sub-section I, point 66, Sub-section II, point 67, Sub-section III, point 69 |
| VI.2.3. The company discloses in the corporate governance report, or in the remuneration report, the termination of office of any member of a body or committee of the company, indicating the amounts of all costs related to the termination of office borne by the company, for any reason, during the financial year in question. | Adopted | Part I, Section B, Sub-section II, points 17, 23 and 29, Sub-section III, points 35 and 69 |
Corporate Governance
Jerónimo Martins | Annual Report 2025
| RECOMMENDATION | STATUS REGARDING THE ADOPTION | REFERRAL TO THE CGR TEXT |
|---|---|---|
| VI.2.4. In order to provide information or clarification to shareholders, the president or another member of the remuneration committee shall be present at the annual general meeting, and at any other general meeting, at which the agenda includes a matter related to the remuneration of the members of bodies and committees of the company, or if such presence has been requested by the shareholders. | Adopted | Part I, Section D, Sub-section II, point 67 |
| VI.2.5. Within the budget constraints of the company, the remuneration committee may freely decide to hire, on behalf of the company, consultancy services that are necessary or convenient for the performance of its duties. | Adopted | Part I, Section D, Sub-section II, point 67, and Sub-section III, point 69 |
| VI.2.6. The remuneration committee should ensure that those services are provided independently. | Adopted | Part I, Section D, Sub-section II, point 67 |
| VI.2.7. The providers of said services are not hired by the company itself or by any company controlled by or in group relationship with the company, for the provision of any other services related to the competencies of the remuneration committee, without the express authorisation of the committee. | Adopted | Part I, Section D, Sub-section III, points 69 to 71 |
| VI.2.8. In view of the alignment of interests between the company and the executive directors, a part of their remuneration has a variable nature that reflects the sustained performance of the company, and does not encourage excessive risk-taking. | Adopted | Part I, Section D, Sub-section III, points 69 to 71 |
| VI.2.9. A significant part of the variable component is partially deferred over time, for a period of no less than three years, and is linked to the confirmation of the sustainability of performance, in terms defined in the remuneration policy of the company. | Adopted | Part I, Section D, Sub-section III, points 69 and 72 |
| VI.2.10. When the variable remuneration includes options or other instruments directly or indirectly subject to share value, the start of the exercise period is deferred for a period of no less than three years. | Not Applicable | Part I, Section D, Sub-section III, points 69 and 74 |
| VI.2.11. The remuneration of non-executive directors does not include any component whose value depends on the performance of the company or of its value. | Adopted | Part I, Section B, Sub-section II, points 17 and 18, Section D, Sub-section III, point 69, and Sub-section IV, points 77 to 79 and 81 |
| VI.3. Appointments | ||
| VI.3.1. The company promotes, in the terms it deems adequate, but in a manner susceptible of demonstration, that the proposals for the appointment of members of the corporate bodies are accompanied by grounds regarding the suitability of each of the candidates for the function to be performed. | Adopted | Part I, Section B, Sub-section I, point 12, Sub-section II, points 16 to 19 |
| VI.3.2. The committee for the appointment of members of corporate bodies includes a majority of independent directors. | Not Applicable | Part II, point 2.1., sub. b) |
| VI.3.3. Unless it is not justified by the size of the company, the task of monitoring and supporting the appointments of senior managers shall be assigned to an appointment committee. | Not Adopted (explain equivalent to compliance) | Part II, point 2.1., sub. c) |
| VI.3.4. The committee for the appointment of senior management provides its terms of reference and promotes, to the extent of its powers, the adoption of transparent selection processes that include effective | Not Applicable | Part II, point 2.1., sub. d) |
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Jerónimo Martins | Annual Report 2025
| RECOMMENDATION | STATUS REGARDING THE ADOPTION | REFERRAL TO THE CGR TEXT |
|---|---|---|
| mechanisms for identifying potential candidates, and that for selection those are proposed who present the greatest merit, are best suited for the requirements of the position and promote, within the organisation, an adequate diversity including regarding gender equality. |
Chapter VII - INTERNAL CONTROL
| VII.1. The management body discusses and approves the strategic plan of the company, which includes setting limits in matters of risk-taking. | Adopted | Part I, Section C, Sub-section III, points 50 to 52 and 54 |
|---|---|---|
| VII.2. The company has a specialised committee or a committee composed of specialists in risk matters, which reports regularly to the management body. | Adopted | Part I, Section C, Sub-section III, point 52 |
| VII.3. The supervisory body is organised internally, implementing periodic control mechanisms and procedures, in order to ensure that the risks effectively incurred by the company are consistent with the objectives set by the administration body. | Adopted | Part I, Section B, Sub-section III, point 30, and Section C, Sub-section III, points 50 and 52 |
| VII.4. The internal control system, comprising the risk management, compliance, and internal audit functions, is structured in terms that are adequate to the size of the company and the complexity of the risk inherent to its activity, whereby the supervisory body shall assess it and, within the ambit of its duty to monitor the effectiveness of this system, propose any adjustments that may be deemed necessary. | Adopted | Part I, Section B, Sub-section III, point 30, and Section C, Sub-section III, points 52 and 55 |
| VII.5. The company establishes procedures of supervision, periodic assessment and adjustment of the internal control system, including an annual assessment of the degree of internal compliance and performance of such system, as well as the prospects for changing the previously defined risk framework. | Adopted | Part I, Section B, Sub-section III, point 30, and Section C, Sub-section III, points 50, 52 and 55 |
| VII.6. Based on its risk policy, the company sets up a risk management function, identifying (i) the main risks to which it is subject in the operation of its business; (ii) the probability of their occurrence and respective impact; (iii) the instruments and measures to be adopted in order to mitigate such risks, and (iv) the monitoring procedures, aimed at following them up. | Adopted | Part I, Section C, Sub-section III, points 50 to 54 |
| VII.7. The company establishes processes to collect and process data related to the environmental and social sustainability in order to alert the management body to risks that the company may be incurring and propose strategies for their mitigation. | Adopted | Part I, Section B, Sub-section II, points 21 and 29, Sub-section III, point 30, and Section C, Sub-section III, points 50, 52, 53 and 54 |
| VII.8. The company reports on how climate change is considered within the organisation and how it takes into account the analysis of climate risk in the decision-making processes. | Adopted | Part I, Section B, Sub-section II, point 21, Section C, Sub-section III, point 53, Sub-section IV, point 56 |
| VII.9. The company informs in the corporate governance report on the manner in which artificial intelligence mechanisms have been used as a decision-making tool by the corporate bodies. | Adopted | Part I, Section B, Sub-section II, point 21 |
| VII.10. The supervisory body pronounces on the work plans and resources allocated to the services of the internal control system, including the risk management, compliance and internal audit functions, and may propose the adjustments deemed to be necessary. | Adopted | Part I, Section B, Sub-section II, point 30, and Section C, Sub-section III, point 52 |
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Jerónimo Martins | Annual Report 2025
| RECOMMENDATION | STATUS REGARDING THE ADOPTION | REFERRAL TO THE CGR TEXT |
|---|---|---|
| VII.11. The supervisory body is the addressee of reports made by the internal control services, including the risk management, compliance, and internal audit functions, at least when matters related to accountability, identification or resolution of conflicts of interest and detection of potential irregularities are concerned. | Adopted | Part I, Section B, Sub-section III, point 30, Section C, Sub-section III, points 50, 51, 55, and Section E, Sub-section I, point 91 |
Chapter VIII · INFORMATION AND STATUTORY AUDIT OF ACCOUNTS
VIII.1. Information
| VIII.1.1. The regulations of the supervisory body requires that the supervisory body monitors the suitability of the process of preparation and disclosure of information by the management body, including the appropriateness of accounting policies, estimates, judgements, relevant disclosures and their consistent application from financial year to financial year, in a duly documented and reported manner. | Adopted | Part I, Section B, Sub-section III, point 30, and Section C, Sub-section V, point 61 |
|---|---|---|
VIII.2. Statutory Audit and Supervision
| VIII.2.1. By means of regulation, the supervisory body defines, in accordance with the applicable legal regime, the supervisory procedures to ensure the monitoring procedures aimed at ensuring the independence of the statutory audit; | Adopted | Part I, Section B, Sub-section III, points 30 and 37 |
|---|---|---|
| VII.2.2. The supervisory body is the main interlocutor of the statutory auditor within the company and the first addressee of the respective reports, and is competent, namely, for proposing the respective remuneration and ensuring that adequate conditions for the provision of the services are in place within the company. | Adopted | Part I, Section B, Sub-section III, points 30 and 37, Sub-section V, points 46 and 47 |
| VIII.2.3. The supervisory body annually evaluates the work carried out by the statutory auditor, its independence and suitability for the exercise of its functions and shall propose to the competent body its dismissal or termination of the contract for the provision of its services whenever there is just cause to do so. | Adopted | Part I, Section B, Sub-section III, point 30, Sub-section V, point 45 |
In light of the text of the recommendations, the following recommendations, also referenced in the table above, were not fully complied with. The corresponding explanations are detailed below.
a) With reference to Recommendation II.2.5, although the Company does not have a formal and autonomous Nominations Committee for members of its governing bodies, the internal procedures adopted ensure compliance with the objectives underlying the recommendation, guaranteeing rigorous, transparent and credible nomination processes. This option results from a balanced assessment of the Company's size, shareholder structure and governance model, as well as the existence of internal mechanisms that, in practice, ensure a level of demand, transparency and rigor equivalent to that pursued by that recommendation.
These mechanisms for identifying, selecting and evaluating potential candidates include a significant executive search component, ensured through the use of specialized external headhunters and consultants – in order to reinforce the technical robustness, independence and impartiality of the process – in addition to the participation of a group of senior executives, particularly from the Human Resources and Corporate Responsibility areas, who collectively assess the proposals based on previously defined objective criteria (professional skills, relevant experience, diversity, availability and independence).
Throughout the process, the reference shareholder (holder of the majority of the Company's share capital) is duly informed about the development and results of the work carried out, in line with their role in the
Corporate Governance
Jerónimo Martins | Annual Report 2025
Company's governance model, without prejudice to the technical autonomy and objectivity of the candidate identification and evaluation process.
At the end of a participatory and competitive process, the candidates who have demonstrated the greatest merit and suitability for the role's requirements are proposed to the reference shareholder for selection, and who promote diversity, including equality between men and women, areas of training and experience, international exposure, and nationality.
The reference shareholder prepares its proposals for the election of members of the corporate bodies taking into account the results of the selection process described above.
Thus, the Company considers that the absence of a formal Nominations Committee does not compromise the quality, transparency, or credibility of the nomination processes for members of the corporate bodies, and the objectives of the recommendation are fully achieved through organizational solutions tailored to its specific reality and aligned with best corporate governance practices.
Indeed, the essential objectives of the recommendation — rigor, transparency, impartiality, and merit in the nomination processes — are fully achievable through the alternative mechanisms adopted by the Company, since these ensure:
- objective and predefined criteria;
- independent technical evaluation;
- plurality of perspectives;
- prevention of conflicts of interest.
When such objectives are achieved by other means, the creation of a formal commission takes on a merely structural, not substantive, character.
b) Concerning Recommendation VI.3.2., see the explanation made in subparagraph a) above.
c) Concerning Recommendation VI.3.3., reinforcing what was already mentioned in a), the Jeronimo Martins Group has been through a period of high growth, with multi-location operations, and employing over 140,000.00 individuals. The Company's Human Resources Division developed the necessary studies and has implemented the appropriate mechanisms in order to manage its workers, at all levels, and to make available the necessary tools to the companies of the Group, both at the initial hiring and subsequently, in career management, all within the framework of robust management development, strategic succession planning and internal mobility policies. Furthermore, once again, given the well-known family dimension of the Company, the Human Resources Policy and, the selection and hiring acquires special importance and requires special attention by the Chief Executive Officer.
See, point 21 of Part I, Section B, Sub-section II ("Human Resources"), and the explanation in subparagraph a) above.
d) Concerning Recommendation VI.3.4., see the explanation made in subparagraph c).
3. Other Information
There is no other data or additional information, which is relevant for understanding the corporate governance model and practices adopted.
Corporate Governance
2025 Annual Report
SUSTAINABILITY STATEMENT
Jerónimo Martins
18 19
Jerónimo Martins
2025
Non-Financial Report
Alfena Distribution Centre, Portugal
Jerónimo Martins | Annual Report 2025
Sustainability Statement
- 2025 Highlights ... 263
- General disclosures ... 265
- Environment information ... 286
- Social information ... 370
- Governance information ... 445
- Sustainability commitments ... 458
- Reporting frameworks ... 475
Index
262
Jerónimo Martins | Annual Report 2025
1. 2025 Highlights
The year 2025 reinforced the strength of a business story spanning more than two centuries, built on a long-term vision and a continued commitment to responsible value creation across the entire chain. This consistent journey, combined with the daily work of our teams, was once again recognised internationally: we featured in more than 180 sustainability indices that distinguish our good practices and the positive impact we generate. Below are some of the most relevant scores we obtained in 2025, and the respective progress regarding the two prior assessments (whenever existed):
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Score | Industry rank / risk rating | Score | Industry rank / risk rating |
| CDP Climate | A | Leadership | A |
| CDP Forests | A | Leadership | A- |
| CDP Water | A | Leadership | A- |
| Ecovadis | 78/100 | Silver | Top 15% |
| Global Child Forum | 9.0 | 3rd | 8.5 |
| ISS ESG | B- | Prime | B- |
| MSCI | A | Average | A |
| Sustainalytics | 16.5 | Low risk | 16.2 |
| WDI | 71% | Most transparent | - |
On the environmental front, our performance again stood out on a global scale. For the first time, a multinational food retailer achieved CDP's triple A – the highest distinction awarded by the leading independent organisation assessing environmental practices. This achievement reflects our actions to combat climate change and deforestation, as well as our approach to water management, also recognizing the transparent way we communicate what we do and what we deliver.
The efforts developed by our Companies and the continuous investment we have been implementing enabled us to substantially reduce our carbon footprint: in 2025, emissions were 18.4% lower than in 2021, our baseline year, even as turnover grew 72.3% over the same period.
Our energy transition strategy is also delivering results. Energy consumption, per million euros of sales, has fallen 32% compared with 2021, and our commitment to renewable sources is today unmistakable. Besides having photovoltaic panels installed in more than 2,700 locations, over half of the energy we consume is coming from renewable sources.
A portion of these investments has been carried out through sustainable finance instruments, which represented around 29% of our consolidated funding in 2025 (compared with 25% in 2024).
On the social axis, we strengthened our commitment in Colombia with a two-million-euro investment aimed at tackling food insecurity and supporting vulnerable groups within the population – particularly children, young people, and mothers. These projects benefited more than 64,000 people.
Overall, support for the communities in greater needs in the countries where we operate reached 91 million euros, over 12% increase versus last year.
As a major employer, we created more than 7,800 jobs and now have almost 148,000 employees representing 86 nationalities. We continued expanding inclusion practices being nearly 3,500 employees with disabilities and impairments in our staff, who represent 2.4% of the total workforce (from 1.6% in 2024).
Sustainability Statement
Jerónimo Martins | Annual Report 2025
We also increased investment in our people, with 361 million euros applied to recognition initiatives, 54 million euros in internal social responsibility programmes, and 18 million euros in training.
Food retail, which accounts for more than 98% of consolidated sales, is at the heart of our business, and we work every day to ensure safe, high-quality products at competitive prices. This commitment translates into ongoing investments in rigorous audits and analyses of our products and suppliers, as well as the promotion of healthier food solutions. In 2025, recipe reformulations avoided the consumption of 320 tonnes of sugar, 275 tonnes of fats and 39 tonnes of salt – without compromising taste or consumer preference. At the same time, we reinforced our contribution to local economies: 92% of the food products we sold were purchased from local suppliers.
The results for 2025 confirm, once again, that our business models – combining committed teams, efficiency-oriented and investment in sustainability – consistently create economic, social and environmental value.
Environmental highlights
- Carbon emissions (scopes 1 and 2) reduced by 18.4% compared with 2021.
- Energy consumption (per million euros of sales) fell 32% versus 2021.
- Photovoltaic solar panels in more than 2,700 establishments.
- Packaging materials were reduced by 3.7% (per million euros of sales) compared with 2024.
Social highlights
- 361 million invested euros in employee recognition and 18 million euros in training.
- 54 million euros allocated to internal social responsibility measures.
- Neighbouring communities supported with 91 million euros, over 12% more than in 2024.
- 320 tonnes of sugar, 275 tonnes of fats and 39 tonnes of salt prevented from entering the market through nutritional reformulations from our Private Brands and perishables products' ranges.
Governance highlights
- More than 118,000 employees (80% of our workforce) have now received training on the Code of Conduct, and more than 31,000 on the Anti-Corruption Policy.
- 92% of food product purchases were made from local suppliers.
- We paid over one billion euros in taxes and social contributions in the main markets where we have food distribution operations.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
2. General disclosures
2.1. Basis for preparation
[ESRS 2 BP-1, ESRS 2 BP-2]
The Jerónimo Martins Group Sustainability Statement was prepared in accordance with the ESRS (European Sustainability Reporting Standards) as outlined in the CSRD (Corporate Sustainability Reporting Directive). In subchapter 7. "Reporting frameworks" of this chapter, we aim at relating this Statement with other sustainability standards, namely GRI (Global Reporting Initiative), SASB (Sustainability Accounting Standards Board), and IFRS (International Financial Reporting Standards Sustainability). This approach allows for greater interoperability and comparability of information, ensuring that the Statement meets the expectations of various stakeholders, among which current and potential investors. It also provides additional sustainability information required by other legislation and specific methodologies for reporting non-financial information.
How to read this report?
The following pages of this report refer to the Jerónimo Martins Group's⁹ value chain, including identified impacts, risks and opportunities upstream, downstream, and within own operations.
In specific cases, we may omit information due to "intellectual property, know-how, or the results of innovation", as described in the ESRS. When this happens, the note is explicitly stated in the respective indicator.
As part of our business strategy and reporting, aligned with the principle of sustainable development, this Statement was prepared on a consolidated basis, considering the same scope as that of the financial statements. Referring to the year 2025 (from 1 January to 31 December), this report includes the Companies of the Group, namely the Jerónimo Martins' holding and its subsidiaries.
All subsidiary undertakings included in the consolidation are exempt from the requirement to prepare individual or consolidated sustainability reports. In the case of the Group's Companies with operations in the European Union – whose size would otherwise make them subject to mandatory sustainability reporting requirements –, such entities are exempt because the parent company (Jerónimo Martins, SGPS, S.A.) prepares and publishes consolidated sustainability information in this Sustainability Statement. For Group Companies operating outside the European Union, such as Ara, there is currently no regulatory requirement to prepare sustainability statements, as this report is developed on a consolidated and voluntary basis in the present Statement.
The time horizon considered in this report is the same as the one in the financial statements. The Jerónimo Martins Group assesses impacts, risks, and opportunities across the time frames defined by ESRS 1: short-term (one year), medium-term (two to five years), and long-term (more than five years).
The indicators reported in this Sustainability Statement are based on actual data collected through internal sources and databases. We acknowledge that, in the disclosure of quantitative information, there may be instances where approximations and estimates are used to determine certain metrics, for example information derived from the value chain that is used to calculate Scope 3 greenhouse gas emissions. The Group also uses conversion factors obtained from external sources. The values of these factors may change over time as a result of technological developments or advances in scientific knowledge (e.g., greenhouse gas emission factors used to convert operational activity data into carbon dioxide equivalent emissions, or soy conversion factors used to estimate commodities associated with deforestation risk), among other factors. These external dependencies may affect the estimates, as well as the potential variability between projections and verified data.
To enhance the transparency and facilitate the understanding of the information disclosed, we identify, where applicable, the calculation methodology, including approximations, emission factors and criteria applied, as well as any methodological changes or developments in the preparation of the information. The
⁹ The Jerónimo Martins Group's value chain diagram is shown in Figure 1 subchapter "General Disclosures", section 2.5. "Impacts, risks and opportunities (IRO) management" and double materiality assessment, point "Value chain", of this chapter.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
same applies to cases where the scope of Companies considered varies from those of the financial statements.
Indicators that involve significant estimates or judgements, including those that depend on value chain data, may present future differences compared with the estimates initially communicated. Such variations do not necessarily reflect a change in performance, but rather improvements in methodologies, enhancements in data sources, or an increase in the level of granularity and coverage. The quantitative metrics or monetary values disclosed are not subject to a high level of estimation uncertainty.
The scope of sustainability indicators and information disclosed in this Statement has been significantly expanded to comply with the requirements of the CSRD and the ESRS. These requirements were implemented for the first time in 2024, although the CSRD has not yet been transposed into national law in Portugal, where the Group's registered office is located. This report includes data and information to meet the revised reporting standards. Where changes were made to practices or errors from previous reporting periods were identified, these are clearly described in the specific sections where the topics are discussed. Until the final publication of the report on the corporate website, the information provided will also be reviewed whenever deemed important and necessary to ensure its accuracy and reliability. Moreover, updates will be made on the dedicated 2025 annual report website, where warranted.
Our policies, strategy and targets have been distributed across the several dimensions of the ESG formula, in line with the recommendations of the ESRS. Our commitment to transparency in corporate reporting, reinforced by our presence in over 180 sustainability indices, translates into our continuous efforts to improving the quality and granularity of the data reported year-on-year. For this reason, this Sustainability Statement provides the mandatory detailed information regarding topics identified as material, as well as a set of actions and indicators related to topics that, although not reaching the materiality threshold, we nevertheless consider relevant for our business and/or at least for some of our stakeholders. A clear distinction between the mandatory information and the voluntary information is ensured using a specific iconography next to the titles/subtitles of each section:
[M] MATERIAL
[CM] NON-MATERIAL
The Sustainability Statement is subject to a limited assurance review conducted by the Group's appointed external and independent auditor. This review process involves evaluating the accuracy and reliability of the information presented, providing additional credibility and confidence in the reported data.
The tables of ESRS Disclosure Requirements incorporated by reference and the ESRS datapoints associated with other EU legislation are provided in subchapter 9, 'Annexes'.
For more information about the basis for preparation of this report, please refer to chapter 1 "The Jerónimo Martins Group", chapter 3 "Financial Statements", subchapter 3.1. "Consolidated Financial Statements", section 3.1.2. "Accounting policies", subsection 3.1.2.1. "Basis for presentation", and chapter 4 "Corporate Governance", Part I - "Information on Shareholder Structure, Organisation and Corporate Governance".
2.2. Governance and strategy
[ESRS 2 GOV-1, ESRS 2 GOV-2, ESRS 2 GOV-3, ESRS 2 GOV-4, ESRS 2 IRO-1,]
[GRI 2-9; GRI 2-12; GRI 2-13: GRI 2-14; GRI 2-15; GRI 2-16; GRI 2-17; GRI 2-18; GRI 2-19; GRI 2-23; GRI 2-24]
Several internal mechanisms and functions collaborate to ensure that our sustainability governance model is effectively guided, supported, and managed. The Board of Directors retains authority over the Group's strategic management matters, particularly those related to defining general policies and corporate structure. The Board aims to ensure the economic, financial, social, and environmental sustainability of the Company's long-term objectives, while also making an effective contribution to the broader community. The Board of Directors elected for the 2025-2027 term comprises eleven members, including four women (36.4%) and seven men (63.6%), resulting in an average women-to-men ratio – as defined in the ESRS – of 57.1%. Of the eleven members, one is as an executive director and ten are non-executive directors, of whom 11 are independent (64% of the Board of Directors).
Sustainability Statement
Jerónimo Martins | Annual Report 2025
The appointment and replacement of members of the Board of Directors is decided in the Annual Shareholders' Meeting. The Company encourages that the proposals to be submitted by shareholders for each new term of office of the governing bodies are substantiated as to the suitability of the profiles, knowledge and curricula to the functions to be performed by each candidate. Therefore, submitted proposals must make reference to these elements, namely, to support appointments based on the suitability of the profile, the skills and the curriculum vitae, taking into account the last five years of experience. The Jerónimo Martins Group also urges its shareholders to, in the construction of proposals to be presented for new terms of office of the governing bodies, consider diversity requirements, with particular attention to gender diversity, as legally required, and also to contribute to a better performance of such bodies and to the balance of its composition by taking also into account criteria such as competence, independence, integrity, availability, and experience. The Group considers that its shareholders have maintained the safeguard of the diversity of gender, age, qualification and professional experience.
In what regards expertise and skills in sustainability matters, the Board of Directors had, in the 2025-2027 term, this expertise included in its composition. The diversity of profiles within the Board of Directors reflects strong expertise in sustainability matters, including sustainable finance, gender equality and environmental protection. The Board includes a director recognised for her contribution to the development of sustainable finance in the European Union and for her participation in a global initiative promoting female leadership, two directors involved in the governance of a foundation dedicated to marine conservation, and a director with experience in the management of a biotechnology organisation focused on the production of biodegradable ingredients. Several members of the Board of Directors also bring experience in corporate governance and responsible business conduct.
In 2025, this composition directly supported the Board's capacity to assess and oversee the sustainability matters most relevant to the Group. This includes the integration of financial considerations into decision-making on environmental matters, supported by experience in sustainable finance initiatives; the monitoring of labour practices, strengthened by recognised expertise in equality and responsible governance; and the oversight of matters related to product quality and safety, responsible and sustainable processes of production and innovation, benefiting from the experience in sustainable biotechnology.
From the ongoing business management perspective, several functional areas contribute to ensuring the alignment and integration of sustainability matters across the Group's business activities. A key role is played by the Corporate Communications and Responsibility Division, which is responsible for developing the Group's sustainability strategy, strengthening the Group's reputation, and promoting responsible management practices across the Companies and throughout the value chain. At the highest level, this area is overseen by the Group's Chief Corporate Communications and Responsibility Officer, who reports directly to the Chief Executive Officer, who also serves as Chair of the Board of Directors.
The Committee on Corporate Governance and Corporate Responsibility (CGCRC) is responsible for the oversight of sustainability matters within the Group and works directly with the Board of Directors. This Committee is responsible for assessing and submitting proposals for strategic orientation, continuously monitoring and supervising matters related to: (i) corporate governance, social responsibility, the environment, and ethics; (ii) the business sustainability of the Group; (iii) internal codes of ethics and conduct; and iv) systems for assessing and resolving conflicts of interest, particularly concerning relations between the Company and its shareholders or other stakeholders. In scheduled meetings, the Corporate Communications and Responsibility Division presents to the Committee on Corporate Governance and Corporate Responsibility (CGSRC) an update of the results and statistics known so far, and shares how the Division is implementing measures and actions to address emerging sustainability-related trends and issues.
In addition, each of the Group's Companies $^{10}$ have a dedicated Sustainability Committee, which hold regular meetings, at a frequency of two to four per year, based on their volume of turnover and the impact of the activities each Company may have on the Group's sustainability strategy and progress. These meetings aim to promote alignment and define strategic actions in areas such as European and international sustainability regulatory frameworks, social and environmental supplier audits, animal
Sustainability Statement
Jerónimo Martins | Annual Report 2025
welfare, and ecodesign. They also serve to establish performance objectives, the progress of which is disclosed in a logic of continuous improvement. The Sustainability Committees comprise directors from the functional areas of each Company and representatives from several departments of the corporate centre, ensuring cross-functional alignment across the Group. In 2025, a total of 18 meetings were held.
To learn more about the composition, experience and role of administrative, management and supervisory bodies engaged in effective sustainability governance, how these bodies are informed of sustainability-related matters and how these matters are addressed, please refer to chapter 4 "Corporate Governance", Part I - "Information on Shareholder Structure, Organisation and Corporate Governance", sections A "Shareholder Structure", B "Governing Bodies and Committees" and C "Internal Organisation".
The setting of objectives and monitoring of performance in terms of sustainability are carried out in a systematic and integrated manner. The CEO, who chairs the Board of Directors and the CGSRC, is responsible for taking strategic decisions on sustainability and for submitting policies, commitments, action plans and budgets to the Board of Directors. The implementation of these objectives is discussed at Board meetings and is integrated into the Group's business strategy and financial planning for the 2024-2026 cycle, with defined interim targets and allocated resources. With regard to monitoring, the Group's Companies regularly report to the Sustainability Committees on the progress made in implementing the various sustainability targets. The Chief Corporate Communications and Responsibility Officer, who reports directly to the Chief Executive Officer, ensures the regular reporting of progress on the defined initiatives. The CGSRC also regularly reviews progress, as sustainability is a standing item on its agenda.
The Company is committed to integrating sustainability-related performance into incentive schemes, ensuring that environmental and social topics are reflected in the goals and rewards of its employees and teams. The performance evaluation process for the CEO is annual, with quarterly reviews, and a set of supporting documentation is made available to the Remuneration Committee. These assessments are supported by concrete evidence and involve regular monitoring of the execution and fulfilment of objectives, including sustainability targets. The Company's presence in specific ESG indices and the ratings obtained in analyses carried out by independent specialist analysts are important performance indicators[11] According to the Remuneration Policy, this performance indicator is part of a set of key-performance indicators that have a 50% weight in the CEO's annual variable remuneration. The achievement of climate-related and other corporate responsibility objectives is also part of the incentive scheme for employees in roles that influence the definition and the implementation of the Group's climate commitments, targets and actions.
To learn more about the integration of sustainability-related performance in incentive schemes, please refer to chapter 4 "Corporate Governance", Part I - "Information on Shareholder Structure, Organisation and Corporate Governance", section D "Remuneration".
In alignment with the European due diligence recommendations, the Group Companies have been implementing various measures to prevent and mitigate the negative impacts of the activities on the environment, and in respect of human rights, labour and other social aspects. This due diligence process follows the OECD Guidelines for Multinational Enterprises and the United Nations Guiding Principles on Business and Human Rights.
Main due diligence procedures in place
| Core elements of sustainability due diligence | Location in the Sustainability Statement |
|---|---|
| a) Embedding sustainability due diligence in governance, strategy, and business model | • Disclosures pursuant to Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation): Minimum safeguards |
| • GOV-1 Role of the administrative, management and supervisory bodies | |
| • GOV-2 Information provided to and sustainability matters addressed by the undertaking's administrative, management and supervisory bodies |
Sustainability Statement
Jerónimo Martins | Annual Report 2025
| Core elements of sustainability due diligence | Location in the Sustainability Statement |
|---|---|
| • GOV-3 Integration of sustainability-related performance in incentive schemes | |
| • MDR-P Policy overview | |
| • E1-1 Transition plan for climate change mitigation | |
| • E1-2 Policies related to climate change mitigation and adaptation | |
| • E5-1 Policies related to resource use and circular economy | |
| • E2-1 Policies related to pollution | |
| • E3-1 Policies related to water and marine resources | |
| • E4-2 Policies related to biodiversity and ecosystems | |
| • S1-1 Policies related to own workforce | |
| • S3-1 Policies related to affected communities | |
| • S4-1 Policies related to consumers and end-users | |
| • G1-1 Business conduct culture and policies | |
| b) Engaging with affected stakeholders across all key stages of due diligence | • S1-2 Processes for engaging with own workers and workers' representatives about impacts |
| • S3-2 Processes for engaging with affected communities about impacts | |
| • S4-2 Processes for engaging with consumers and end-users about impacts | |
| • G1-2 Management of relationships with suppliers | |
| c) Identifying and assessing adverse impacts | • SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model |
| • E1-9 Anticipated financial effects from material physical and transition risks and potential climate-related opportunities | |
| • E5-6 Anticipated financial effects from resource use and circular economy-related impacts, risks and opportunities | |
| • S1-3 Processes to remediate negative impacts and channels for own workers to raise concerns | |
| • S4-3 Processes to remediate negative impacts and channels for consumers and end-users to raise concerns | |
| d) Taking action to address adverse impacts | • E1-3 Actions and resources related to climate change policies |
| • E2-2 Actions and resources related to pollution | |
| • E3-2 Actions and resources related to water and marine resources | |
| • E4-3 Actions and resources related to biodiversity and ecosystems | |
| • E5-2 Actions and resources related to resource use and circular economy | |
| • S1-4 Taking action on material impacts on own workforce and approaches to mitigate material risks and pursue opportunities related to own workforce, and the effectiveness of those actions | |
| • S3-3 Processes to remediate negative impacts and channels for affected communities to raise concerns | |
| • S3-4 Taking action on material impacts on affected communities and approaches to manage material risks and pursue opportunities related to affected communities, and the effectiveness of those actions | |
| • S4-4 Taking action on material impacts on consumers and end-users and approaches to manage material risks and pursue material opportunities related to consumers and end-users, and the effectiveness of those actions |
The measures taken in relation to material impacts, the approaches to manage material risks and the pursuit of material opportunities, and the effectiveness of those measures, related to:
• environmental topics such as climate change, pollution, water and marine resources, and biodiversity and ecosystems are described in further detail in subchapter 3. "Environmental information", in the respective subsections of section 3.3.2. "Managing environmental topics", of this chapter.
• own workforce, affected communities, and consumers and end-users are described in more detail in subchapter 4. "Social information", in the respective subsections of subchapter 4.2. "Managing social topics", of this chapter. |
| e) Monitoring the effectiveness of these efforts and communicating | • E1-4 Targets related to climate change mitigation and adaptation
• E1-5 Energy consumption and energy mix
• E1-6 Gross Scope 1, 2, 3 and total GHG emissions
• E1-8 Internal carbon pricing
• E5-3 Targets related to resource use and circular economy
• E5-5 Resource outflows
• S1-1 Policies related to own workforce
• S1-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities
• S1-9 Diversity metrics
• S1-10 Adequate wages
• S1-11 Social protection |
Sustainability Statement
Jerónimo Martins | Annual Report 2025
| Core elements of sustainability due diligence | Location in the Sustainability Statement |
|---|---|
| • S1-12 Persons with disabilities | |
| • S1-14 Health and safety metrics | |
| • S1-15 Work-life balance metrics | |
| • S1-16 Remuneration metrics (pay gap and total remuneration) | |
| • S3-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities | |
| • S4-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities |
Our Risk Management Policy and Methodology aim to align the Group's objectives and strategy with a structured and consistent assessment of specific and transversal risks. This approach also allows us to monitor emerging risks that may affect the Group and its Companies.
The annual risk management process developed by our Risk team involves around 70 managers representing the Group's Companies and the countries in which they operate. The primary purpose of risk management is to ensure the identification, monitoring, evaluation, and reporting of risks to which the Group and its Companies are exposed, as well as the most relevant mitigation measures. The annual assessment is integrated into the strategic planning process, providing information to the executive management teams of all business units as well as to the Audit Committee and the Board of Directors, and is duly considered in the development and approval process of all our strategic plans. The risk assessment is also shared with our internal and external auditors, being a relevant input to their respective audit plans. Quarterly reviews are conducted to address critical business issues and actively monitor any emerging risks that are relevant to the Group.
For detailed information on risk management and internal controls over sustainability reporting please refer to chapter 4 "Corporate Governance," section C – Internal Organisation, subsection III - Internal Control and Risk Management.
2.3. Stakeholder engagement and communication channels
[ESRS 2 SBM-2]
[GRI 2-16]
The views and interests of our key internal and external stakeholders are continuously assessed within the relevant divisions and areas.
The Corporate Communications and Responsibility Division communicates with transparency the Group's ESG performance, including positive achievements and areas of improvement. This disciplined approach to disclosure and communication supports the alignment of responsible practices across all Companies and, as a result, strengthens our reputation. Through constant dialogue with various internal and external stakeholders – whose concerns and expectations are incorporated into our strategic priorities and major lines of action – we also promote a better common understanding of business perspectives.
The Committee on Corporate Governance and Corporate Responsibility monitors and supervises matters concerning corporate governance, social responsibility, the environment, ethics, business sustainability, internal codes of ethics and conduct, and systems for assessing and resolving conflicts of interest, particularly in relations between the Group and its stakeholders.
The Investor Relations Office organises and participates in events to provide investors and financial analysts with an updated and clear vision of the Group's strategies, operational performance, and outlook. With regard to our reporting strategy, our quarterly results presentations and our Annual Reports are prepared based on information gathered from the various Group's Companies and systematised in accordance with the main methodologies and information requests made by our stakeholders.
To build lasting partnerships and prioritise quality relationships with the various audiences with whom we interact, we define specific internal and external communication channels in line with the audiences' needs and expectations.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
Jerónimo Martins Group stakeholders
| Stakeholders | Intermediaries | Communication channels |
|---|---|---|
| Shareholders and investors | Investor Relations Division. | Corporate website, e-mail, annual reports, corporate magazine, financial releases, meetings, conferences, roadshows, Jerónimo Martins IR app, and shareholders' meetings. |
| Analysts | Investor Relations Division, Corporate Communications and Responsibility Division. | Corporate website, e-mail, annual reports, corporate magazine, financial releases, meetings, conferences, and Jerónimo Martins IR app. |
| Official bodies, supervising entities and local authorities | Board of Directors, Audit Committee, Investor Relations Division, Tax Divisions, Legal Divisions, Corporate Communications and Responsibility Division. | Corporate website, e-mail and post, corporate magazine and meetings. |
| Suppliers and business partners | Commercial, Marketing, Quality and Private Brand Development, Food Safety, Environment, Regional Operations, Technical, Expansion, IT Divisions, and Ethics Committee. | Ethics Committee website, JM Direct Portal, follow-up visits, quality and food safety audits, social and environmental audits, business meetings, direct contacts, and corporate magazine. |
| Workforce | Human Resources Divisions, Training School, Ethics Committee, Ethics Offices, Anti-Mobbing, Anti-Discrimination and Sexual Harassment Committee, Committee for Labour Coexistence and Employee Assistance Services. | Ethics Committee website, Human Resources communication channels, help lines, e-mail, internal communication channels (intranet, events and others). |
| Employees' representatives | Labour Relations Division, unions, social dialogue forums, union representatives. | Letter, e-mail, social dialogue forums. |
| Customers and consumers | Customer Services, Customer Ombudsman and Ethics Committee. | Help lines, e-mail, corporate websites, post and social media. |
| Local Communities | Communications and Corporate Responsibility Division, stores and distribution centres. | Follow-up visits, meetings, protocols and partnerships/patronage and social impact surveys. |
| Journalists | Communications and Corporate Responsibility Division. | Corporate website, press releases, press conferences, meetings, annual reports, corporate magazine and social media (LinkedIn). |
| Non-governmental organisations and associations | Communications and Corporate Responsibility Division. | Corporate website, e-mail, meetings, partnerships/patronage, corporate magazine and social media (LinkedIn). |
The administrative, management and supervisory bodies are regularly informed about sustainability matters identified as relevant by the Group's stakeholders. From the outset, through the processes described in section 2.2. "Governance and strategy", in this subchapter, and the direct coordination with the functional areas of the corporate centre responsible for stakeholder engagement, as described in point 21. "Organisational Charts Concerning the Allocation of Powers Between the Various Corporate Boards, Committees and/or Departments Within the Company, Including Information on Delegating Powers, Particularly as Regards the Delegation of the Company's Daily Management" of chapter 4 "Corporate Governance". In addition, in every three to four years, the Jerónimo Martins Group conducts an extensive consultation of its stakeholders as part of the double materiality assessment, the details of which are provided in section 2.5. "Impacts, risks and opportunities management and double materiality assessment". The results of this analysis – prepared on a consolidated basis, as well as by Company and stakeholder group – are shared with the Board of Directors and with the members of the Sustainability Committees of each Company, so that they can be incorporated into the relevant strategies and action plans.
Our due diligence processes regarding material impacts are shaped by the requests, needs, exposures and suggestions conveyed by our stakeholders in internal bodies as well as by their input in our double materiality matrix survey. This analysis helps to define the material impacts of issues such as product safety and quality, access to affordable products, community relations and responsible supply chain management, thereby integrating stakeholder's perspectives into the alignment between external expectations and the Group's business model.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
These contributions help identify areas where social and environmental risks require enhanced attention and help calibrate the relevance of impacts across the value chain, ensuring that the final double materiality assessment incorporates both technical analysis and the expectations and concerns expressed by stakeholders.
2.3.1. Mechanisms and channels for raising concerns
[ESRS S1-3; ESRS S1-17; ESRS S2-3; ESRS S3-3; ESRS S4-3; ESRS G1-1]
To ensure our stakeholders¹² raise their concerns and receive direct and adequate responses, the Jerónimo Martins Group provides diverse internal channels:
- the Ethics Committee, a specialised body for monitoring, with exemption and independence, the disclosure and compliance with the Code of Conduct and the Anti-Corruption Policy, thus managing risks effectively, in light of the Whistleblowing Policy approved by the Company. This body discloses, and makes available, a digital platform to confidentially, and anonymously if desired, report irregularities;
- the Ethics Offices, independent reporting channels in Portugal, Poland and Slovakia which, alongside the Ethics Committee, are responsible for receiving and following up reports of any irregularities that may violate European Union law, national law and the Code of Conduct;
- the Anti-Mobbing, Anti-Discrimination and Sexual Harassment Committee, formed whenever there is a complaint about these issues in Poland;
- the Committee for Labour Coexistence in Colombia, which investigates complaints related to working conditions or other labour issues;
- the Employee Assistance Services for the reporting, clarification and resolution of labour issues, and for receiving and forwarding social requests. This channel guarantees confidentiality, independence and impartiality, ensuring the protection of employees against possible situations of retaliation, discrimination or reduction of their rights;
- the Companies' Customer Support Services can be engaged directly, at the store level through our employees, namely our store managers, with whom consumers can interact and address any issue or concern. Customers can also opt to reach the Customer Support Services channels (email, website, telephone, mobile applications, social media, among other means), which are specialised structures in each Company that aim at ensuring an efficient response to their suggestions, compliments, ideas, requests for information and complaints. These means of contact, depending on the Company, can be, when applicable, announced in stores, in Private Brand products' packaging, in receipts and at Companies' websites;
- the Customer Ombudsman, aimed at preserving consumer confidence and satisfaction, mediates customer relations with the Companies, being independent and neutral. Each process is sent to the Ombudsman and the necessary steps are taken, culminating in a non-binding opinion and recommendations for action to the Companies.
- Corporate contacts page, where stakeholders can select the relevant area they wish to contact, including customer support, grants and sponsorships, new suppliers, investor relations, media relations or corporate responsibility.
For detailed information and data on the contacts/procedures that occurred in 2025, please refer to Chapter 4 "Corporate Governance", section C – "Internal Organisation", and subchapter 4. "Social information", section 4.2 "Managing social topics", subsection 4.2.1. "Own workforce", point "Ethics and compliance" of this chapter, as well as sub-chapter 3. "Environmental information", section 3.3. "Disclosures pursuant to Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation)", subsection 3.3.5. "Minimum safeguards", of this chapter.
All these communication channels are made available to stakeholders through our publicly accessible corporate website. Matters relating to the Ethics Committee and the Ethics Offices can be addressed through the Ethics Committee’s dedicated website. They are also available on the websites of four of our Companies (Ara, Biedronka, Pingo Doce, and Recheio).
¹² Including representatives of entities listed in the table “Jerónimo Martins Stakeholders”, as well as other groups or individuals, such as environmental and human rights defenders.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
The effectiveness of these mechanisms is reflected in the high resolution rate of reported cases. For detailed information and data on the contacts/procedures that occurred in 2025, please refer to subchapter 4. "Social information", section 4.2 "Managing social topics", subsection 4.2.1. "Own workforce", point "Ethics and compliance", as well as subsection 4.2.3. "Consumers and end-users", point "Remediating impacts and channels for consumers to raise concerns", of this chapter.
2.3.2. Managing Sustainability Reporting Risks
[ESRS 2 GOV-5]
The Board of Directors has ultimate responsibility over the Group's Sustainability disclosures. Nonetheless, there are previous levels of decision-making in place to ensure the consistency, integrity and robustness of ESG data disclosures. This is the case of the Audit Committee, which is responsible for, among other things, monitoring the preparation and disclosure of both financial and non-financial information[13]. The Group's CGSRC, as the specialised committee for sustainability issues, is also informed about the Group's processes and diligences to ensure alignment with the sustainability reporting frameworks, such as the European Sustainability Reporting Standards, and about actions, both in place and planned, to ensure reporting consistency, robustness and integrity.
The Group's Corporate Communications and Responsibility Division, supported by the Sustainability and ESG Relations Department, is responsible for the development, implementation and monitoring of our sustainability strategy and for the processes established by the Companies for collecting and processing data related to environmental and social sustainability. This Division is also responsible for providing regular sustainability updates to the CGSRC, the Audit Committee and the Board of Directors.
Our sustainability reporting control systems follow a similar approach to the financial reporting control system, although they have not yet reached the same stage of maturity. In fact, sustainability disclosures are externally verified through Limited Assurance, while financial disclosures are subject to Reasonable Assurance. It is our goal to work progressively towards ensuring that the level of assurance for sustainability matches the level of assurance for financial matters.
The management of risks related to sustainability reporting follows the methodology described below, consisting of eight sequential and interrelated phases:
- The first phase, relating to planning and the annual reporting timetable, establishes the structure of the cycle through a plan that defines responsibilities, the reporting frequency of indicators and the update of the integrated materiality assessment;
- The second phase, relating to data collection, ensures that information is collected through standardised templates, access controls and reporting frequencies adjusted to the level of risk (monthly, quarterly or annually);
- In the third phase, validation is performed through calculation checks. The information is subsequently reviewed in accordance with the "four-eyes principle", with the reviews documented;
- This is followed by a cross-functional analytical review phase, which compares results across areas and reporting periods, establishing limits/thresholds to identify deviations that must be explained and supported by evidence;
- In the consolidation and approval phase, the data are reconciled, consolidated and formally approved in accordance with the applicable authorisation matrix;
- The reporting and disclosure phase ensures that all information complies with the reporting standards, as presented in subchapter 7. "Reporting Frameworks" of this chapter, ensuring that the final narrative is coherent and methodologically consistent;
- This is followed by the external assurance phase, which acts as the final line of defence through an independent limited assurance verification, supported by documentation and testing provided to the auditor;
- Finally, the continuous improvement phase integrates the recommendations of internal audit, external assurance and other internal reviews, consolidates action plans, monitors progress and reports periodically to the Audit Commission.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
As previously stated, the scope of sustainability reporting has been significantly expanded over the years – we currently verify over 300 ESG-related indicators to different sustainability frameworks –, establishing a wider range of internal controls to support identification and mitigation of the risks related to data accuracy and completeness.
Seven risks were identified in the sustainability reporting process, each mitigated through structured controls recommended by the internal audit department. The first risk, relating to the reliability and completeness of the information, is mitigated through existing analyses and reviews, validation by multiple contributors and the correction of discrepancies, and is further reinforced through systematic cross-functional analysis, defined thresholds and the formal application of the “four-eyes principle”. The second risk, relating to non-compliance with international standards and local requirements, is managed through alignment analyses, specialised training, participation in working groups of associations of which the Group is a member, and prior external audits. The third risk, relating to the potential lack of structured documentation, is mitigated through an existing manual, the procedures of which continue to be strengthened, and through systematic data collection practices. These controls are further reinforced by detailing methodologies and controls, ensuring formal review cycles and maintaining continuous updates. The fourth risk, relating to the delayed identification of environmental, social or regulatory trends, is mitigated through external dialogue, previously conducted materiality assessments, and participation in working groups of associations of which the Group is a member. The fifth risk, relating to technological limitations, is mitigated through systems implemented for data collection and storage, as well as through ongoing technological initiatives aimed at strengthening reporting capabilities. With regard to the sixth risk, potential conflicts of interest, formal requirements for documenting the segregation of duties and evidence of independent review are added to the already clear distribution of responsibilities between teams as a mitigation measure. Finally, the seventh risk, relating to potential misalignment between the sustainability strategy and the business strategy, is mitigated through existing governance structures and the integration of sustainability at the executive level.
2.4. Impacts, risks and opportunities (IRO) management and double materiality assessment
[ESRS 2 SBM-1, ESRS 2 SBM-2, ESRS 2 SBM-3, ESRS 2 IRO-1, ESRS 2 IRO-2]
[GRI 2-25, GRI 3-1, GRI 3-2 and GRI 3-3]
In 2023, the Sustainability and ESG Relations Department, which is part of the Corporate Communications and Responsibility Division, conducted the Group’s first double materiality assessment in accordance with the preliminary requirements established by the EU CSRD and the ESRS. This process began with the identification of a preliminary list of potential material topics and their impacts, risks and opportunities (IROs).
A stakeholder consultation was then carried out to collect input on how the impact of our activities is perceived and assessed across different sustainability topics. This assessment gathered information from more than 16,600 stakeholders from ten different groups¹⁴ in Poland, Portugal and Colombia, to assess the impact materiality along our value chain, considering both severity (scale, scope and irremediability of the impact) and likelihood of occurrence. In addition to the input from these stakeholders, the impact matrix also considered internal and external expertise. Material financial issues were identified using the Group’s risk management system¹⁵. The assessment considered risks and opportunities along the value chain, based on their magnitude (potential financial impact on sales and costs) and likelihood of occurrence.
At the end of the process, the exercise was validated by senior management and members of the Managing Committee, approved by the Committee on Corporate Governance and Corporate Responsibility, and subsequently communicated to the Companies’ Sustainability Committees¹⁶. Based on the findings, the material topics and sub-topics were identified and the mandatory sustainability disclosure requirements for the 2023 Annual Report were outlined.
¹⁴ Responses were collected from the representatives of nine groups: employees, consumers, suppliers and service providers, non-governmental organisations, private charities, analysts and investors, the media, sectoral associations, and insurance companies. For more details on the ways in which we relate to our stakeholders, visit the page “Our Stakeholders” on our corporate website.
¹⁵ For more information, see chapter 4 “Corporate Governance”, section C “Internal Organisation”, subsection III “Internal Control and Risk Management”.
¹⁶ For more details on the 2023 financial year, please refer to the 2023 Annual Report.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
In 2024, with the support of an independent external specialised consultant, we reviewed the assessment in accordance with the final version of the ESRS¹⁷ and the final versions of the implementation guidance published in May 2024 by EFRAG (European Financial Reporting Advisory Group). Because it was considered unnecessary, stakeholders were not consulted again in 2024, but the findings of the 2023 financial year were taken into account. The IROs were again reviewed and complemented with documentary research and benchmarking analysis based on publicly available information from 16 companies in the food retail sector (including sustainability reports, annual reports and corporate websites) regarding their double materiality processes in accordance with the ESRS.
After identifying the material topical standards, materiality was assessed at the level of disclosure requirements and datapoints. The process for assessing materiality and the thresholds applied are described in sections 2.2. "Governance and strategy", and 2.5 "Impacts, risks and opportunities management and double materiality assessment", of this chapter (ESRS 2 IRO-1).
The methodology applied in the Group's double materiality review process prioritised the assessment of impacts, evaluating severity based on scale, scope, irremediability and likelihood, using a numerical scoring scale ranging from 1 to 5. The prioritisation of negative impacts is based on the average score of scale, scope, irremediability and likelihood of occurrence, applying differentiated rules for actual and potential impacts. Positive impacts are assessed based on the average score of scale, scope and likelihood, for both actual and potential impacts.
From a financial perspective, the assessment is aligned with the Group's Risk Matrix described in point 54. "Description of the Risk Identification, Assessment, Monitoring, Control and Management Process", of chapter 4 "Corporate Governance", which uses a numerical scale from 1 to 5 and evaluates criteria such as likelihood and impact, to prioritise risks and opportunities.
Given the integration of sustainability into the Group's business strategy, no distinct hierarchy exists between sustainability risks and other identified risks (e.g., operational, financial and commercial). Given their interconnected nature, risks are assessed in an integrated manner.
Explicit thresholds for impact materiality and financial materiality were also defined and applied consistently in the final materiality determination. The methodology also incorporates weightings between stakeholder input, the Group's internal contributions and those of the specialised external and independent consultants.
The identification of IROs considered our different business areas (food distribution, specialised retail and agrifood) and the three most relevant countries (Poland, Portugal and Colombia), enabling the capture of operational and contextual specificities that influence the likelihood of negative impacts. Each impact was also assessed in relation to the relevant stages of the value chain (upstream, own operations and downstream), ensuring that more sensitive business relationships and activities, such as extensive supply chains or dependencies on critical raw materials, were considered in greater detail. The process also included benchmarking analysis, sectoral regulatory frameworks and risk trends in each market, reflecting external factors and regulatory pressures that may increase the likelihood or severity of impacts, thereby ensuring that areas, activities or contexts susceptible to generating negative impacts are identified and addressed proportionately to the associated level of risk.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
A total of 145 IROs were identified in this review, broken down as follows:
Total impacts, risks and opportunities considered
| Impacts, risks and opportunities | Total | Senior Management | Occurrences | Time horizon | Relevance in the value chain* | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Positive | Negative | Real | Potential | Short-term | Medium-term | Long-term | Upstream | Own operations | Downstream | ||
| Impacts | 62 | 31 | 31 | 38 | 24 | 24 | 20 | 6 | 43 | 61 | 29 |
| Risks | 47 | n/a | n/a | n/a | n/a | 11 | 26 | 10 | 24 | 47 | 11 |
| Opportunities | 36 | n/a | n/a | n/a | n/a | 11 | 18 | 7 | 17 | 36 | 15 |
- The same IROs may be identified (in whole or in part) across different stages of the value chain, which may result in a higher number of IROs than that presented in the column showing the total.
The assessment of IROs considered different time horizons (short-, medium- and long-term) and the stage of the value chain where they may occur. Of the 145 IROs analysed, 21 were determined to be material. Regarding the ESG sub-topics, 35 were identified, of which 10 were assessed as material for the Jerónimo Martins Group, in accordance with our internal thresholds, namely the ranges applied in our corporate risk management processes.
Impacts, risks and opportunities associated with material topics for Jerónimo Martins
| Topic | ESRS topic | Material sub-topic* | Impacts | Time horizon | Risks | Opportunities | Relevance in the value chain | Material requirements | |||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Positive | Negative | Short-term | Medium-term | Long-term | |||||||
| Environment | Climate change | Climate change | 0 | 1 | 1 | 0 | 0 | 0 | 0 | Own operations, upstream and downstream | E1-1 to E1-9 |
| Circular economy | Packaging redesign for a more sustainable use of resources | 0 | 1 | 0 | 1 | 0 | 0 | 0 | Own operations, upstream and downstream | E5-1 to E5-3 E5-5 | |
| Food waste | 0 | 0 | 1 | 0 | 0 | 0 | 1 | Own operations, upstream and downstream | E5-1 to E5-3 E5-5 and E5-6 | ||
| Social | Own workforce | Labour rights and working conditions | 0 | 0 | 0 | 0 | 0 | 1 | 1 | Own operations | S1-1 to S1-11 S1-14 to S1-17 |
| Employee training and development | 0 | 0 | 0 | 0 | 0 | 1 | 2 | Own operations | S1-1, S1-4, S1-5 and S1-13 | ||
| Affected communities | Engagement and supporting local communities | 2 | 1 | 0 | 3 | 0 | 0 | 0 | Own operations and downstream | S3-1, S3-2, S3-4 and S3-5 |
Sustainability Statement
Jerónimo Martins | Annual Report 2025
| Topic | ESRS topic | Material sub-topic* | Impacts | Time horizon | Risks | Opportunities | Relevance in the value chain | Material requirements | |||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Positive | Negative | Short-term | Medium-term | Long-term | |||||||
| Consumers and end-users | Product and service innovation | 0 | 0 | 0 | 0 | 0 | 1 | 1 | Own operations and downstream | S4-1, S4-4 and S4-5 | |
| Affordable products | 0 | 1 | 0 | 0 | 1 | 1 | 1 | Own operations, upstream and downstream | S4-1 to S4-5 | ||
| Product quality and safety standards | 1 | 0 | 1 | 0 | 0 | 1 | 1 | Own operations, upstream and downstream | S4-1, S4-2, S4-4 and S4-5 | ||
| Governance | Business conduct | Sustainable and responsible supply chain practices | 2 | 0 | 1 | 1 | 0 | 0 | 0 | Own operations and upstream | G1-1, G1-2 and G1-6 |
- Some of the material sub-topics identified are not formally listed in AR16 of the ESRS. These include food waste and product and service innovation, which are not recognised as ESRS sub-topics.
The identified impacts, risks and opportunities (IROs) cover environmental, social and business conduct dimensions, reflecting the broad range of topics analysed. Among the current negative impacts identified, of note are greenhouse gas emissions and the associated generation of plastic waste, mainly related to product packaging. As regards to potential negative impacts, risks related to economic barriers to accessing products and a potential loss of consumer trust in companies in the food companies are particularly noteworthy.
Current positive impacts include encouraging more sustainable behaviours within communities and the strengthening of responsible supply chain practices, reflected in quality assurance mechanisms and more favourable payment terms for suppliers. Among the potential positive impacts identified are the strengthening of communities and the mitigation of risks related to product safety, contributing to increased stakeholder trust.
Regarding opportunities, most notable are the potential to reduce food waste, improved employee engagement and satisfaction, enhanced training and skills development, and the promotion of innovation in products and services, including the development of alternatives that respond to new consumer preferences.
Among the risks identified are challenges related to talent management and development, gaps in training and skills development, risks arising from rapid technological change that may affect competitiveness, as well as issues related to product affordability and consumer price perception.
No material IROs were identified in relation to the environmental topics related to pollution, water and marine resources, and biodiversity and ecosystems. Regarding social topics, no material impacts, risks or opportunities were identified in relation to workers in the value chain.
The process for identifying, assessing and managing sustainability impacts and risks is integrated into the company's overall risk management model and contributes to defining the Group's overall risk profile. For detailed information on the interrelationship between sustainability risk assessment and management and the general risk management model, see subchapter 3. "Environmental information", section 3.3. "Disclosures pursuant to Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation)", subsection 3.3.5."Minimum safeguards", point "Identifying and assessing negative impacts", of this chapter.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
As a result of this exercise, the following material topics were identified:
Note: Material topics resulting from the application of the cut-off threshold.
Following the consolidated double materiality assessment, these are the ten most material topics identified in 2024:
- Product quality and safety standards
- Affordable products
- Sustainable and responsible supply chain practices
- Labour rights and working conditions – own workforce
- Food waste
- Product and service innovation
- Climate change
- Packaging redesign for a more sustainable use of resources
- Employee training and development
- Engagement and supporting local communities
The topics "Product safety and quality standards" and "Product affordability" were considered the most relevant both from an impact and financial materiality point of view (risks and opportunities).
The topics identified directly by the consulted stakeholders (impact materiality) and which are included in our double materiality matrix are:
- Sustainable and responsible supply chain practices
- Packaging redesign for a more sustainable use of resources
- Employee training and development
- Engagement and supporting local communities
The risk assessment identified the following topics as having the greatest potential to generate positive or negative financial impacts on the Group's activities:
- Labour rights and working conditions – own workforce¹⁸
- Food waste
- Employee training and development
- Product and service innovation
¹⁸ The 2023 topic "Compensation and benefits" was integrated into "Labour rights and working conditions – own workforce" to align nomenclature with the sub-topics included in the ESRS.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
We intend to repeat this assessment every three or four years. In the interim, and where required, adjustments will be made to ensure the assessment is kept current.
Relationship between the business model, strategy and value chain, and the IROs identified through the double materiality assessment
Business model and strategy
The Jerónimo Martins Group primarily operates in the food sector, promoting safe, healthy, and affordable food solutions and products through its Companies and Private Brands. Respect for all stakeholders and a commitment to sustainable development principles are integral to its growth and value creation strategy.
The Group's strategy incorporates the material sustainability topics identified above. These topics guide short-, medium- and long-term policies and commitments, based on which programmes and initiatives are established to achieve the defined targets. The Group's strategy, key challenges and the initiatives implemented to ensure that the identified IROs are appropriately addressed are described throughout this Sustainability Statement, and in the section dedicated to each identified material topic.
Each impact is described based on its specific relevance to the business, reflecting operational, social or environmental dependencies that influence how the Group creates and preserves value. This approach enables a consistent demonstration of how impacts arise from the structural characteristics of the business model (e.g., extensive supply chains, large-scale operations and daily interaction with millions of consumers) and how they relate to key strategic priorities, including product quality and safety, food accessibility, operational efficiency, responsible supply chain practices and people development.
Impacts and dependencies are also assessed to identify the risks and opportunities that may arise from them. Material impacts such as climate change, resource use, labour conditions, consumer trust, supply chains and relationships with communities are analysed together with critical dependencies, including energy, raw materials, suppliers and own workforce. This analysis allows us to assess when and how an impact may translate into operational, financial or reputational risks, and when it may generate opportunities for efficiency, innovation, enhanced competitiveness or social value creation. These practices enable the Group to make strategic and operational decisions that mitigate material risks while capturing opportunities for efficiency gains, innovation, reinforcement of circularity and the strengthening of relationships with employees, suppliers and communities, supporting resilience of the business model in the short-, medium- and long-term. Accordingly, impacts and dependencies directly inform risk management, the development of opportunities within the business model and the strategy.
Potential financial effects associated with these actions (e.g., the transition to renewable energy sources, potential carbon costs, raw material volatility and quality failures) are strategically mitigated through the management of efficiency opportunities and growth in new market segments, as well as through access to bank financing and potential financing instruments linked to environmental or social performance. As the disclosure of the financial effects of IROs is an ESRS requirement subject to phase-in provisions, we have made use of this option to support the progressive adaptation of our internal control systems, that will allow us to fully report these datapoints in future reporting cycles.
Value Chain
Sustainability Statement
Jerónimo Martins | Annual Report 2025
Figure 1 – Scheme of the Jerónimo Martins Group value chain.
The Group's value chain extends from the production of raw materials to their availability to the final customer, also encompassing the communities in which it operates. Upstream, the Group works with agricultural, livestock and fisheries sector producers, who supply the main raw materials, and with the food processing industry, which is responsible for developing safe and innovative products. At the centre of the value chain are the Group's own operations, which include the operation of stores and distribution centres, as well as transport and logistics. Downstream, the Group focuses on its direct relationship with customers, ensuring the availability of food and non-food products and promoting responsible and healthy consumption practices. The Group also maintains an active commitment to local communities through social initiatives that contribute to their economic and social development.
The Group is positioned at the centre of the food sector value chain, playing an integrative role between primary production, industry and the final consumer. This position enables the Group to promote more sustainable agricultural and industrial practices, encourage healthier food choices, and contribute to the socioeconomic development of surrounding communities.
This value chain generates a range of inputs originating from its different stages. The main inputs include:
- human capital, which is critical to operations;
- food products from primary production (agriculture, livestock and fisheries);
- processed products purchased from the agrifood industry and processing partners;
- energy and natural resources;
- technology and infrastructure (information systems, automated logistics and store equipment) needed for store and logistics operations.
To ensure continuity, quality and integrity of inputs, the Group develops a set of multidimensional efforts that include seeking to apply continuous mechanisms for developing the skills of its employees, ensuring safe working environments; establishing long-term partnerships with strategic suppliers (including farmers and local producers) to ensure stability and predictability in commercial relationships; adopt risk management and business continuity policies to safeguard supply resilience (namely regarding sensitive raw materials); create programmes promoting sustainable agricultural practices to strengthen responsible sourcing; and audit and monitoring systems for quality and food safety across the supply chain.
The Group's main outputs consist of the daily availability of safe and affordable food products and solutions across the different banners through which it operates. These products include a wide range of Private Brand items developed according to rigorous quality, safety and nutritional responsibility criteria,
Sustainability Statement
Jerónimo Martins | Annual Report 2025
ensuring that consumers have access to options that meet high standards of confidence and transparency. At the same time, the Group provides a range of logistical and operational services that ensure the continuous availability of products, supporting freshness, convenience and operational efficiency throughout its operations.
Value creation extends beyond the products provided, also reflected in the outcomes generated for various stakeholders. For customers, the Group ensures continuous availability of safe, healthy and affordable food, contributing to more responsible consumption choices and promoting balanced eating habits. Employees, meanwhile, benefit from stable employment opportunities, continuous training, skills development and appropriate working conditions, supporting talent retention and employee well-being. Supplier relationships are anchored in stability and predictability through long-term partnerships, technical support and the prioritisation of local producers. This approach strengthens the resilience of supply chains and supports the adoption of more sustainable practices. For investors, the Group maintains a resilient business model built on sustainable growth and the management of ESG risks across the value chain, strengthening investor confidence and corporate reputation. Within local communities, the Group's operations generate direct and indirect employment, strengthening social cohesion and contributing to the economic development of the regions where it operates. At the same time, the Group maintains social support initiatives aimed at fighting poverty and malnutrition through long-term partnerships with charities and organisations in local communities.
The Group is associated with its material impacts both through the activities it carries out and through the relationships that the Companies maintain throughout the value chain. Climate, waste and circularity impacts arise both from the Group's own operations and from the practices of suppliers responsible for producing, processing and packaging the products sold. Impacts on communities arise from the physical presence and activities of the Group's banners, as well as from the way in which partners and external entities conduct operations that influence the territories where the Group operates. Consumer-related impacts arise from commercial decisions on pricing, product quality and safety, and from supplier practices that may influence trust in the value chain. Finally, business conduct impacts arise from the Group's internal management practices as well as from its relationships with suppliers and partners, which may reinforce or undermine ethical and sustainability standards.
For detailed information about the Group's strategy, business model and value chain, please refer to chapter 1 "The Jerónimo Martins Group", chapter 2 "Management Report – Creating Value and Growth", and chapter 4 "Corporate Governance". Information on the breakdown of total revenue by significant ESRS sector is provided in note 3.2. "Segments reporting", in chapter 3 "Financial Statements".
2.5. Our policies
[ESRS 2 MDR-P]
The table below presents a set of sustainability-related policies. More detailed information is provided on our corporate website.
| Policy | Description of key contents | Most Impacted stakeholders |
|---|---|---|
| Code of Conduct | Outlines the purpose, ethical principles, and values that govern the Group's operations and relationships with stakeholders. It is directed towards all employees, customers, suppliers, business partners and investors. The Code of Conduct is structured around four fundamental principles: Respect for the Law and Human Rights, Honesty and Integrity, Diversity and Inclusion, and Corporate Social Responsibility. | • Employees |
| • Consumers | ||
| • Suppliers | ||
| • Business partners | ||
| • Investors | ||
| • Local communities | ||
| • Non-governmental organisations and associations | ||
| • Journalists |
Sustainability Statement
Jerónimo Martins | Annual Report 2025
| Policy | Description of key contents | Most Impacted stakeholders |
|---|---|---|
| Environmental Policy | Prioritises environmental protection in the growth and development of the Group's activities, including a commitment to promote sustainable production, distribution and consumption practices and to continuously improve the efficiency and effectiveness of the supply chain. The policy integrates environmental performance criteria into operational activities and management decision-making, promotes eco-efficiency and eco-innovation, and encourages participation in multi-stakeholder initiatives. Key priorities include climate change mitigation, protection of water resources, preservation of biodiversity, and the acceleration of the transition to a circular economy. The Group aims to reduce energy consumption, greenhouse gas emissions and waste, while improving the quality and availability of water resources. The policy requires that all initiatives are regularly monitored, evaluated and communicated in order to ensure continuous improvement and compliance with applicable laws. | • Employees |
| • Suppliers | ||
| • Business partners | ||
| • Local communities | ||
| Anti-Corruption Policy | Establishes the principles and obligations set out in the Code of Conduct that must be observed in the workplace and in interactions with suppliers, customers and other external parties, with the aim of preventing corruption and avoiding potential conflicts of interest. This policy applies to all Jerónimo Martins Group Companies and their employees, regardless of their contractual relationship, role or the country they work in. In line with the Group's Code of Conduct, the policy outlines the available reporting channels and establishes that reports of potential irregularities made in good faith will not result in retaliation, disciplinary measures or any other adverse or discriminatory actions. | • Employees |
| • Suppliers | ||
| • Business partners | ||
| • Governance | ||
| • Local Communities | ||
| • Non-governmental organisations and associations | ||
| • Journalists | ||
| Sustainable Sourcing Policy | Establishes a sustainable approach by integrating social and environmental considerations into the supply chain, contributing progressively to positive impacts while mitigating the actual or potential negative impacts of the Group's activities. The policy aims to ensure food quality and safety, promote fair pricing, encourage responsible consumption, support social well-being, and contribute to the sustainability of ecosystems and communities. The Group prioritises rigorous supplier selection, fostering long-term ethical relationships and encouraging sound environmental practices. Committed to ensuring compliance with applicable legislation and protecting biodiversity, this policy is aligned with the United Nations' priority areas aimed at safeguarding ecosystem services and supporting the well-being of communities. | • Employees |
| • Suppliers | ||
| • Business partners | ||
| • Local Communities | ||
| • Consumers | ||
| Supplier Code of Conduct | Sets forth the ethical standards and principles that suppliers must follow in their business dealings with the Group. It emphasises the importance of promoting efficiency, customer satisfaction, shareholders' interests, and sustainable development. Suppliers are expected to uphold high standards in labour practices, environmental protection, and product quality and safety. The Code mandates compliance with laws and international treaties, environmentally conscious business practices, and adherence to the highest standards of product quality and safety. It also requires suppliers to comply with labour laws, ensuring the principles of non-discrimination, no forced or child labour, safe and healthy work environment, fair remuneration and compliance with legal working hours, along with respect for workers' freedom of association. Additionally, suppliers must not offer personal gifts or benefits to Jerónimo Martins' employees, except for symbolic gifts up to a pre-defined value. This comprehensive Code ensures that suppliers align with the Group's commitment to ethical and sustainable business practices. | • Employees |
| • Suppliers | ||
| • Business partners | ||
| • Local communities | ||
| • Consumers | ||
| Policy for Supporting Surrounding Communities | Emphasises the importance of extended responsibility and active contribution to the well-being of the communities where the Group operates. This policy focuses on promoting Humanity, Merit, Enterprise, and Citizenship. It supports projects aimed at fighting malnutrition, hunger, poverty, and social exclusion, particularly among the elderly and deprived children and young people. The policy also considers supporting scientific research related to health through food and preserving cultural and environmental heritage. It establishes that all support measures be monitored and assessed to ensure resources are effectively allocated to make the greatest impact. | • Employees |
| • Non-governmental organisations and associations |
Sustainability Statement
Jerónimo Martins | Annual Report 2025
| Policy | Description of key contents | Most Impacted stakeholders |
|---|---|---|
| Nutritional Policy | Promotes healthy lifestyles through safe, nutritious, and affordable food offerings, focusing on preventing food-related diseases like obesity and diabetes. This includes ensuring product safety, compliance with legislation, offering a variety of healthy products, and providing clear, reliable information to consumers. The policy is based on six pillars: nutritional profile, ingredients, labelling, portion sizes, continuous improvement, and communication. The document also promotes engagement in responsible marketing, especially towards children, and the continuous improvement of products' nutritional profiles. The policy emphasises that actions must be monitored to assess their impact and accuracy. | - Suppliers |
| - Consumers | ||
| Product Quality and Safety Policy | Commits to ensuring the highest standards of product quality and safety for Private Brand and perishable products. The policy focuses on maintaining competitive prices while establishing long-term partnerships with suppliers, ensuring relevant quality management and safety certifications schemes. Key goals include understanding and meeting customer demands, monitoring and optimising internal processes, fostering innovation, maintaining the reputational capital of the brands, controlling product quality, training human resources, strengthening partnerships with suppliers, cooperating with authorities and the scientific community, developing information mechanisms for customers, fulfilling legal and regulatory requirements, continuously improving the Quality Management System, ensuring product safety for human and animal health, and minimising environmental impacts. The policy also includes specific principles such as legal compliance, stakeholder engagement, applying rigorous quality and safety standards based on scientific evidence, and ensuring product safety through legal and scientific support. The Group commits to practices such as prohibiting animal testing except in specific cases, such as sensory tests for animal feed, adopting a conservative approach to GMOs and ensuring transparency in labelling, avoiding the use of nanotechnology in food products and packaging, reformulating products to eliminate microplastics, complying with safety standards for substances of concern and packaging materials, implementing procedures and traceability to ensure product safety, and clearly communicating product information to consumers. | - Suppliers |
| - Consumers | ||
| Personal Data Protection Policy | Ensures the privacy of personal data for all individuals interacting with Jerónimo Martins' Companies, including customers, employees, suppliers, and partners. Sets the necessary measures to protect personal data and complies with data protection laws across all its operations through a dedicated Privacy Team and Data Protection Officers that are in place to develop, implement, and verify data protection procedures. The policy ensures that personal data is managed lawfully, fairly, and transparently, and only for legitimate purposes that are clearly communicated to data subjects. Therefore, it guarantees that data is processed for specific, legitimate purposes and retained only as long as necessary. The policy also ensures data minimisation, accuracy, integrity, and confidentiality through robust security measures and careful partner selection. In addition, it states that data protection principles are integrated into new projects from the start, involving the Data Privacy Team to mitigate risks. It also recognises data subjects' rights over their personal data, including the rights of access, rectification, objection, portability, restriction and erasure, which can be exercised through dedicated channels. | - Shareholders and investors |
| - Analysts | ||
| - Official bodies, supervising entities and local authorities | ||
| - Suppliers and business partners | ||
| - Employees | ||
| - Consumers | ||
| - Local communities | ||
| - Journalists | ||
| - Non-governmental organisations and associations | ||
| Whistleblowing Policy | Outlines rules for receiving, recording, and handling reports of irregularities within the Group. It ensures effective mechanisms for detecting and preventing irregularities, promotes a culture of transparency, integrity, and responsibility, and encourages ethical, honest, and professional behaviour among employees and leaders. It also ensures compliance with EU law, national law, and the Company's Code of Conduct, and supports effective risk management. The policy defines who is considered a whistleblower, what themes are considered irregularities, and what can constitute a motive for reporting. It establishes principles of complete privacy, confidentiality throughout the entire process, and non-retaliation. From a procedural point of view, it outlines the steps of the entire reporting process – from the complaint to the communication of the outcome through internal and external whistleblowing mechanisms – and explains how data is recorded and managed. | - Shareholders and investors |
| - Analysts | ||
| - Official bodies, supervising entities and local authorities | ||
| - Suppliers and business partners | ||
| - Employees | ||
| - Consumers | ||
| - Local communities | ||
| - Journalists | ||
| - Non-governmental organisations and associations |
Sustainability Statement
Jerónimo Martins | Annual Report 2025
| Policy | Description of key contents | Most Impacted stakeholders |
|---|---|---|
| Labour Fundamentals Guidelines | Aims to promote employees' labour and human rights, inspiring the Group, Corporate Areas and Companies to build a healthier, safer and balanced working environment. These guidelines aim to: | |
| • clarify the fundamental international principles that apply directly to the Jerónimo Martins Group Companies in the management of human resources; | ||
| • establish standard behaviours and key conduct guidelines for all Jerónimo Martins Group Companies; | ||
| • ensure compliance with international laws and principles relating to human rights, labour and human resources management in the adoption of policies, procedures, practices, initiatives or other equivalent actions; | ||
| • ensure and encourage all Companies to adopt mechanisms, such as dedicated communication channels, that enable employees to raise concerns, submit requests or lodge complaints. |
With these guidelines, we reinforce the following principles and rights:
• principle of equality and non-discrimination;
• right to work;
• right to rest;
• right to equal pay and fair remuneration;
• right of association and collective bargaining;
• right to a safe workplace;
• right to parenthood;
• right to privacy and private life;
• right to remedy. | • Employees
• Official bodies, supervising entities and local authorities
• Shareholders and investors
• Analysts |
| Prevention and Combat to Harassment and Discrimination Guidelines | Aim to formalise the principles of equity and non-discrimination set out in the Group's Code of Conduct, as well as the principle of preventing workplace harassment. These behaviours are considered unacceptable and must be prevented, addressed and, where necessary, appropriately sanctioned, including through the establishment of:
• rules for preventing and addressing discriminatory behaviour and/or harassment, in any form, in the workplace and/or in the context of work-related activities;
• communication channels between employees and their respective Companies in this regard;
• the guidelines for assessing and investigating complaints received. | • Employees
• Official bodies, supervising entities and local authorities
• Shareholders and investors
• Analysts |
| Recruitment and Selection Policy | Defines recruitment rules and guidelines to attract and select the adequate candidates, both internally and externally, according to the Group's recruitment needs, and to provide an exceptional candidate and employee experience, reinforcing Jerónimo Martins' brand value as a benchmark employer, in all countries we are and want to be present.
The recruitment and selection processes established in this policy are therefore based on promoting and complying with criteria of ethics, fairness, non-discrimination and equal opportunities across all levels of our organisation. The recruitment and selection teams ensure that profiles are analysed impartially and must apply pre-established criteria relating to experience and qualifications, among others, at every stage of the process. They also ensure compliance with the law, regulations, and risk and privacy management rules, observing the requirements of each country, in particular with regard to the minimum working age. | • Employees
• Candidates and potential candidates
• Suppliers and business partners |
| Global Training Policy | Defines rules and guidelines for the identification and implementation of the appropriate training solutions in the different locations where Jerónimo Martins, and different Companies that belong to the Group, are present. It establishes the following objectives, among others:
• ensuring strong alignment between training plans, Company objectives and the Group's strategy;
• aligning training concepts and defining the overarching training process to be followed by all Companies and the corporate structure in the management of training activities;
• establishing quality standards for training programmes. | • Employees
• Suppliers and business partners |
| Performance Management Policy | Defines the process, main rules and guidelines regarding managers' performance management and alignment with business goals and aims to promote a meritocratic and results-driven culture, based on regular feedback and people development. It aims to ensure that performance and each manager's individual contribution are aligned with business goals and the Group's values and expected behaviours. | • Employees |
Sustainability Statement
Jerónimo Martins | Annual Report 2025
| Policy | Description of key contents | Most Impacted stakeholders |
|---|---|---|
| Workplace Health and Safety Policy | Defines the guiding principles for the development and implementation of processes and best practices, ensuring compliance with the law and contributing to maintaining a safe and healthy work environment for employees, customers, service providers, suppliers and communities. More information about our Workplace Health and Safety policies can be found in subchapter 4. "Social information", section 4.2. "Managing social topics", subsection 4.2.1. "Own workforce", point "Workplace Health and Safety", of this chapter. | • Employees |
| • Customers | ||
| • Suppliers and business partners | ||
| • Local communities | ||
| • Official bodies, supervising entities and local authorities | ||
| Engagement Policy | Aims to promote an organisational culture that fosters high levels of commitment and performance in the Group through a methodology that measures and monitors employee engagement. The goals of this policy are to: | |
| • build a culture of engagement and commitment to the Group's vision, mission, values, strategy and objectives; | ||
| • provide a channel available to all employees to assess organisational engagement; | ||
| • act as "Corporate and Companies Advisor" for the corporate structure and Group Companies by providing key insights; | ||
| • support the identification and implementation of strategic initiatives that foster a culture of employee engagement and high performance; | ||
| • enhance the Jerónimo Martins brand's value as a benchmark employer. | Employees |
The Chief Executive Officer is responsible, at the highest organisational level, for the implementation of all policies and codes. Most of the aforementioned documents are publicly available on our corporate website and on the page dedicated to sustainability policies. However, some policies and guidelines are internal and are not disclosed, as they fall under the ESRS provision allowing the omission of information relating to "intellectual property, know-how, or the results of innovation".
2.6. Commitments
[ESRS 2 MDR-M; ESRS 2 MDR-T]
Sustainability targets for the Group and its Companies have been defined taking into account the corporate responsibility strategy, including the policies that support it, and the findings of its double materiality assessment. To each material topic identified correspond specific targets.
These targets are directly aligned with the Group's products, customers, countries of operation, and stakeholders. Product-related targets focus on the reformulation and nutritional improvement of Private Brand food products, the expansion of specific ranges (e.g. lactose-free, gluten-free, organic, vegetarian and vegan products, and those for customers with a more active lifestyle) and the application of labelling schemes such as the Nutri-Score, adapted to the consumer profiles in the three main countries where we have operations (Poland, Portugal and Colombia). These targets address the needs of different customer groups, including children, older people, individuals with dietary restrictions, and consumers seeking healthier or organic products. Environmental commitments, such as reducing emissions and energy and water consumption and obtaining environmental certification for operational units, are aligned with the Group's operational characteristics. From a social perspective, the geographical context of each Company is considered, resulting in different needs, ranging from employee training and development initiatives to programmes supporting vulnerable communities. To achieve these objectives, the Group engages stakeholders such as suppliers, particularly in relation to reducing Scope 3 emissions, as well as local institutions that understand the needs of the surrounding communities.
Targets are defined in close collaboration with each of the Companies' Sustainability Committees through dedicated meetings held for such purpose.
For detailed information on our targets and progress made, please refer to subchapter 6. "Sustainability commitments", of this Chapter.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
3. Environment information
3.1. Our environmental-related policies
[ESRS 2 MDR-P; E1-2; E2-1; E3-1; E4-2; E5-1]
[GRI 2-16; GRI 2-23; GRI 2-24; GRI 2-25; GRI 2-26]
As experts in the sale of fresh produce – including meat, fish, fruit and vegetables –, our daily activities depend on and impact the ecosystems from which many of these products are sourced. Major environmental challenges such as climate change, biodiversity loss, the use of natural resources, and pollution can impact global production capacity and the quality of life of societies.
Integrating all these variables into our business model can bring economic, social and environmental benefits. Besides reducing the risk of non-compliance, adopting sustainable practices – such as efficient waste management, reducing energy and water consumption or fighting food waste –, can increase operational efficiency and contribute to more responsible performance. Some of these initiatives may include investing in projects to conserve natural habitats, choosing suppliers with more responsible agricultural and food production practices, promoting healthier and more sustainable diets in our offer, and implementing circular economy projects.
The management of environmental challenges is governed by the following policies and codes:
- Environmental Policy
- Sustainable Sourcing Policy
- Product Quality and Safety Policy
- Code of Conduct
- Code of Conduct for Suppliers
A detailed description of these documents can be found in subchapter 2. "General disclosures", section 2.2. "Governance and strategy", of this chapter. These documents are also available on our corporate website.
3.2. Managing environmental topics
3.2.1. Climate Change
MATERIAL
Managing climate-related risks and opportunities
[ESRS 2 SBM-3]
Our Climate Ambition
The identification, assessment and management of climate-related risks and opportunities are central pillars of our Climate Transition Plan, guiding actions that strengthen business resilience and accelerate decarbonisation across the value chain. The plan defines our greenhouse gas (GHG) reduction targets and sets out the strategy towards carbon neutrality which is supported by a set of measures both in our own operations and in the supply chains of our Companies. We will continue to develop our Climate Transition Plan in order to strengthen our action regarding Scope 3 emissions, particularly with respect to our relationship with suppliers.
In 2024, our GHG reduction targets were validated by the Science Based Targets initiative (SBTi¹⁹), deepening our commitment to tackling climate change. This validation ensures that our goals are aligned with climate science, making us the first food retail company headquartered in Portugal to have its short-term and net-zero targets recognised by that initiative.
In 2025, we achieved a milestone in the independent recognition of our sustainability practices: for the first time, we obtained an A rating from CDP in all three assessed dimensions – Combating Climate Change, Water Management as a Critical Resource and Management of Commodities Associated with Deforestation Risk (palm oil, wood/paper, beef and soy)²⁰. This is the highest possible score and represents
¹⁹ For more information, visit https://sciencebasedtargets.org/
²⁰ Our CDP responses are available on our website.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
a level of excellence in disclosure, robust environmental governance and action towards climate resilience. This achievement places the Jerónimo Martins Group among the select group of 23 companies worldwide recognised with CDP's top score and marks the first time a food retailer has reached this level of distinction globally.
Our governance model
[ESRS 2 GOV-3]
The decarbonisation strategy and the management of climate-related risks and opportunities are monitored and supported by the Board of Directors, ensuring that climate matters are integrated into the corporate strategy across the entire value chain. Responsibility at Board level lies with the Group's Chief Executive Officer, who is also Chairman of the Board of Directors and of the Corporate Governance and Corporate Responsibility Committee (CGCRC). This Committee, which includes members of the Board in its composition, oversees matters related to governance, ethics, social responsibility and the environment, including those related to climate change. More information on these bodies is provided in items 21. and 29. of chapter 4. "Corporate Governance" and in subchapter 2. "General Disclosures", section 2.2. "Governance and Strategy", of this report.
Climate-related risks and opportunities are addressed during the regular meetings of the sustainability committees of each of our Companies and in the CGCRC, which supports the Board of Directors by evaluating and submitting proposals for strategic guidance in the field of corporate responsibility. Mitigation and adaptation to climate change and the GHG emissions reduction targets defined in the Climate Transition Plan are included in these proposals.
The Board of Directors also defines the Group's risk management policy and objectives. Climate-related risks, incorporated into environmental risks, are integrated into the Group's multidisciplinary risk management process. Our risk management mechanisms, including environmental risks, are described in items 52., 53. and 54. of chapter 4. "Corporate Governance" of this report.
Climate matters are an integral part of the business strategy. The implementation of our climate commitments is supported by continuous investment with execution cycles aligned with the business plans, namely:
- the installation of photovoltaic systems for self-consumption of renewable electricity in Poland, Portugal and Colombia;
- the use of high-efficiency refrigeration and freezing facilities and equipment, using natural refrigerant gases or gases with a low Global Warming Potential (GWP);
- the procurement of certified renewable electricity to power our operations in Portugal and Poland.
Recent examples of integrating climate related considerations into governance mechanisms include the approval of our net-zero emission targets and our short- and long-term reduction targets (validated by the SBTi in 2024), as well as the decision to allocate to their implementation an average annual amount corresponding to approximately $10\%$ of consolidated CAPEX.
Meeting climate-related objectives and other corporate responsibility goals forms part of the incentive scheme for employees whose roles influence the definition and/or implementation of the company's climate commitments and targets. The ways in which we integrate sustainability-related performance into employee incentive schemes are detailed in subchapter 2. "General Disclosures", section 2.2. "Governance and Strategy", in this chapter, and in item 69. "Description of the Remuneration Policy for the Governing Bodies" of chapter 4. "Corporate Governance" of this report.
Our strategy
[ESRS 2 MDR-A, ESRS E1-3]
We recognise the impact of our activities, as well as those carried out across our supply chains, on greenhouse gas (GHG) emissions released into the atmosphere. Our mitigation and adaptation strategy aims to reduce physical and transition risks through the sustained reduction of those emissions in our own operations and throughout our supply chain.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
Aligned with a GHG reduction trajectory that limits the increase in global average temperature to 1.5°C, our plan sets out intervention measures across our own operations (distribution centres, stores, manufacturing units and agri-food units), in logistics, in the engagement with our suppliers (especially food suppliers) and in the development of products with lower associated carbon emissions.
To this end, we have set targets and measures such as the transition to renewable energy sources and improving the efficiency of our facilities, among others, which are described in sections 5.1. "Initiatives to reduce Scope 1 and 2 GHG emissions" and 5.2. "Initiatives to reduce Scope 3 GHG emissions" of our Climate Transition Plan, section 3.3 "Disclosures under Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation)" and section 3.4 "Sustainable Finance". Progress on these actions, as well as on the remaining GHG reduction objectives, is presented in subchapter 6. "Sustainability Commitments" of this chapter.
Given the inevitability of certain climate change effects, we work to strengthen business resilience by promoting adaptation measures across our own operations and supply chain. We do this through the sharing of best practices and the identification of alternative sources or products. This close collaboration with our suppliers has also enabled us to incorporate into our assessment the mitigation and adaptation actions already implemented by them for ingredients with high climate risk.
Risk assessment also enables us to identify, within our operations, opportunities to reduce our carbon footprint and increase our energy production capacity (such as the generation of renewable energy for self-consumption), as well as opportunities to develop innovative low-carbon products that meet the expectations and needs of our consumers.
| Initiative | Target | Action |
|---|---|---|
| Transition to natural refrigerants and those with low Global Warming Potential (GWP) | Use only natural or low-GWP refrigerants in all stores and distribution centres in Poland and Portugal by 2030 and in Colombia by 2035 | • Replace or retrofit refrigeration systems with natural or low-GWP refrigerants (e.g. R290 [propane], R717 [ammonia] and R744 [carbon dioxide]) |
| • Reduce leaks in refrigeration systems | ||
| Transition from fossil fuels | Gradually increase the electrification of the light vehicle fleet and the use of biofuels | • Increase the proportion of electrical and/or plug-in vehicles in our fleet of light vehicles |
| • Gradually reduce the use of fossil fuels in operations through the electrification of equipments and/or the use of biofuels | ||
| Transition to renewable energy | By 2030, 60% of the electricity consumed will come from renewable sources | • Increase the number of sites with on-site renewable energy generation for self-consumption |
| • Procurement of on-site and off-site renewable energy generation through power purchase agreements (PPAs) or virtual power purchase agreements (VPPAs) | ||
| • Procurements of Guarantees of Origin (GO) | ||
| • Select electricity suppliers that incorporate a higher proportion of renewable sources into their energy mix | ||
| Increase the energy efficiency of our premises | By 2026, reduce energy consumption by 10% compared to 2021 (per 1,000€ of sales) | • Construction and refurbishment of premises to improve overall efficiency, particularly in refrigeration, lighting and HVAC (heating, ventilation and air conditioning) systems and equipment |
| • Promote and encourage the daily adoption of best practices by employees |
Managing climate-related risks and opportunities
[ESRS 2 SBM-3; ESRS 2 IRO-1; ESRS E1-9]
As a food retailer with activities also in the agri-food sector, we are substantially dependent on favourable climatic conditions, which may affect both our food and non-food supply chains. Examples include changes in water availability for agriculture, disruption of logistics processes due to extreme weather events, and risks affecting our facilities, such as flooding.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
The growing challenge that climate change poses to society and businesses, together with the complexity of assessing associated financial risks and opportunities, led us in 2020 to adopt the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). These recommendations have since been incorporated into the standards of the International Sustainability Standards Board (ISSB), overseen by the International Financial Reporting Standards (IFRS).
Despite the high degree of uncertainty associated with assessing the impact of climate risks, the process we have implemented covers all stages of our value chain:
- upstream (e.g., the impact of changing rainfall patterns on global food production chains);
- own operations (e.g., CapEx impacts associated with the replacement of refrigeration systems);
- downstream (e.g., the opportunity to increase the capital markets' confidence in the company through optimized management of risks and financial opportunities related to climate change).
The assessment of short-, medium- and long-term climate-related risks and opportunities covers the value chains of the Group Companies with a turnover above 100 million euros (representing 99.95% of total revenue) and involves our Private Brand and perishable goods suppliers.
This process, aligned with ISO 31000, includes a Risk Exposure Matrix with four levels calculated based on two dimensions: probability and impact. This methodological framework follows the same principles, assessment criteria, and monitoring cycles established within the Group's global Risk Management system and is described here in greater detail in response to the specific reporting requirements on climate- and environment-related risks.
Climate risks are assessed by considering the exposure and sensitivity of the Group's assets and activities to the identified climate hazards. The assessment incorporated geospatial data relating to the location of operations and relevant elements of the supply chain, enabling an analysis of exposure to climate hazards specific to each region.
Risks are classified according to five probability levels and five impact levels, assessed across four indicators (sales, EBITDA, safety and reputation), considering the probability, impact and duration of climate-related risks. The likelihood of occurrence of each identified risk and the level and management of its impact, including financial impact, are analysed as part of our regular short-, medium- and long-term risk assessment procedures. Management may include mitigation (e.g., reducing energy consumption to lower exposure to increases in energy costs driven by regulation), risk transfer (e.g., insurance against damage caused by increasingly frequent extreme weather events) and maximising opportunities for both niche or traditional investors who choose to allocate capital based on our climate strategy and performance.
Risk reviews are conducted quarterly and, annually, a new global risk matrix is produced listing all risks and management measures, including those relating to climate risks. Depending on their nature, risks are assessed over the short (1-3 years), medium (3-10 years) and long (more than 10 years) terms, to fully capture the impacts of climate-related physical risks, which may materialise further into the future. The short term is aligned with the Companies' business cycle and is particularly relevant for assessing transition risks and opportunities. The medium term enables the analysis of risks and opportunities with the potential to influence the Group's strategic development and encompasses operational climate targets with a horizon up to 2030, including the greenhouse gas emissions reduction targets approved by the Science Based Targets initiative. The long term is used to The long term is used to assess potential impacts on operations and the value chain, particularly chronic physical risks that affect long-lived assets, and supports alignment with long-term climate targets.
Risks and opportunities are considered material when they exceed an internally defined proportion of EBITDA, considering inherent risk²¹; in such cases, they are identified, assessed and managed at corporate level. For environmental risks, the qualitative indicators Reputation, Operational Criticality and Dependency are also decisive for classification. Climate-related risks and opportunities that fall below the Group-level materiality threshold are identified and managed at business unit/operational level. Identification includes monitoring country-specific regulation (e.g., carbon taxes in Poland, Portugal and Colombia) and assessing the vulnerability of facilities to extreme weather events (e.g., mapping flood risk for stores and distribution centres).
²¹ Inherent risk refers to the level of risk without considering any response strategies to a given climate-related risk (physical or transition).
Sustainability Statement
Jerónimo Martins | Annual Report 2025
In 2025, the assessment and management of risks and opportunities aimed to:
- update the financial quantification methodologies for physical and transition climate risks across the Group's value chain;
- strengthen the understanding of the carbon footprint of the Companies' key suppliers, promoting information-sharing and the identification of GHG emission-reduction opportunities;
- enhance the assessment of specific risks related to certain ingredients – particularly those used in Private Brand and perishable products, in their production and processing.
These mechanisms are described in detail in items 52., 53. sub-section “Environmental risks” and 54. of chapter 4. “Corporate Governance” of this report.
Identifying risks and opportunities
[ESRS 2 SBM-3; ESRS 2 IRO-1; ESRS E1-3; ESRS E1-9]
The identification of climate risks is based on quantitative scenarios using projections from the Intergovernmental Panel on Climate Change (IPCC), the International Energy Agency (IEA), and other data sources such as the FAO²². To strengthen the climate risk assessment process and meet the requirements of the Corporate Sustainability Reporting Directive (CSRD), our assessment considers the most recent data published by the IPCC, in line with CSRD requirements.
This analysis includes monitoring country-specific regulation (e.g., carbon taxes in Portugal, Poland and Colombia), a detailed assessment of the vulnerability of facilities to extreme weather events (e.g., mapping flood risk for stores and distribution centres in the countries where we operate), energy market projections (e.g., trends in electricity demand and prices in Slovakia, the Czech Republic and Morocco), and market trend analysis, particularly consumer preferences (e.g., preference for local products, adoption of low-carbon products or products aligned with flexitarian diets). For the measurement of impacts, the double-materiality assessment described in section 2.5 "Management of impacts, risks and opportunities and double-materiality analysis" is taken into consideration.
The financial risks and opportunities associated with climate change can be classified into two types:
- physical (acute and chronic), such as increased procurement costs or disruptions to food supply chains due to changing climate patterns.
- Transition (including policy and regulatory, market, technology and reputational risks), such as rising compliance costs related to regulatory restrictions on the use of high global warming potential (GWP) refrigerant gases in cooling and refrigeration equipment.
In 2025, we completed the first full update of our climate scenario analysis, initially conducted in 2020. Although annual revisions have been conducted since then, the 2025 update enabled a qualitative and quantitative assessment across three-time horizons: short term (2030), medium term (2040) and long term (2050). The methodology for calculating the mitigation and adaptation measures implemented in our own operations and supply chain was also revised, improving the quantification of inherent and residual risk²³.
The analysis was based on three scenarios, reflecting different trajectories for climate policy developments and for the physical impacts of climate change:
- "Net Zero 2050" scenario – assumes a rapid and effective transition to a low-carbon economy, aligned with the objectives of the Paris Agreement. It enables an assessment of the resilience of the Jerónimo Martins Group's business strategy in a context of strong climate action. This scenario highlighted transition risks, particularly those associated with country-specific energy markets and technological risks, such as the early replacement of high-GWP refrigeration equipment.
- Delayed transition scenario – represents a moderate-warming scenario in which climate policies achieve partial success in reducing emissions. This scenario enables an assessment of business strategy resilience in a context of gradual, but not fully effective, climate policy evolution.
- Current policies scenario – assumes the continuation of existing climate policies without significant reinforcement. It reflects a future with high physical risks and reduced transition risks,
Sustainability Statement
Jerónimo Martins | Annual Report 2025
enabling an assessment of business strategy resilience in a world where the physical impacts of climate change are more severe. This scenario highlighted physical risks, with particular focus on the exposure of our operations and supply chains to chronic risks (e.g., changing precipitation patterns and their impact on agricultural productivity) and acute risks (e.g., heatwaves affecting the performance of in-store refrigeration systems).
The assessment of physical risks was carried out using projections from the climate models of the IPCC's Sixth Assessment Report, applying three scenarios:
- a sustainable development scenario with limited warming (SSP1-2.6);
- an intermediate scenario with moderate mitigation (SSP2-4.5);
- an intensive fossil-fuel-based development scenario (SSP5-8.5).
The assessment of transition risks was based on three projections from the 2024 NGFS²⁴ Scenarios for Central Banks and Supervisors:
- Net Zero 2050 (1.5°C);
- Delayed Transition;
- Current Policies.
The assessment completed in 2025 used data specific to the Companies' own operations and supply chain, including the use of geospatial coordinates for our facilities and regional-level data for the origins and processing locations of ingredients:
- Own operations – all Company facilities were assessed (food and specialised stores, distribution centres, central kitchens and industrial units, across approximately 6,400 locations in Poland, Portugal and Colombia), as well as a high-level assessment for the Czech Republic and Slovakia. Projections of critical climate variables (e.g., regional heating degree-days) and energy prices in each country were analysed, along with the profile of critical equipment (e.g., vulnerability of store refrigeration systems). The potential financial impact was expressed as a climate value at risk: additional investment (CapEx) for early equipment replacement; additional operating costs (OpEx) relating to energy and maintenance; revenue loss due to temporary store closures. Due to increasing pressure on water resources and given the high dependency of our agri-food production area, we reassessed the level of water stress associated with the locations of the Companies' facilities, with particular focus on JMA's farming operations.
- Supply chain (origin and processing of ingredients) – an assessment was conducted of the food portfolio of our banners in Poland, Portugal and Colombia (including Private Brand and branded products, representing around 80% of sales), based on a representative sample of 50 items per banner and a detailed analysis of 22 of their ingredients. Each ingredient was assigned a risk score combining the probability of climate-related events in origin/processing countries (e.g., monthly variations in temperature and precipitation) with the product's specific sensitivity (e.g., optimal temperature range and water consumption for crop or animal growth, critical period and tolerance). The results were extrapolated to groups of similar products. The potential financial impact was expressed as a climate value at risk: sales value of the product groups with the two highest risk levels.
The main risks and opportunities identified for our businesses are related to the origin of the ingredients used and to exposure to physical climate risks, such as short-term extreme events characterised by increased frequency and severity (e.g., heatwaves, wildfires or floods), as well as chronic climate risks, characterised by long-term changes in climate patterns, such as rising average temperatures, altered precipitation patterns and sea-level rise. The risks and opportunities associated with the transition to a low-carbon economy were also assessed which, among the risks related to the energy transition, include for example the increase in energy costs associated with meeting the targets established by the Paris Agreement.
As a food retailer, we offer a highly diversified product portfolio and have a mature and efficient logistics network, which ensures the continuity of the offer in our stores of similar or alternative products in the event of isolated supply disruptions. Increased production of certain food commodities in regions where climate change has enabled productivity gains, as well as the development of innovative and alternative products, constitute the main opportunities that the Companies have been exploring in recent years. One example is the growth in fruit and vegetable production in Poland.
²⁴ Network for Greening the Financial System.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
From our assessment, it follows that the inherent physical and transition risks (i.e., without considering mitigation measures) in our own operations were not identified as material. With regard to the risk of extreme heat affecting refrigeration equipment in our operations – where we observed an increase in financial impact, although not material – over the medium and long term under the net-zero and delayed-policies scenarios, we assessed the accelerated depreciation of assets (refrigeration equipment) due to reduced lifespan and the potential increase in operating expenses related to cooling, resulting from higher cooling needs. The transition risk associated with energy markets (i.e., energy costs) represents a moderate, non-material financial risk over the medium and long term under both the “Net Zero 2050” and “Delayed transition” scenarios.
Across our own operations, the transition of refrigeration systems to low-GWP refrigerant technologies is expected to generate a moderate financial impact in the short and medium term. Colombia represents the greatest challenge, as the supply and maintenance network for this type of technology is still under development.
Within our supply chain, the physical and transition risks classified as material were extreme temperatures, chill hours²⁵ and changes in precipitation pattern, all of which have a particularly significant impact on primary production. In the case of extreme temperatures, there is a long-term trend towards a reduced impact from extreme cold.
The expected rise in the intensity and frequency of extreme heat (days with temperatures above 35°C) will affect crop and livestock productivity as early as 2030, with potential temporary disruptions in the supply of certain products. In processing activities, extreme heat is expected to directly affect the efficiency of processes dependent on cold chains, with negative impacts on energy consumption, in the systems' lifespan and operating conditions, and effects on food quality and/or increased risk of the spread of micro-organisms (e.g., bacteria and fungi). In line with the different energy-transition scenarios, the increase in energy consumption represents a material financial risk across all time horizons and climate scenarios assessed.
Related to the gradual increase in temperature, the reduction in the number of accumulated chill hours leads to changes in the production cycle, particularly in flowering and fruit-setting stages. The crops most affected are those that depend on a high number of chill hours to complete dormancy and ensure adequate fruiting.
Changes in precipitation patterns, whether through increased intensity and frequency of floods or droughts (depending on the region of the world), may lead to reduced productivity of certain crops or product losses, directly affecting food security as early as 2030. This impact is already evident in crops such as cocoa: more than 60% of global production is concentrated in West Africa, where successive episodes of extreme rainfall and severe drought have favoured the spread of diseases (e.g., black pod), leading to tree loss, reduced harvests and increased costs along the value chain.
Regarding reputational risk, this is mainly linked to stakeholder expectations on carbon emissions reduction, biodiversity preservation and fighting deforestation. These are also cross-cutting concerns within our Corporate Responsibility strategy and are reflected in the development of action plans with defined objectives, alongside participation in coalitions such as the Science Based Targets initiative (SBTi) and The Consumer Goods Forum Forest Positive Coalition of Action.
Despite the risks identified, we consider that the implementation of mitigation and adaptation measures by the agricultural and industrial sectors, such as those identified in the table below, will enable timely and balanced management of these risks. At the same time, some of the risks identified may also represent opportunities in certain regions of the world. An example is the increase in average atmospheric temperatures, which could lead to higher food production, particularly when accompanied by the implementation of mitigation and adaptation measures by the agri-food industry.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
Main climate-related opportunities identified for the Group
| Category | Opportunities | Impacts |
|---|---|---|
| Energy efficiency | Reduction of operational and infrastructure costs through improved energy management, including the modernisation of equipment (e.g., efficient refrigeration systems, LED lighting) and reduced consumption in stores and distribution centres. | • Reduction in operational costs. |
| Renewable energy | Replacement of conventional energy sources with renewable energy sources (e.g., installation of photovoltaic panels for self-consumption). | • Reduction in operational costs. |
| • Reduced exposure to energy price volatility. | ||
| Infrastructures | Investment in infrastructure that is resilient to extreme weather events (e.g., cooling systems adapted to extreme heatwaves, preventing interruptions and ensuring operational autonomy). | • Reduction in the number of days stores are forced to close due to extreme events. |
| • Reduction in operational costs. | ||
| Products | Diversification and development of the product portfolio to include low-carbon alternatives, more resilient varieties (e.g., drought-resistant crops to reduce supply disruptions) and identification of alternative sourcing options. | • Alignment with consumer preferences. |
| • Increased supply chain resilience. | ||
| • Reduction in Scope 3 emissions. | ||
| Supply chain | Engagement with suppliers to support the decarbonisation of the supply chain (e.g., collaboration to adopt low-carbon practices in primary production and processing). | • Reduction in Scope 3 emissions. |
| • Increased value chain resilience. | ||
| Market | Diversification of financing instruments (e.g., green loans) with sustainability-linked criteria to support investments in renewable energy, resilient supply chains and low-carbon product development in retail. | • Improved financing conditions. |
We believe that our influence in promoting the adoption of good practices must be reflected in our own operations. That is why we have developed a Water Management Plan for JMA's agricultural and industrial operations which, due to their nature, have significant water consumption when compared with our distribution activities. The Plan defines measures aimed at increasing the resilience of operations during periods of severe drought, enabling improved monitoring of consumption and higher water-use efficiency in production processes.
We also publicly and comprehensively report climate-related risks and opportunities in our responses to the CDP.
Regarding business opportunities within our supply chain, we continue to support and encourage investment by our suppliers in the production of renewable energy for self-consumption, particularly for energy-intensive processes (e.g., the processing of raw materials such as coffee bean roasting or sugar refining), and in the production of raw materials, where we highlight the growing use of low-carbon fuels in agricultural machinery and the valorisation of residues for the production of those same fuels. These investments by our suppliers in low-carbon technologies are essential to reducing the indirect emissions associated with our purchases of goods and services. The adoption of new varieties, investment in practices and technologies that make production more resilient to climate change, and the diversification of countries of origin are opportunities identified by producers.
Main climate-related opportunities identified by our suppliers
| Country where we operate | Stage of the value chain | Opportunity |
|---|---|---|
| Portugal | ||
| Poland | ||
| Colombia | Primary production | Production and commercialisation of improved fruit and vegetable varieties that are more resilient to climate change. |
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Jerónimo Martins | Annual Report 2025
| Country where we operate | Stage of the value chain | Opportunity |
|---|---|---|
| Portugal | ||
| Poland | ||
| Colombia | Primary production | Production in greenhouses or covered facilities that ensure out-of-season supply and enable access to new markets. |
| Portugal | Primary production | Development of low-carbon feed formulas for meat and fish production. |
| Portugal | ||
| Poland | ||
| Colombia | Primary production | Increased soil fertility and yield through the adoption of regenerative agriculture practices. |
| Poland | Primary production | Development of low-carbon products based on plant protein for markets with emission-reduction targets. |
| Poland | Processing | Reduction of energy costs through investment in cogeneration systems and photovoltaic energy for milk processing. |
| Portugal | Logistics | Reduced exposure to fuel price fluctuations through electrification and the use of renewable fuels (e.g., biofuel blends) in the heavy and light fleet. |
Metrics, targets and progress
As part of our climate risk and opportunity management and our Climate Transition Plan, we have set short-, medium- and long-term targets, which can be consulted in section 4. "Our targets", of the Climate Transition Plan and in subchapter 6. "Sustainability commitments", of this chapter.
In 2026, our objective is to continue advancing the assessment of climate-related financial risks and opportunities and to strengthen collaboration across the supply chain in order to:
- engage suppliers in the Companies' decarbonisation strategy and identify initiatives that support the transition to a low-carbon economy;
- assess the maturity of our suppliers' carbon footprints to improve the calculation of emissions associated with the purchase, use and end-of-life of our Companies' products.
- expand the number of Private Brand and perishable products subject to the identification and assessment of climate-related risks and opportunities through the integration of new ingredients and origins;
- increase the accuracy of residual-risk calculation by collecting information on mitigation and adaptation measures identified within our supply chain;
- map and quantify business opportunities associated with the development of new products and identify alternative origins or potential increases in production of certain crops in regions with favourable climatic conditions.
Carbon footprint
[ESRS 2 MDR-M; ESRS E1-3, ESRS E1-6, ESRS E1-7]
[GRI 305-1; GRI 305-2; GRI 305-3; GRI 305-4; GRI 305-5]
Our scopes 1 and $2^{26}$ GHG emissions amounted to around 786 thousand tonnes of carbon dioxide equivalent $(\mathrm{CO}_{2}\mathrm{e})$ in 2025, $0.2\%$ more than in 2024 and $18.4\%$ less than in 2021, which is defined as the base year for our commitments aligned with the SBTi and our Climate Transition Plan. The slight increase in absolute Scope 1 and 2 emissions is explained by the expansion of our store network (we opened more than 400 stores in 2025) and by the operations of Supreme Fruits and Tasty Fruits within JMA. In addition, and unlike in 2024, emission factors increased in Poland and Colombia, associated with the El Niño phenomenon and with lower water availability and reduced hydroelectric production.
Despite the slight increase in absolute scopes 1 and 2 emissions, there was a $0.9\%$ reduction compared with 2024 in energy and industry emissions, thus contributing to our reduction targets for these emissions.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
This reduction is mainly justified by the investment in the purchase and generation of renewable energy, the improved process and equipment efficiency and the acquisition of refrigeration systems using natural refrigerant gases or refrigerants with a low global warming potential (GWP).
Scopes 1 and 2 emissions (2025 and 2024) by GHG
| Carbon footprint (t CO₂e)^{(a)} | 2025 | *2024 | Δ 2025/2024 |
|---|---|---|---|
| Overall carbon footprint (scopes 1 and 2) by GHG | 786,189 | 784,418 | +0.2% |
| Carbon dioxide (CO₂) | 653,972 | 672,864 | -2.8% |
| Methane (CH₄) | 31,200 | 22,551 | +38.4% |
| Hydrofluorocarbons (HFC) | 97,734 | 85,695 | +14.0% |
| Perfluorocarbons (PFC) | 0 | 0 | - |
| Nitrous oxide (N₂O) | 3,286 | 3,308 | -0.7% |
| Sulphur hexafluoride (SF₆) | 0 | 0 | - |
| Overall carbon footprint (scopes 1 and 2) | 786,189 | 784,418 | +0.2% |
| Biedronka (Poland) | 573,611 | 609,632 | -5.9% |
| Biedronka (Slovakia) | 772 | 0 | - |
| Hebe | 17,221 | 21,559 | -20.1% |
| Pingo Doce^{(b)} | 27,269 | 31,348 | -13.0% |
| Recheio | 2,812 | 3,758 | -25.2% |
| Ara | 123,763 | 87,989 | +40.7% |
| JMA | 39,597 | 28,749 | +37.7% |
| Hussel/Jeronymo | 1,144 | 1,383 | -17.3% |
| Carbon footprint (scope 1 – direct impacts) | 242,572 | 204,133 | +18.8% |
| Refrigerant leaks | 97,799 | 85,768 | +14.0% |
| CO₂ usage | 30,458 | 28,796 | +5.8% |
| Stationary fuel combustion | 59,526 | 45,746 | +30.1% |
| Mobile fuel combustion | 23,262 | 20,750 | +12.1% |
| Emissions from agriculture and livestock farming | 31,527 | 23,073 | +36.6% |
| Biogenic CO₂ emissions from biomass combustion or biodegradation^{27} | 0 | 0 | - |
| Carbon footprint (scope 2 – indirect impacts)^{(c)} | 543,617 | 580,285 | -6.3% |
| Electricity consumption (market-based) | 518,738 | 567,718 | -8.6% |
| Heating (market-based) | 24,879 | 12,568 | +98.0% |
| Electricity consumption (location-based) | 608,344 | 748,027 | -18.7% |
| Heating (location-based) | 33,532 | 19,311 | +73.6% |
| Biogenic CO₂ emissions from biomass combustion or biodegradation^{27} | 0 | 0 | - |
| Carbon footprint (Scopes 1 and 2 – Forest, Land and Agriculture (FLAG)) | 33,089 | 24,657 | +34.2% |
| Carbon footprint (Scope 1 – Energy and Industry) | 209,483 | 179,476 | +16.7% |
| Carbon footprint (Scope 2 – Energy and Industry) | 543,617 | 580,286 | -6.3% |
| Carbon footprint (Scopes 1 and 2 – Energy and Industry) | 753,100 | 759,761 | -0.9% |
| Net revenue (million euros) | 35,991 | 33,464 | +7.6% |
- Value adjusted following an update to the calculations for the Companies Hebe, Hussel and Jeronymo.
a) The Group Companies did not purchase carbon credits to offset their Scope 1, 2 or 3 emissions, nor did they develop removal or storage projects within their operations or value chain.
b) For the calculation of the environmental indicators reported in this subchapter, distribution centres, head office buildings and trucks used for the distribution of goods were accounted for under Pingo Doce.
c) Information related to electricity purchased and grouped with instruments such as Guarantees of Origin or renewable energy certificates can be found in subchapter 7. "Reporting Frameworks", section 7.1. "ESRS – European Sustainability Reporting Standards". Greenhouse gas emissions associated with guarantees of origin are estimated according to the electricity consumption established in the contract, as the actual value is only made available after the publication of the Annual Report.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
Scopes 1 and 2 emissions (2025 and 2024) per country
| Carbon footprint (t CO₂e)** | 2025 | 2024 | Δ 2025/2024 |
|---|---|---|---|
| Scopes 1 and 2 emissions per country | |||
| Poland | 590,633 | *631,107 | -6.4% |
| Colombia | 123,763 | 87,989 | +40.7% |
| Portugal | 70,515 | *65,050 | +8.4% |
| Slovakia | 950 | 0.3 | - |
| Morocco | 306 | 188 | +62.8% |
| Czechia | 20 | 85 | -76.5% |
- Value adjusted following an update to the calculations for the Companies Hebe, Hussel and Jeronymo.
** The Group Companies did not purchase carbon credits to offset their Scope 1, 2 or 3 emissions, nor did they develop removal or storage projects within their operations or value chain.
Scope 3 emissions (2025 & 2024)
| Carbon footprint (t CO₂e)
scope 3 – other indirect impacts | 2025 | 2024 | Δ 2025/2024 |
| --- | --- | --- | --- |
| Carbon footprint (scope 3) per country | 30,223,284 | 33,179,124 | -8.9% |
| Poland | 20,386,437 | 23,255,905 | -12.4% |
| Portugal | 6,057,347 | 6,360,378 | -4.6% |
| Colombia | 3,725,616 | 3,552,267 | +4.8% |
| Morocco | 8,689 | 9,423 | -7.8% |
| Slovakia | 44,881 | 8 | - |
| Czechia | 314 | 1,143 | -72.5% |
| Carbon footprint (scope 3) per category | 30,223,284 | 33,179,124 | -8.9% |
| C1. Purchased products and services | 25,972,816 | 29,126,300 | -10.8% |
| C2. Capital goods | 594,472 | 452,588 | +31.3% |
| C3. Fuel and energy related activities | 269,362 | 296,397 | -9.1% |
| C4. Upstream transport and distribution | 272,298 | 267,219 | +1.9% |
| C5. Waste produced in operations | 53,272 | 55,254 | -3.6% |
| C6. Work travel | 3,280 | 3,691 | -11.1% |
| C7. Commuting | 22,349 | 21,108 | +6.1% |
| C8. Assets rented upstream | - | - | - |
| C9. Downstream transport and distribution | - | - | - |
| C10. Transformation of products sold | 569 | 1,425 | -60.1% |
| C11. Use of products sold | 1,658,918 | 1,624,066 | +2.1% |
| C12. End of life of products sold | 1,366,193 | 1,320,803 | +3.4% |
| C13. Assets rented downstream | - | - | - |
| C14. Franchises | - | - | - |
| C15. Investments | 9,755 | 10,273 | -5.0% |
| Biogenic CO2 emissions from biomass combustion or biodegradation | 0 | 0 | - |
| Net revenue (million euros) | 35,991 | 33,464 | +7.6% |
- The Group Companies did not purchase carbon credits to offset their Scope 1, 2 or 3 emissions, nor did they develop removal or storage projects within their operations or value chain.
** Value adjusted following an update to the calculations.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
Note 1: The calculation of the carbon footprint of the different activities follows the methodology of the Greenhouse Gas Protocol of the World Business Council for Sustainable Development (WBCSD) and the World Resources Institute (WRI), across its three levels: direct, indirect and third-party impacts. Scope 1 and 2 emissions correspond to activities under the Group's financial control and account for 99.996% of turnover. The values presented took into account the following for Scope 1 and 2: (i) refrigerant gases – emission factors defined by the IPCC; (ii) chemical fertilisers – emission factors defined by the IPCC and the Portuguese Environment Agency; (iii) enteric emissions from cattle, sheep, goats and manure management (methane emissions) – emission factors defined by the Portuguese Environment Agency; (iv) fuels and heating – emission factors defined by Portugal's Directorate-General for Energy and Geology, Colombia's Unidad de Planeación Minero-Energética and Poland's Krajowy Ośrodek Bilansowania i Zarządzania Emisjami (National Centre for Emissions Balancing and Management); (v) electricity – emission factors defined by the International Energy Agency (location-based electricity), suppliers (market-based electricity in Portugal, Poland and Slovakia), the Association of Issuing Bodies for franchised stores or stores located in third-party properties (market-based electricity in Poland, Slovakia and the Czech Republic), the Unidad de Planeación Minero-Energética (market-based electricity in Colombia), and United for Efficiency (U4E), a UNEP-led initiative (market-based electricity in Morocco); (vi) fuels used in the light-vehicle fleet – emission factors defined by the Greenhouse Gas Protocol; heating – for the calculation of emissions associated with heat consumption under the market-based method in Poland, emission factors published by the Urząd Regulacji Energetyki (URE) were used.
For the calculation of Scope 1 GHG emissions by gas, emission factors defined by the IPCC were used for stationary combustion, refrigerant gases and enteric emissions, and by the Greenhouse Gas Protocol for fuels used in the light-vehicle fleet. For the disaggregation of Scope 2 emissions, the proportions of each GHG in the emission factors of the International Energy Agency were considered.
Note 2: The calculation of Scope 3 emissions considered the following: C1 – in the absence of validated data provided by suppliers, the weight and/or value of purchased products was used together with emission factors from Agribalyse and the Environmental Protection Agency (EPA), namely the Environmentally-Extended Input-Output (EEIO) factors. For the purchase of services, EEIO factors from the EPA were used. Emissions associated with water consumption were also considered using factors from the UK Department for Environment, Food & Rural Affairs (DEFRA); C2 – EEIO emission factors from the EPA were used for the different types of investment; C3 – this category includes "Well-to-Tank" (WTT) emissions associated with the extraction, production and transport of energy (electricity, heating and fuels) not included in Scope 1 or 2, using emission factors from DEFRA and the International Energy Agency (IEA); C4 – this category includes transport emissions, as well as WTT emissions associated with the extraction, production and transport of fuels used in the transport of goods between the Group's operational units and customer deliveries, using DEFRA factors; C5 – DEFRA factors were used for the different treatment pathways of waste generated in operations, customer waste and wastewater; C6 – travel-related emissions include air and rail travel and hotel stays, using DEFRA factors (air travel includes non-CO₂ effects), including WTT emissions; C7 – the calculation of commuting emissions excludes employees with company cars (reported under Scope 1) and takes into account the remote-working policy of the Group Companies. A customised emission factor was developed based on DEFRA factors and statistical data on average commuting distance by mode of transport; C10 – this category includes emissions associated with the processing of products sold by JMA to external companies, using emission factors from Agribalyse and EEIO factors from the EPA; C11 – this category includes direct emissions from sold electrical and electronic products and fuels, using IEA emission factors for the energy consumption of electrical and electronic products, and DEFRA factors for direct emissions associated with fuel consumption. Emissions resulting from the use of agricultural by-products sold to third parties, such as manure, which is applied as fertiliser and therefore associated with N₂O emissions, are also included. In this case, data from the Portuguese Code of Good Agricultural Practices and emission factors from the Portuguese Environment Agency and the IPCC were used; C12 – this category includes end-of-life emissions of products and respective packaging using DEFRA factors; C15 – this category includes the Group Companies' investments in subsidiaries or joint ventures, and emissions are calculated using EEIO factors from the EPA or published emissions from investees. The remaining Scope 3 emission categories were not considered as they are either not applicable to the Group's activities or not deemed materially relevant given its business model. In particular, no relevant activities were identified in categories C8 (upstream leased assets), C9 (downstream transportation and distribution), C13 (downstream leased assets) and C14 (franchises).
Note 3: Scope 1 GHG emissions from the activities of our Companies are not covered by the European Emissions Trading System or any other regulated emissions trading schemes.
Note 4: Emissions from JMA's agricultural and livestock activities include enteric emissions from cattle, sheep and goats, the use of chemical fertilisers and manure management.
Note 5: Parameter C14 includes franchising and similar models, currently reported under scopes 1 and 2 emissions.
Note 6: In the context of preparing the Climate Transition Plan, the Group carried out a qualitative assessment of the potential "locked-in" greenhouse gas (GHG) emissions associated with its main assets and products. For this purpose, the operational characteristics of the relevant assets were analysed, including stores, distribution centres, industrial infrastructures, as well as their useful life, energy intensity, and technological renewal cycles. Considering the nature of the Group's activities, centred on food retail, no industrial assets structurally intensive in carbon were identified that could generate significant and unavoidable emissions over extended time horizons.
The Group's main operational assets are subject to regular cycles of modernisation and technological replacement, including the progressive substitution of refrigeration equipment with solutions featuring lower global warming potential and the increased use of electricity from renewable sources. Based on the assessment carried out, the Group concluded that the low value of its "locked-in" GHG emissions associated with its main assets or products is not sufficiently material to compromise the achievement of the GHG emissions reduction targets defined in the climate transition plan or to give rise to significant transition risks.
Note 7: The Group assessed the exclusion criteria applicable to the EU Paris-Aligned Benchmarks, as defined in Commission Delegated Regulation (EU) 2020/1818, which sets out the minimum requirements for benchmarks aligned with the Paris Agreement.
Based on this analysis, the Group does not conduct activities that would trigger automatic exclusion from these benchmarks, namely activities related to the exploration, production or processing of thermal coal, oil or gas, or other carbon-intensive activities explicitly excluded under the aforementioned regulation. Consequently, the Group's exclusion from indices that apply these methodologies lies solely at the discretion of the entities responsible for managing them.
Regarding scope 3 emissions, an 8.9% reduction was recorded, resulting from the update of emission factors, particularly for food products. The variation in scope 3 emissions is also associated with the use of estimates in the calculation of these emissions, which are largely indexed to the volume of purchases and sales of the Companies.
In 2025, emissions calculated on the basis of primary data represented 12.0% of total scope 3 emissions. To increase our understanding of the carbon footprint of our supply chain, we launched a communication platform with suppliers and, in 2024, initiated an engagement programme aimed at sharing the
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Companies' decarbonisation objectives and beginning the exchange of data that will improve the accuracy of our value chain carbon footprint.
The interaction with some of the main suppliers of Biedronka, Pingo Doce, Recheio, Ara, Hebe and JMA revealed a diverse landscape in terms of commitment and actions implemented to reduce GHG emissions. The majority of the 52 suppliers contacted in 2025 demonstrate alignment with international GHG accounting standards, with 48% updating their inventories annually and 38% ensuring third-party verification of their emissions. Regarding emissions reduction targets, 58% of the suppliers contacted set targets for Scope 1 and 2 emissions, and 30% also include targets for Scope 3. Additionally, 21% of these 52 suppliers have targets validated by the Science Based Targets initiative (SBTi), and 17% are in the process of defining their targets, which shows interest from our supply chain regarding the commitment to mitigate climate change. The implementation of climate strategies is another positive aspect, with 50% of the suppliers contacted publishing climate transition or decarbonisation plans.
The actions implemented by the suppliers contacted to reduce energy consumption and GHG emissions are diverse. The most frequently reported measure is the improvement of energy efficiency through technological upgrades and modernisation of equipment, adopted by 81% of the 52 suppliers who responded. Additionally, 60% mention employee training on energy efficiency practices, and 56% indicate carrying out energy audits and/or implementing energy efficiency plans. The purchase and/or generation of renewable energy (including PPAs, green tariffs and on-site production) is reported by 54% of suppliers. In more specific measures, 28.8% report the use of natural or low-GWP refrigerant gases in HVAC and refrigeration systems, and 23% indicate actions to reduce transport-related emissions.
The additional measures specified by suppliers highlight a reinforcement of decarbonisation strategies, based on structural investments and integrated approaches. These include the installation of photovoltaic units for self-consumption and the construction of larger solar plants, as well as the modernisation of industrial infrastructures, including more efficient refrigeration systems, heat recovery, cogeneration and process electrification. Several suppliers also report the implementation of corporate energy efficiency programmes with defined targets and indicators, as well as the definition of formal decarbonisation strategies with carbon-neutral or net-zero objectives by 2040-2050. Additionally, some initiatives focus on the supply chain and product reformulation, prioritising raw materials with lower carbon intensity, as well as reducing the consumption of natural resources.
With the aim of obtaining primary data with greater granularity from suppliers, Biedronka has been developing carbon footprint calculators for key Private Brand and perishable products, having developed eight calculators and organised, in 2025, five workshops for 320 suppliers. JMA has also been calculating the carbon footprint of its products, having already obtained carbon footprint certification for Best Farmer Aberdeen Angus beef (2024) and for Ovinos da Tapada lamb (2025).
As our reliance on estimates for calculating scope 3 emissions decreases, it will become easier to identify additional opportunities to reduce the carbon footprint together with our suppliers and thus converge with our reduction targets for this scope, as defined in our Climate Transition Plan and in section 3.2. "How we manage environmental topics", subsection 3.2.1. "Climate Change", item "Commitments", of this chapter.
Regarding GHG emissions intensity (scopes 1, 2 and 3) based on net sales (per 1,000 euros of sales), this decreased from 1.015 to 0.862 tonnes of CO₂e, reflecting increased efficiency in our operations.
GHG emissions intensity based on net revenue
| GHG intensity | 2025 | 2024 | Δ 2025/2024 |
|---|---|---|---|
| Total carbon footprint (t CO₂e)** | 31,009,473 | *33,963,542 | -8.7% |
| Scope 1 – direct impacts | 242,572 | 204,133 | +18.8% |
| Scope 2 – indirect impacts | 543,617 | 580,258 | -6.3% |
| Scope 3 – other indirect impacts | 30,223,284 | 33,179,124 | -8.9% |
| Net revenue (million euros) | 35,991 | 33,464 | +7.6% |
| Intensity (t CO₂e/000' euro) | 0.862 | *1.015 | -15.1% |
- Value adjusted following an update to the calculations.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
** The Group's companies did not purchase carbon credits to offset their Scope 1, 2 or 3 emissions, nor did they develop removal or storage projects within their operations or value chain.
Energy consumption management
[ESRS 2 MDR-M; ESRS E1-5]
[GRI 302-1; GRI 302-2; GRI 302-3; GRI 302-4; GRI 302-5]
In 2025, our total energy consumption increased by 5.3% compared with 2024, as a result of business growth (more than 400 new stores were opened) and the inclusion within the JMA universe of Supreme Fruits and Tasty Fruits. However, when looking at energy consumption in relation to sales, we observe a 2.0% reduction compared with 2024 – 65.0 MWh per million euros of sales in 2025 versus 66.0 MWh in the previous year.
Of our activities with a high climate impact²⁸, retail accounted for 98.1% of total energy consumption, industry (Section C, NACE Rev. 2) for 1.1%, and agriculture and fisheries (Section A, NACE Rev. 2) for 0.7%. Jeronymo (Section I, NACE Rev. 2) was also considered, although it is not classified among the activities with high climate impact, and represents 0.1% of the Group's energy consumption.
Total energy consumption and by business unit
| Total energy consumption and by business unit (MWh) | 2025 | 2024 | Δ 2025/2024 |
|---|---|---|---|
| Group | 2,327,478 | *2,209,399 | +5.3% |
| Biedronka (Poland) | 1,259,246 | 1,216,869 | +3.5% |
| Pingo Doce** | 565,687 | 545,360 | +3.7% |
| Ara | 364,396 | 320,528 | +13.7% |
| Recheio | 57,609 | 58,610 | -1.7% |
| JMA | 41,580 | 34,659 | +20.0% |
| Hebe | 31,342 | *30,848 | +1.6% |
| Biedronka (Slovakia) | 5,261 | - | - |
| Hussel/Jeronymo | 2,357 | *2,526 | -6.7% |
| Net revenues from activities in sectors with a high climate impact (in million euros)*** | 35,991 | 33,464 | +7.6% |
| Total consumption (MWh/million euros in net revenue) | 65.0 | *66.0 | -2.0% |
- Value adjusted following an update to the calculations for the Hebe, Hussel and Jeronymo Companies.
** For the calculation of the environmental indicators reported in this subsection, distribution centres, head office buildings and trucks used for the transport of goods in Portugal were accounted for under Pingo Doce.
*** Includes Jeronymo.
In 2025, and with the exception of Recheio, all the Companies consumed more energy. Ara and Biedronka recorded the largest absolute increase (more than 40 MWh each), due not only from the expansion of the number of stores but also from local factors: in Poland, the harsher and longer winter increased heating needs; in Colombia, there was a need to rely on the use of generators for electricity production. Pingo Doce's energy consumption increased by 3.7% due to the expansion of ready-to-eat and takeaway sections to more stores.
In 2025, we increased the number of stores with electric and hybrid vehicle charging points to 515 at Biedronka, 260 at Pingo Doce and 7 at Recheio, having supplied more than 15.3 MWh.
Energy consumption per source
| Energy consumption per source | 2025 | 2024 | Δ 2025/2024 |
|---|---|---|---|
| Fuel from coal and coal products (MWh) | 0 | 0 | - |
| Fuel from crude oil and petroleum products (MWh) | 155,028 | 132,488 | +17.0% |
²⁸ The high-climate-impact sectors considered in the calculation of energy intensity are: Section A – Agriculture, Forestry and Fisheries; Section C – Industry; and Section G – Wholesale and Retail Trade.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
| Energy consumption per source | 2025 | 2024 | Δ 2025/2024 |
|---|---|---|---|
| Fuel from natural gas (MWh) | 176,428 | 129,976 | +35.7% |
| Fuel from other fossil sources (MWh) | 25,665 | 18,098 | +41.8% |
| Electricity and heat from fossil sources (MWh) | 758,869 | *746,888 | +1.6% |
| Total fossil energy consumption (MWh) | 1,115,989 | *1,027,450 | +8.6% |
| Proportion of fossil sources in total energy consumption (%) | 47.9% | 46.5% | +1.4 p.p. |
| Energy consumption from nuclear sources (MWh) | 4,295 | *536 | +701.3% |
| Proportion of energy from nuclear energy in total energy consumption (%) | 0.18% | 0.02% | +0.2 p.p. |
| Fuel from renewable sources, including biomass (including industrial and urban organic waste, biogas, renewable hydrogen, etc.) (MWh) | **0 | **0 | - |
| Electricity, heat, steam and cooling from renewable sources (MWh)*** | 1,071,022 | 1,099,253 | -2.6% |
| Self-generated non-fuel renewable energy (MWh) | 136,171 | 82,160 | +65.7% |
| Energy consumption from renewable sources (MWh) | 1,207,193 | 1,181,413 | +2.2% |
| Proportion of renewable sources in total energy consumption (%) | 51.9% | 53.5% | -1.6 p.p. |
| Total energy consumption (MWh) | 2,327,478 | *2,209,339 | +5.3% |
- Value adjusted following an update to the calculations for the Hebe, Hussel and Jeronymo Companies.
** As it was not possible to determine the percentage of renewable fuels due to the lack of publicly available data, the worst-case scenario is assumed, i.e., 0% renewable fuels consumed. The Group does not operate non-renewable energy generation plants, with non-renewable energy generation occurring only occasionally through emergency generators.
*** Includes the renewable component of purchased electricity and heat, determined based on the energy mix of suppliers and other available sources of information, as well as renewable electricity contracted through Virtual Power Purchase Agreements (VPPAs) and the acquisition of Guarantees of Origin in Portugal and Poland. The energy consumption associated with Guarantees of Origin is estimated according to the contract in place, as the actual value is provided only after the publication of the Annual Report.
More than half of the energy we consume comes from renewable sources, although its share decreased slightly (1.6 p.p. less than in 2024) due to the significant reduction of the renewable component in Poland's energy mix. The decrease in the share of renewable energy was mitigated by the continued investment we have been making in power purchase agreements and guarantees of origin.
Considering only electricity consumption, around 63% came from renewable sources. The significant increase in nuclear energy consumption results from the strong penetration of this type of production in the Slovak electricity sector.
Our actions to reduce carbon emissions
[ESRS 2 MDR-A; ESRS E1-1; ESRS E1-3]
Within the scope of implementing our Climate Transition Plan, we carried out a set of actions that serve as levers for our decarbonisation, of which we highlight the following for reducing Scope 1, 2 and 3 emissions:
- the transition to natural refrigerant gases and those with low global warming potential (scope 1);
- investment in renewable energy sources and increased energy efficiency in our stores (scope 1 and 2);
- the transition away from fossil fuels and improved logistics efficiency (scopes 1, 2 and 3);
- the promotion of the circular economy²⁹ (scope 3);
- the implementation of a supplier-engagement programme with the Companies' key suppliers, aimed at reducing the Group's GHG emissions associated with the procurement and sale of products (scope 3).
The images below illustrate the planned reduction pathway for scope 1 and 2 GHG emissions for the periods up to 2045.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
Reduction plan expected for GHG emissions (scopes 1 and 2) until 2033.
Reduction plan expected for GHG emissions (scopes 1 and 2) until 2045.
Additional information is provided in sub-chapter 8, "Annexes", Appendix 3 - Total GHG emissions disaggregated by Scopes 1 and 2 and significant Scope 3.
Management of refrigerant gases
In the food distribution business, in which we stand out for the quality of our specialised perishable offer, refrigeration and air-conditioning systems play a central role. These systems are essential to ensure food quality, safety and preservation, while also playing a decisive role in combating food waste.
However, the use of refrigeration and air-conditioning requires energy consumption and, due to leaks resulting from their operation, greenhouse gases are also emitted. To reduce these impacts, we invest in more efficient equipment. As part of managing carbon emissions associated with the use of refrigerant gases in these systems, leak-control technologies are also installed and, whenever possible and on a voluntary basis, we opt for natural refrigerant gases in industrial cooling facilities or low-GWP gases in heating, ventilation and air-conditioning installations.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
Establishments using natural refrigerant gases
| Type of establishment | Total | Progress* | ||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Stores – centralised refrigeration system | 3,917 | 3,439 | 64% | **60% |
| Stores – stand-alone equipment | 5,681 | 5,238 | 93% | **92% |
| Distribution centres and industrial units – centralised refrigeration system | 27 | 25 | 73% | 69% |
- Coverage rate relative to the total number of establishments.
** Value adjusted following an update to the calculations.
As a result of a process of inventorying and systematising equipment in our facilities, it was possible to determine more accurately the progress made in the use of natural refrigerant gases or gases with low global warming potential. In 2025, 73% of distribution centres and industrial units and 64% of stores used this gases in their cooling plants. Autonomous refrigeration units, such as freezer chests, are present in 93% of our stores (3,658 at Biedronka, 1,511 at Ara, 472 at Pingo Doce and 40 at Recheio), reflecting the investment we have been making over time. Ongoing investment in refrigeration systems using natural refrigerants or low-global-warming-potential gases reduces direct emissions associated with refrigerant leaks and lowers electricity consumption through more efficient equipment, with an estimated mitigation potential of over 61 thousand tonnes of CO₂e.
Energy efficiency and renewable energies
To reduce our carbon emissions associated with energy consumption, we implemented a set of good practices. The store refurbishment and opening plan includes solutions such as:
- renewable energy generation technologies;
- energy control and management systems;
- efficient refrigeration technologies and freezer chests;
- efficient lighting.
Renewable Energy
| Technology | Number of buildings | Energy (GJ/year) | Savings* (t CO₂e/year) | |||
|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
| Photovoltaic panels for self-consumption | 2,721 | 2,101 | 490,992 | 295,776 | 64,619 | 35,567 |
| Biedronka | 2,209 | 1,804 | 350,930 | 202,420 | 59,169 | 31,604 |
| Ara | 368 | 249 | 52,648 | 26,307 | 2,588 | 818 |
| Pingo Doce** | 56 | 36 | 65,772 | 48,820 | 2,153 | 2,287 |
| Recheio | 10 | 10 | 12,124 | 11,836 | 397 | 558 |
| JMA | 8 | 2 | 9,518 | 6,393 | 312 | 300 |
| Lamp posts and security system powered by photovoltaic panels and/or wind turbines | 8 | 9 | 581 | 584 | 27.0 | 27.7 |
| Pingo Doce** | 1 | 1 | 130 | 130 | 4.0 | 6.0 |
| Recheio | 5 | 5 | 439 | 439 | 21.0 | 21.0 |
| Biedronka | 1 | 1 | 9 | 10 | 1.9 | 0.4 |
| JMA | 1 | 2 | 3 | 6 | 0.1 | 0.3 |
- These values reflect the update of the electricity emission factors (market-based).
** For the calculation of the environmental indicators reported in this subsection, distribution centres, head office buildings and trucks used for the transport of goods in Portugal were accounted for under Pingo Doce.
| Technology | Number of buildings | Energy (GJ/year) | Savings* (t CO₂e/year) | |||
|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
| Solar collectors to produce hot water used for heating water and/or in the air conditioning system | 13 | 16 | 2,593 | 3,952 | 87 | 185 |
| Pingo Doce | 6 | 7 | 1,852 | 3,399 | 61 | 159 |
| Recheio | 4 | 7 | 118 | 489 | 6 | 23 |
| JMA | 3 | 2 | 623 | 64 | 20 | 3 |
Sustainability Statement
Jerónimo Martins | Annual Report 2025
| Technology | Number of buildings | Energy (GJ/year) | Savings* (t CO₂e/year) | |||
|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
| Geothermal recovery systems | 48 | 20 | 7,853 | 4,467 | 1,147 | 697 |
| Biedronka (heat pumps) | 47 | 20 | 6,547 | 4,467 | 1,104 | 697 |
| JMA | 1 | - | 1,307 | - | 43 | - |
- These values reflect the update of the electricity emission factors (market-based).
** For the calculation of the environmental indicators reported in this subsection, distribution centres, head office buildings and trucks used for the transport of goods in Portugal were accounted for under Pingo Doce.
In 2025, in line with the Companies' investment plans and with the objectives defined in our Climate Transition Plan, we continued to advance in the installation of photovoltaic panels for self-consumption, particularly in Poland and Colombia. Investment in renewable energy generation and in more efficient equipment ensured the production of more than 502 thousand GJ, a 64% increase compared with 2024.
Since July 2018, the operations of our banners in Portugal have been powered by electricity from renewable sources through the purchase of Guarantees of Origin (GO) for more than 1.9 million GJ – equivalent to avoid almost 60 thousand tonnes of carbon dioxide equivalent. Biedronka, through the purchase of GO and a virtual solar photovoltaic power purchase agreement (VPPA), ensured the origin of more than 527 thousand GJ and avoided the emission of 89 thousand tonnes of carbon dioxide equivalent. In 2025, investments in photovoltaic panels, GO and other renewable-energy technologies across the different Companies avoided the emission of 214 thousand tonnes of carbon dioxide equivalent.
Raising employee awareness of waste recovery and the efficient use of water and energy also contributed to the environmental performance of our facilities. The "Water and Energy Consumption Management Teams" project, launched in 2011 in Pingo Doce and Recheio stores, enabled a reduction of 440 thousand m³ of water and 103 thousand MWh of energy, equivalent to cumulative savings of more than 11.9 million euros30. At Pingo Doce, the actions of these teams form part of the "Todos pelo Ambiente" ("All for the Environment") initiative. The "Let's Go Green" project, developed in 2015 with the same objectives, covers office buildings in Portugal, Poland and Colombia.
Investment in energy efficiency, renewable energy production for self-consumption and low-GWP refrigerant gases has exceeded 790 million euros since 2017, with 2025 recording an investment of 100 million euros, reflecting our strengthened focus on reducing energy consumption and carbon emissions. Our payback period averages three years and has already avoided more than 1.25 million tonnes of CO₂e emissions.
In the coming years, and with a view to meeting our short-term scopes 1 and 2 targets, the implementation of decarbonisation measures will remain aligned with the Companies' investment plans. In terms of operating expenses, we will continue our initiatives to procure renewable energy through Guarantees of Origin (GOs), Power Purchase Agreements (PPAs) and Virtual Power Purchase Agreements (VPPAs), which encourage investment in the installation of new renewable energy generation capacity.
Additional information on the CapEx associated with these activities is detailed in subchapter 3.3. "Disclosures under Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation)".
Fossil fuels and increasing logistics efficiency
Our plan to reduce carbon emissions associated with fossil-fuel consumption in operations and logistics involves:
- increasing the incorporation of electric and/or plug-in hybrid vehicles in our fleet and increasing the use of biofuels and hydrogen;
- progressively reducing the use of fossil fuels in operations through the electrification of equipment and/or the use of biofuels;
- improving the efficiency of logistics processes.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
In 2025, 12.2% of our light-vehicle fleet in Portugal and 0.9% in Poland were electric or hybrid, in line with 2023 levels (11.7% in Portugal and 0.8% in Poland). In Slovakia and Colombia, the existing vehicles are combustion-engine.
Backhauling and fronthauling operations
To improve the efficiency of logistics processes, we are optimising distribution routes – through backhauling³¹ and fronthauling³² – and increasing investment in more efficient trucks.
In 2025, backhauling operations prevented 46.7 million kilometres from being travelled, 6 million kilometres more than in 2024 (3%), contributing to a reduction of 40,920 tonnes of carbon dioxide equivalent. Colombia continues to show no significant progress in this project, due both to the limited availability of space in trucks to expand reverse logistics and to the distance between suppliers and return routes. Backhauling has not yet been implemented in Slovakia, given the small scale of the operation, with few stores and only one distribution centre.
Backhauling
- Value corrected when compared to 2024 annual report.
Fronthauling, which exists only in Portugal, saved 114 thousand kilometres (24.2% less than in 2024) and avoided the emission of 100 tonnes of carbon dioxide equivalent.
At Ara, the project for transporting non-palletised goods – focused on optimising loads between suppliers' facilities and distribution centres – generated savings of more than 600 thousand kilometres (40% less compared with 2024), avoiding the emission of 1,034 tonnes of carbon dioxide equivalent. Meanwhile, the by-truck project – which uses additional trailers to supply the most distant stores – avoided 2.6 million kilometres (29.4% more than in 2024), corresponding to a reduction of 2,082 tonnes of carbon dioxide equivalent.
³¹ After delivering products to our stores, the return route includes a stop at the Group’s suppliers’ facilities to collect goods and transport them to the distribution centre.
³² After delivering products to our distribution centres, the suppliers’ return route to their facilities includes a stop at the Group’s stores to deliver goods. This project exists only in Portugal.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
Breakdown of goods transport vehicles according to the Euro standards
In 2025, we had 386 more Euro VI trucks than in 2024, keeping the vast majority of the fleet, we use within Euro V and Euro VI standards (96% of the total, 1 p.p. more than in 2024). In Colombia, the fleet came to include 30 Euro VI trucks, which made it possible to reduce the number of trucks complying with Euro V or lower standards.
In 2025, we reduced carbon emissions (per thousand pallets) associated with the transport of goods to stores by 6.9% compared with 2021 (baseline year). Our goal is to reduce carbon dioxide equivalent emissions per thousand pallets transported by 5% compared with 2021 by the end of 2026.
Carbon emissions associated with pallet transport
| 2021 | 2024 | 2025* | |
|---|---|---|---|
| Transport of goods to stores (km) | 249,551,570 | 263,407,687 | 268,965,377 |
| Transport of goods to stores (t CO₂e) | 205,375 | 214,794 | 218,270 |
| Carbon emissions from transporting goods to stores, per 1,000 pallets transported (t CO₂e/1.000 pallets transported) | 5.57 | 5.22 | 5.14 |
Note: the 2025 figure includes information from Biedronka Slovakia.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
Logistics decarbonisation
In 2025, we continued to strengthen our logistics decarbonisation journey – recognised at the European level – by reinforcing our position in the Lean & Green initiative, which aims to achieve carbon neutrality in logistics activities by 2050.
Recheio earned its first Lean & Green star after reducing carbon emissions by 25.1% between 2021 and 2024, measured in tonnes of CO₂e per thousand pallets handled, with validation by an independent audit. Terra Alegre obtained its second Lean & Green star as a result of a cumulative reduction of 30.5% in logistics-related CO₂e emissions between 2022 and 2024 and of the high quality of the information reported, also benefitting of the commitment to cooperating with logistics partners.
These results build on the milestones reached in 2024, when Pingo Doce positioned itself as a benchmark of excellence by becoming the first company in Portugal and the fourth in Europe to achieve four Lean & Green stars, following a 55% reduction in CO₂e emissions from its logistics operations in mainland Portugal compared to 2018.
Biedronka also distinguished itself in 2024 by being awarded its second Lean & Green star (the first has been achieved in 2022). This recognition stems from a further 12% reduction in carbon emissions between 2021 and 2023, while maintaining its initial 20% reduction target, and covers 12 distribution centres responsible for more than 65% of the Company's transported volume.
Carbon pricing
[ESRS 2 MDR-M; ESRS E1-8]
M
MATERIAL
To achieve our GHG reduction targets, we use internal carbon shadow pricing, a measure designed to support our decision-making regarding investments associated with the measures to be implemented (CapEx). This tool is used, for example, for the purchase of vehicles and owned equipment, for the refurbishment budgets of our stores, and for assessing the risks associated with energy price transitions within the scope of our climate scenario analysis.
Carbon pricing is linked to the cost of carbon taxes in Portugal and Colombia²³, corresponding to an average of 41.74 euros per tonne of CO₂e. In both cases, the value is defined by regulatory decree. The tax rate in Portugal is linked to the price of CO₂ allowances under the EU Emissions Trading Scheme, while in Colombia the value is linked to the National Carbon Tax, which applies to the carbon-equivalent (CO₂e) content of all fossil fuels, including petroleum derivatives, fossil gas and solid fuels used for combustion.
We disclose further information on this topic in subchapter 7. "Reporting Frameworks", section 7.1. "ESRS – European Sustainability Reporting Standards".
Commitments
[ESRS 2 MDR-T; ESRS E1-4]
M
MATERIAL
The Group's commitments related to this topic can be consulted in subchapter 6. "Sustainability Commitments", within this chapter.
Sustainability Statement
23 We did not consider the carbon tax currently in force in Poland, as it is regarded as significantly low and misaligned with international benchmark values (€0.09/t CO₂), increasing the risk of resulting in an excessively low valuation, which would undermine the use of carbon pricing as a tool for internal risk management and efficiency.
Jerónimo Martins | Annual Report 2025
3.2.2. Resource use and circular economy
Circular economy plays a significant role in meeting the objectives of the European Green Deal by encouraging a more efficient use of resources and creating conditions that allow products and their components to be reintegrated into the same value chains or new ones. This approach is based, among other aspects, on reducing food waste, incorporating ecodesign principles into the development of products and packaging, improving waste recovery solutions, and building cooperative and capacity-building relationships with suppliers, consumers, and civil society.
Managing circular economy-related impacts, risks and opportunities
[ESRS 2 IRO-1; ESRS E5-6]
[GRI 306-1; GRI 306-2]
The impacts, risks and opportunities identified – especially those related to the most material topics for the Group, such as packaging and food waste – are associated with the type of resources used (renewable or non-renewable), the waste generated, and the possibilities for recovering and valorising that waste. The assessment of these risks and opportunities was based on the application of the LEAP methodology (Locate, Evaluate, Assess and Prepare) across our own operations and throughout the value chain (both upstream and downstream of our operations).
Impacts associated with circular economy
The impacts identified as material relate mainly to negative environmental effects resulting from our own operations and from upstream and downstream activities, as presented in the table below.
| Impacts | Stages of the Value Chain |
|---|---|
| Depletion of natural resources (particularly non-renewable), resulting from the production of products and packaging | Upstream of own operations |
| Food waste | Own operations and value chain |
| Pollution caused by improper waste disposal | Downstream of own operations |
Risks and opportunities associated with circular economy
We consider risks and opportunities to be significant when their potential impact exceeds 5% of sales. In such cases, identification, analysis and management are carried out at corporate level. Situations below this threshold are also identified and assessed at corporate level, with their management ensured by our Banners³⁴. The identification of risks and opportunities includes:
- monitoring country-specific regulation (e.g., extended producer responsibility);
- assessing the recyclability of Private Brand packaging in line with ecodesign methodologies and guidelines (e.g., Golden Design Rules), and evaluating the quantity of food products wasted according to the practices defined by the Food Loss and Waste Protocol;
- analysing market trends, particularly customer preferences (e.g., convenience in purchasing decisions or choosing between single-use and reusable packaging).
The risks associated with the circular economy were assessed and selected according to their relevance to our activities and may be either transition risks (political and regulatory, market, technological and reputational) or physical risks (such as the risk of raw material scarcity).
These topics are explored in greater depth in subsection 3.2.2, "Resource use and circular economy", in the sections "Packaging ecodesign" and "Fighting food waste". In the case of plant-based materials such as paper and wood, the measures we adopt are detailed in subsection 3.2.4, "Biodiversity and ecosystems", under the topic "Fighting deforestation".
³⁴ These mechanisms are detailed in points 52, 53, and 54 of Chapter 4, 'Corporate Governance,' in this report.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
| Risks | Stages of the value chain |
|---|---|
| Losses associated with food waste, due to the value lost along the value chain | Own operations and value chain |
| Increase in costs associated with waste management, scarcity of material resources (virgin and recycled), and monitoring and reporting requirements | Upstream and own operations |
| Greater investment in processes, products and services — particularly those related to packaging recyclability — whose implementation may depend on new components (e.g., alternatives to flexible plastics), adjustments to packaging technologies, and advances in the waste sector (e.g., sorting and recycling systems) | Own operations and value chain |
| Impacts on product competitiveness due to the cost disparity between recycled and virgin materials | Upstream and own operations |
| Reputational damage resulting from failure to meet legally imposed targets and voluntary commitments | Own operations and value chain |
| Opportunities | Stages of the value chain |
| --- | --- |
| Increased revenue through the valorisation of material streams and the reduction of food waste | Own operations |
| Cost reductions through resource-use efficiency (such as packaging optimisation and waste management) and through early compliance with legislated recyclability targets | Own operations and value chain |
| Improved circular economy practices in supply chains (e.g., sharing systems for transport packaging) | Own operations and value chain |
| Access to more favourable financing conditions by meeting circular economy targets | Own operations |
| Reputational gains resulting from clear and transparent communication of our circular economy initiatives and from meeting voluntary targets and commitments | Own operations |
Circular economy Initiatives
We have developed several initiatives that promote the circular economy across our value chains, taking into account the key impacts, risks and opportunities.
| Initiatives | Description |
|---|---|
| Ecodesign | We implement ecodesign best practices in packaging for perishables and in Private Brand products and packaging, with the aim of improving their environmental profile as well as operational efficiency. These improvements are communicated on packaging, in stores and through other channels. |
| Promotion of reusable solutions | We provide reusable solutions to our customers (such as options for refilling packaging at home or water bottles that can be refilled in store) and transport packaging that our suppliers can reuse. |
| Tackling food waste | We give new life to food by using ungraded agricultural products, industry by-products and surpluses from our operations. We also sell products nearing their expiry date at a discount and donate food to charitable organisations. |
| Recovery of waste from our own operations | We invest in increasing the amount of waste that can be sent for recovery. |
| Customer waste collection and recovery | We develop solutions (such as recycling points and other collection systems) that enable the recovery of waste brought back by customers. |
Sustainability Statement
Jerónimo Martins | Annual Report 2025
| Initiatives | Description |
|---|---|
| Voluntary business initiatives | We take part in various organisations that promote the circular economy, such as the New Plastics Economy Global Commitment, the Plastics Pact (Poland, Portugal and Colombia) and the Consumer Goods Forum’s Plastic Waste Coalition of Action. |
We regularly monitor the material consumption used to produce our packaging, the waste we generate, and the volume of food waste, with the aim of continuously improving our circular economy practices. All information regarding our performance and the initiatives implemented across our own operations and our value chain is presented in detail in subsection 3.2.2, under ‘Materials consumed and resource outflows’ and ‘Actions to promote a circular economy.’ We have also established a set of circular economy commitments for the 2024–2026 period, which can be consulted in Chapter 6, ‘Sustainability Commitments,’ Section 6.1, ‘2024–2026 Commitments,’ Subsection 6.1.1, ‘Environment,’ of this report.
Materials used and resource outflows
[ESRS 2 MDR-M; ESRS E5-5]
[GRI 301-1; GRI 301-2]
M
MATERIAL
The way we manage the materials we use — from Private Brand and service packaging to single-use items — is part of our ongoing effort with our value chain to ensure that their development is designed for reuse or recycling.
We promote ecodesign, focusing on eliminating problematic components and prioritising packaging made from a single material that is compatible with existing sorting infrastructures, thus keeping resources in productive cycles. We also incorporate recycled materials, helping reduce the use of virgin resources and fostering circularity across our value chain. In addition, we also adopt reusable solutions, both in transport packaging and logistics operations and in the formats we offer to consumers, avoiding disposable alternatives.
Main materials used
In this report, the tables in this chapter now include the consumption of single-use plastics and single-use paper. Previously, single-use plastic (SUP) consumption was presented in a standalone table—which has now been removed—and single-use paper consumption is now disclosed in greater detail. Due to this new reporting approach, the 2024 figures were recalculated to ensure an accurate analysis of consumption trends.
| Total consumption (tonnes/million euros in sales) | 2025 | 2024 | Δ 2025/2024 |
|---|---|---|---|
| All materials | 15,58 | 16.07 | -3,0% |
| Single-Use Plastics^{(a)} | 5,26 | 5.61 | -6,2% |
| Total material consumption (tonnes) | 2025 | 2024 | Δ 2025/2024 |
| --- | --- | --- | --- |
| Consumption by business unit | 560,709 | 537,664 | +4.3% |
| Biedronka (Poland) | 431,002 | 403,552 | +6.8% |
| Biedronka (Slovakia) | 260 | 0 | - |
| Hebe | 1,255 | 1,465 | -14.3% |
| Pingo Doce^{(b)} | 67,753 | 71,777 | -5.6% |
| Recheio | 16,214 | 15,149 | +7.0% |
| Ara | 44,225 | 45,721 | -3.3% |
| Private Brand and service packaging (by type) | 514,829 | 492,517 | +4.5% |
| Paper and cardboard | 210,673 | 204,348 | +3.1% |
| Cardboard packaging for liquid products^{(c)} | 17,825 | 15,176 | +17.5% |
| Plastic | 160,370 | 158,994 | +0.9% |
| Glass | 96,833 | 86,740 | +11.6% |
| Steel | 23,039 | 20,349 | +13.2% |
| Other materials^{(d)} | 6,089 | 6,910 | -11.9% |
Sustainability Statement
Jerónimo Martins | Annual Report 2025
| Total material consumption (tonnes) | 2025 | 2024 | Δ 2025/2024 |
|---|---|---|---|
| Other Single Use Plastics (SUP) | 29,004 | 28,823 | +0.6% |
| Check-out bags | 11,388 | 10,073 | +13.1% |
| Wrapping film | 3,374 | 3,328 | +1.4% |
| Rubbish bags | 14,028 | 15,331 | -8.5% |
| Other SUP^{(a)} | 214 | 91 | +135.2% |
| Other Single Use Paper | 16,876 | 16,323 | +3.4% |
| Check-out bags | 1,520 | 1,439 | +5.6% |
| Other disposable paper products^{(f)} | 1,252 | 1,218 | +2.8% |
| Office paper | 855 | 953 | -10.3% |
| Promotional leaflets | 12,264 | 11,464 | +7.0% |
| Publications | 985 | 1,249 | -21.1% |
| Total recycled matérias incorporated (tonnes) | 2025 | 2024 | Δ 2025/2024 |
| --- | --- | --- | --- |
| Per business unit | 241,802 | 239,667 | +0.9% |
| Biedronka | 196,778 | 190,776 | +3.1% |
| Biedronka Slovakia | 0 | 0 | - |
| Hebe | 316 | 224 | +41.1% |
| Pingo Doce^{(b)} | 25,782 | 27,206 | -5.2% |
| Recheio | 7,029 | 6,633 | +6.0% |
| Ara | 11,897 | 14,828 | -19.8% |
| Private Brand and service packaging (by type) | 214,092 | 212,647 | +0.7% |
| Paper and cardboard | 169,816 | 168,741 | +0.6% |
| Cardboard packaging for liquid products^{(c)} | - | - | - |
| Plastic | 16,570 | 12,142 | +36.5% |
| Glass | 27,706 | 31,764 | -12.8% |
| Steel | - | - | - |
| Other materials^{(d)} | - | - | - |
| Other Single Use Plastics (SUP) | 18,709 | 16,999 | +10.1% |
| Check-out bags | 8,563 | 7,399 | +15.7% |
| Wrapping film | 112 | 113 | -0.9% |
| Rubbish bags | 10,034 | 9,487 | +5.8% |
| Other SUP^{(e)} | - | - | - |
| Other Single Use Paper | 9,002 | 10,021 | -10.2% |
| Check-out bags | 1,066 | 1,028 | +3.7% |
| Other disposable paper products^{(f)} | - | - | - |
| Office paper | 0 | 0 | - |
| Promotional leaflets | 7,849 | 8,987 | -12.7% |
| Publications | 87 | 6 | +1,350.0% |
(a) Includes Private Brand packaging, service packaging and other single-use plastics.
(b) Distribution centres, central buildings and trucks used for goods distribution in Portugal were accounted for under Pingo Doce.
(c) Composite packaging used for liquid products.
(d) Includes aluminium, wood and other materials.
(e) Includes cutlery, drink stirrers, plates and bowls, cups, straws and cotton buds from Private Brand and for own use.
(f) Includes paper plates and bowls, cups, cotton buds and straws from Private Brand and for own use.
Total material consumption increased by 4.3% in 2025, mainly due to the growth in service packaging and Private Brand packaging. In these packaging categories, the most frequently used materials were paper/cardboard, plastic, and glass. The specific value—materials consumed per million euros of sales—decreased by 3.0% during the year.
Service packaging, Private Brand product packaging, and other single-use plastic and paper items incorporated 43.1% recycled materials (1.5 p.p. less than in 2024). The share of recycled material reached 64.5% in other single-use plastics and 53.3% in other disposable paper products.
Group Commitments
We have made several commitments stemming from our adherence to the New Plastics Economy Global Commitment (an initiative of the Ellen MacArthur Foundation and UNEP – the United Nations Environment Programme), as well as from our participation in the Portuguese Plastics Pact, the Polish Plastics Pact, the Colombian Plastics Pact, and the Plastic Waste Coalition of Action of The Consumer Goods Forum. Our
Sustainability Statement
Jerónimo Martins | Annual Report 2025
objective is to reduce the inflow and outflow of resources used, promoting circularity and following the waste-management hierarchy, incentivizing reduction, reuse and recycling.
| 2025 Commitments | Status |
|---|---|
| Ensure that all Private Brand product plastic packaging is reusable or recyclable | 56.7% of the plastic packaging of our Own Brand products is recyclable (0.4 p.p. less than in 2024)*. This percentage takes into account the different polymers and plastic packaging formats, as well as the existence and effectiveness of sorting and recycling systems in the countries where we operate. Although our Companies have continued to invest in packaging that complies with ecodesign principles, and despite the presence of recycling industries, sorting solutions are still lacking for certain streams (e.g., multilayer flexible polypropylene plastics and rigid polystyrene packaging). As such, some plastic packaging formats remain classified as “non-recyclable” according to the methodology used, even when local systems exist for sorting and downcycling. |
To increase the recyclability of the plastic packaging of our Own Brand products, we adopt design-for-recycling strategies, namely by eliminating problematic components such as PVC and EPS, which hinder recycling or reduce the quality and value of the recycled material. In 2025, and in line with the commitment established for 2030, 97.2% of our packaging complied with design-for-recycling principles. |
| Incorporate at least 25% recycled material into the plastic packaging of our Private Brand products. | In 2025 we incorporated 14.4% recycled polymers, an increase of 2.8 p.p. compared with 2024. In total, more than 25 thousand tonnes of recycled plastic were used, a value 28.4% higher than the previous year. |
| Reduce the specific consumption of plastic, measured in tonnes of plastic packaging per million euros of sales, by 10% compared with 2018. | We reduced the specific consumption of plastic, measured in tonnes of plastic packaging per million euros of sales, by 45% compared with 2018. |
| Reduce the amount of virgin plastic used in the packaging of Private Brand products by 15% compared with 2018. | We reduced the consumption of virgin plastic used in the packaging under our responsibility by 3.8% compared with 2018. |
- Value calculated using the Recyclability Assessment Tool methodology developed by the Ellen MacArthur Foundation.
** Includes Private Brand packaging, service packaging, checkout bags, and pallet-wrapping film.
Over the past few years, market conditions for the collection of packaging waste and the availability of recycled plastic to incorporate into new packaging (particularly food-contact applications) have evolved very little in the countries where we operate. For these reasons, and as we have been anticipating, by the end of 2025 we were unable to meet two of our plastic-related commitments:
- ensuring that at least 25% recycled plastic is used in plastic packaging;
- reducing virgin plastic use by 15% compared with 2018.
In 2025, the Ellen MacArthur Foundation launched the 2030 Global Commitment, and the commitments proposed by the Group for its Private Brand were accepted:
- reduce virgin plastic in plastic packaging by 5% compared with 2018;
- increase the incorporation of recycled plastic in packaging to 20%;
- ensure that 100% of plastic packaging placed on the market is designed to be recyclable.
Actions to promote a circular economy
[ESRS 2 MDR-A; ESRS E5-2]
M
MATERIAL
Ecodesign of packaging
With practically a decade and a half of existence, the Group's packaging ecodesign project aims to optimise the packaging of our Private Brand and perishables products, without compromising product integrity. This project is built on the following objectives:
- reducing the amount of material used;
Sustainability Statement
Jerónimo Martins | Annual Report 2025
- promoting packaging circularity by integrating recycled materials into their composition and ensuring their recyclability;
- improving the dimensions, weight, and format of packaging so that more products can be transported in each trip.
Since the launch of the project in 2011, we have avoided the use of 59,638 tonnes of materials, as a result of more than 2,900 changes implemented – including over 1,200 packages certified by FSC® or equivalent. We estimate that improved transport efficiency has avoided the emission of 7,467 tonnes of carbon-equivalent.
In 2025, we implemented 633 packaging ecodesign projects (435 at Biedronka, 60 at Hebe, 91 at Pingo Doce, 31 at Ara, and 16 at Recheio) – meaning that, since 2011, we have modified 32.7% of our Private Brand products. During the year, we also determined that 1.2% of our plastic packaging is reusable (+0.1 p.p. vs. 2024), according to the methodology proposed by the Ellen MacArthur Foundation for reporting this indicator under the Global Commitment.
Reusable solution at Ara
The concentrated liquid laundry detergent Edén expert was launched with an option for customers to purchase an initial pack consisting of a reusable 2-litre bottle and a sachet of concentrated solution for dilution. For subsequent purchases, customers only need to buy the sachets of concentrated solution and dilute them with water in the reusable bottle.
Since the sachets contain concentrated solution, their weight (8.27 g) is significantly lower than that of the bottle (80 g), avoiding the repeated sale of the 2-litre bottle, and consequently, its discardability. In 2025, this measure avoided placing 10.7 tonnes of single-use plastic on the market.
Packaging Ecodesign – 2025 Highlights
Biedronka - All Donatello lasagne packaging was simplified: instead of being placed inside a plastic wrapper, the aluminium tray is now sealed with a top film, eliminating all plastic film from the previous wrapper (except for the sealing layer). This change avoids the annual use of 157 tonnes of flexible plastic.
Pingo Doce - The 130 g whole peeled dry garlic product was launched in packaging consisting of an FSC®-certified paper cup and a lid containing 85% recycled plastic, which saved around 950 kg of virgin plastic in 2025.
Recheio - The 200 ml Amanhecer chocolate milk bottle is now produced with 30% recycled plastic, avoiding the annual use of more than 6,200 kg of virgin plastic.
Ara - The removal of plastic labels from 13 fresh meat products results in an annual saving of 12.3 tonnes of plastic. Hebe - The paper used in the packaging of 60 Private Brand references is now FSC®-certified, ensuring that the paper comes from responsibly managed forests and other controlled sources.
Reusable Packaging
In 2025, reusable crates in perishable goods areas avoided the use of 41.6 thousand tonnes of disposable packaging, 2% less than in 2024.
Pingo Doce and Recheio use a pool of crates to pack and transport perishables between central kitchens, distribution centres, and stores. Through this system, the crates were used more than 43.6 million times. Biedronka used reusable crates for bakery products 17.8 million times, and Ara recorded 21.9 million uses of reusable crates for transporting bottled water, milk, meat, fruit, and vegetables.
At the end of the year, the ECO refill solution for reusable plastic bottles was implemented in 309 Pingo Doce stores, avoiding the consumption of 75 tonnes of single-use plastics (27% less than in 2024, due to fewer refills in smaller-volume formats).
Sustainability Statement
Jerónimo Martins | Annual Report 2025
Reusable solutions for transporting customers' purchases
| Material used by type of solution | 2025 | 2024 | Δ 2025/2024 |
|---|---|---|---|
| Reusable paper check-out bags (tonnes) | 1,520 | 1,439 | +5.6% |
| Biedronka Poland | 1,375 | 1,221 | +12.6% |
| Biedronka Slovakia | 3 | 0 | - |
| Hebe | 19 | 16 | +18.8% |
| Pingo Doce | 91 | 95 | -4.2% |
| Recheio | 0 | 0 | - |
| Ara | 32 | 107 | -70.1% |
| Single-use plastic check-out bags* (tonnes) | 10,893 | **9,815 | +11.0% |
| Biedronka Poland | 7,350 | 6,468 | +13.6% |
| Biedronka Slovakia | 11 | 0 | - |
| Hebe | 41 | 43 | -4.7% |
| Pingo Doce | 2,417 | 2,342 | +3.2% |
| Recheio | 9 | 7 | +28.6% |
| Ara | 1,065 | **955 | +11.5% |
| Trolleys (units) | 30,130 | 30,736 | -2.0% |
| Biedronka Poland | 0 | 0 | - |
| Biedronka Slovakia | 0 | 0 | - |
| Hebe | 0 | 0 | - |
| Pingo Doce | 30,114 | 30,722 | -2.0% |
| Recheio | 16 | 14 | +14.3% |
| Ara | 0 | 0 | - |
- Includes durable bags of different formats and materials designed for multiple uses.
** Values adjusted following an update to the calculation method.
In 2025, customer purchases of reusable bags increased by 11% compared with the previous year. The composition of these bags includes post-consumer recycled plastic (between 50% and 90%), amounting to more than 8,500 tonnes in 2025. The reusable polyethylene plastic bags available at Biedronka and Pingo Doce are now RecyClass-certified.
In the case of paper bags, the minimum recycled content is 70% at Biedronka and 50% at Pingo Doce, corresponding to 1,066 tonnes in 2025. At Biedronka and Hebe, the consumption of paper bags increased, as our Companies have not provided free plastic bags at checkout since 2017.
Promoting bulk sales
In addition to offering loose fruit and vegetables by weight—available in most of our food distribution stores—we have extended this option to other categories. Biedronka and Pingo Doce sell confectionery and nuts in bulk. In 2025, Biedronka sold 30.9 tonnes of bulk products (a service available in 100% of stores) and Pingo Doce sold 74 tonnes (available in 40% of stores). Ara sells rice, sugar, beans, and lentils in bulk in 154 stores (9% of the network). In 2025, 1.5 tonnes of these products were sold, 72% less than in 2024 due to restrictions imposed by the Colombian authorities.
Waste management
[ESRS E5-5]
[GRI 306-3; GRI 306-4; GRI 306-5]
Our activities generated more than 705 thousand tonnes of waste, an increase of 11.2% compared with 2024, driven by the growth of our operations and, additionally, by our ongoing efforts to improve the information-collection methodology each year, particularly regarding the categorisation of mixed waste. When considering the tonnes of waste generated per million euros of sales, we recorded a 3.4% increase compared with the previous year.
| Waste produced (tonnes per million euros of sales) | 2025 | 2024 | Δ 2025/2024 |
|---|---|---|---|
| Specific value | 19.60 | 18.96 | +3,4% |
Sustainability Statement
Jerónimo Martins | Annual Report 2025
| Waste produced (tones) | 2025 | 2024 | Δ 2025/2024 |
|---|---|---|---|
| By business unit | 705,317 | 634,335 | +11.2% |
| Biedronka Poland | 534,390 | 475,577 | +12.4% |
| Biedronka Slovakia | 984 | 0 | - |
| Hebe | 1,378 | 1,296 | +6.3% |
| Pingo Doce | 105,862 | 102,020 | +3.8% |
| Recheio | 7,669 | 7,640 | +0.4% |
| Ara | 51,166 | 44,062 | +16.1% |
| JMA | 3,868 | 3,742 | +3.4% |
| By type of | 705,317 | 634,335 | +11.2% |
| Cardboard and paper | 397,665 | 372,044 | +6.9% |
| Plastic | 17,959 | 17,087 | +5.1% |
| Wood | 2,928 | 2,634 | +11.2% |
| Organic waste | 147,670 | 124,941 | +18.2% |
| Mixed waste | 119,129 | 100,311 | +18.8% |
| Used cooking oils and fats | 263 | 231 | +13.9% |
| Wastewater treatment residues | 14,769 | 11,929 | +23.8% |
| Hazardous waste | 576 | 433 | +33.0% |
| Other waste | 4,358 | 4,725 | -7.8% |
Fighting food waste
We are committed to limiting annual food waste to 2.5% of the sales volume (in tonnes) of food products during the 2024–2026 period. This objective represents an intermediate milestone in our contribution to Target 12.3 of Sustainable Development Goal 12 – Responsible Consumption and Production, as defined by the United Nations Sustainable Development Goals.
Our commitment to transparency is reflected in the fact that we were the first retailer in Portugal to calculate and publicly disclose its food-waste footprint, following the Food Loss and Waste Protocol developed by the World Resources Institute (WRI). This process ensures rigorous accounting and continuous monitoring of performance against the targets set.
| Food waste* | 2025 | 2024 | Δ 2025/2024 |
|---|---|---|---|
| Specific Values | |||
| Wasted food per food sold and wasted (%) | 1.8% | 1.8% | 0 p.p. |
| Food wasted per food sold (in kg/t) | 19.4 | 19.9 | -2.5% |
| Destination | |||
| (kg of food wasted/tonne of food sold) | |||
| Animal feed and bioprocessing | 1.3 | 1.4 | -7.1% |
| Anaerobic digestion, composting and controlled combustion | 13.2 | 11.7 | +12.8% |
| Landfill, incineration and wastewater treatment systems | 5.0 | 6.8 | -26.5% |
| By business unit | |||
| (kg of food wasted/tonne of food sold) | |||
| Biedronka | 21.8 | 21.6 | +0.9% |
| Pingo Doce** | 17.5 | 20.0 | -12.1% |
| Recheio | 4.7 | 5.4 | -12.4% |
| Ara | 14.0 | 15.3 | -8.5% |
- According to the Food Loss and Waste Protocol, any food not directed to human consumption is considered food waste.
** Food waste generated in the distribution centres was accounted for under Pingo Doce, even though these facilities are shared with Recheio. Note: We use the internal accounting systems of all business units to calculate the weight of food waste across the Group and to ensure traceability of the categories that contribute the most to this waste. When the net weight of products is not available in kilograms, we rely on estimates.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
In 2025, food waste amounted to 19.4 kg per tonne of food sold, a reduction of 2.5% compared with 2024. Food waste in relation to the volume of food sales remained stable and within our 2024–2026 target (2.5%).
Most Companies recorded a decrease in the food-waste indicator compared with 2024, with the exception of Biedronka, which saw a slight increase. In 2025, it was not possible to calculate the indicator for Biedronka Slovakia – we are working internally to ensure it is presented in the next report. Nevertheless, the Company continues to carry out food donations, ensuring that products are safely delivered to organisations that support people with specific needs. We continue to develop internal processes to reinforce the consistency and comprehensiveness of the information reported.
In 2025, we maintained our main initiatives to combat food waste and continued exploring new opportunities for action. The strong presence of fresh products in our stores — products with shorter life cycles — represents a constant challenge to operational efficiency. Around 60% of the food waste generated in our operations comes from perishable product categories.
The initiatives we have developed upstream and downstream in our value chain, as well as in our own operations, enabled the recovery of 97.1 thousand tonnes of food (compared with 83.3 thousand tonnes in 2024), corresponding to approximately 64 thousand tonnes of avoided carbon dioxide. Our commitment is to increase by 10% the amount of food recovered in our own operations and in the supply chain compared with 2023. In 2025, the amount recovered increased by 17% compared with 2024 and 41% compared with the reference year (2023).
The donation of food surpluses from stores and distribution centres to charitable organisations is one of the actions we carry out regularly. In 2025, these donations amounted to 23.3 thousand tonnes of food, 25% more than in 2024. For more information on these donations, see subchapter 4. 'Social information', section 4.2. 'How we manage social topics', subsection 4.2.2. 'Affected communities', under 'Direct support to affected communities', in this chapter. To ensure the identification, selection, and separation of food that is safe to donate, we provide specific training to employees
We continued incorporating non-calibrated foods (or "ugly" vegetables, whose nutritional profile is identical to that of calibrated products) into the soups we produce in Portugal and Poland, as well as into 4th-range products (washed and cut vegetables, ready to use) sold at Pingo Doce and Recheio. The sale of off-spec products, such as kids' apples, persimmons, or pumpkins, also continued. Altogether, these initiatives prevented about 13 thousand tonnes of food from being wasted during the year. Between 2015 and 2025, we avoided the waste of 149 thousand tonnes of food.
The markdown initiative has been implemented at Pingo Doce since 2019 and at Biedronka since 2020. This project consists of selling products approaching their expiry date at reduced prices and, in 2025, prevented 12.5 thousand tonnes of food waste in 1,061 stores. Since 2019, this initiative has prevented 51 thousand tonnes of food waste.
Biedronka's partnership with Too Good To Go, in place since 2023, expanded to 500 stores. In 2025, 1.5 million bags were distributed, with an estimated 2,200 tonnes of food waste avoided (3.5% less than in 2024).
Pingo Doce uses leftover roasted chicken and suckling pig to prepare various takeaway products such as pizzas, salads, and sandwiches — an initiative that avoided 302 tonnes of food waste in 2025. The sale of salmon heads at reduced prices in fish counters avoided the waste of 197 tonnes of this product in 2025. Cut, ready-to-eat fruit is also sold, avoiding 167 tonnes of waste during the year. Pingo Doce also cuts large fruit (melons, watermelons, cantaloupes, papayas, and pineapples) in half so that customers buy only the quantity they need, avoiding waste both in-store and at home.
At the same time, the Companies publish leaflets, dedicated communication, and awareness-raising actions for consumers, both in stores and on social media, including recipe books to help make use of leftovers.
JMA also contributes to combating food waste by incorporating by-products from the food industry and non-calibrated vegetables into the feed used at Best Farmer. In 2025, around 29 thousand tonnes were incorporated, 59% more than the previous year. Between 2018 and 2025, JMA reused 112 thousand
Sustainability Statement
Jerónimo Martins | Annual Report 2025
tonnes of these foods. In 2025, buttermilk from the Terra Alegre factory also began to be integrated into Best Farmer's animal feed. This circular-economy measure enabled the recovery of 454 tonnes of that by-product.
Waste recovery from operations
[ESRS 2 MDR-M; ESRS E5-5]
[GRI 306-4; GRI 306-5]
As part of our circular-economy strategy, in our operations we sort produced waste, always seeking solutions that maximise the routing of waste towards recovery operations. In 2025, we achieved a recovery rate of 86.5%, 1.7 p.p. higher than in 2024, while the weight of waste sent to landfill decreased by 2 p.p.
Waste recovery and destination in operations
| Waste recovery rate | 2025 | 2024 | Δ 2025/2024 |
|---|---|---|---|
| Overall value | 86.5% | 84.8% | +1.7 p.p. |
| Biedronka | 87.6% | 90.0% | -2.4 p.p. |
| Biedronka Slovakia | 94.8% | - | - |
| Hebe | 80.0% | 78.4% | +1.6 p.p. |
| Pingo Doce | 86.7% | 65.2% | +21.5 p.p. |
| Recheio | 81.3% | 70.3% | +11.0 p.p. |
| Ara | 75.2% | 75.7% | -0.5 p.p. |
| JMA | 93.7% | 92.4% | +1.3 p.p. |
| Waste management methods | 2025 | 2024 | Δ 2025/2024 |
| Recovery* | 86.5% | 84.8% | +1.7 p.p. |
| Landfill | 12.7% | 14.7% | -2.0 p.p. |
| Incineration (without energy recovery) | 0.0% | 0.0% | 0.0 p.p. |
| Other destinations without recovery | 0.7% | 0.4% | +0.3 p.p. |
*Includes sending waste for recycling, organic recovery, and incineration with energy recovery.
The increase in recovery rates at Pingo Doce and Recheio resulted from efforts to improve the collection of actual data, reducing reliance on extrapolated information. Additionally, one of our waste-management operators launched an innovative process for segregating organic waste, enabling the recovery of waste that was previously sent to landfill.
Customer waste recovery
[ESRS 2 MDR-M]
[GRI 301-3; GRI 306-2; GRI 306-3; GRI 306-4]
In addition to segregating waste for recovery within our operations, we provide solutions (such as recycling stations and other waste-collection systems) that facilitate waste separation by our customers:
- collection of small electrical appliances, used cooking oil, and light bulbs in 98% of the Pingo Doce network;
- collection of used batteries in all Recheio and Pingo Doce stores;
- collection of small electrical appliances and used batteries in 99% of Biedronka stores;
- collection of used batteries in 71% of Ara stores;
- collection and recovery of coffee capsules in Pingo Doce stores (this project enabled the donation of 1,594 euros to charitable organisations).
The deposit-return system is an incentive for returning single-use beverage packaging (plastic bottles and cans) and is being implemented in various countries. In Slovakia, the system has been in place since the beginning of Biedronka's operations in March 2025, enabling the collection of more than 1 million
Sustainability Statement
Jerónimo Martins | Annual Report 2025
packages (plastic bottles and cans) during the year. In Poland, the system began in October, with Biedronka collecting more than 183 thousand packages through automatic or manual return.
Recheio, in partnership with Novo Verde (a packaging-waste management company), promotes the separation of plastic and metal packaging waste by HoReCa customers in one of its stores. Between May 2023 and January 2026, 257 tonnes of waste were collected. Pingo Doce is a partner of a project promoted by the municipality of Mafra (in the Lisbon area) that encourages consumers to return beverage packaging. Since the launch of this initiative in 2019, 163 tonnes of materials such as PET, glass, and aluminium have been collected.
| Waste collected in stores (tonnes) | 2025 | 2024 | Δ 2025/2024 |
|---|---|---|---|
| Pingo Doce | 605,64 | 626,08 | -3,3% |
| Batteries | 21,09 | 19,05 | +10,7% |
| WEEE* | 70,42 | 46,21 | +52,4% |
| Used cooking oil | 63,87 | 64,63 | -1,2% |
| Coffee pods | 450,25 | 496,19 | -9,3% |
| Recheio | 1,95 | 2,15 | -9,3% |
| Batteries | 0,00 | 0,76 | -100,0% |
| Coffee pods | 1,95 | 1,39 | +40,3% |
| Biedronka | 367,72 | 349,24 | +5,3% |
| Batteries | 346,24 | 318,70 | +8,6% |
| WEEE* | 21,47 | 30,54 | -29,7% |
| Hebe | 0,36 | 0,05 | +620,0% |
| Batteries | 0,36 | 0,05 | +620,0% |
| Ara | 23,85 | 28,52 | -16,4% |
| Batteries | 0,22 | 0,16 | +37,5% |
| Used cooking oil | 0,30 | 0,07 | +328,6% |
| WEEE* | 23,34 | 28,28 | -17,5% |
- WEEE – Waste Electrical and Electronic Equipment.
Commitments
[ESRS 2 MDR-T; ESRS E5-3]
M
MATERIAL
Our commitments related to this topic can be consulted in subchapter 6, 'Sustainability commitments', of this chapter.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
3.2.3. Water and marine resources
[ESRS 2 MDR-A; ESRS E3-2]
In line with the strategy to expand and grow our operations, we have implemented a set of actions aimed at reducing water consumption and mitigating the risk of scarcity in the regions where we operate, particularly those facing higher water stress. This is why our refurbishment and store-opening plan includes measures such as:
- the installation of flow restrictors;
- the use of taps with timers;
- the collection of rainwater for irrigation or equipment cleaning;
- the treatment of wastewater to prevent the deterioration of water quality, among other measures.
Additionally, we promote the adoption of specific measures within our agri-food operations, including:
- investment in technologies that detect irrigation needs based on weather conditions and soil moisture in livestock and farming units;
- the adoption of night-time or drip irrigation to minimise evaporation losses in agricultural units;
- the incorporation of off-calibre fruit and vegetables and by-products from the food industry into animal feed, as these contain high moisture levels, thereby reducing the need for drinking water.
We complement these measures with awareness-raising initiatives for our employees, namely through the projects "Water and Energy Consumption Management Teams" at Pingo Doce and Recheio, "Todos pelo Ambiente" at Pingo Doce, and "Let's Go Green" in our office buildings in Portugal, Poland and Colombia. These projects are described in section 3.2. "Managing environmental topics", subsection 3.2.4. "Biodiversity and ecosystems", under the point "Support for biodiversity protection and ecosystem regeneration projects", in this chapter.
Alongside our own operations, we also implement measures to optimise water consumption and improve water quality within our supply chains. The sustainable agriculture project, which we have promoted among our fruit and vegetable suppliers since 2014, and the environmental audits through which we assess both water consumption and the way our suppliers and service providers mitigate potential water pollution impacts, are two relevant examples. These initiatives are detailed in subchapter 5, "Governance information", section 5.2. "Business conduct", subsection 5.2.2. "Supplier awareness and training". Information on our Sustainable Fishing Strategy is presented in this subchapter, in subsection 3.2.4. "Biodiversity and ecosystems", under the heading "Sustainable Fishing Strategy".
Water Consumption
[ESRS 2 MDR-M; ESRS E3-3: E3-4]
NON-MATERIAL
Water withdrawal and reuse
| Total consumption (m³/thousand euros in sales) | 2025 | 2024 | Δ 2025/2024 |
|---|---|---|---|
| Overall specific value | 0.229 | 0.189 | +21.2% |
| Specific value (Distribution) | 0.102 | 0.102 | +0.0% |
| Specific value (Agribusiness) | 27.284 | 20.386 | +33.8% |
| Total withdrawal (m³) | 2025 | 2024 | Δ 2025/2024 |
| --- | --- | --- | --- |
| Water withdrawal by source** | 8,265,110 | *6,326,582 | +30.6% |
| Municipal and private supply system | 7,595,760 | *6,014,013 | +26.3% |
| Groundwater | 533,718 | 294,000 | +81.5% |
| Surface water (including rainwater) | 135,632 | 18,569 | +630.4% |
| Water withdrawal by business unit | |||
| Pingo Doce | 1,835,513 | 1,761,136 | +4.2% |
| Recheio | 86,040 | 84,192 | +2.2% |
| Biedronka (Poland) | 960,785 | 974,441 | -1.4% |
| Biedronka (Slovakia) | 13,642 | - | - |
| Hebe | 23,487 | 23,728 | -1.0% |
| Ara | 750,571 | 561,144 | +33.8% |
| JMA | 4,584,091 | 2,910,400 | +57.5% |
| Hussel/Jeronymo*** | 10,982 | 11,541 | -4.8% |
Sustainability Statement
Jerónimo Martins | Annual Report 2025
| Recycled water (m³) | 2025 | 2024 | Δ 2025/2024 |
|---|---|---|---|
| Total recycled water*** | 3,287 | 2,828 | +16.2% |
*Revised value to disaggregate the Hussel and Jeronymo companies.
** The entire volume captured corresponds to freshwater.
*** For the calculation of the environmental indicators reported in this subsection, water consumption for Hussel and Jeronymo was estimated based on costs and the application of the average price published by ERSAR (Water and Waste Services Regulatory Authority).
*** Only in Ara.
In 2025, we reduced the volume of water abstracted in our distribution activities, per €1,000 of sales, by 24% compared with 2021, more than surpassing our 2026 target (to reduce water abstraction in distribution activities by 10%, relative to sales, against a 2021 baseline).
Nevertheless, we acknowledge a significant increase in absolute water abstraction (+30.6%), partly explained by the expansion of our operations, but mainly due to higher abstraction from municipal and private networks for agricultural purposes, resulting from the inclusion of new businesses within JMA. The expansion of our fruit and vegetable operations — particularly the production of oranges, grapefruits and mandarina tango—led to higher water abstraction (+57.5%).
For these reasons, in 2025 we intensified our investment in water-recovery technologies. As a result, JMA recorded an increase in water reused, driven by the wider use of pond water for animal watering at Best Farmer. We also highlight an increase in rainwater harvesting in Ara and Pingo Doce stores.
Our distribution activities recorded a 7.8% increase in water abstraction in absolute terms compared with 2024, justified by the opening of more than 400 stores. At Ara, the increase in consumption (+33.8% versus 2024) is associated with the expansion of its store network in 2025 (an additional 215 stores in the year).
The specific abstraction value in distribution activities per €1,000 of sales remained at 0.102 m³ in 2025, consistent with our strengthened focus on fresh food and convenience solutions, such as the expansion of the butcher and deli counters at Biedronka or the Pingo Doce Fresh Meal Solutions areas (restaurants, ready meals and takeaway).
Around 90% of the water abstracted for our activities was sourced from municipal networks or private suppliers. The remaining 10% originated from groundwater and surface water abstractions, for which we hold the required permits, and which are used in less demanding operations such as irrigation and cooling systems.
Water disposal [GRI 303-2; GRI 303-4]
| Total wastewater (m³) | 2025 | 2024 | Δ 2025/2024 |
|---|---|---|---|
| Wastewater by type of destination** | 3,155,326 | *2,936,369 | +7.5% |
| Municipal sewage | 3,098,368 | *2,883,408 | +7.5% |
| Environment | 56,958 | 52,961 | +7.5% |
| Wastewater by business unit | |||
| Pingo Doce | 1,468,411 | 1,408,909 | +4.2% |
| Recheio | 68,832 | 67,353 | +2.2% |
| Biedronka (Poland) | 768,628 | 779,553 | -1.4% |
| Biedronka (Slovakia) | 10,914 | - | - |
| Hebe | 18,789 | 18,983 | -1.0% |
| Ara | 600,457 | 448,915 | +33.8% |
| JMA | 210,510 | 203,423 | +3.5% |
| Hussel/Jeronymo*** | 8,785 | 9,233 | +4.9% |
- Revised value to disaggregate the Hussel and Jeronymo companies.
** It is estimated that potable water represents less than 0.5% of the volume discharged.
*** For the calculation of the environmental indicators reported in this subsection, water consumption for Hussel and Jeronymo was estimated based on costs and the application of the average price published by ERSAR (Water and Waste Services Regulatory Authority).
Direct discharges of wastewater into the natural environment are treated in advance at the locations where they are generated, under the permits granted to us and in accordance with local legislation. In 2025, they accounted for 1.8% of the Group's total volume of wastewater generated, a value that is practically identical to that of the previous year, despite the expansion of our operations.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
In the distribution sector, Ara recorded the largest variation in the volume of water discharged into the municipal sewer system, resulting from higher water consumption in stores during 2025, driven by the expansion of our operations.
The increase in the amount of water discharged into the natural environment (+7.5%) is explained by the growth in activity across the JMA, Pingo Doce and Recheio businesses. These discharges take place after passing through wastewater treatment plants.
Water consumption* [GRI 303-1; GRI 303-5]
| Water consumption by business unit (m³) | 2025 | 2024 | Δ 2025/2024 |
|---|---|---|---|
| Total | 5,109,784 | 3,390,213 | +50.7% |
| Pingo Doce | 367,102 | 352,227 | +4.2% |
| Recheio | 17,208 | 16,839 | +2.2% |
| Biedronka (Poland) | 192,157 | 194,888 | -1.4% |
| Biedronka (Slovakia) | 2,728 | - | - |
| Hebe | 4,697 | 4,745 | -1.0% |
| Ara | 150,114 | 112,229 | +33.8% |
| JMA | 4,373,580 | 2,706,977 | +61.6% |
| Hussel/Jeronymo | 2,196 | 2,308 | -4.8% |
- Water consumption was calculated in accordance with the Global Reporting Initiative (GRI) methodology guidelines, which define water consumption as the difference between the volume of water withdrawn and the volume of water discharged.
Water stress [GRI 303-1; GRI 303-2]
Every year, we assess the water stress associated with the water withdrawals from our operations. This analysis allows us to evaluate our exposure to the risk of potable water scarcity. To do so, we rely on the mapping of the physical locations of the Companies' facilities and on the World Resources Institute (WRI) Aqueduct model: Baseline Water Stress Class.
| Water stress class | Water withdrawal (m³) | Water disposal (m³) | Water consumed (m³)* | ||
|---|---|---|---|---|---|
| Municipal and private supply system | Groundwater and surface water | Municipal sanitation | Environment | ||
| Total | 7,595,760 | 669,350 | 3,098,368 | 56,958 | 5,109,784 |
| Low | 1,049,337 | 32,471 | 847,077 | 18,370 | 216,361 |
| Low to medium | 765,626 | 301,473 | 269,810 | 24,697 | 772,592 |
| Medium to high | 3,000,780 | 203,202 | 533,907 | 0 | 2,670,075 |
| High | 328,738 | 39,196 | 294,328 | 19 | 73,587 |
| Extremely high | 2,451,280 | 93,008 | 1,153,247 | 13,872 | 1,377,169 |
| Drought | 0 | 0 | 0 | 0 | 0 |
| No data | 0 | 0 | 0 | 0 | 0 |
- Water consumption was calculated in accordance with the Global Reporting Initiative (GRI) methodology guidelines, which define water consumption as the difference between the volume of water withdrawn and the volume of water discharged.
In 2025, 35% of the total water abstracted (2,912,221 m³) fell within the "Extremely High" to "High" water-stress classes, representing a 69% increase compared with the same indicator in 2024.
This increase reflects the inclusion of new JMA agricultural operations which, due to both the variety of crops produced and the specific location of the farms in Portugal, show a higher propensity for increased water-stress risk, in line with the nature of this activity. With regard to water discharged, the volume corresponding to the "Extremely High" and "High" risk classes amounted to 1,461,466 m³, or 46% of total discharges. This represents a 4% increase compared with 2024.
With the aim of improving water-use efficiency and managing scarcity during periods of low rainfall, JMA developed a Water Management Plan in 2024, which also seeks to address the challenges that climate change poses to the availability of this scarce resource. In 2025, in line with the roadmap defined, JMA began monitoring the existing water boreholes in its agri-food production units. At the same time, it invested in:
Sustainability Statement
Jerónimo Martins | Annual Report 2025
- the installation and upgrading of water and wastewater treatment systems (WWTPs and hydrocarbon separators) at its facilities;
- the installation of a new irrigation centre;
- the acquisition of soil-moisture sensors for the agri-food units, equipped with technologies that detect irrigation needs based on meteorological conditions and soil humidity.
Commitments
[ESRS 2 MDR-T; ESRS E2-3]
T+R NON-MATERIAL
The Group’s commitments related to this topic can be consulted in subsection 6. “Sustainability Commitments”, of this chapter.
Sustainability Statement
321
Jerónimo Martins | Annual Report 2025
3.2.4. Biodiversity and ecosystems
[ESRS 2 IRO-1]
[GRI 101-1; GRI 101-2; GRI 101-4; GRI 101-5; GRI 101-6]
NON-MATERIAL
Biodiversity plays an important role in building sustainable food systems, as it forms the basis of the ecosystems that provide essential services for agricultural production. For us, its protection is not only a responsibility but also a strategic priority, indispensable for ensuring the long-term continuity of our business. This ambition is aligned with the objectives established at the United Nations COP15, which reinforce the need for robust, science-based corporate action to halt biodiversity loss and promote ecosystem regeneration.
We have been deepening the identification and assessment of nature-related risks and opportunities, both in our own operations and throughout the value chain. Based on the Ecosystem Services Review (ESR)³⁵ methodology developed by the World Resources Institute (WRI), we began this process in 2010 with a systematic identification of risks associated with different ecosystem services. We seek to align our practices with the objectives of the Kunming-Montreal Global Biodiversity Framework, particularly concerning the support of local biodiversity conservation projects in the countries where we operate with greater scale and longevity.
This commitment is part of a nature-positive ambition that has been built over more than a decade and which is reflected in our deforestation-free strategies, the promotion of sustainable fishing, the availability of products with certifications that support the protection and regeneration of biodiversity (e.g., RSPO, RTRS, GlobalG.A.P. and FSC®) and the advancement of practices that raise animal-welfare standards. In addition, in 2025 we took the first steps towards adopting the recommendations of the Taskforce on Nature-related Financial Disclosures (TNFD)³⁶ and towards developing the Jerónimo Martins Group Biodiversity Transition Plan.
Recognising the strong interconnection between nature and climate—and the need for integrated approaches to address shared risk factors—we have also developed synergies between these two domains, in alignment with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD)³⁷.
Management of biodiversity-related impacts, risks and opportunities
[ESRS 2 IRO-1]
In response to increasing regulatory pressure on sustainability, rising stakeholder expectations regarding transparent disclosure of biodiversity management strategies, and the growing challenges that biodiversity loss may pose to ecosystems, we initiated, in 2025, our first structured assessment of our interactions with nature, aligned with the recommendations of the TNFD.
The first step consisted of analysing the locations of the Group's assets, with the aim of identifying sites situated in areas considered nationally and internationally relevant for biodiversity, using the World Database of Protected Areas (WDPA). Subsequently, nature-related impacts and dependencies were mapped³⁸, and potential material risks³⁹ for our activities and those of the wider value chain were identified. This mapping covered the six largest Companies in the Group by sales volume (Biedronka, Pingo Doce, Ara⁴⁰, Recheio, Hebe and JMA), and considered the markets of Poland, Portugal, Colombia and Morocco.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
Assets located in relevant biodiversity areas
Using the World Database of Protected Areas (WDPA) enables us to identify assets located in legally protected areas, UNESCO Biosphere Reserves and Ramsar⁴¹ sites. Of the more than 6,500 Group facilities located in the countries analysed, only 7% overlap with protected areas:
- Portugal – 2% of facilities in protected areas (typologies: food retail stores and aquaculture operations)
- Poland – 9% of facilities in protected areas (typologies: food retail stores, specialised retail stores and distribution centres)
- Colombia – 4% of facilities in protected areas (typologies: food retail stores, cash-and-carry stores and distribution centres)
- Morocco – no facilities identified in protected areas
Even in locations situated within protected areas, our infrastructures comply with all environmental legal requirements and are, in their vast majority, located within urban areas. The Group obtains the necessary construction and operating permits in advance and collaborates with governmental authorities to ensure the conservation of those areas.
Impacts and dependencies
The preliminary analysis carried out using the ENCORE⁴² tool – still subject to refinement – indicates that both the potential impacts of biodiversity loss and the dependencies on nature are more significant upstream in the value chain than in our own operations.
| Dimension | Own operations | Supply chain |
|---|---|---|
| Impacts | • Overexploitation of resources; | |
| • Climate change; | ||
| • Pollution⁴³. | • Change in land, water and sea; | |
| • Overexploitation of resources; | ||
| • Climate change; | ||
| • Spread of invasive species and other disturbances. | ||
| • Pollution²⁵ | ||
| Dependencies | • Regulating services. | • Provisioning services⁴⁴; |
| • Regulating services; |
Risks and opportunities
The preliminary analysis to identify biodiversity-related risks⁴⁵ associated with our activities in the assessed countries allowed us to identify as relevant:
- Biodiversity pressures (physical risk) in Colombia, Morocco, Poland and Portugal
- Regulating services-mitigation⁴⁶ (physical risk) in Colombia and Portugal
- Regulating and supporting services-enabling⁴⁷ (physical risk) in Colombia
- Reputational risks in Colombia and Morocco
With regard to water management⁴⁸ as a critical resource, the following risks were identified:
- Water availability in Portugal
- Water quality in Poland
- Reputational risks in Colombia
Sustainability Statement
Jerónimo Martins | Annual Report 2025
The results obtained reinforce the relevance of the initiatives we currently have underway, particularly in combating climate change and deforestation. In 2026, we intend to enhance the assessment of risks and opportunities associated with biodiversity and ecosystems, including the identification and quantification of the related financial effects – a step that will also enable the incorporation of as-yet unidentified opportunities. In parallel, we will advance the development of TNFD-aligned targets and metrics, establishing baselines that ensure consistent performance monitoring and the progressive integration of these topics into the Group's management and reporting.
Initiatives and actions to reduce impacts and protect biodiversity
With the aim of reducing the impacts of its activities and contributing to the protection of biodiversity in the countries where we operate, the Jerónimo Martins Group develops a set of concrete initiatives, complemented by both ongoing and one-off monetary support. The table below presents a brief description of the most relevant actions, outlining their scope within our value chain (upstream, own operations or downstream) and the internal policies that support them, ensuring alignment with the Group's objectives.
Each action is classified according to the four levels of the AR3T⁴⁹ mitigation hierarchy — avoid, reduce, restore & regenerate, and transform — proposed by the Science-Based Targets Network (SBTN), which establishes a prioritisation order for addressing the negative effects of companies on biodiversity and ecosystems.
| Initiative | Scope on the value chain | Actions | Mitigation hierarchy | Associated policies |
|---|---|---|---|---|
| Fighting deforestation | Upstream | |||
| Own operations | Ensure that palm oil, soy, paper, timber and beef present in our Private Brand products and perishables are not associated with deforestation or ecosystem conversion (DCF – Deforestation and Conversion-Free) | Avoid | Environmental Policy | |
| Sustainable Sourcing Policy | ||||
| Code of Conduct for Suppliers | ||||
| Prioritise sourcing with sustainability certification (e.g., RSPO, RTRS, FSC®) whenever commodities originate from non-negligible risk areas. | Avoid | |||
| Increase the traceability of commodities to the country or region-of-origin level. | Reduce | |||
| Downstream | Invest in multi-stakeholder initiatives aimed at supporting ecosystem preservation and regeneration — for example, Sustainable Landscapes in Mato Grosso (Brazil). | Restore & Regenerate | ||
| Transform | Environmental Policy | |||
| Sustainable Fishing | Upstream | Identify the main species and FAO areas, assess the IUCN conservation status related to the species and the stocks that represent ≥80% of the Group's Companies sales volume | Avoid | |
| Reduce | Environmental Policy | |||
| Sustainable Sourcing Policy | ||||
| Code of Conduct for Suppliers | ||||
| Own operations | Ensure alignment of sourcing teams with the Group's Sustainable Fishing Strategy. | |||
| Upstream | Ensure traceability of the vessels supplying tuna species to the Group. | |||
| Assess fishing gear and its impacts on marine ecosystems. | ||||
| Sustainable Agriculture⁵⁰ | Upstream | Share agricultural best practices with suppliers of fruit, vegetables and flowers on farming operations in Portugal. | Avoid | Environmental Policy |
Sustainability Statement
Jerónimo Martins | Annual Report 2025
| Initiative | Scope on the value chain | Actions | Mitigation hierarchy | Associated policies |
|---|---|---|---|---|
| Calculate the sustainability index of our suppliers' farms and assess their level of alignment with the various environmental, agronomic, economic and social dimensions. | Avoid | |||
| Reduce | Sustainable Sourcing Policy | |||
| Code of Conduct for Suppliers | ||||
| Awareness-raising, biodiversity conservation, and ecosystem regeneration^{51} | Downstream | Support projects aligned with the Kunming-Montreal Global Biodiversity Framework in Portugal, Poland and Colombia, the countries where we have our largest operations. | Avoid | |
| Reduce | ||||
| Restore & Regenerate | Environmental Policy | |||
| Fighting climate change^{52} | Own operations | Invest in renewable-energy generation technologies (e.g., photovoltaic panels). | Avoid | |
| Reduce | Environmental Policy | |||
| Climate Transition Plan | ||||
| Transition to natural refrigerant gases with low global-warming potential. | ||||
| Invest in technologies and equipment with higher energy efficiency. | ||||
| Promote the circular economy^{53}. | ||||
| Shift from fossil fuels to low-carbon alternative solutions and increase logistics efficiency. | ||||
| Pollution minimization^{54} | Operações diretas | Monitor compliance with internal environmental management standards through internal audits of our stores, warehouses, distribution centres and operational units. | Avoid | |
| Reduce | Environmental Policy | |||
| Increase the number of sites with environmental certification (e.g. ISO 14001 and Global GAP). | ||||
| Upstream | Carry out environmental audits of our Perishables and Private Brand suppliers and service providers. | |||
| Water Management^{55} | Own operations | Implement best practices for water use across our operations. | Avoid | |
| Reduce | Environmental Policy | |||
| Implement a mitigation and adaptation plan to improve water-use efficiency and manage scarcity during low-rainfall periods at JMA units. | ||||
| Upstream | Carry out environmental audits of our Perishables and Private Brand suppliers and service providers. | |||
| Sustainability Certifications | Own operations | Increase sales of Private Brand and Perishable products and/or packaging with sustainability certifications^{56}. | Avoid | |
| Reduce | Policy Environmental | |||
| Sustainable Sourcing Policy | ||||
| Upstream | Promote the sustainability certification of our suppliers (e.g., RSPO, RTRS, Global G.A.P.)^{57}. | Code of Conduct for Suppliers |
Sustainability Statement
Jerónimo Martins | Annual Report 2025
Additionally, we participate in voluntary national and international business initiatives that contribute to the development of sustainability policies and practices focused on biodiversity protection, consistent with our values framework, the public commitments we have made, and the actions implemented in the countries where we operate.
Fighting deforestation
[ESRS 2 MDR-A; ESRS 2 MDR-M; E3-3; ESRS E4-1; ESRS E4-3; ESRS E4-4]
[GRI 101-2; GRI 101-4]
According to the Food and Agriculture Organization of the United Nations (FAO), the main driver of tropical forest destruction is the expansion of agricultural activities. Deforestation and land-use conversion remain the factors that most contribute to the loss of forest areas and biodiversity.
As a food retailer, we recognise that much of our supply chain depends on raw materials of agricultural origin, directly or indirectly linked to forests. The protection of terrestrial ecosystems with High Conservation Value (HCV) contributes to carbon sequestration and climate regulation.
For these reasons, since 2019 we have been part of the Forest Positive Coalition of Action (FPCoA), an initiative of The Consumer Goods Forum, with the aim of strengthening responsible management of the raw materials most associated with deforestation. This commitment covers our Private Brand products and perishable items that use palm oil, paper and timber, soy or beef in their composition. The Coalition acts as a mobilisation platform for companies to implement coordinated and individual measures to eliminate deforestation and ecosystem conversion from the supply chains of these four commodities. At the same time, the Coalition promotes the adoption of sustainable management, conservation and forest-restoration practices, ensuring that these efforts are aligned with respect for human rights.
Commitment to Fighting Deforestation Recognised in 2025
In 2025, we reached an important milestone in the independent assessment and recognition of best practices in sustainability and corporate citizenship. We were awarded the highest score (A) by CDP (Disclosure Insight Action) for our management of commodities associated with deforestation risk (Forests programme), namely palm oil, soy, beef and timber/paper.
This is the first time globally that a multinational food retailer has achieved this level of distinction, attesting to the robustness and consistency of our commitments and actions in this field.
Although we committed to ensuring that, by the end of 2025, the palm oil, soy, paper and timber, and beef present in our Private Brand and perishable products would be free from deforestation and ecosystem conversion (DCF – Deforestation and Conversion Free), we acknowledge that, despite the efforts we have been undertaking with our suppliers, it has not yet been possible to fully achieve this target.
In this regard, we are aligning our next steps with the FPCoA, recognising that full compliance with DCF objectives requires a continuous and structured journey, grounded in traceability, monitoring, responsible sourcing and producer support — all essential pillars for progress beyond 2025.
In parallel, we follow the guidelines from the Accountability Framework initiative (AFi⁵⁸) — a collaborative initiative bringing together environmental and social organisations to promote ethical and deforestation-free supply chains — that emphasises that, even when proposed targets are not fully achieved, the priority must be to accelerate progress through improvements in traceability, supplier engagement and investment in critical landscapes. These are actions we have continuously developed.
Unlike sectors with simpler and relatively concentrated supply chains, our operations, as is typical in the food retail sector, tend to rely on long, fragmented and multi-tier supply chains — particularly for non-food products and processed foods. In these complex supply chains, such as soy used in animal feed (e.g., feed given to a laying hen that produces eggs later used to prepare a product sold in our stores), or palm-oil
⁵⁸ More information on AFi’s position can be consulted here.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
derivatives incorporated indirectly through processed ingredients — often an ingredient within another ingredient (e.g., palm oil in margarine used to make a bakery product) — or through by-products whose traceability back to source is highly complex, ensuring full DCF compliance becomes significantly more challenging.
Additionally, for palm oil and soy, the limited market availability of physically certified volumes ("Identity Preserved" and "Segregated"), or certification availability, in the case of beef, have not allowed us to mitigate the distance between our operations and the production of these ingredients. This structural reality creates a difference in the capacity to ensure full compliance with DCF criteria at the same pace as industries with more direct links to primary production.
Despite these challenges, we will continue to map the presence of ingredients associated with deforestation in our Private Brand and perishable products, collecting information from suppliers regarding origin and sustainability certification, as well as their respective policies to fight deforestation.
Nevertheless, we recognise that the full verification of DCF status — particularly for raw materials present in long supply chains with multiple intermediate processing stages — requires a joint sector-wide effort, greater upstream transparency, and the development of technological and regulatory solutions that make it possible to achieve this objective in a robust, verifiable, effective and efficient way.
Direct and complex supply chains
As a food retailer, our supply chains vary depending on the type of product, the origin of raw materials and the number of actors involved. In general, supply chains can be classified as direct or complex.
Direct supply chains are characterised by a relatively simple structure and fewer intermediaries in the value chain. Raw materials are usually sourced directly from producers, processors or first-tier suppliers (Tier 1). Because the flow of raw materials involves fewer steps, traceability is simpler, and the supply chain can more easily be monitored back to the farm or production unit.
In contrast, complex supply chains involve multiple tiers and intermediaries, including traders, aggregators, processors, importers, manufacturers and/or brand owners. Due to the involvement of many actors, complex supply chains are inherently more structured. Traceability is more difficult, particularly in upstream activities such as land-use change, harvesting or feed production. Information on the origin of raw materials may become incomplete or be lost as products move along the value chain.
Regarding our direct supply chains, for each of the material commodities associated with deforestation, we consider the following assumptions:
- Palm oil: products containing crude or refined palm oil and palm kernel oil as an ingredient.
- Soy: products containing a minimum of 5% soy as an ingredient. Categorising products according to the CGF Soy Measurement Ladder, the following are included:
- Tier 1: soy and soy derivatives purchased directly (e.g., soy drinks, soy sauces, soybean oil, edamame), where products contain more than 95% soy;
- Part of Tier 5: soy or soy derivatives that may be present in the supply chain, including soy lecithin in chocolate, soybean oil in margarine, as well as soy by-products in cosmetics and personal-care products where soy represents between 5% and 95% of total product composition.
- Timber: all products containing timber as an ingredient.
- Beef: products containing a minimum of 5% beef.
In turn, complex supply chains can be categorised as follows:
- Palm oil: products containing palm-oil derivatives or other fractions as an ingredient.
-
Soy: products containing animal protein from animals fed with soy, and products containing less than 5% soy as an ingredient. Categorising products according to the CGF Soy Measurement Ladder, the following are included:
-
Tier 2: soy used in feed for animals such as cattle, pigs, poultry, aquaculture fish and other species; fresh meat and fish products.
- Tier 3: soy used in the feed of laying hens and dairy cows, and other milk-producing animals, for the production of eggs and dairy products (e.g., yoghurts and milkshakes), where more than 95% of the product consists of eggs or dairy.
- Tier 4a: soy used in the feed of animals whose meat is incorporated into processed food products (such as ready meals, sausages, etc.), where that meat or fish represents less than 95% of the final product.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
- Tier 4b: soy used in the feed of animals whose meat is incorporated into food products (such as cakes, smoothies, ice creams, etc.) and for which eggs and dairy account for less than 95% of the total product.
-
Part of Tier 5: soy or soy derivatives that may be present in the supply chain, including soy lecithin in chocolate, soybean oil in margarine, and soy by-products in cosmetics and personal-hygiene products in which soy represents less than 5% of the total product composition.
-
Timber: packaging containing virgin paper fibres (primary, secondary and tertiary) used to pack the products sold in our stores.
- Beef: products containing more than 5% beef.
Main agricultural commodities with deforestation risk
| Main agricultural commodities with deforestation risk in Private Brand and perishables | Total quantity (tonnes) | ||
|---|---|---|---|
| 2025 | 2024 | Δ 2025/2024 | |
| Palm oil | 92,473 | 77,667 | 19.1% |
| Soy | 511,370 | 513,486 | -0.4% |
| Soy (direct) | 7,985 | 21,061 | -62.1% |
| Soy (indirect)* | 503,385 | 492,425 | 2.2% |
| Paper and timber | 234,120 | 212,152 | 10.4% |
| Paper and timber (products)** | 185,111 | 170,751 | 8.4% |
| Paper and timber (packaging)** | 49,009 | 41,401 | 18.4% |
| Beef | 40,885 | 40,337 | 1.4% |
- Soy used in animal feed for the production of animal protein contained in products
** Only virgin fibres; recycled fibres are excluded.
| Direct and complex supply chains by commodity | Total quantity (tonnes) |
|---|---|
| 2025 | |
| Palm oil | 92,473 |
| Direct chain | 81,323 |
| Complex chain | 11,150 |
| Soy | 511,370 |
| Direct chain | 5,972 |
| Complex chain | 505,398 |
| Paper & Timber | 234,120 |
| Direct chain | 185,111 |
| Complex chain | 49,009 |
| Beef | 40,885 |
| Direct chain | 39,347 |
| Complex chain | 1,548 |
Given the structural differences between direct and complex supply chains, the outcomes of implementing DCF commitments can vary significantly. In direct supply chains, proximity to suppliers and greater operational visibility enable faster and more consistent progress towards DCF, supported by higher levels of traceability and control. In contrast, in complex supply chains — as is particularly evident in the case of soy, characterised by multiple intermediaries, dispersed origins and limited upstream verification capacity — results tend to be more variable and harder to consolidate.
Sustainability Statement
In the chart below, the DCF percentages are outlined by value chain, clearly illustrating the differences in risk exposure between direct and complex chains for each commodity. This analysis enables us to understand and prioritise different traceability, verification and mitigation strategies tailored to the specific complexity of each supply chain.
Palm oil The 19.1% increase in palm-oil consumption in our Private Brand products is explained by the change in the composition of edible oils (more palm and less soy), particularly at Ara, where around 90% of the total palm-oil volume is used in cooking vegetable oils — a product that is especially relevant to consumers in Colombia.
In 2025, 100% of the palm oil used in Private Brand and perishable products in Poland and Portugal held RSPO (Roundtable on Sustainable Palm Oil) certification, with the vast majority certified under the Mass Balance and Segregated schemes^{59}.
Although Colombia is one of the world's largest producers of palm oil, the proportion of this ingredient that is certified by RSPO remains low.
This constraint, combined with our commitment to encouraging local sourcing whenever possible in the countries where we operate, creates a particularly challenging context for increasing the RSPO certification of Colombian-produced palm oil incorporated into our products.
To address this challenge, since 2021 Ara has been part of the Acuerdo de Voluntades para la Deforestación Cero en la Cadena de Aceite de Palma en Colombia, a government-led initiative that aims to ensure that palm oil used in the country does not contribute to deforestation. The agreement brings together various civil-society organisations — such as RSPO, Proforest, Tropical Forest Alliance and WWF — and promotes collective actions to improve traceability down to the plantation level, ensuring that local production is not associated with ecosystem conversion. The initiative also seeks to ensure that palm oil imported into Colombia holds a sustainability certification such as RSPO. This framework has gradually strengthened the monitoring and verification mechanisms relating to deforestation associated with this ingredient in Colombia.
Jerónimo Martins | Annual Report 2025
In 2025, 90% (15 p.p. more than in 2024) of the palm oil used in Ara's Private Brand and perishable products originated from Colombia, of which around 41% was RSPO certified (25 p.p. less than in 2024). In 2025, we were able to trace 94% (1 p.p. less than in 2024) of the Colombian palm oil used in Private Brand and perishable products back to the plantation region where it was produced. Based on this information, we confirmed that the palm oil originated from the Departments of Norte de Santander, Santander, Bolívar, Cesar, Magdalena, Meta and Casanare, located across the country's four producing zones (Central, Eastern, Southwestern and Northern Zones), and from 18 processing mills operating in Colombia. However, only 0.75%⁸⁰ of the deforestation identified by Colombian public authorities was associated with palm oil. The combination of high traceability levels, increasing RSPO certification and the low deforestation rate associated with palm oil in Colombia validates our DCF strategy for this commodity in the country.
Regarding the palm oil used in Ara's Private Brand and perishable products that did not originate from Colombia, we will continue to work closely with suppliers to increase RSPO certification levels for imported palm oil, with the commitment to ensuring that it is not associated with deforestation or the conversion of HCV ecosystems.
Assuming that:
- for countries considered at risk of deforestation and conversion, physical certification schemes up to the "Segregated" level are considered DCF;
- 6% of our Colombia-origin consumption carries a potential deforestation risk (we adopt a conservative approach, as it was not possible to map 100% of consumption to the plantation level);
- we applied the deforestation rate associated with Colombian palm oil (0.75%) — identified by public authorities — to 94% of our consumption (the portion we were able to trace back to the plantation area where it was produced);
we can estimate that 68% (62,885 tonnes) of our total palm-oil consumption in 2025 was free from deforestation and the conversion of High Conservation Value ecosystems — 6% (4,067 tonnes) through DCF physical certification schemes and 94% (58,817 tonnes) controlled through traceability and DCF verification.
Breaking down our total consumption — 81,323 tonnes in direct sourcing and 11,150 tonnes in complex sourcing — we find that:
- in direct supply chains, 73% of the volume (58,963 tonnes) meets the DCF criteria;
- in complex supply chains, 35% of the volume (3,921 tonnes) is aligned with our DCF assumptions.
In the case of direct supply chains, the fact that 73% of the volume meets DCF criteria largely reflects that palm oil is predominantly used as a direct ingredient in edible oils at Ara.
In complex supply chains, the volumes considered DCF are mainly limited by greater value-chain fragmentation and related upstream traceability constraints, as well as by the difficulty in securing RSPO-certified segregated palm oil for derivatives — widely used as ingredients in processed products. However, when considering the volumes of palm oil certified to the RSPO "Mass Balance" level, 80,842 tonnes (around 87% of our total consumption in 2025) would be free from deforestation and the conversion of High Conservation Value ecosystems.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
The inclusion of the "Mass Balance" certification model in the DCF calculation is a measure that values the investment and commitment of our Private Brand and perishable suppliers, as it requires additional financial and operational efforts from them. These efforts reflect their commitments to reducing the risk of deforestation and conversion, as well as the respect for human rights and for preserving biodiversity within the palm-oil supply chain. By acknowledging these contributions, we also reinforce progress towards more responsible production practices aligned with internationally recognised sustainability standards.
DCF Status - Palm Oil (2025)
Soy
Due to its global production volume and widespread use, soy plays a central role among agricultural commodities. In the context of our Private Brand and perishable products, soy appears in two distinct forms: it is used directly as an ingredient in food products (such as beverages, oils and other soy derivatives), and it is present indirectly, as a fundamental component of animal feed for animals responsible for producing eggs, milk, cheese, meat and aquaculture fish.
In 2025, only 2% of total consumption corresponded to soy used as a direct ingredient (direct soy – Tier 1 and Tier 5⁶¹), namely in vegetable oils or beverages. The 2 p.p. decrease in direct soy consumption resulted from reformulations in the composition of vegetable oils containing soy in Ara's Private Brand products.
Regarding indirect soy, it represents around 98% of the total soy consumption associated with our Private Brand and perishable products (Tiers 2 to 4b⁴¹). The vast majority of the soy present in our supply chain (91%) is associated with specialised perishables in the categories of meat and aquaculture fish (Tier 2⁴¹) and non-specialised perishables such as eggs and dairy (Tier 3⁴¹). The remaining 7% is associated with processed foods that contain in its composition products from animals fed with soy, such as ready meals and sausages.
Around 65% of soy was associated with poultry feed (4 p.p. more than in 2024), 13% with pig feed (5 p.p. less than in 2024) and 10% with egg production (approximately the same share as in 2024).
Sustainability Statement
Jerónimo Martins | Annual Report 2025
Our soy strategy is based on two complementary lines of action. The first is to strengthen traceability mechanisms down to the level of agricultural production, which reduces uncertainty regarding the origin and increases value-chain transparency. The second is to ensure that, when soy originates from countries with a higher risk of deforestation — such as Argentina, Brazil and Paraguay — we work closely with our suppliers to ensure sourcing is based on sustainable practices.
In 2025, we reduced soy of unknown origin to 3% of the total (2 p.p. less than in 2024), meaning that we strengthened traceability for 97% of soy at least to the country of production. This progress reflects the commitment and joint efforts of our suppliers to increase the traceability of their own supply chains. This work with suppliers will continue in 2026, with a particular focus on poultry, pork and eggs, given the relevance of these products in our supply chain.
Around 72% (8 p.p. more than in 2024) of the soy used in Private Brand and perishable products — mainly indirect soy — originated from countries at risk of deforestation[62]. From these percentage, 16% (1 p.p. less than in 2024) had sustainability certification[63], such as RTRS or ProTerra.
Mapping indirect soy continues to be a challenge for food retailers, particularly until the plot production level. Since soy is often incorporated into animal feed far upstream in the value chain, our direct suppliers do not buy soy, but animal-origin products whose production chain includes soy at a distant and less visible stage. This complexity reinforces the need for collaborative approaches to identify the origin of feed ingredients and increase transparency in the sector.
We estimate that, in 2025, 32% (12 p.p. less than in 2024) of our total soy consumption was not associated with deforestation or the conversion of High Conservation Value ecosystems. This value (equivalent to 164,185 tonnes) results from the combination of 25% from negligible-risk origins and 8% covered by physical certification schemes (up to the Mass Balance level). The results reflect the global pattern of the soy value chain — particularly soy used for animal feed — which originates mainly from South American countries and shows limited availability of certified raw material.
Analysing the direct soy supply chain, 4,880 tonnes were considered DCF (82% of the total), due to sourcing from negligible-risk regions. In the complex chain, 159,305 tonnes (32%) achieved DCF status, reflecting the greater complexity associated with animal-origin products. This value results from the combination of 24% from negligible-risk origins and 8% covered by physical certification schemes (up to the Mass Balance level).
For soy originating from higher-risk countries, the RTRS credits purchased by our suppliers represented more than 5% of consumption (20,253 tonnes). In 2026, in cooperation with our Private Brand and perishable suppliers, we will seek to convert part of these credits into physical certification schemes, with the aim of progressively increasing the share of soy classified as free from deforestation and ecosystem conversion.
Paper and timber
In 2025, the consumption of virgin paper and timber fibres in our Private Brand and perishable products and packaging increased by 10% compared with 2024, explained by two factors: the global trend of replacing plastic packaging with paper-based alternatives, and the growing demand for recycled paper and timber fibres, which reduces their availability on the market.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
To reduce the risk of deforestation associated with our Private Brand and perishable products and packaging, we apply a strategy based on three pillars:
- the progressive incorporation of recycled fibres;
- monitoring the origin of virgin fibres at least to the national level;
- the use of virgin fibres with FSC® or PEFC sustainability certification.
In this context, our two main objectives are:
- by the end of 2026, ensure that 95% of virgin fibres used in our products and 80% of virgin fibres used in our packaging have a sustainability certification such as FSC® or PEFC;
- to ensure that, by the end of 2030, 100% of virgin fibres used in our products and packaging hold FSC® or PEFC sustainability certification.
The use of virgin paper and timber fibres in Private Brand and perishable products in the three main countries where we operate (Poland, Portugal and Colombia) is assessed annually. Accordingly, we calculated the DCF consumption of these fibres assuming that:
- countries identified by the FPCoA as free from deforestation and conversion are considered negligible risk;
- in countries identified as having a high risk of controversial sources, FSC® or PEFC sustainability certification schemes are considered DCF.
Regarding virgin fibres, around 92% (2 p.p. more than in 2024) held sustainability certification (FSC®, PEFC or SFI), in line with our objective of ensuring 100% certification for Private Brand products and packaging by 2030.
Also in 2025, we were able to trace the origin — at least to country level — of around 95% (5 p.p. more than in 2024) of the virgin fibres used. This exercise revealed that around 11% (5 p.p. less than in 2024) of our virgin paper and timber fibre consumption originated from countries with non-negligible or unknown deforestation risk. We mitigated this risk by incorporating raw material certified to FSC® PEFC or SFI, which represented 76% of the total virgin fibres originating from countries with non-negligible or unknown deforestation risk.
Based on this information, we can estimate that 95% (222,578 tonnes) of the total virgin paper and timber fibres used in Private Brand and perishable products and packaging were free from deforestation and the conversion of High Conservation Value ecosystems.
Paper and timber products
In the case of virgin paper and timber fibres present in Private Brand products (185,111 tonnes), there was an 8% increase in consumption compared with 2024, due to the launch of new products and sales growth, particularly at Biedronka and Ara.
Around 94% of the virgin fibres used in Private Brand products held FSC® or PEFC certification. We were able to trace 100% of the virgin fibres to country level, which allowed us to identify that around 7% originated from countries with non-negligible deforestation risk⁶⁴. However, from this percentage, 81% came from responsibly managed forests, as they carried FSC® or PEFC certification.
This analysis shows that 96% (177,539 tonnes) of the total virgin paper and timber fibres used in products were free from deforestation and the conversion of High Conservation Value ecosystems. Of this amount, 97% (172,612 tonnes) came from negligible-risk countries, and 3% (4,927 tonnes) held physical certification considered DCF.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
Paper and timber packaging
In the case of paper and timber used in packaging, around 79% (1 p.p. less than in 2024) of the fibres are recycled. Of the remaining 21%, which correspond to virgin fibres (49,009 tonnes), we identified that around 83% of the virgin fibres used in our packaging held FSC® or PEFC certification. Additionally, we found that the remaining 27% (31 p.p. less than in 2024) originated from countries with non-negligible or unknown deforestation risk. Of these virgin fibres with non-negligible risk or unknown origin, 71% held FSC®, PEFC or SFI certification.
Assuming the previously mentioned criteria, we can estimate that 45,040 tonnes (92%) meet the DCF requirement, of which 35,852 tonnes (80%) originate from negligible-risk countries, and the remaining 9,187 tonnes (20%) hold physical certification considered DCF.
As a food retailer, we consider this supply chain particularly complex, given that we do not purchase directly the raw materials used in packaging production. Even so, the DCF result reflects the joint efforts undertaken with our suppliers to ensure increasingly robust traceability of this raw material.
Beef
In 2025, our total beef consumption in Private Brand and perishable products was 40,895 tonnes. As in the previous year, we were able to trace all beef at least to the country of origin, which allowed us to determine that around 4% of our consumption originated from countries where the risk of deforestation associated with beef production is non-negligible⁸⁵.
Given that countries with negligible risk are considered free from deforestation and the conversion of High Conservation Value ecosystems, we can estimate that 96% (39,105 tonnes) of our beef consumption is DCF.
Considering our total consumption in direct sourcing (39,347 tonnes) and complex sourcing (1,548 tonnes), we can see that:
- in direct supply chains, 95% (37,566 tonnes) meets the DCF criteria;
- in complex supply chains, 99% (1,539 tonnes) of the volumes are aligned with our DCF assumptions.
DCF Status - Beef (2025)
Sustainability Statement
Jerónimo Martins | Annual Report 2025
Sustainable landscapes in Mato Grosso (Brasil)
With the aim of supporting the preservation and regeneration of ecosystems, in 2025, we continued to invest in multi-stakeholder initiatives, aligned with the ten principles established by the FPCoA. One of the most relevant initiatives is the project in Mato Grosso, Brazil's largest agricultural-producing state, in which we participate in collaboration with the Amazon Environmental Research Institute (IPAM), Nestlé and Sainsbury's.
This initiative aims to create the conditions and implement governance processes capable of transforming soy and cattle-production landscapes, ensuring the conservation and restoration of forests and ecosystems, the protection of the human rights of Indigenous peoples and traditional local communities, and the improvement of production practices and livelihoods for small farmers.
In 2025, the project recorded significant progress across several areas. Under the production pillar, six farms (covering 18,000 ha) were supported in preparing for RTRS certification, and three farms (14,000 ha) joined the Reg.IA regenerative agriculture programme, initiating carbon, soil and productivity monitoring. In livestock, actions advanced to ensure individual traceability of 2,000 animals, animal-welfare certification, and the development of pasture-restoration plans.
In the conservation dimension, twenty families with the potential to join the CONSERV Smallholders programme were mapped, and a survey of around 400 relevant stakeholders was completed to structure Payment for Environmental Services (PES) schemes in the participating municipalities. Additionally, 26 Rural Environmental Registry (CAR) submissions were prepared and lodged, and another 21 were reviewed, strengthening the environmental regularisation of small producers.
Ecological restoration progressed with the implementation of 25 hectares of agroforestry systems (SAFs) in Tangará da Serra, benefiting 25 new families with technical assistance, raw materials and the distribution of certified seedlings. The regional seedling-production chain was strengthened by supporting three nurseries: the construction of the new Sapezal municipal nursery, the restructuring of the EMPAER nursery in Tangará da Serra, and the regularisation of the Mendes Nursery in Acorizal.
Under the inclusion pillar, a land-tenure diagnosis of the territories was initiated, and 92 family-farming groups and Indigenous communities (associations, cooperatives and unions) were mapped, laying the foundation for future socio-economic and organisational-strengthening actions.
The progress achieved so far highlights the success of collaborative strategies based on participatory governance, technical innovation and community engagement.
Cocoa and Coffee
As we deepen our understanding of our impacts and dependencies across the four commodities most material to the Group, we have been extending this analysis to other ingredients which, although less material, are relevant in the fight against deforestation, such as cocoa and coffee. Following reference initiatives such as SBTi FLAG and CDP, we are now including in this report our progress regarding these two raw materials.
In 2025, we were able to ensure traceability of 80% (7,874 tonnes) of the cocoa incorporated into Private Brand and perishable products to the country of origin. Côte d'Ivoire, Ghana, Cameroon, Colombia, Nigeria and Ecuador were the most representative origins, consistent with the structure of global cocoa production. Around 14% of our cocoa consumption was Rainforest Alliance certified, ensuring more sustainable production and contributing to the protection of people, forests and biodiversity. It is important to highlight that, as a food retailer, traceability within this supply chain presents complex challenges, given that cocoa is predominantly used as an ingredient in processed products, involving multiple intermediate stages in the value chain.
In the case of coffee, 98% (9,353 tonnes) of the volume present in Private Brand and perishable products was also traced to country of origin. The most representative origins were Vietnam, Brazil, Ecuador, Colombia and Indonesia. Together, these countries account for more than 90% of the coffee volumes traced.
We are committed to strengthening the reporting of cocoa and coffee and progressively integrating the same deforestation-related requirements already applied to the four priority commodities (palm oil, soy, paper/timber and beef).
Sustainability Statement
Jerónimo Martins | Annual Report 2025
Sustainable Fishing Strategy
[ESRS 2 MDR-A; ESRS 2 MDR-M; ESRS E3-2; E3-3; ESRS E4-3]
[GRI 101-2; GRI 101-4; GRI 101-6]
The preservation of marine ecosystems is essential to ensuring the sustainability of fishing activities. For this reason, we ensure that the fish and seafood sold in our stores — whether fresh, frozen or used as an ingredient in our Private Brand products — does not contribute to the over-exploitation, depletion or extinction of aquatic species.
In 2025, we identified more than 230 fish and seafood species across our assortment, reinforcing our strategy of diversifying the offer as a way to mitigate pressure on the most consumed species. As in the previous year, the share of wild-caught seafood remained at 62% of total consumption by weight, while aquaculture-origin seafood accounted for 38%. The consolidation of the investments made by JMA in aquaculture production and its subsequent commercialisation by our food retail Companies helps reduce pressure on wild stocks, particularly for high-demand species such as salmon, seabream, sea bass, shrimp and trout.
Origin of Private Label and Perishable Fish in Kg (2025)
Impact assessment and mitigation actions
In line with our commitment to annually monitor the conservation status of the wild-caught fish species we commercialise, we once again conducted an assessment based on IUCN⁶⁶ (International Union for Conservation of Nature) data, which categorises different levels of threat as follows: Critically Endangered (highest risk), Endangered (intermediate risk) and Vulnerable (lowest level of risk among threatened categories). The classifications Not Evaluated, Data Deficient, Least Concern or Near Threatened were not considered threat categories.
In 2025, 30% (4 p.p. less than in 2024) of the wild-caught fish used in our Private Brand and perishable products fell within the Vulnerable category — the lowest risk level within the threatened categories. Half of all wild-caught fish purchases presented no conservation risk, as they were classified as Least Concern or Near Threatened.
An increase was also observed in purchases of species with Data Deficient status (2 p.p. more than in 2024) and species classified as Not Evaluated by the IUCN (also 2 p.p. more than in 2024). Notable examples include Asiatic hard clam (Meretrix lyrata), Alaska pollock (Gadus chalcogrammus and Pollachius virens), hake (Merluccius hubbsi, Merluccius paradoxus, Merluccius australis), pacific cod (Gadus macrocephalus and Theragra chalcogramma). No purchases were recorded of wild-caught fish species classified as Critically Endangered or Endangered.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
For each of the three risk levels (high, medium and low), we define concrete actions to mitigate the negative impacts of our activity on marine ecosystems. The table below shows the degree of compliance with the commitments we have made, based on the IUCN $^{67}$ classification.
| Commitments Regarding Conservation Risk – Degree of Compliance | |||
|---|---|---|---|
| IUCN Risk Classification | Commitment | Status | Compliance in 2025 |
| Critically Endangered | |||
| High risk | We prohibit the purchase and sale of species without extraordinary licences that allow it, or for which aquaculture for the full life cycle is not ensured. | The European eel (Anguilla anguilla)* has not been sold in our stores since 2016, a decision taken following the first Group-level assessment. In the review carried out in 2022, two additional commercial species with this risk level were identified: sturgeon (Acipenser baeri) and tape shark (Galeorhinus galeus). In 2025, only the species Acipenser baeri was marketed, with full life-cycle aquaculture origin guaranteed, in line with our commitment. | 100% |
| Endangered | |||
| Medium risk | We prohibit the commercialisation of species whenever they are not 100% sourced from aquaculture and/or from sustainably managed stocks and/or when they do not have a sustainability certification (e.g. MSC or ASC). | We identified seven species to which this action line applies: shortfin mako shark (Isurus oxyrinchus); striped catfish (Pangasianodon hypophthalmus); smooth-hound (Mustelus mustelus); black hake (Merluccius senegalensis); undulate ray (Raja undulata); sandy ray (Raja circularis); and American plaice (Hippoglossoides platessoides). In 2025, only the species striped catfish (Pangasianodon hypophthalmus) was marketed, 100% sourced from aquaculture. | 100% |
| Vulnerable | |||
| Low risk | We limit promotional activities whenever the species are not sourced from aquaculture and/or from sustainably managed stocks and/or when they do not have a sustainability certification (e.g. MSC or ASC). | In the 2025 assessment, we identified 20 species to which this action line was applied, limiting promotional activities involving species classified with the Vulnerable risk level. | 100% |
- Although the European eel is sourced from aquaculture, these production systems depend on the collection of juveniles (glass eels) from the wild, which continues to place pressure on wild populations.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
Sustainability of wild stocks and biodiversity conservation
The analysis of the fishing methods and gear used to catch the fish and seafood commercialised in our Private Brand and perishable products enabled us to assess their potential environmental impact on marine ecosystems, based on the fishing and aquaculture impact classifications provided by ENCORE⁶⁸ (Exploring Natural Capital Opportunities, Risks and Exposure). From this assessment, we concluded that that more than half (68%) of the fish and seafood came from aquaculture or was caught using fishing gear considered to have a low or medium impact. Fishing gear classified as having a high impact on marine habitats accounted for 32% of the fish and seafood commercialised by the Group.
These results reflect the current structure of the fish and seafood supply chain, and for this reason we encourage the continuous monitoring of risks and the search for aquaculture alternatives that help reduce pressure on wild stocks.
The diversity of the species we commercialise is equally evident when identifying the origin of seafood by FAO area⁶⁹. In 2025, more than 70% of wild-caught fish and seafood originated from FAO 27 – Northeast Atlantic⁷⁰. Other important catch areas included: FAO 87 – Southeast Pacific (9%); FAO 41 – Southwest Atlantic (6%); FAO 34 – Eastern Central Atlantic (5%); FAO 61 – Northwest Pacific (4%); FAO 51 – Western Indian Ocean (3%); FAO 47 – Southeast Atlantic (3%).
The predominance of these FAO areas reflect the relevance in our assortment of species such as Atlantic cod (Gadus morhua), herring (Clupea harengus), mackerel (Scomber scombrus), skipjack tuna (Katsuwonus pelamis), sardine (Sardina pilchardus), yellowfin tuna (Thunnus albacares), Asiatic hard clam (Meretrix lyrata) and horse mackerel (Trachurus trachurus).
Traceability to the level of FAO areas — for the top 80% of fish and seafood we commercialise — further confirmed that more than half (52%) of wild-caught fish and seafood in our Private Brand and perishable products from these regions presented no conservation risk (Least Concern and Near Threatened), and 28% of that fish and seafood were classified at the lowest risk level within threatened categories (Vulnerable). Around 20% of wild-caught species commercialised were classified as Data Deficient or Not Evaluated.
Regarding the sustainability status of stocks, in the two most representative subareas of FAO 27, the proportion of wild-caught seafood classified as Vulnerable was 39% in the Norwegian Sea, Spitzbergen and Bear Island (FAO 27.2) and 99% in the Barents Sea (FAO 27.1).
Sustainability Statement
Jerónimo Martins | Annual Report 2025
Fish conservation status per FAO (%) in Kgs (2025)
Atlantic cod (Gadus morhua) represents a significant share of our seafood assortment. Fishing pressure on cod populations in this region is currently above recommended levels, and biomass levels are declining $^{71}$ . This species has been subject to strict monitoring and management to ensure sustainable fisheries. For this reason and given that cod is a strategic product in our portfolio, JMA made a financial investment in 2025 in a company specialising in cod aquaculture, thereby contributing to reducing pressure on wild stocks.
For species we commercialise from the Southeast Pacific (FAO 87), only a small share $(3\%)$ was classified as Vulnerable. In this region, bigeye tuna (Thunnus obesus) was the most representative species. Biomass levels of this species have been increasing due to conservation measures, and it is therefore not currently overexploited[72] or subject to overfishing[73] [74].
In Portuguese waters (FAO 27.9), around $30\%$ of species commercialised were classified as Vulnerable, due to the relevance of horse mackerel (Trachurus trachurus) in our assortment. In this region, horse mackerel stocks have biomass levels above the limit reference point, maintaining stable reproductive capacity[75].
In contrast, in the Southwest Atlantic (FAO 41), approximately $4\%$ of species were classified as Vulnerable, with bigeye tuna (Thunnus obesus) being the most representative population within this category. According to the biological reference points used for stock assessments, the Atlantic bigeye tuna stock is overexploited, although not subject to overfishing.
For species we commercialise from the Eastern Central Atlantic (FAO 34), only $13\%$ were classified as Vulnerable, with bigeye tuna (Thunnus obesus) again being the most representative species $(99\%)$ . The stock of this species in this region is currently overexploited, but not under overfishing.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
It is also important to highlight the Northwest Pacific (FAO 61) region, whose composition consists mainly of species not evaluated by the IUCN, including Asiatic hard clam (Meretrix lyrata), which accounts for around 99% of seafood originating from this region.
In FAO 27.4 (North Sea), almost all seafood commercialised was classified as Least Concern (95%). Within the Vulnerable category (1%), cod was the most representative species, being subject to overfishing and with biomass below safe biological limits⁷⁶.
In Iceland and the Faroe Islands (FAO 27.5), around 32% of species commercialised were classified as Vulnerable, due to the predominance of Atlantic cod (Gadus morhua), which represents almost all wild-caught fish and seafood from this region. Conservation assessments for Atlantic cod in this area vary significantly between the two populations of subarea 27.5, although both show signs of considerable fishing pressure: In subdivision 5.b.1⁷⁷, fishing pressure is above sustainable levels, and biomass remains below desirable levels, although not collapsed. In subdivision 5.b.2⁷⁸, there are insufficient data to assess overfishing, but biomass levels are above the minimum acceptable threshold.
In contrast, in the Western Indian Ocean (FAO 51), only 9% of species were classified as Vulnerable, with bigeye tuna (Thunnus obesus) being the most representative population in this category. The bigeye tuna stock in this region is not currently overexploited nor subject to overfishing⁷⁹.
In the Southeast Atlantic (FAO 47), only 4% of seafood presented a Vulnerable risk level. Bigeye tuna (Thunnus obesus) accounts for the entirety of this category. This stock is not currently overexploited nor under overfishing.
Tuna traceability
Regarding the assessment of conservation risk for the fish species we commercialise, tuna — particularly Atlantic bigeye tuna (Thunnus obesus) — stands out among the most relevant species, mainly due to overfishing and the pressure exerted on available stocks. Supply chains also face challenges associated with illegal, unreported and unregulated (IUU) fishing, the use of fishing methods that may have impacts on ecosystems — such as bycatch⁸⁰ — and the dependence on fish aggregating devices (FADs⁸¹), which increase the likelihood of catching juveniles and other non-target species.
In 2025, we were able to trace 90% of the tuna used in our Private Brand and perishable products back to vessel level – a 36 p.p. increase compared with the previous year. This progress is aligned with our commitment to achieving full traceability by the end of 2026. This commitment is essential to ensure continuous monitoring of fishing practices associated with tuna, enabling us, whenever necessary, to establish additional sourcing criteria that help reduce overfishing risk and reinforce the sustainability of our tuna supply chains.
According to the International Seafood Sustainability Foundation (ISSF), around two-thirds of all tuna worldwide is caught using purse seine nets⁸², making this the most important and dominant gear type in global tuna fisheries. This trend is also reflected in the tuna fishing methods used in our Private Brand and perishable products, where purse seine and seine nets account for 86% of catches, followed by longlines and hooks, which represent 10%.
The ISSF provides two complementary transparency tools operating at vessel level — the ProActive Vessel Register (PVR) and Vessels in Other Sustainability Initiatives (VOSI) - which, together with the IUU vessel
Sustainability Statement
Jerónimo Martins | Annual Report 2025
lists of Regional Fisheries Management Organisations (RFMOs), constitute essential indicators of minimum compliance within the global fisheries governance system. Taken together, these tools enable economic operators to verify whether specific vessels are effectively implementing responsible fishing practices aligned with internationally recognised standards.
In 2025, we verified that 56% of the vessels associated with our tuna supply chain were registered in the PVR, 97% of which confirm the adoption of best practices for FAD use. Among the vessels registered in VOSI — representing 46% of all vessels linked to our tuna supply chain — 77% adopt best practices for FAD management, contributing to reductions in bycatch, lowering the risk of entanglement, and reducing the loss of fishing gear[83].
Additionally, none of the vessels were listed on the Combined IUU Vessel List[84], which means there is no evidence of prior involvement in illegal, unreported or unregulated fishing activities.
Animal Welfare
[ESRS 2 MDR-A; ESRS 2 MDR-M]
We recognise animals as sentient beings and, for this reason, in collaboration with our Private Brand and perishable suppliers, as well as our production units, we promote practices aligned with the highest animal-welfare standards. Our commitment is based on respect for the Five Freedoms of Animal Welfare, ensuring that all species in our value chain are: (i) free from hunger and thirst; (ii) free from discomfort; (iii) free from pain, injury and disease; (iv) free to express normal behaviour; and (v) free from fear and distress.
Based on these principles, we have defined operational guidelines for our production units and for all animal species we commercialise and that may also be present in our Private Brand and perishable products in the countries where we operate. These guidelines include:
- the prohibition of growth-promoting substances (hormones and beta-agonists);
- restricting the use of antibiotics exclusively to therapeutic purposes, never for prevention or growth promotion;
- mandatory stunning of all animals before slaughter, except for certified religious rituals such as halal or kosher (which represent less than 5% of total sales);
- a ban on animal testing in the development of our products, except for animal-feed products (in which sensory tests may be performed to assess acceptance by the target population), and products designed to control or eliminate parasitic species and/or overpopulations that may be sources of contamination or disease (e.g., insects);
- the prohibition of genetically modified or transgenic ingredients or additives, including the use of cloning techniques, whether of plant or animal origin.
Our Genetically Modified Organisms (GMO) Policy requires Companies to:
- collaborate with suppliers to understand production processes and evaluate the safety and quality standards they implement;
- carry out regular laboratory testing through independent and accredited entities;
- ensure suppliers identify and trace GMOs in cases where replacement is not possible;
- guarantee consumers' right to information regarding the presence of GMOs through appropriate product labelling[86].
To ensure compliance with these principles, we carry out regular laboratory tests and food quality and safety audits, including animal-welfare criteria, on the audits to the suppliers and slaughterhouses used by our food distribution Companies in Portugal, Poland and Colombia. These actions are complemented by
Sustainability Statement
Jerónimo Martins | Annual Report 2025
training and awareness initiatives for our suppliers. In 2025, the Group conducted more than 6,750 GMO analyses (an increase of 4,699 compared to 2024) in its Molecular Biology Laboratory.
For more information on these audits, please see subchapter 4, "Social Information", section 4.2.
"Managing social topics", subsection 4.2.3. "Consumers and end users", item "Actions targeted at our consumers", sub-item "Product analyses", in this chapter.
These topics are analysed during meetings of each Company's Sustainability Committee, forums in which strategies are discussed, and performance objectives are defined. The results are disclosed publicly, ensuring transparency and enabling progress to be monitored as part of the implementation of continuous improvement opportunities.
Although animal welfare was not identified as a material topic in our double materiality matrix for the 2024-2026 period, we have set specific targets that reflect our commitment to continuously raising standards across the value chain. The animal-welfare targets are detailed in subchapter 6. "Sustainability Commitments", of this chapter.
To reinforce transparency and our commitment to responsible practices, annual animal-welfare audits are carried out. For more information on these audits, the actions we conduct with our suppliers, and the results achieved, please see subchapter 5. "Governance Information", section 5.2. "Business conduct", subsection 5.2.1. "Selection and monitoring of suppliers", in this chapter.
Livestock transport and slaughter practices
In the countries where we operate, we assess the performance of perishable-product suppliers in terms of animal welfare by monitoring a set of indicators. This consolidated process provides a detailed understanding of the practices applied throughout the supply chain.
For animal transport, we analyse criteria such as the average transport time of live animals and the mortality rate during transport to slaughterhouses in our operations in Colombia, Poland and Portugal. For slaughter practices, we assess the effectiveness of stunning and the percentage of animals that die at the slaughterhouse. These systematically collected data help us identify trends, anticipate potential risks and support suppliers in implementing improvements that reduce animal stress and ensure higher levels of compliance with animal-welfare standards.
Portugal
Considering the recommended maximum average transport time of 8 hours, since 2021, in Portugal, we have remained below this threshold and consistently below 4 hours. In 2025, the average transport time was below 2 hours (a reduction of more than 20 minutes compared with 2024). The registered mortality
Sustainability Statement
Jerónimo Martins | Annual Report 2025
rate remained below 0.6% across all species, suggesting no excessive levels of discomfort, pain or suffering.
Regarding slaughter practices used by perishable-product suppliers in Portugal, 100% of animals were stunned before slaughter, and approximately 99% of stun attempts were effective on the first attempt, as was the case in 2024.
Colombia
In Colombia, for the three species commercialised — cattle, poultry and pigs — the results remained within levels considered positive. The average transport time stayed below the internationally recommended 8-hour limit, with the average across all species at around 4 hours. Regarding transport mortality, values were approximately 0.2% for all species (an average decrease of 0.1 p.p. compared with 2024). All indicators remain within benchmarks considered acceptable to avoid excessive levels of discomfort, pain or animal suffering.
In addition to these two indicators, it was also possible to analyse several practices adopted by slaughterhouses in Colombia. It was concluded that around 100% of animals commercialised were stunned prior to slaughter, and approximately 97% of stunning procedures were effective on the first attempt.
Poland
In 2025, we strengthened the robustness of our monitoring systems, gaining access to systematised information on two critical indicators in Poland — mortality rate during transport to the slaughterhouse
Sustainability Statement
Jerónimo Martins | Annual Report 2025
and average journey time — enabling a more comprehensive understanding of animal-welfare conditions during the final stages of the logistics chain.
Regarding average transport time, the results show that all species were transported below the internationally recommended 8-hour limit, with the overall average at around 5.5 hours. This demonstrates the existence of logistics processes capable of reducing stress associated with longer journeys. Concerning transport mortality, the species with the highest values were turkey, at 1.21% (+1.1 p.p. vs. 2024), pigs, at 0.29% (+0.2 p.p. vs. 2024), and broiler chickens, at 0.24% (-0.1 p.p. vs. 2024).
In addition to these two main indicators, it was also possible to analyse further practices related to stunning in Poland. Based on this analysis, about 99.2% of animals commercialised were stunned before slaughter, and approximately 99.9% of stunning attempts were effective on the first attempt.
Dairy, fresh egg and meat production practices
In 2025, we continued to integrate animal-welfare criteria into our Private Brand and perishable products, ensuring that animal-derived ingredients come from practices aligned with responsible production. We also maintained our commitment to transparent consumer communication, using labels, in-store materials and digital channels to raise awareness and support more informed choices.
Beef
In 2025, we strengthened animal-welfare practices across the beef supply chain, from primary production through to slaughter.
The beef sold at Ara originates from animals raised in extensive, pasture-based systems, with freedom of movement and without the use of confinement systems. The farms supplying Ara ensure adequate handling conditions, including permanent access to water, safe equipment, non-slip walkways and teams properly trained in animal welfare, enabling calm interactions and reducing animal stress.
Pingo Doce continued to offer Private Brand Angus beef with dual certification: antibiotic-free production and animal welfare certification under the international Welfare Quality reference and the Welfair™ label. Pingo Doce also maintained the sale of organic beef, ensuring compliance with certification criteria such as outdoor access, GMO-free feed and pasture-based rearing. Together, Angus and organic beef represented 6% of total sales (+1 p.p.), by weight, in the fresh beef category.
Chicken
In Poland, Biedronka continued to offer free-range chickens (slow-growing Hubbard Redbro lineage). These chickens, produced 100% nationally, are raised without antibiotics and fed GMO-free feed. The minimum slaughter age is 70 days (14 days longer than the market average), birds have outdoor access, and stocking density does not exceed 27.5 kg/m² (providing up to ten times more space than conventional poultry production). Biedronka maintained in its assortment conventional chicken that is antibiotic-free and 100% nationally produced.
At Pingo Doce and Recheio, free-range chickens are also 100% from Portuguese production, with a minimum slaughter age of 81 days, raised outdoors with a maximum density of 25 kg/m². Both Companies maintained the Frango da Quinta – Best Farmer (Hubbard Redbro), raised mostly outdoors and slaughtered at an average age of 85 days. This production is certified by AENOR as antibiotic-free and as respecting animal-welfare, according to the Welfair™ label (based on the Welfare Quality protocol), with no thinning practised during production. All free-range and Frango da Quinta birds are raised with natural light and outdoor access.
Across Biedronka, Pingo Doce and Recheio, the sale of free-range chicken, animal-welfare-certified chicken and antibiotic-free chicken represented, in line with 2024, 8% of total sales, by weight, in this category.
Dairy
Sustainability Statement
Jerónimo Martins | Annual Report 2025
More than 95% of the producers supplying Terra Alegre's dairy factory maintained certification under the Welfare Quality protocol, carrying the Welfair® seal, certified by AENOR — a distinction held by the company since 2020. The protocol follows four essential principles: good feeding, good housing, good health, and appropriate behaviour. This certification also ensures that dairy cows are kept free from tethering and tail docking.
Terra Alegre, part of Jerónimo Martins Agro-Alimentar, supplies Private Brand products for Pingo Doce and Recheio. At Pingo Doce, certified products from Terra Alegre include lactose-free milk, fresh milk, high-protein milk and Pura Vida milk. At Recheio, the certified product is lactose-free milk.
Cage-Free Eggs
We had committed to ensuring that, by the end of 2025, all Private Brand fresh eggs would be sourced from cage-free hens. To ensure the fulfilment of this objective, the Companies have worked closely with their suppliers, identifying new production sites and conducting visits by quality and food-safety teams in order to ensure compliance with the required criteria.
Three cage-free production systems for laying hens are accepted: barn, free-range, and organic free-range. These systems establish animal-welfare criteria that provide better living conditions, enabling greater freedom of movement and the expression of natural behaviours. Among the three methods, the barn-raised system is the most widely adopted.
At the end of 2025, 98% of Private Brand fresh eggs were sourced from cage-free hens. Pingo Doce achieved 100% in August 2019, and Biedronka Poland reached this goal at the end of 2022, extending the commitment to supplier brands. Biedronka Slovakia, whose first stores opened in 2025, has its entire assortment of fresh eggs sourced from cage-free hens. By the end of 2025, Recheio had ceased selling fresh eggs from caged hens, thereby contributing to the fulfilment of the Group's overall commitment. Ara does not commercialise Private Brand fresh eggs. Regarding supplier brands, Ara, Pingo Doce and Recheio all offer cage-free eggs.
Another commitment we have established is to ensure that, by the end of 2026, in Portugal and Poland, at least 90% of the eggs used as an ingredient in Private Brand products come from cage-free hens. In 2025, and for the first time, we were able to calculate the actual quantity of egg used as an ingredient. This analysis allows for a more accurate assessment of the real amount of raw material present in the products we sell, as until now we were only able to calculate this based on the number of SKUs, rather than on the actual tonnage of egg.
Sustainability Statement
According to this indicator, 100% of the egg quantity used as an ingredient in Biedronka's Private Brand products in Poland comes from cage-free hens, a standard the Company has maintained since 2022. The share was 74% at Pingo Doce, 61% at Recheio, and 87% at Ara. Although the Colombian market, for its specific characteristics, is not included in our Group-wide target, Ara's result was very close to the commitment established for Portugal and Poland. At Group level, 95% of the eggs (in weight) used across the assortment originated from cage-free hens.
Practices adopted by Jerónimo Martins Agro-Alimentar (JMA)
JMA, the Group's company specialising in food production and which also supplies our distribution operations, has four business areas: dairy, livestock farming, aquaculture, and fruit and vegetables. Jerónimo Martins Agro-Alimentar (JMA) adopts rigorous animal-welfare practices across all livestock and aquaculture activities, ensuring housing, handling and production conditions aligned with international benchmarks and recognised certification systems.
In Aberdeen Angus beef production, each animal has a minimum area of 6.5 m^{2}. The facilities use grooved concrete or rubber flooring, which reduces the risk of slipping and injury, and ensure the daily replenishment of fresh straw bedding, promoting comfort and appropriate resting conditions. Animal welfare is further reinforced through additional measures such as individual resting areas, 60 cm of feeder space per animal, automatic grooming brushes and ambient music, all designed to reduce stress and encourage natural behaviours. All animals have access to pasture areas and benefit from automatic cooling systems with fans and sprinklers that support thermal regulation. The use of individual monitoring collars allows early detection of behavioural changes, enabling timely intervention and reducing the need for medication. In the dairy units and Angus production areas, additional welfare standards are ensured, including 100% vaccination and deworming, the complete absence of mutilation practices such as tail docking or dehorning, and housing systems that do not use tethering, ensuring freedom of movement. The facilities are equipped with assisted ventilation, reducing ammonia concentration. All employees receive mandatory animal-welfare training, and the use of electric prods, sticks or any instruments capable of causing pain or injury is strictly prohibited, ensuring safe and responsible handling practices.
In sheep production, a minimum area of 0.6 m^{2} per animal is ensured, above the recommended best-practice value of 0.5 m^{2}. Feeding is based on forage and concentrates, and no castration practices are carried out. All animals show normal locomotion.
In 2025, JMA maintained its certification for the prudent and responsible use of antibiotics in beef-fattening units and dairy facilities, and renewed its Welfair™ animal-welfare certification, based on the Welfare Quality® protocol. Sheep production also remained certified under the AWIN® standard.
In aquaculture, stocking density is kept below 20 kg/m^{3}, and 100% of fish are vaccinated, a practice applied across all species. Production takes place in open-water environments, in areas with natural currents that ensure adequate water circulation and high environmental quality, promoting conditions closer to the natural habitat. No mutilation practices, such as fin clipping, are carried out. At slaughter, a
Jerónimo Martins | Annual Report 2025
rapid-chilling process in ice-cold water is used, promoting loss of sensibility and minimising stress and suffering, in line with animal-welfare principles. The production of sea bream and sea bass in Madeira, Morocco and the Algarve is GlobalG.A.P.-certified.
For further information about JMA, please refer to Chapter 2. "Performance of the business areas", subchapter 3.2.1. "Jerónimo Martins Agro-Alimentar (JMA)", of this report.
Support for biodiversity protection and ecosystem regeneration projects
t·8
NON-MATERIAL
[ESRS 2 MDR-A]
[GRI 101-2]
We develop and support local biodiversity-conservation projects in Portugal, Poland and Colombia, the countries where most of our operations are concentrated. In the process of identifying and selecting these initiatives, we prioritise projects that demonstrate clear alignment with the Kunming-Montreal Global Biodiversity Framework, reinforcing the coherence of our actions with international commitments in this field. At the same time, we promote collaboration with specialised associations and non-governmental organisations, ensuring the integration of appropriate technical expertise and strengthening ties with the local communities where we operate. We complement these initiatives with education and awareness campaigns targeted at different audiences, with the aim of reinforcing understanding of the importance of ecosystems and encouraging more sustainable behaviours.
In 2025, we invested more than 330 thousand euros in supporting 12 projects — seven in Portugal, three in Poland and two in Colombia — focused on the restoration of natural habitats, the protection of biological diversity and environmental awareness. The table below highlights some of these projects.
| Biodiversity protection and ecosystem regeneration projects – highlights | ||
|---|---|---|
| Institution | Project | Description |
| Associação Floresta Serra do Açor | Reforestation of the Serra do Açor Mountain | The “Serra do Açor Forest” project is a major ecological restoration and large-scale reforestation initiative in the municipality of Arganil, launched in 2020 with the aim of recovering the areas severely affected by the 2017 wildfires. With a 40-year timeframe and a total investment of 5 million euros, the project foresees the planting of around 1.8 million native trees — namely oaks, cork oaks and chestnut trees — across approximately 2,500 hectares, thereby contributing to the creation of a more sustainable landscape that is more resilient to wildfire risk. Since its inception, the project has ensured the planting of over one million trees, covering more than 1,000 hectares of intervened area. |
| Clean Poland Association (Stowarzyszenie Czysta Polska) | Clean Tatra Mountains | The “Tatra Mountains Clean-Up” project has been supported by Biedronka since 2019 and is carried out by the NGO Clean Poland Association. In 2025, Biedronka took part for the seventh time in this educational initiative held in Zakopane. The event combined environmental-education activities with the collection of waste left along mountain trails. In addition to volunteers from across Poland, members of Biedronka’s Environmental Protection Committee also participated, collecting more than 100 kg of litter. |
| Fundabejaz | Protection of bees | The “Bee Protection” project was launched in 2021, with the support of Ara, to protect and conserve bees and to raise awareness of their importance within ecosystems. During 2024, the Fundabejaz Foundation achieved significant results: it rescued 51 hives, delivered 33 recovered hives to beekeepers and farmers, and carried out 83 awareness-raising campaigns involving 2,650 participants. Ara has also donated sugar as a food source for rescued swarms. |
| Loros Foundation | Save the Macaws | This project, launched in 2024 in Colombia to protect macaws, aims to rehabilitate and subsequently release birds that have been seized or voluntarily surrendered to environmental authorities and handed over to Fundación Loros. The initiative also includes awareness-raising actions. The birds are rehabilitated in aviaries funded by Ara. |
Sustainability Statement
Jerónimo Martins | Annual Report 2025
| Biodiversity protection and ecosystem regeneration projects – highlights | ||
|---|---|---|
| Institution | Project | Description |
| Clean River Operation (Operacja Czysta Rzeka) | Cleaning rivers | In 2025, Biedronka established a new partnership with Operation Clean River, an environmental river-cleaning initiative active throughout Poland. Several activities stood out during the year. |
| • On World Water Day, the Company participated as the official sponsor of the main action of the campaign’s seventh edition, held in Sandomierz, with a stand dedicated to correct waste separation and the promotion of responsible consumption habits. The initiative mobilised 200 volunteers in the clean-up of the Vistula Riverbanks, resulting in the collection of more than 3.5 tonnes of waste. | ||
| • World Oceans Day, more than 60 Biedronka employees took part in an action on the Wkra River, combining kayak routes and walking trails during which over 500 kg of litter was collected, reinforcing awareness of pollution in aquatic ecosystems. | ||
| • Biedronka also supported a clean-up initiative at Lake Ukiel, called “Clean Ukiel: Caring for the Environment Is Our Common Cause”, organised in collaboration with the Olsztyn Green Festival. Around 150 volunteers participated, collecting 2,000 kg of waste. Biedronka’s support for this initiative made it possible to carry out several clean-up actions throughout the year, involving 31,400 participants and resulting in the collection of 579,000 kg of waste across 960 locations. | ||
| WWF Portugal | Green Heart of Cork | The project, launched in 2011, developed and coordinated by WWF Portugal and supported by the Group since 2013, promotes the conservation of the Portuguese montado and the payment for the environmental services it provides. This initiative establishes a platform that connects companies to the conservation of the montado and the services that this ecosystem delivers. The landowners involved in the project apply good forest-management practices across around 45,000 hectares of FSC®-certified areas, 30,000 hectares of which obtained certification after our support began. Throughout 2025, the project was evaluated and reformulated, with a consultation carried out among different stakeholders, in a process led by WWF Portugal, in collaboration with FSC® Portugal and with the support of the Jerónimo Martins Group, culminating in a new format called “GHoC +” |
Commitments
[ESRS 2 MDR-T; ESRS E4-4]
[GRI 101-1]
The Group’s commitments related to this topic can be found in subchapter 6, “Sustainability commitments”, in this chapter.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
3.2.5. Pollution
[ESRS 2 MDR-A; ESRS 2 MDR-M]
N-M NON-MATERIAL
The main impacts generated by our value chain in terms of environmental pollution are mostly associated with the management of greenhouse gas emissions, the consumption of materials in our operations — namely in packaging production — and the food waste potentially generated by our food production and retail activities. Our actions in this area are detailed in subsections 3.2.1. "Climate Change" and 3.2.2. "Resource Use and Circular Economy" of this subchapter.
We acknowledge that there are additional impacts related to water resource management and biodiversity, both within our own operations and across the wider supply chain. Although these topics have been identified as non-material, we detail the policies, actions and commitments we have adopted in these areas in subsections 3.2.3, "Water and Marine Resources" and 3.2.4. "Biodiversity and Ecosystems" of this subchapter.
Environmental Audits
We have established internal environmental management standards, the compliance of which we monitor through internal audits of our stores, warehouses, distribution centres and operational units. In 2025, we carried out more than 9,500 environmental audits, a 6% increase compared with 2024, driven by the expansion of the distribution business — including the opening of new Ara stores and Biedronka stores in Poland, Biedronka's entry into Slovakia, and the growth of JMA's operations.
The average score of these audits was 93%, an increase of 1 p.p. compared with 2024. Corrective actions are defined whenever the score is below 100%.
| Internal Environmental audits | 2025 | 2024 |
|---|---|---|
| Total | 9,538 | 9,016 |
| Biedronka | 7,629 | 7,259 |
| Hebe | 0 | 1 |
| Pingo Doce | 388 | 374 |
| Recheio | 44 | 43 |
| Ara | 1,453 | 1,339 |
| JMA | 24 | 21 |
| Average performance (0-100%) | 93% | 92% |
| Biedronka | 97% | 96% |
| Hebe | 0% | 96% |
| Pingo Doce | 81% | 82% |
| Recheio | 75% | 74% |
| Ara | 76% | 77% |
| JMA | 81% | 84% |
We work regularly and continuously to ensure compliance with at least one external environmental certification, namely ISO 14001, and we have been progressively increasing the number of sites covered. To this end, we have set the objective of ensuring that, by the end of 2026, at least 70% of the Group's distribution centres and industrial units (or similar) hold an environmental management system certification.
With the continued expansion of our activities, the total number of distribution centres and industrial or similar units increased (seven more compared with 2024), which reduced the proportion of units with external environmental certification to 65%. In 2025, we maintained all existing ISO 14001 certifications, with the exception of one distribution centre in Portugal, whose certification was suspended due to its temporary closure for structural refurbishment. Additionally, we obtained certification for two JMA
Sustainability Statement
Jerónimo Martins | Annual Report 2025
industrial units (the Outro Chão packing unit and the Seaculture conditioning unit). We will continue to invest to ensure we meet our target.
| Environmental certification (ISO 14001) | 2015 | 2024 | ||
|---|---|---|---|---|
| Certified sites | Total sites | Certified sites | Total sites | |
| Group | 31 | 48 | 30 | 41 |
| Distribution centres (in figures) | 24 | 37 | 25 | 35 |
| Biedronka (Poland) | 17 | 17 | 17 | 17 |
| Biedronka (Slovakia) | 0 | 1 | - | - |
| Hebe | 0 | 1 | 0 | 1 |
| Pingo Doce | 5 | 8 | 6 | 8 |
| Recheio | 0 | 0 | 0 | 0 |
| Ara | 2 | 10 | 2 | 9 |
| JMA | 0 | 0 | 0 | 0 |
| Industrial units (in figures)* | 7 | 11 | 5 | 6 |
| Biedronka (Poland) | 1 | 1 | 1 | 1 |
| Biedronka (Slovakia) | 0 | 0 | 0 | 0 |
| Hebe | 0 | 0 | 0 | 0 |
| Pingo Doce | 3 | 4 | 3 | 4 |
| Recheio | 0 | 0 | 0 | 0 |
| Ara | 0 | 0 | 0 | 0 |
| JMA | 3 | 6 | 1 | 1 |
| Certified sites (%) | 65% | 73% |
- Fresh dough factory, central kitchens, soup factory, Terra Alegre dairy factory, and packaging units.
Environmental audits that we conduct with our perishables and Private Brand suppliers — both during the selection process and through ongoing monitoring — also help reduce the potential pollution impacts associated with their activities. The same applies to the sustainable agriculture project that we promote with our fruit and vegetable suppliers, through which aspects such as soil-fertility management, implemented fertilisation plans and the application of plant-protection products are assessed. These actions are described in subchapter 5. "Governance Information", section 5.2. "Business Conduct", subsection 5.2.1. "Supplier Selection and Monitoring", and section 5.2.2. "Supplier Awareness and Training".
We identify opportunities to improve the efficiency of our activities with a positive impact on reducing other sources of pollution, such as air emissions associated with our light-vehicle fleet, the use of fuel on site to operate equipment, and the use of emergency generators and heating. We disclose progress related to these pollution sources in subchapter 7. "Reporting Frameworks", section 7.2. "GRI – Global Reporting Initiative".
Commitments
[ESRS 2 MDR-T; ESRS E2-3]
The Group's commitments related to this topic can be consulted in subsection 6. "Sustainability Commitments", of this chapter.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
3.3. Disclosures pursuant to Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation)
3.3.1. Framework
The European Union Taxonomy (EU) is one of the instruments supporting the European Green Deal. It aims to encourage public and private investment to be allocated to sustainable activities, thereby contributing towards the European Commission's carbon-neutral targets by 2050. The Taxonomy recognises environmentally sustainable economic activities to be those that:
- make a substantial contribution to at least one of the six environmental objectives: i) climate change mitigation; ii) climate change adaptation; iii) the sustainable use and protection of water and marine resources; iv) the transition to a circular economy; v) pollution prevention and control and vi) the protection and restoration of biodiversity and ecosystems;
- do no significant harm to any of the other environmental objectives;
- meet minimum social safeguards.
Since the European Taxonomy came into force, our main activity, food distribution, has not been included in the Taxonomy's list of activities, which is why no eligible – or aligned – activities were included in the turnover parameter. As such, only the activities supporting our operations, such as equipment maintenance works and investments carried out in stores, are itemised as eligible and not necessarily the main activities that we carry out, which could make a greater contribution towards the EU's carbon-neutral targets. This report is aligned with Delegated Regulations (EU) 2023/2485, (EU) 2023/2486 and (EU) 2024/3215.
3.3.2. Our contribution
Fighting climate change is one of the priorities defined in our Environmental Policy. The commitments and actions we have taken and implemented in this regard are disclosed in section 4. "Our targets" of our Climate Transition Plan, available on our website, and in the subchapter 6. "Sustainability Commitments" of this chapter.
In 2024, our short- and long-term greenhouse gas (GHG) reduction targets were validated by the Science Based Targets Initiative (SBTi), making us the first food retail company with the head-office in Portugal to have its short-term and carbon neutrality targets recognised by the initiative.
By the end of 2025, we had reduced GHG emissions (scopes 1 and 2) by 18.4% compared to 2021, meeting and exceeding the target. With regard to carbon emissions associated with goods transport, in 2025 we reduced emissions by 7.7% compared to 2021, above the 5% target set.
The pursuit of our commitments is underpinned by continuous investment, with execution cycles aligned with the business plan, through which we promote the adoption of carbon-reduction technologies that will enable us to transition our activities to a low-carbon economy. The majority of this expenditure is allocated to the acquisition of goods and services from economic activities related to energy efficiency and renewable energy technologies. More detailed information is provided in subchapter 3. "Environmental information", section 3.2. "Managing environmental topics", subsection 3.2.1. "Climate Change", under the point "Our actions to reduce carbon emissions", of this chapter.
Although the Taxonomy does not yet include them as eligible activities – and as such does not define technical screening criteria for these technologies – reducing refrigerant leaks, particularly of high global warming potential (GWP), in our heating, ventilation, air conditioning and industrial cooling equipment are important to reduce our carbon footprint. In 2025, emissions from this type of equipment accounted for around 12% of our scope 1 and 2 emissions. Since 2015 that we have a Group-wide plan to replace high GWP refrigerants with natural refrigerants (e.g. carbon dioxide, ammonia or propane) or those with low GWP (e.g. R1234ze), as detailed in subchapter 3. "Environmental information", section 3.2. "Managing environmental topics", subsection 3.2.1. "Climate Change", under the point "Our actions to reduce carbon emissions", of this chapter.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
Along with managing the refrigerants in such equipment, we implemented other energy efficiency measures that are not yet considered in the Climate Delegated Act, but which also make an important contribution towards achieving the European Commission's targets, namely:
- installation of equipment with improved energy performance (e.g. fridges and freezers with doors and lids that prevent energy loss);
- sale of products and packages with sustainability certification, which guarantees the implementation of good agricultural and production practices and/or those not linked to deforestation or the conversion of high conservation value ecosystems;
- the work we have carried out with our suppliers to promote sustainable agricultural practices and to eradicate deforestation in our supply chains87.
3.3.3. Eligibility analysis
We examined the eligible economic activities identified in the Climate Delegated Act, in the Complementary Climate Delegated Act and in the Environmental Delegated Act, and identified six eligible activities related to the acquisition of goods or services that support our main activity:
| Activity | Code* | Description |
|---|---|---|
| Transport by motorbikes, passenger cars and light commercial vehicles. | CCM 6.5 | |
| CCA 6.5 | This activity includes service vehicles under car leasing arrangements. | |
| Renovation of existing buildings. | CCM 7.2 | |
| CCA 7.2 | ||
| CE 3.2 | We have made significant investments in the refurbishment of our stores (Portugal, Poland and Colombia). Only major refurbishment works are considered in this activity (as set out in the Portuguese national and regional regulation transposed from Implementing Directive 2010/31/EU for “major renovations”). | |
| Installation, maintenance and repair of energy efficiency equipment. | CCM 7.3 | |
| CCA 7.3 | This activity includes measures such as envelope and roof insulation and replacement of windows, doors, light sources and HVAC (heating, ventilation and air conditioning) systems with more efficient technologies. There is other equipment that helps to improve the energy efficiency of our stores and operations that is not included in the Taxonomy but enables us to reduce our carbon footprint and increase our energy efficiency, namely chillers and standalone cooling equipment. | |
| Installation, maintenance and repair of instruments and devices for measuring, regulating and monitoring the energy performance of buildings. | CCM 7.5 | |
| CCA 7.5 | This activity includes investments in the installation of energy management systems, which did not take place in 2025. | |
| Installation, maintenance and repair of renewable energy technologies. | CCM 7.6 | |
| CCA 7.6 | We have invested in installing photovoltaic solar energy equipment. | |
| Acquisition and ownership of buildings. | CCM 7.7 | |
| CCA 7.7 | This activity includes the acquisition of buildings, new leases/rentals of buildings (right-of-use) and refurbishments and other renovations of existing buildings not included in other activities. Refurbishments are outsourced to third parties in the civil engineering sector who carry out the building/refurbishment works. Jerónimo Martins only acquires the result of those services and does not carry out any actual construction. As such, considering (i) the similarity to the situations in which we acquire a building that has been built by third parties and (ii) the absence, at this stage, of another activity in the Taxonomy where they would be more suitably classified, we have considered it appropriate to classify these situations as exercising the right of ownership over the refurbished buildings. |
*CCM (Climate Change Mitigation); CCA (Climate Change Adaptation); CE (Circular Economy).
The Climate Delegated Act determines eligibility and the alignment with climate change mitigation and adaptation objectives. The activities described above are also included in Annex II to the Climate Delegated Act regarding the objective of climate change adaptation. As the contribution to the climate change adaptation objective is of lesser importance compared to the mitigation objective, we opted to carry out the alignment analysis for the mitigation objective.
Some additional activities were identified as possibly fitting within the terms of eligible Capital Expenditure (CapEx). However, since they are carried out as part of the construction and refurbishment of our
Sustainability Statement
Jerónimo Martins | Annual Report 2025
infrastructures, they are considered under activities 7.7 "Acquisition and ownership of buildings" and 7.2 "Renovation of existing buildings", respectively. These activities are:
- 5.1 "Construction, extension and operation of water collection, treatment and supply system".
- 5.2 "Renewal of water collection, treatment and supply systems".
- 5.3 "Construction, extension and operation of wastewater collection and treatment systems".
- 5.4 "Renewal of wastewater collection and treatment systems".
With regard to activities 5.5 "Collection and transport of non-hazardous waste in source-segregated fractions" and 6.6 "Freight transport services by road", as these are outsourced to third-party service providers who do not represent our assets, they were excluded from the calculation of the indicators. However, considering their relevance to our operations, they are an integral part of our strategy to reduce greenhouse gases, described in section 3.2.1. "Climate Change" of this chapter.
Activity 7.4 "Installation, maintenance and repair of charging stations for electric vehicles in buildings (and parking spaces attached to buildings)" is also outsourced to third-party service providers and has therefore been excluded from the calculation of the indicators.
We also examined Delegated Regulation (UE) 2022/1214, which adds a set of economic activities to the Climate Delegated Act in certain energy sectors (nuclear energy and fossil gas). We do not carry out, fund or have exposure in the construction, renewal or operation of such activities.
3.3.4. Alignment analysis
Substantial Contribution (SC) and Do No Significant Harm (DNSH)
Once the eligible activities had been identified, the technical criteria defined in the Delegated Acts were analysed to determine whether those activities:
- substantially contribute to each of the six environmental objectives defined in the Taxonomy;
- do no significant harm to any of the other environmental objectives;
This analysis was performed for the countries in which we have operations. It is important to highlight that for the majority of our investments in Colombia and Morocco, it is not possible to verify alignment since the criteria defined in the delegated acts are applicable only to European jurisdictions, and there is no guidance from the European Commission for the application of these criteria to non-European countries. We also found that the technical criteria defined for some activities (e.g. 7.7 "Acquisition and ownership of buildings") may not be applicable to the weather conditions in some regions of those countries. In light of these two factors, the alignment assessment regarding approximately 17% of the Group's CapEx becomes unfeasible.
Some of the criteria analysed for the six activities identified as eligible are highlighted below.
Activity 6.5. Transport by motorbikes, passenger cars and light-duty vehicles
| Criteria | Description (non-exhaustive) | Alignment analysis |
|---|---|---|
| SC | Category M1 and N1 vehicles comply with the following requirements: | |
| • By 31 December 2025, specific CO_{2} emissions of less than 50g CO_{2}/km (light-duty vehicles with zero or low emissions). | ||
| • From 1 January 2026, specific CO_{2} emissions are zero. | In 2025, we contracted service vehicle leasing in Portugal, Poland, Colombia and Slovakia. For the vehicles where it was possible to collect all the necessary technical information, we assessed and validated their alignment with the technical criteria. For the cases where all the information relating to their characteristics could not be obtained, we chose to consider these investments as not being aligned. | |
| DNSH | Climate change adaptation: | |
| • Appendix A. | See Appendix A application analysis below. | |
| DNSH | Transition to a circular economy: | |
| • Category M1 and N1 vehicles are both of the following: | ||
| a) reusable or recyclable to a minimum of 85% by weight; | ||
| b) reusable or recoverable to a minimum of 95% by weight; | Despite our commitments to promoting a circular economy and waste management, we were unable to collect the evidence needed to ensure that 85% (by weight) of vehicles are reused or recycled and 95% (by weight) are reusable or recovered. As such, we opted to adopt a |
Sustainability Statement
Jerónimo Martins | Annual Report 2025
| Criteria | Description (non-exhaustive) | Alignment analysis |
|---|---|---|
| • Measures are in place to manage waste both in the use phase (maintenance) and the end-of-life of the fleet, including through reuse and recycling of batteries and components, in accordance with the waste hierarchy. | conservative approach and acknowledge that we are not aligned with these DNSH criteria. | |
| DNSH | Pollution prevention and control: | |
| • The vehicles comply with the requirements of the light-duty emission type-approval with regard to emissions (Euro VI standard); | ||
| • The vehicles comply with the established emission thresholds for clean light-duty vehicles; | ||
| • For road vehicles of categories M and N, tyres comply with external rolling noise requirements in the highest populated class and with the rolling resistance coefficient influencing the vehicle energy efficiency in the highest two populated energy efficiency classes. | The data collected to check compliance with the requirements are still insufficient to guarantee their alignment. |
Activity 7.2. Renovation of existing buildings
| Criteria | Description (non-exhaustive) | Alignment analysis |
|---|---|---|
| SC | Complies with the applicable requirements for major renovations or leads to a reduction in PED (primary energy demand) – the calculated amount of energy needed to satisfy the energy demand associated with a building's typical consumption (in kWh/m²) – by at least 30%. | In 2025, we carried out major renovations in some of our stores in Portugal, Poland and Colombia. These comply with the major renovations classification criteria in these countries. |
| DNSH | Climate change adaptation: | |
| • Appendix A. | See Appendix A application analysis below. | |
| DNSH | The sustainable use and protection of water and marine resources: | |
| • Appendix E. | The data collected to check compliance with the requirements linked to Appendix E are still insufficient to guarantee their alignment. | |
| DNSH | Transition to a circular economy: | |
| • At least 70% (by weight) of the non-hazardous construction and demolition waste generated on the construction site is prepared for reuse, recycling and other material recovery. | ||
| • Building designs and construction techniques support circularity (ISO 20887). | Despite our commitments to promoting a circular economy and waste management, we were unable to collect the evidence needed to ensure that 70% of non-hazardous construction and demolition waste on the construction sites is prepared for reuse, recycling or other material recovery. As such, we opted to adopt a conservative approach and acknowledge that we are not aligned with these DNSH criteria. | |
| DNSH | Pollution prevention and control: | |
| • Appendix C. | ||
| • Building components and materials (paints and varnishes, ceiling tiles, floor coverings, including adhesives and sealants, internal insulation and interior surface treatments, particularly for treating damp and mould) that may come into contact with occupiers emit less than 0.06 mg of formaldehyde per m³ of materials or components. | We regularly carry out indoor air quality assessments, namely for major retail and services buildings. In addition, during construction or maintenance works, we adopt appropriate measures to reduce noise, dust and pollutant emissions. However, the assessment carried out does not allow us to validate all the requirements set out in these criteria, namely those indicated in Appendix C. As such, we have chosen to consider that there is no alignment. |
Activity 7.3. Installation, maintenance and repair of energy efficiency equipment
| Criteria | Description (non-exhaustive) | Alignment analysis |
|---|---|---|
| SC | Complies with minimum requirements set for individual components and systems in the national measures and, where applicable, are rated in the highest two populated classes of energy efficiency in which a significant number of products are available. | It was not possible to obtain all the information regarding the technical characteristics, so we chose to consider these investments as not aligned. |
| DNSH | Climate change adaptation: | |
| • Appendix A. | See Appendix A application analysis below. | |
| DNSH | Pollution prevention and control: | |
| • Appendix C. | ||
| • In case of addition of thermal insulation to an existing building envelope, a building survey is carried out in accordance with national law. | The data collected to verify compliance with the associated requirements is still insufficient to ensure their alignment.. |
Sustainability Statement
Jerónimo Martins | Annual Report 2025
Activity 7.5. Installation, maintenance and repair of instruments and devices for measuring, regulating and monitoring the energy performance of buildings
| Criteria | Description (non-exhaustive) | Alignment analysis |
|---|---|---|
| SC | Consists of the installation, maintenance and repair of energy management systems. | In 2025, we invested in the installation of energy management systems in our buildings. |
| DNSH | Climate change adaptation: | |
| • Appendix A. | See Appendix A application analysis below. |
Activity 7.6. Installation, maintenance and repair of renewable energy technologies
| Criteria | Description (non-exhaustive) | Alignment analysis |
|---|---|---|
| SC | Consists of the installation, maintenance and repair of solar photovoltaic systems where they are installed on-site as technical building systems. | In 2025, we invested in the installation of photovoltaic solar equipment in our buildings. |
| DNSH | Climate change adaptation: | |
| • Appendix A. | See Appendix A application analysis below. |
Activity 7.7. Acquisition and ownership of buildings
| Criteria | Description (non-exhaustive) | Alignment analysis |
|---|---|---|
| SC | For buildings built after 31 December 2020, the buildings meet the SC of activity 7.1: | |
| • Primary energy demand (PED) is at least 10% lower than the threshold set in the requirements for nearly zero-energy building (NZEB), the standard building concept used by EU countries as a value for minimum building requirements. | ||
| For buildings built before 31 December 2020, the buildings have at least an Energy Performance Certificate (EPC) nor equivalent Class A or are within the top 15% of the national or regional building stock expressed as operational PED percentage, comparing the performance of the relevant asset with the performance of the national or regional building stock built before 31 December 2020. | For buildings built after 31 December 2020: | |
| • In Portugal, within our exercise of ownership rights, we made investments in 2025 that comply with the SC requirements (validated by the existence of type A+, A and B energy certificates). | ||
| • In Poland, the criteria are certified using a methodology equivalent to the energy certificate, based on the energy performance of the stores. | ||
| • In Slovakia, we made investments in 2025 that fulfil the SC requirements (validated by the existence of energy certificates type A). | ||
| • In Colombia, we were unable to validate alignment due to the absence of guidance for transposing the technical criteria required by the applicable European Directives and Regulations. |
For buildings built before 31 December 2020:
• In Portugal, according to official databases, the top 15% of the national building stock built before 31 December 2020 have an EPC of B or higher, and so we have considered that the investments in buildings built before 2020 with an EPC of at least B, comply with the substantial contribution criterion;
• In Poland, according to the Polish Central Energy Performance Register, the value of the PED of the top 15% of non-residential buildings corresponds to 45 kWh (m²/year), and so we have considered that the investment in buildings built before 2020 with an EPC below that value, comply with the substantial contribution criterion;
• In Colombia, we were unable to validate alignment due to the absence of guidance for transposing the technical criteria required by the applicable European Directives and Regulations. |
| DNSH | Climate change adaptation:
• Appendix A. | See Appendix A application analysis below. |
Sustainability Statement
Jerónimo Martins | Annual Report 2025
Application of Appendix A "Climate change adaptation"
We adopted the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) in 2020, now integrated into the International Financial Reporting Standards (IFRS), in response to the increasing challenge that climate change poses to society and businesses and the complexity of assessing the associated financial risks and opportunities. In 2025, we continued to update our assessment of climate-related risks and opportunities. The purpose of this assessment is to enhance supply chain resilience, reduce carbon emissions, and identify potential business opportunities in primary production and the use of low-carbon technologies.
Under this Appendix in particular, we included in our analysis more than 6,400 facilities (stores, distribution centres, head-office buildings, central kitchens and industrial units) in Poland, Portugal and Colombia, as well as a high-level assessment for the Czech Republic and Slovakia, having examined all risks set out in Table II of Appendix A of the Taxonomy. The risks identified and presented in this report already correspond to the outcome of that assessment and screening process. We prioritised the physical risks most common in our operations and the opportunities associated with the energy transition and the use of natural or low-GWP refrigerant.
The assumptions made in this assessment – namely the risks assessed, climate scenarios used and time horizons considered – as well as the main conclusions and measures to be adopted are described in subchapter 3. “Environmental information”, section 3.2. “Managing environmental topics”, subsection 3.2.1. “Climate Change”, under the point “Managing climate-related risks and opportunities”, of this chapter.
3.3.5. Minimum Safeguards
The European Union Taxonomy defines Minimum Safeguards as the "alignment with the Guidelines of the Organisation for Economic Co-operation and Development (OECD™) for Multinational Enterprises, the United Nations Guiding Principles on Business and Human Rights (UNGPs), and the principles and rights set out in the eight fundamental conventions identified in the International Labour Organization Declaration on Fundamental Principles and Rights at Work and in the International Bill of Human Rights."
To help companies assess compliance with these requirements, the European Commission's Platform on Sustainable Finance published, in October 2022, the Final Report on Minimum Safeguards, which identifies four areas that companies must consider: human rights, corruption, taxation and fair competition. The activities undertaken by Jerónimo Martins in pursuit of compliance with these areas are described below.
To comply with European recommendations on due diligence, we have been implementing across the Group's Companies a set of measures that aim to prevent and mitigate the negative impacts of our activities on the environment, as well as in the areas of human rights, labour practices and governance. This process follows the OECD Guidelines for Multinational Enterprises and the UNGPs.
Incorporate responsible business conduct into management policies and systems
(Step 1 OECD Guidelines | UNGP 16)
Human rights in own operations
The Jerónimo Martins Group respects human and labour rights, following the guidelines of the United Nations and the International Labour Organization, within the framework of the Universal Declaration of Human Rights, the ILO Core Conventions and other applicable treaties, in addition to the local legislation of the countries in which it operates.
Our conduct is guided by principles such as respect for the law and human rights, honesty, integrity, transparency, diversity and inclusion, corporate social responsibility and independence towards political parties. We prevent discrimination in all its forms, ensuring that career development and recognition are
Sustainability Statement
Jerónimo Martins | Annual Report 2025
based on merit, fairness, qualifications and equal opportunities. We promote a safe and healthy work environment and do not tolerate any form of harassment. We respect employees' privacy, working hours and the right to rest, valuing a balanced organisation of time, and we seek to ensure best practices in occupational health and safety for our approximately 148 thousand employees. We also ensure freedom of association and collective bargaining89. For more information on this subject, see this chapter, subchapter 4. "Social information", section 4.2. "Managing social topics", subsection 4.2.1 "Own workforce", topic "Ethics and compliance", subtopic "Freedom of association and collective bargaining".
We seek to prevent risks of forced and child labour, notably through mechanisms that prevent the hiring of individuals below the legally permitted age, and we implement measures to ensure respect for the rights of indigenous peoples.
The human rights topics mentioned above are integrated into our Code of Conduct, which outlines the principles that guide our relationship with all stakeholders. In this regard, we highlight the mandatory training for all employees in the three main countries where we operate relating to the Code of Conduct, which, in 2025, amounted to 83,353 training hours, provided to 118,362 employees.
Respect for and protection of human rights in our operations are also reflected in the remaining policies that govern human resources management within the Group, among which we highlight the Labour Fundamentals Guidelines, described in this chapter, subchapter 4. "Social information", section 4.1. "Our social-related policies".
Human and labour rights in the supply chain
In relation to our supply chain, in addition to the provisions set out in the Jerónimo Martins Code of Conduct, three guiding documents stand out: the Supplier Code of Conduct, the Sustainable Sourcing Policy and the Anti-Corruption Policy (all available on the Jerónimo Martins website). Supplier selection is based on criteria of quality, innovation, price, supply capacity, performance, trust, continuity and long-term sustainability.
Under the Sustainable Sourcing Policy, the Group reserves the right to immediately and unilaterally terminate commercial relationships with suppliers whenever it becomes aware that they and/or their own suppliers engage in practices that abuse human, child and/or labour rights and/or fail to incorporate ethical and environmental considerations into their conduct.
In sourcing processes across all Group Companies, selection criteria include acceptance of the Sustainable Sourcing Policy, the Supplier Code of Conduct and the Anti-Corruption Policy. Additionally, in global sourcing processes (sourcing of products serving companies in more than one country), suppliers are also required to declare the absence of forced and child labour in their operations, ensure working hours that comply with the law, and guarantee legally mandated rest days. Among other criteria, suppliers must ensure fair wages, promote a safe work environment (providing, for example, fire-fighting equipment, personal protective equipment, emergency exits, workplace accident insurance and medical assistance for all employees), and be willing, if selected, to undergo social audits and training in this field. In 2025, 203 potential new suppliers were assessed based on these selection criteria.
Preventing and fighting corruption
We are committed to combating all forms of corruption, particularly those directly or indirectly associated with the links that make up the value chain, demanding transparency and integrity in the relationships between the different parties involved and implementing an Integrity Due Diligence Procedure designed to identify corruption risks associated with third parties within the value chain. In our Anti-Corruption Policy, which sets out the principles of conduct and duties established in the Jerónimo Martins Group Code of Conduct regarding honesty and integrity, we establish the principle of zero tolerance towards any practice of corruption, influence peddling, the receipt or offering of undue advantages, or the payment or receipt of any benefits that violate the legal provisions in force in each country or our Code of Conduct.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
Jerónimo Martins is a member of the United Nations Global Compact which, among its ten principles, upholds human and labour rights and establishes in its Principle 10 that “businesses should work against corruption in all its forms, including extortion and bribery.” In 2024, Jerónimo Martins Polska joined the Polish network of the Global Compact, representing another step in strengthening this commitment. We report annually on our progress in relation to these principles.
Additionally, the fight against corruption and bribery is part of the Sustainable Development Goals (SDG 16 – Peace, Justice and Strong Institutions), and is also one of the United Nations Guiding Principles on Business and Human Rights and one of the OECD Guidelines for Multinational Enterprises.
The Group has a Corruption and Related Offences Risk Prevention Plan (PPRC), following the approval in Portugal of the General Regime for the Prevention of Corruption, established by Decree-Law No. 109-E/2021, which identifies and classifies the company's main and potential risks in this area, taking into account the likelihood of incidents occurring and their expected impact. This plan also lists the measures for preventing and mitigating such risks. In 2025, the annual implementation report of the PPRC was published and is available on the Jerónimo Martins website.
Taxation and fair competition
In tax matters, the Holding's Tax Department, which works alongside the tax departments of Jerónimo Martins Polska, Jerónimo Martins Colombia and Jerónimo Martins Slovensko, provides advisory support to all the Group's companies, ensuring compliance with applicable legislation and the optimisation, from a tax perspective, of management actions within the business units. It is also responsible for managing tax litigation and for the Group's relationship with external consultants and legal advisers, as well as with tax authorities.
The Jerónimo Martins Group believes in free and healthy competition and adopts commercial policies that ensure the protection of consumer rights and respect for competition rules in all jurisdictions where it operates. The principles that guide its activity are described in our Code of Conduct, in the chapter on Competition and Fair Commercial Practices.
Identifying and assessing adverse impacts
(Step 2 OECD Guidelines | UNGPs 17 and 18)
We highlight the Risk Management Policy and the Risk Management Methodology, which aim to align the Group's objectives and strategy with the structured and consistent assessment of the specific risks of each Company and the transversal risks affecting the Group. They also enable the monitoring of emerging risks that may affect the Group and/or its Companies.
A description of the annual risk assessment process — an exercise involving around 70 managers representing the Companies and the countries in which the Group operates, whose main purpose is to ensure the identification, monitoring, classification and reporting of the risks to which Jerónimo Martins and its Companies are exposed (for example, economic, political, environmental and human rights-related risks), as well as the most relevant mitigation measures — can be found in detail in items 52 to 55 of Chapter 4, "Corporate Governance", of this report.
Quarterly reviews are also carried out to monitor the most critical topics for the business, along with active monitoring of any emerging risks that may be relevant for the Group.
Following this assessment, internal audits are planned and conducted, and the strategic plans of each Company are prepared. The topics considered throughout the risk assessments take into account various aspects related to corruption risks, reputation, affected communities and human rights.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
Cease, prevent or mitigate adverse impacts and monitor the implementation and outcomes of the measures taken
(Step 3 OECD Guidelines | UNGPs 13, 17 and 19 and Step 4 | UNGPs 17 and 20)
Human Rights
Suppliers of Private Brand products and perishables are audited both during the selection process and on a regular basis, with the aim of monitoring the management and control of production processes, particularly regarding the quality and food safety systems they have in place. These audits are conducted by internal teams and supported by independent external entities. They cover areas such as quality and food safety, environmental and labour practices management, among others.
Social audits, conducted by an external and independent entity, aim to monitor and ensure compliance with national and international legislation, as well as to promote the application of best practices shared by the Sustainable Supply Chain Initiative of The Consumer Goods Forum. They also seek to ensure compliance with the Resolution and Priority Principles90, in force since 2015, of the Human Rights – Working to End Forced Labour Coalition, also under the CGF. These social audits include more than 120 assessment criteria, some of which are categorised as “zero tolerance”, particularly those relating to the eradication of forced and child labour, emergency preparedness, health and safety, and anti-corruption, among others.
Audits are preceded by training and result in a rating following on-site verification of facilities and interviews with workers. If necessary, a corrective action plan is developed with a deadline for implementation, established according to the severity of the non-conformities identified. In the agri-food sector, these audits apply to three types of activities: primary production, operations at sea and processing industry.
For more information on the audits we conduct with our suppliers, see subchapter 5. "Governance information", section 5.2. "Business conduct", subsection 5.2.1 "Supplier selection and monitoring", in this chapter.
As a complement to the initiatives developed with our suppliers, we encourage the adoption of sustainability certifications. These systems follow standards that include environmental and/or social requirements verified by external entities and may apply to one or more ingredients, the product itself and/or its packaging. Their adoption ensures the implementation of environmental best practices throughout the value chain—ensuring, for example, that no deforestation or conversion of High Conservation Value ecosystems occurred in the production of products, that production processes to mitigate pollution are best in class, and/or that human rights principles are respected (no child or forced labour, fair payment to producers, among others). The presence of specific symbols on products and other consumer touchpoints also facilitates communication of these attributes and raises awareness for more conscious choices.
Information on products with sustainability certification can be found in subchapter 4. "Social information", section 4.1. "Our social-related policies", subsection 4.1.3. "Consumers and end users", in this chapter.
Internally, as a way of preventing and mitigating risks of labour rights violations in Portugal, we ensure frequent human resources operational audits covering working hours, rest periods and holidays, medical examinations, workplace conditions and other criteria whose compliance and monitoring aim to promote the dignity of work and employee well-being. If non-conformities are identified, a corrective plan is defined, with actions closely monitored by the human resources team, and the next audit is brought forward to
Sustainability Statement
Jerónimo Martins | Annual Report 2025
confirm implementation of the plan. In Colombia, Ara's teams also monitor a criticality map that enables the tracking of priority labour rights indicators and triggers audits of stores with identified risks.
Preventing and fighting corruption
Whenever we hire new employees in any country, and in order to inform them about the Group's ethical values and principles, we ensure that they formally acknowledge having read and understood the Code of Conduct and the Anti-Corruption Policy. In addition, we provide regular communications on these topics.
We have developed a training programme on the Anti-Corruption Policy in two participation formats (e-learning and advanced training for critical functions), with content reviewed periodically to ensure it remains up to date. In 2025, 28,995 hours of training were delivered on this topic (16.3% more than in 2024), and we reached 96.4% of employees through communication campaigns. In addition to general training on the policy, at different levels of depth, specific training sessions were delivered for targeted audiences. For example, in Portugal, training sessions were conducted for human resources and quality and food safety teams; in Poland, for logistics, expansion and technical teams. In Colombia, training focused on the self-control and risk-management system for money laundering and terrorism financing, and on the Business Transparency and Ethics Programme (PTEE), a Colombian legal framework.
Third parties that interact with the Group's companies are also subject to communication actions. In this context, the communication of the Anti-Corruption Policy to suppliers is highlighted, as well as the Supplier Code of Conduct and the Sustainable Sourcing Policy, which are published on the Group's website and/or included in contracts.
In addition, we periodically verify the effectiveness and proper implementation of our policies, procedures and internal controls through, for example, audits that include analysis of risk management (among which operational risks that may be associated with fraud and/or corruption events), in order to identify any potential non-conformities and areas for improvement. This information is detailed in Chapter 4, "Corporate Governance", Part 1 – "Information on Shareholder Structure, Organisation and Corporate Governance", section C, "Internal Organisation", subsection III – "Internal Control and Risk Management", of this report.
Taxation and fair competition
The Group adopts a collaborative approach with the tax authorities in the countries where it operates and has participated, for example, in several initiatives of the Portuguese Tax Authority regarding tax transparency and cooperative compliance.
Risks associated with tax and legal matters, as well as disputes with tax and competition authorities, are continuously monitored by the management team and the Audit Committee.
With regard to fair competition, the Jerónimo Martins Group supports all actions aimed at prohibiting restrictive free trade practices, unfair practices or the abuse of bargaining position. The Group believes in strong and fair competition and strictly complies with the competition laws of the markets in which it operates.
Internal Control and Risk Management Systems
The Group's internal control system is ensured by a set of areas dedicated to monitoring critical processes at both central and operational levels, involving the following bodies:
- Board of Directors
- Audit Committee
- Chief Executive Officer, supported by the Executive Management Team
- Risk Committee
- Internal Audit Department, reporting hierarchically to the Chairman of the Board of Directors and functionally to the Audit Committee
- Strategy and Innovation Department
- Business Unit Risk Manager
Sustainability Statement
Jerónimo Martins | Annual Report 2025
- All employees responsible for carrying out and/or controlling specific processes or activities within a business unit or the corporate structure, who are accountable for managing the risks associated with those activities
The Internal Audit Department assesses the quality and effectiveness of internal control systems within the scope of risk management (operational and non-operational) established by the Board of Directors, promoting compliance with Group-wide procedures and policies, as well as those of each business unit. This area is also responsible for promoting compliance with applicable legislation and regulation governing operations.
Internal control processes are formalised in policies and procedures, as described in Chapter 4. "Corporate Governance", Part 1 – "Information on Shareholder Structure, Organisation and Corporate Governance", section C, "Internal Organisation", subsection III, "Internal Control and Risk Management", item 50, "Persons, Bodies or Committees Responsible for Internal Audit and/or the Implementation of Internal Control Systems", and item 55, "Main Elements of the Internal Control and Risk Management Systems Implemented by the Company in Relation to the Disclosure of Financial Information", of this report.
Communicating how the impacts are being addressed
(Step 5 OECD Guidelines | UNGPs 17 and 21)
The information presented above on the approach to safeguarding human rights, preventing discrimination, protecting the right to collective bargaining, preventing forced and child labour, preventing corruption, as well as the management and mitigation of risks associated with these matters, is integrated into the Jerónimo Martins Group's policies and codes. These are available in subchapter 2, "General Disclosures", section 2.6. "Our Policies", and in subchapter 7, "Reporting Frameworks" of this chapter, in the sections dedicated to the European Sustainability Reporting Standards (ESRS) and the Global Reporting Initiative (GRI), both included in this report:
- Management Approach: ESRS 1, ESRS 2, GRI 2-1 to 2-30, 3-1/2/3
- Material Topics: ESRS 2 BP-2, GRI 103-1/2/3
- Anti-Corruption: ESRS G1, ESRS G1-3, ESRS G1-4, GRI 205-1/2
- Anti-Competitive Practices: ESRS 1, GRI 206-1
- Employment: ESRS S1-1, S1-2, S1-4, S1-5, S1-17; ESRS S2-1, S2-2, S2-4; GRI 401-1/2/3
- Labour/Management Relations: ESRS S1-1, S1-2, S1-4, S1-5, S1-17; ESRS S2-1, S2-2, S2-4; GRI 402-1
- Occupational Health and Safety: ESRS S1-1, S1-2, S1-4, S1-5; ESRS S2-1, S2-2, S2-4; GRI 403-1/2/3/4/5/6/7/8/9/10
- Training and Education: ESRS S1-1, S1-2, S1-4, S1-5, S1-17; GRI 404-1/2/3
- Diversity and Equal Opportunity: ESRS S1-1, S1-2, S1-4, S1-5; ESRS S2-1, S2-2, S2-4, S2-5; GRI 405-1/2
- Non-Discrimination: ESRS S1-1, S1-2, S1-4, S1-5; ESRS S2-1, S2-2, S2-4, S2-5; ESRS S4-1, S4-2, S4-4, S4-5; GRI 406-1
- Freedom of Association and Collective Bargaining: ESRS S1-1, S1-2, S1-4, S1-5, S1-17; ESRS S2-1, S2-2, S2-4, S2-5; GRI 407-1
- Child Labour: ESRS S1-1, S1-2, S1-4, S1-5, S1-17; ESRS S2-1, S2-2, S2-4, S2-5; GRI 408-1
- Forced Labour: ESRS S1-1, S1-2, S1-4, S1-5, S1-17; ESRS S2-1, S2-2, S2-4, S2-5; GRI 409-1
- Security Practices: ESRS S3-1, S3-2, S3-4, S3-5; GRI 410-1
- Local Communities: ESRS S3-1, S3-2, S3-4, S3-5; GRI 413-1
- Supplier Social Assessment: ESRS G1-2; GRI 414-1/2
- Public Policy: GRI 415-1
- Customer Health and Safety: ESRS S4-1, S4-2, S4-4, S4-5; GRI 416-1/2
Remedial action or cooperation to remedy impacts when necessary
(6 OECD Guidelines | UNGPs 22, 29, 30 and 31)
The Ethics Committee is the specialised body responsible for independently and impartially overseeing the communication and compliance of the Code of Conduct and the Anti-Corruption Policy across all companies within the Group.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
In accordance with the Irregularity Reporting Policy approved by the Company, the Ethics Committee provides a digital platform (available at www.jeronimomartins.com and ethicscommittee.jeronimomartins.com) for reporting violations, confidentially and anonymously if desired. For more information on how reports are handled and their resolution rate, see subchapter 4, "Social Information", section 4.2, "Managing social topics", subsection 4.2.3, "Consumers and end users", under the subpoint "Customer support services", in this chapter.
Additionally, we have four Ethics Units in Portugal, two in Poland and one in Slovakia. These are autonomous whistleblowing channels which, alongside the Ethics Committee, are responsible for receiving and following up on reports of irregularities relating to the Companies, submitted by any stakeholders, while prohibiting retaliatory acts against those who report in good faith. The Ethics Committee and the Ethics Units allow anonymity and operate according to the principles of independence, impartiality, integrity, confidentiality and absence of conflicts of interest.
There are also other bodies that receive and follow up on complaints on specific topics: the Committee for Combating Mobbing, Discrimination and Sexual Harassment, which is formed whenever a complaint on this matter is filed in Poland; and the Workplace Coexistence Committee in Colombia, which investigates and deals with complaints related to working conditions or other labour issues.
Employees also have access to the Employee Service Desk for reporting, clarifying and resolving labour-related issues, as well as for receiving and forwarding social support requests. This channel ensures confidentiality, independence and impartiality, protecting employees against any retaliation, discrimination and/or restriction of their rights.
For more information regarding the communication channels available to different stakeholders, see subchapter 2, "General Disclosures", section 2.3, "Stakeholder engagement and communication channels", in this chapter.
We are currently strengthening our human rights due diligence process in line with OECD recommendations and with the European Union legislation on the Corporate Sustainability Due Diligence Directive, as well as in relation to corruption prevention and mitigation, in compliance with the applicable legal framework.
3.3.6. Disclosure of KPIs (Key Performance Indicators)
In 2025, we recorded the following eligibility and alignment results:
- KPI turnover: 100% non-eligible, since our main activity (food distribution) is not currently regulated under the Climate Delegated Act, the Environmental Delegated Act, or the Complementary Delegated Act.
- KPI Capital Expenditure (CapEx): 6% eligible and aligned; 55% eligible and non-aligned; 39% non-eligible.
- KPI Operational Expenditure (OpEx): 100% not eligible (potentially eligible numerator amounts are considered non-material).
According to Article 8 of the Delegated Act, undertakings are required to submit three tables, one for each of the KPIs, that is, turnover, capital expenditure (CapEx) and operational expenditure (OpEx). This information is set out below:
Sustainability Statement
Jerónimo Martins | Annual Report 2025
Turnover
| Financial year 2025 | 2025 | Substantial contribution (SC) criteria | DNSH (“Do no significant harm”) criteria (h) | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Economic activities (1) | Code (a) (2) | Turnover (3) | Proportion of Turnover, year N (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 taxonomy-eligible Turnover (A.2), year 2024 (18) | Category — enabling activity (19) | Category — transitional activity (20) |
| million € | % | V: N, N/EI, (b) and (c) | V: N, N/EI, (b) and (c) | V: N, N/EI, I, (b) and (c) | V: N, N/EI, I, (b) and (c) | V: N, N/EI, I, (b) and (c) | V: N, N/EI, I, (b) and (c) | V/N | V/N | V/N | V/N | V/N | V/N | V/N | % | C | W | ||
| A. TAXONOMY-ELIGIBLE ACTIVITIES | |||||||||||||||||||
| A.1. Environmentally sustainable activities (taxonomy-aligned) | |||||||||||||||||||
| Turnover from environmentally sustainable activities (taxonomy-aligned) (A.1.) | 0 | 0% | 0% | 0% | 0% | 0% | 0% | 0% | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | 0% | |||
| Of which enabling | 0 | 0% | 0% | 0% | 0% | 0% | 0% | 0% | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | 0% | C | ||
| Of which transitional | 0 | 0% | 0% | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | 0% | W | |||||||
| A.2. Taxonomy-eligible but not environmentally sustainable activities (taxonomy-non-aligned activities) (g) | |||||||||||||||||||
| Turnover from taxonomy-eligible but not environmentally sustainable activities (taxonomy-non-aligned activities) (A.2.) | 0 | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | ||||||||||
| A. Turnover from taxonomy-eligible activities (A.1. + A.2.) | 0 | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | ||||||||||
| B. TAXONOMY-NON-ELIGIBLE ACTIVITIES | |||||||||||||||||||
| Turnover from taxonomy-non-eligible activities (B.) | 35,991 | 100% | |||||||||||||||||
| Total (A. + B.) | 35,991 | 100% |
The denominator of this KPI is based on consolidated turnover (sales and services), as indicated in the consolidated financial statements under chapter 3. "Consolidated Financial Statements". With regard to the numerator, no eligible activities were identified, since, and as previously indicated, food distribution is not currently included in the activities listed in the Taxonomy.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
Capital Expenditure (CapEx)
| Financial year 2025 | 2025 | Substantial contribution criteria | DNSH ("Do no significant harm") criteria (h) | Mineral oil (h) | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Economic activities (1) | Code (a) (2) | CapEx (3) | Proportion of CapEx, year N (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 taxonomy-eligible CapEx (A.2), year 2024 (18) | Category - enabling activity (19) | |
| € million | % | Y: N, N/E L (b) and (c) | Y: N, N/E L (b) and (c) | Y: N, N/E L (b) and (c) | Y: N, N/E L (b) and (c) | Y: N, N/E L (b) and (c) | Y: N, N/E L (b) and (c) | Y/N | Y/N | Y/N | Y/N | Y/N | Y/N | Y/N | % | C | |||
| A. TAXONOMY-ELIGIBLE ACTIVITIES | |||||||||||||||||||
| A.1. Environmentally sustainable activities (taxonomy-aligned) | |||||||||||||||||||
| Installation, maintenance and repair of energy efficiency equipment | CCM 7.3 | 0 | 0% | Y | N | N/E L | N/E L | N/E L | N/EL | Y | Y | Y | Y | Y | Y | Y | 0% | C | |
| Installation, maintenance and repair of instruments and devices for measuring, regulating and monitoring the energy performance of buildings. | CCM 7.5 | 0 | 0% | Y | N | N/E L | N/E L | N/E L | N/EL | Y | Y | Y | Y | Y | Y | Y | 0% | C | |
| Installation, maintenance and repair of renewable energy technologies | CCM 7.6 | 30 | 2% | Y | N | N/E L | N/E L | N/E L | N/EL | Y | Y | Y | Y | Y | Y | Y | 2% | C | |
| Acquisition and ownership of buildings | CCM 7.7 | 57 | 4% | Y | N | N/E L | N/E L | N/E L | N/EL | Y | Y | Y | Y | Y | Y | Y | 4% | ||
| CapEx of environmentally sustainable activities (taxonomy-aligned) (A.1) | 88 | 6% | 6% | 0% | 0% | 0% | 0% | 0% | Y | Y | Y | Y | Y | Y | Y | 6% | |||
| Of which enabling | 30 | 2% | 2% | 0% | 0% | 0% | 0% | 0% | Y | Y | Y | Y | Y | Y | Y | 2% | C | ||
| Of which transitional | 0 | 0% | 0% | Y | Y | Y | Y | Y | Y | Y | 0% | ||||||||
| A.2. Taxonomy-eligible but not environmentally sustainable activities (taxonomy-non-aligned activities) (g) | |||||||||||||||||||
| Transport by motorbikes, passenger cars and light-duty vehicles | CCM 6.5 /CCA 6.5 | 18 | 1% | EL | EL | N/E L | N/E L | N/E L | N/EL | 1% | |||||||||
| Renovation of existing buildings | CCM 7.2 / CCA 7.2 / CE 3.2 | 63 | 4% | EL | EL | N/E L | N/E L | EL | N/EL | 4% | |||||||||
| Installation, maintenance and repair of energy efficiency equipment | CCM 7.3 / CCA 7.3 | 60 | 4% | EL | EL | N/E L | N/E L | N/E L | N/EL | 4% | |||||||||
| Acquisition and ownership of buildings | CCM 7.7 / CCA 7.7 | 701 | 46% | EL | EL | N/E L | N/E L | N/E L | N/EL | 46% | |||||||||
| CapEx of taxonomy-eligible but not environmentally sustainable activities (taxonomy-non-aligned activities) (A.2) | 842 | 55% | 55% | 0% | 0% | 0% | 0% | 0% | 55% | ||||||||||
| A. CapEx of taxonomy-eligible activities (A.1+A.2) | 929 | 61% | 61% | 0% | 0% | 0% | 0% | 0% | 61% | ||||||||||
| B. TAXONOMY-NON-ELIGIBLE ACTIVITIES | |||||||||||||||||||
| CapEx of taxonomy-non-eligible activities (B) | 595 | 39% | |||||||||||||||||
| Total (A + B) | 1,524 | 100% |
Sustainability Statement
Jerónimo Martins | Annual Report 2025
According to the Article 8 of the Delegated Act, the CapEx KPI is defined as eligible CapEx (numerator) divided by total CapEx (denominator). Total CapEx was calculated in accordance with the rules and principles applicable to the preparation of the financial statements, taking into account the increases in the gross value of tangible fixed assets, intangible assets, investment property (where applicable), biological assets (where applicable) and right-of-use, as presented in notes 8, 9 and 10 to the Consolidated Financial Statements (subchapter 3.1. "Consolidated Financial Statements"). The denominator corresponds to the sum of the "Increases" headings referred to in the notes indicated.
Million euros
| 2025 | 2024 | |
|---|---|---|
| Increases in Tangible Fixed Assets (Note 8.1) | 1,134 | 933 |
| Business acquisitions – Tangible fixed assets (Note 8.1) | 11 | 18 |
| Increases in Intangible Assets (Note 9.1) | 25 | 16 |
| Increases in Right-of-Use (Note 10.1) | 349 | 350 |
| Business acquisitions – Right-of-Use (Note 10.1) | 5 | 0 |
| Total CapEx for EU Taxonomy purposes | 1,524 | 1,317 |
With regard to right-of-use assets, we believe that the Delegated Act fails to deal with increases in the gross value of right-of-use assets as a result of contractual amendments or other adjustments to lease liabilities, in particular extension of the lease term.
Accordingly, new measurements of right-of-use assets resulting from contractual amendments or other adjustments to liabilities were not included in the denominator, as presented under the heading "Amendments to Right-of-Use Contracts" in note 10.1.
Regarding the identification of eligible CapEx, our approach to the classification of economic activities was as follows:
- CapEx of assets or processes associated with eligible activities was not included, since our core activity is not provided for under the current Taxonomy, and no investments in internal activities were identified that qualify as such.
- CapEx related to CapEx plans, as currently defined in the Taxonomy, to expand aligned activities or that enable eligible activities to become taxonomy-aligned were not included.
- includes CapEx of the purchase of goods and services from eligible economic activities that support our core business.
Additionally, the amounts associated with eligible Capex were determined based on the execution level of each investment. As a result of this approach, the activities indicated under sub-section 3.3.3. "Eligibility analysis" of this subchapter were classified as eligible. As regards these activities, we analysed the investments for which we were provided with the necessary information by suppliers to identify whether their economic activity is taxonomy-aligned, including compliance with the DNSH criteria and minimum safeguards, as well as what we were able to assess directly.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
Operational expenditure
| Financial year 2025 | 2025 | Substantial contribution criteria | DNSH (“Do no significant harm”) criteria (h) | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Economic activities (1) | Code (a) (2) | OpEx (3) | Proportion of OpEx, year N (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 taxonomy-eligible OpEx (A.2), year 2024 (18) | Category — enabling activity (19) |
| million € | % | Y; N; N/E L (b) and (c) | Y; N; N/E L (b) and (c) | Y; N; N/E L (b) and (c) | Y; N; N/E L (b) and (c) | Y; N; N/E L (b) and (c) | Y; N; N/E L (b) and (c) | Y; N; N/E L (b) and (c) | Y; N; N/E L (b) and (c) | Y; N; N/E L (b) and (c) | Y; N | Y; N | Y; N | Y; N | Y; N | Y; N | ||
| A. TAXONOMY-ELIGIBLE ACTIVITIES | ||||||||||||||||||
| A.1. Environmentally sustainable activities (taxonomy-aligned) | ||||||||||||||||||
| OpEx related to environmentally sustainable activities (taxonomy-aligned) (A.1) | 0 | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | |||||||||
| Of which enabling | 0 | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | C | ||||||||
| Of which transitional | 0 | 0% | 0% | 0% | W | |||||||||||||
| A.2. Taxonomy-eligible but not environmentally sustainable activities (taxonomy-non-aligned activities) (g) | ||||||||||||||||||
| OpEx of taxonomy-eligible but not environmentally sustainable activities (taxonomy-non-aligned activities) (A.2) | 0 | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | |||||||||
| A. OpEx of taxonomy-eligible activities (A.1+A.2) | 0 | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | |||||||||
| B. TAXONOMY-NON-ELIGIBLE ACTIVITIES | ||||||||||||||||||
| OpEx of taxonomy-non-eligible activities (B) | 144 | 100% | ||||||||||||||||
| Total (A + B) | 144 | 100% |
According to Article 8 of the Delegated Act, the OpEx KPI is defined as eligible and aligned OpEx (numerator) divided by total OpEx (denominator). Total OpEx for this purpose includes non-capitalised direct costs related to research and development, building renovation measures, short-term leases, maintenance and repairs, and any other direct expenditure related to the day-to-day servicing of assets of property, plant and equipment by the undertaking or third parties to whom activities are outsourced that are necessary to ensure the continued and effective functioning of such assets. Operating costs related to the low-value lease of assets or contracts with variable lease payments are not included.
Also in accordance with the Delegated Act and considering the guidelines issued by the European Commission, an entity is exempt from calculating the OpEx KPI numerator where the denominator is considered non-material to the business model.
We are of the opinion that total OpEx, as shown in the table above, is not material to our activity, as it is below 0.5% of total operational expenditure in 2025, given that we do not incur significant operational expenses for research and development under IAS 38, nor are the amounts incurred with asset maintenance and repair and short-term leases significant. As such, we have opted to avail ourselves of the foregoing exemption and not calculate the OpEx KPI numerator.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
3.3.7. Fossil gas and nuclear energy related activities
With regard to nuclear energy and fossil gas related activities, the Group represents that it did not carry out such activities in 2025, as shown in the table below (Complementary Delegated Act: Model 1 - nuclear energy and fossil gas related activities):
| Line | Nuclear energy related activities | |
|---|---|---|
| 1. | 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. | No |
| 2. | 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. | No |
| 3. | The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety upgrades. | No |
| Fossil gas related activities | ||
| 4. | The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity using fossil gaseous fuels. | No |
| 5. | 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. | No |
| 6. | 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. | No |
3.3.8. Conclusions and outlook of the 2026 report
In 2026, we will continue to monitor the publication of new delegated acts and the possible inclusion of new economic activities, as well as new guidelines for applying the Taxonomy that enable us to ensure compliance with European taxonomy-alignment reporting.
Moreover, we will continue to strengthen the assessment of technical criteria (SC and DNSH) for eligible activities where the values (e.g. CapEx) and the complexity of information gathering so warrant. These efforts involve engaging our suppliers, who we rely on for such information. In some cases, the necessary detail to claim alignment is not always available, e.g. in the product data sheets, making it difficult to collect and analyse information and provide evidence-based substantiation for such claims. Furthermore, given their small size, several of our suppliers also have trouble collecting and systematising this information in a way that can be considered taxonomy aligned. We will also continue the work of reviewing the classification and organization of information in the computer systems used by our Companies.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
S M NON-MATERIAL
3.4. Sustainable Finance
3.4.1. Sustainable Finance Framework
Sustainable finance plays an important role in achieving the objectives of both the European Green Deal and the United Nations 2030 Agenda for Sustainable Development. By integrating sustainability criteria into our investment decisions, particularly when selecting financial instruments, we seek to accelerate the transition to more responsible and resilient production models, positively distinguishing companies with stronger environmental, social and governance practices.
It is for these reasons that, since 2024, we have been developing the Jerónimo Martins Group's Sustainable Finance Framework91, covering a broad range of financial instruments, including:
- Green Loans or bonds, used to finance the investment in specific climate or environmental projects;
- Sustainability-Linked Loans or bonds, intended to finance the company's own activity on its sustainability path, with environmental and social performance indicators monitored from among the five defined in the framework;
- Supply chain financing instruments, in this case indexed to the sustainability of the suppliers being financed.
This document sets out our approach in this area and is aligned with the following frameworks:
- The Green Loan Principles and the Sustainability-Linked Loan Principles, published by the LMA - Loan Market Association (the authoritative voice of the syndicated loan market);
- The Green Bond Principles and the Sustainability-Linked Bond Principles, published by the International Capital Market Association (ICMA).
The environmental and social performance indicators included in our sustainable finance programme were selected based on the material topics identified in our double materiality matrix and represent ambitious commitments within the scope of our sustainability strategy. The Sustainable Finance Framework was certified by an independent and accredited third-party organisation.
3.4.2. Instruments in progress
In 2023, Jerónimo Martins Polska (Biedronka) took out a Green Loan with the European Investment Bank (EIB) to finance the energy conversion of the entire Biedronka store network, increasing its energy efficiency and reducing carbon emissions and air pollution. The Company began using this facility, totalling 1.5 billion złoty (around 348 million euros) in 2024. Between 2023 and 2025, under this programme, Biedronka finalised the refurbishment of more than 600 stores to improve their energy efficiency by implementing closed-loop cooling systems running on natural gases, thermal insulation of buildings, and a building management system, in line with the European Energy Performance of Buildings Directive (EPBD).
In 2024, Jerónimo Martins Colombia (Ara) took out a Green Loan with the International Finance Corporation (IFC) for 120 million dollars (around 115 million euros) to finance the construction of two distribution centres in accordance with criteria that would qualify for EDGE (Excellence in Design for Greater Efficiencies) certification. Both distribution centres are already operational and obtained EDGE certification in early 2026, thereby meeting the conditions required for access to more favourable financing while we promote, together with the IFC, the transition to more responsible and efficient production models. EDGE certification is expected to enable estimated savings of up to 25% in energy consumption and up to 60% in water consumption, compared with the benchmark. As for the reduction in GHG emissions, this is expected to be in the order of 40%.
We also maintained our guarantee issuance facility contracted by Jerónimo Martins, SGPS, S.A., which was reclassified as sustainability linked. This facility, of around 350 million euros, have more favourable financing conditions linked to the achievement of two indicators selected by the financial institution from among the five defined in the Framework.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
We also continue to work on converting our supply chain financing facilities, commonly known as "confirming" facilities, requalifying them as ESG Confirming facilities. With these facilities, suppliers can receive early payment from the bank of invoices issued to Jerónimo Martins Group Companies, with a cost that will depend on their ESG rating, resulting from an assessment carried out by Ecovadis, or on the outcome of the ESG audits carried out by the Group of the supplier concerned. This means that the cost to the supplier will be lower, depending on how well they score. Additional information about these facilities is provided in subchapter 5 "Governance Information", section 5.2. "Business Conduct", subsection 5.2.4. "Supplier payment practices and initiatives", of this chapter.
In 2025, we secured financing through two new Commercial Paper Programmes, both in the form of Sustainability-Linked Commercial Paper, via private placement and direct offering, each for a maximum amount of 50 million euros. A sustainability-linked bond was also issued, with a three-year maturity and a fixed interest rate, in the amount of 50 million euros. These three new loans are indexed to sustainability objectives tied to monitoring and disclosing the social impacts generated by the support initiatives of the Jerónimo Martins Group Companies, and the annual waste recovery rate.
At the end of 2025, we had four categories of sustainable financial instruments in place, one more than in 2024: Green Loans, Supply Chain Financing Agreements, Guarantee Issuance Credit Facilities, and Sustainability-Linked Loans. The nearly 1,450 million euros raised (30% more than in 2024) represent around 29% of the Group's total financial instruments. Our goal is to progressively increase the financial instruments under our Sustainable Finance Framework within the global portfolio.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
4. Social information
4.1. Our social-related policies
4.1.1. Own workforce
[ESRS S1-1; ESRS S1-4]
The Group is committed to ensuring high standards of integrity, ethics, and respect for all those who work with us. We respect human rights, the legislation of the countries where we operate, and the main international standards and guidelines, such as the Universal Declaration of Human Rights, the ILO Conventions and the OECD Guidelines for Multinational Enterprises.
To ensure consistent behaviour across all our structures, we have policies that serve as ethical and deontological references throughout our employees professional journey with us and that guide their conduct regardless of the role, hierarchy or country:
- Code of Conduct
- Anti-Corruption Policy
To apply our principles of integrity and respect into practice, we have global and local policies that guide our human resources management processes:
- Labour Fundamentals Guidelines
- Guidelines for Preventing and Fighting Harassment and Discrimination
- Recruitment and Selection Policy
- Global Training Policy
- Performance Management Policy
- Health and Safety in the Workplace Policy
- Engagement Policy
The actions taken on material impacts, approaches to managing material risks and pursuing material opportunities and the effectiveness of these actions, related to our employees, are described throughout the subsections of the section "Managing social topics", including the resources allocated to the management of material topics.
A description of our social-related policies can be found in subchapter 2. "General disclosures", section 2.6. "Our policies". This information is also available on our corporate website.
4.1.2. Affected communities
[ESRS 2 MDR-P, ESRS S3-1]
[GRI 3-3, GRI 2-23]
We recognise that our business sustainability in the long term is an inseparable component of the extended responsibility with which it is conducted, particularly our active contribution to the well-being of the surrounding communities in the areas where we operate. Within the scope of the double materiality assessment, the concept of affected communities includes the populations living in the vicinity of our stores, distribution centres and other business units. For this reason, we work to identify their most urgent needs, based on the local socio-economic reality and prioritising the groups we consider most vulnerable – namely children, older people and persons with disabilities – always in alignment with respect for human rights.
The guidelines that shape our approach – particularly regarding the direct and indirect impacts of our operations – are reflected in the following policies and codes:
- Policy of Support for Surrounding Communities
- Code of Conduct
- Sustainable Sourcing Policy
- Code of Conduct for Suppliers
- Whistleblowing Policy
Sustainability Statement
Jerónimo Martins | Annual Report 2025
In addition to what is outlined in the Policy of Support for Surrounding Communities, the Companies define priority actions according to the specificities of their business, the countries where they operate and the communities located near their operations:
- Biedronka and Pingo Doce focus on supporting social emergencies, food insecurity, and the isolation and loneliness of older people, as well as promoting children's literature.
- Ara has identified the fight against food insecurity – particularly among children – as an absolute priority, working with a range of institutions to prevent malnutrition, promote healthy lifestyles and support childcare, mothers and families.
- Hebe directs its initiatives towards specific vulnerable groups, such as women, institutionalised young people and persons with disabilities.
The Code of Conduct establishes support for surrounding communities as one of the pillars of our Companies' actions, ensuring that this commitment follows recognised good governance guidelines, such as quality, transparency and ethical conduct.
The Sustainable Sourcing Policy highlights the importance of stimulating the socio-economic development of the regions where we operate and contribution positively to the sustainability of ecosystems and local populations. It is also sets out several principles to identify, assess, manage or remedy the impacts on affected communities – particularly in relation to the environment and human rights.
The Code of Conduct for Suppliers defines the ethical values and behaviours that our suppliers are expected to share with us – including the respect and protection of human rights – and which may have an impact on the communities surrounding their area of operation, with the aim of contributing to the socio-economic prosperity of the regions where they work[92].
In line with the provisions set out in these last two documents – and aligned with the due diligence process defined by the United Nations Guiding Principles (UNGPs) and the OECD Guidelines –, we incorporate community-impact criteria into the social audits carried out on our Private Brand and perishable suppliers $^{93}$ operating in the primary sector. The objective is to identify, assess, manage or remedy our indirect impacts on the environment and on the human rights of surrounding communities. These criteria assess, among other aspects:
- guarantees of land and water use rights and any associated conflicts;
- the existence and implementation of FPIC (Free, Prior and Informed Consent) processes for local and Indigenous communities;
- the impacts of productive activities on protected areas and areas of high conservation value.
A description of our social-related policies can be found in subchapter 2. "General disclosures", section 2.6. "Our policies". These are also available on our corporate website.
4.1.3. Consumers and end-users
[ESRS 2 MDR-P, ESRS S4-1]
[GRI 3-3, GRI 2-23]
Investing in the responsible growth of our businesses means placing consumers at the very core of everything we do, while strengthening the relationships we establish with local suppliers and producers. That is why our main Group policies – updated whenever necessary – incorporate consumer concerns, needs and expectations, which are in line with our goal of making high-quality, safe, innovative and affordable products accessible. We also recognise our role in encouraging behaviours that contribute positively to society, especially in a context of evolving consumer trends, intense competition in the retail sector, and the socio-economic challenges faced by families.
Respecting consumer rights – as well as the human rights that concern them – is not only a legal requirement, but also a condition for ensuring the proper alignment and effectiveness of our strategy
Sustainability Statement
Jerónimo Martins | Annual Report 2025
and for the sustainability of our operations. Our approach to consumer's rights takes into account: due diligence throughout the entire product life cycle (development, sourcing, in-store sales or through digital channels, use and disposal), including safety controls, labelling and nutritional profiles; engagement—through accessible information on products and communication channels – Customer Support Service and the Customer Ombudsman's Office; and, remediation through product recalls and withdrawals and corrections, process enhancement, and independent reporting channels managed by the Ethics Committee, ensuring confidentiality and non-retaliation.
Several policies underpin this approach, with the following being particularly relevant for our consumers:
- Code of Conduct
- Code of Conduct for Suppliers
- Product Quality and Safety Policy
- Nutritional Policy
- Sustainable Sourcing Policy
- Personal Data Protection Policy
- Whistleblowing Policy
These policies apply to all consumers and end-users. Specific measures are nevertheless in place for consumer groups with greater exposure risks (e.g., children, older people and individuals with allergies or intolerances, or consumers who rely on accessible information), as described in section 4.2. "Managing social topics", subsection 4.2.3. "Consumers and end-users". The policies also seek to put into practice the principles set out in internationally recognised instruments relevant to consumers, namely the UN Guiding Principles on Business and Human Rights (UNGPs), the OECD Guidelines for Multinational Enterprises and the International Labour Organization (ILO) Declaration on Fundamental Principles and Rights at Work (particularly applicable to the supply chain).
In addition to our policies, internal guidelines ensure that application of standards are applied (and their continuously adapted to advances in knowledge) by both our teams and our business partners. The Guidelines for the Development of Private Brand and Perishable Products, for example, specify quality and food safety requirements for stores and distribution centres, set restrictions on the use of food colourings, preservatives and other artificial additives, define recommended quantities of ingredients such as salt, sugar and fats, and include other principles for nutritional labelling.
A description of our social-related policies can be found in subchapter 2. "General disclosures", section 2.6. "Our policies". These are also available on our corporate website.
4.1.4. Workers in the value chain
[ESRS 2 MDR-P; ESRS S2-1]
We promote the respect and protection of human and labour rights throughout the value chain and, together with our suppliers, we work to mitigate potential risks and encourage the sharing of good social practices.
For workers in the value chain, we are guided by a set of policies and requirements that frame the management om material risks and impacts related to people's well-being, namely:
- Sustainable Sourcing Policy
- Code of Conduct for Suppliers
A description of our social-related policies can be found in subchapter 2. "General disclosures", section 2.6. "Our policies". These are also available on our corporate website.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
4.2. Managing social topics
4.2.1. Own workforce
[ESRS 2 SBM-3; ESRS S1-4]
In 2025, the Group's human resources strategy continued to face significant challenges, reflecting a demanding labour market environment marked by labour shortages across Europe and historically low unemployment rates. At the same time, structural trends, including an ageing population, tighter migration constraints, and evolving generational expectations, further intensified people management challenges. As a result, talent sources are being reshaped and competition to attract and retain employees, especially in operational positions, has intensified.
The Risk Committee evaluates and monitors these challenges on a quarterly basis, identifying mitigation measures to address the identified risks. Our response is implemented through concrete actions structured around the five strategic pillars of the Group's human resources management:
- tackling labour shortage;
- strengthening recognition and retention mechanisms;
- developing capabilities and leadership;
- putting people at the centre of the HR transformation agenda;
- preparing the organisation to face future challenges.
The initiatives implemented under these pillars, together with the commitments we define every three years and monitor quarterly at both Group and Company level, reflect our response to the challenges identified and are detailed in the pages that follow. Commitments are described in subchapter 6. "Sustainability Commitments", of this chapter.
In 2025, the Group participated for the first time in the Workforce Disclosure Initiative (WDI), an initiative of the Thomson Reuters Foundation that assesses companies' transparency on workforce-related matters. Jerónimo Martins achieved an overall score of 71%, placing 9 p.p. above the average of the more than 100 participating companies, 4 p.p. above the Consumer Staples sector, and 22 p.p. above Portuguese companies. The Group stood out across several of the 13 dimensions assessed, namely governance, risk analysis and human rights, diversity and inclusion, development and adaptation, employee communication and grievance mechanisms, as well as responsible sourcing and supply chain management. The highest score was also achieved in four dimensions, a result unmatched among the participating companies.
Our employees
[ESRS 2 SBM-1; ESRS S1-6]
Total number of employees and by country
At the end of 2025, we had 147,709 employees in Portugal, Poland, Colombia, Slovakia, Czechia, and Morocco. Information of the Group's number of employees can also be found in chapter 1 "The Jerónimo Martins Group", subchapter 1.2. "Financial and operational indicators".
Sustainability Statement
Jerónimo Martins | Annual Report 2025
Employees by gender and country
[GRI 405-1]
| 2025 | 2024 | |||||
|---|---|---|---|---|---|---|
| Women | Men | Total | Women | Men | Total | |
| Group | 111,710 | 35,999 | 147,709 | 106,326 | 33,532 | 139,858 |
| Portugal | 22,464 | 12,896 | 35,360 | 22,729 | 12,704 | 35,433 |
| Poland | 78,293 | 14,002 | 92,295 | 75,235 | 13,048 | 88,283 |
| Colombia | 10,566 | 8,895 | 19,461 | 8,211 | 7,705 | 15,916 |
| Slovakia | 324 | 160 | 484 | 104 | 74 | 178 |
| Czechia | 52 | 1 | 53 | 47 | 1 | 48 |
| Morocco | 11 | 45 | 56 | - | - | - |
86 NATIONALITIES
The most common foreign nationalities in the three most representative countries are:
- Brazilian in Portugal
- Ukrainian in Poland
- Venezuelan in Colombia
Type of contract and working hours
[GRI 2-7]
| Type of contract* | ||||||
|---|---|---|---|---|---|---|
| Permanent (open-ended) | Temporary (fixed-term**) | |||||
| Women | Men | Total | Women | Men | Total | |
| Group | 87,258 | 28,572 | 115,830 | 24,452 | 7,427 | 31,879 |
| Portugal | 18,970 | 9,991 | 28,961 | 3,494 | 2,905 | 6,399 |
| Poland | 58,092 | 9,798 | 67,890 | 20,201 | 4,204 | 24,405 |
| Colombia | 9,896 | 8,627 | 18,523 | 670 | 268 | 938 |
Sustainability Statement
Jerónimo Martins | Annual Report 2025
| Type of contract* | ||||||
|---|---|---|---|---|---|---|
| Permanent (open-ended) | Temporary (fixed-term**) | |||||
| Women | Men | Total | Women | Men | Total | |
| Slovakia | 287 | 144 | 431 | 37 | 16 | 53 |
| Czechia | 9 | 0 | 9 | 43 | 1 | 44 |
| Morocco | 4 | 12 | 16 | 7 | 33 | 40 |
- There are no employees in the Group with non-guaranteed hours. The total number of employees at the end of the period was used to calculate this indicator.
** The SENA (Servicio Nacional de Aprendizaje) internships in Colombia were included under the "fixed-term" type of contract, corresponding to 938 contracts.
| Type of work schedule | ||||||
|---|---|---|---|---|---|---|
| Full-Time | Part-time | |||||
| Women | Men | Total | Women | Men | Total | |
| Group | 92,232 | 32,568 | 124,800 | 19,478 | 3,431 | 22,909 |
| Portugal | 18,760 | 11,157 | 29,917 | 3,704 | 1,739 | 5,443 |
| Poland | 63,080 | 12,606 | 75,686 | 15,213 | 1,396 | 16,609 |
| Colombia | 10,054 | 8,619 | 18,673 | 512 | 276 | 788 |
| Slovakia | 280 | 140 | 420 | 44 | 20 | 64 |
| Czechia | 52 | 1 | 53 | 0 | 0 | 0 |
| Morocco | 6 | 45 | 51 | 5 | 0 | 5 |
Permanent contracts account for 78.4% of the Group's contracts, having increased 3.9 p.p. compared to the previous year, portraying our ongoing effort to promote stable employment relationships. In terms of working hours, full-time contracts represent 84.5% of the total, confirming the predominance of this type of contract.
Employee turnover, hires, retention, and seniority
[GRI 401-1]
| 29.2%
Employee turnover * | 34.5%
Hires' rate ** | 82.5%
12-month retention rate*** | 6 years
Average seniority |
| --- | --- | --- | --- |
- Ratio between employee exits during 2025 and the total number of employees at the end of the period.
** Ratio of employee hires during 2025 and the total number of employees at the end of the period.
*** Percentage of employees who were still with the Group as of December 2025, based on December 2024.
In 2025 we hired 50,994 employees, resulting in the creation of 7,851 jobs. A total of 43,068 employee contract terminations were recorded in the year, with the turnover rate reaching 29.2%, an increase of 0.5 p.p. compared to 28.7% in 2024. In line with trends observed in the global retail sector, turnover is highest in operational roles in stores and distribution centres, particularly among younger employees. In terms of type of terminations, 58.2% of exits were voluntary, while 41.8% were involuntary, reflecting workforce adjustments associated with business seasonality, particularly during Christmas, Easter, and the summer.
Workers who are not employees
[ESRS S1-7]
[GRI 2-8]
As at the end of 2025, our internal systems included 22,079 workers who are not employees, corresponding to 13.0% of the Group's total workforce. Most of these workers are hired through temporary employment agencies for operational roles, particularly in stores and distribution centres.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
| Workers who are not employees* | ||
|---|---|---|
| 2025 | 2024 | |
| Group | 22,079 | 21,661 |
| Portugal | 324 | 336 |
| Poland | 19,804 | 17,320 |
| Colombia | 1,923 | 4,005 |
| Slovakia | 24 | - |
| Czechia | 0 | - |
| Morocco | 4 | - |
- The Group is enhancing its internal data collection and reporting processes to allow the separate quantification of self-employed people and individuals hired through temporary employment agencies, within the scope of its own workforce. The reported number of workers who are not employees in Group-wide office functions and operations in Portugal corresponds to the headcount recorded in the human resources management system as at 31/Dec/2025. In Poland, the number of workers who are not employees in Biedronka stores corresponds to the headcount recorded in a local management system as at 31/Dec/2025. In the distribution centres and Hebe stores, the headcount of workers who are not employees corresponds to the number of full-time equivalent (FTEs) as at 31/Dec/2025, estimated from the hours worked report provided by the service provider. In Colombia, the number of workers who are not employees in Ara's operations corresponds to the headcount recorded in internal manual systems as at 31/Dec/2025.
Diversity and inclusion
[ESRS S1-1; ESRS S1-9]
[GRI 405-1]
W MATERIAL
With more than 147,000 employees across six countries and three continents, we embrace the diversity of skills, cultures, and generations that shape our population. The multiplicity of Companies and countries inherent of an international Group strengthens our belief that diversity is a key pillar of our identity, contributing to stronger teams, encouraging innovation, and enabling us to reflect the communities we serve.
| Age group | Gender | Total | ||||||
|---|---|---|---|---|---|---|---|---|
| < 30 | 30-50 | >50 | Women | Men | ||||
| # | % | # | % | |||||
| Group | 38,336 | 90,271 | 19,102 | 111,710 | 75.6% | 35,999 | 24.4% | 147,709 |
| Portugal | 9,302 | 18,914 | 7,144 | 22,464 | 63.5% | 12,896 | 36.5% | 35,360 |
| Poland | 19,589 | 60,857 | 11,849 | 78,293 | 84.8% | 14,002 | 15.2% | 92,295 |
| Colombia | 9,228 | 10,164 | 69 | 10,566 | 54.3% | 8,895 | 45.7% | 19,461 |
| Slovakia | 173 | 277 | 34 | 324 | 66.9% | 160 | 33.1% | 484 |
| Czechia | 28 | 22 | 3 | 52 | 98.1% | 1 | 1.9% | 53 |
| Morocco | 16 | 37 | 3 | 11 | 19.6% | 45 | 80.4% | 56 |
| Functional levels | ||||||||
| Strategic* | 1 | 133 | 98 | 76 | 32.8% | 156 | 67.2% | 232 |
| Managerial | 273 | 2,949 | 497 | 1,977 | 53.2% | 1,742 | 46.8% | 3,719 |
| Operational | 38,062 | 87,189 | 18,507 | 109,657 | 76.3% | 34,101 | 23.7% | 143,758 |
- The strategic functional level is responsible for defining the organisation's long-term vision and priorities, determining how resources are allocated to maximise sustainable value. At this level, which includes the Executive Committees of the Group and of the Companies, growth ambitions, strategic positioning, investment decisions, and performance expectations are defined.
In 2025, 8.6% of our employees were of a different nationality than that of the country where they work, corresponding to an increase of 1.1 p.p. compared to 2024. The Group's workforce includes professionals representing 86 nationalities across four generations.
We ensure that all employees, at every level of the organisation, benefit from conduct guided by ethical standards, and that are treated in accordance with the principles of fairness, equal opportunity, and non-discrimination, regardless of origin, gender, sexual orientation, religion, age, marital status, family situation, nationality, ethnicity, disability, political or ideological beliefs, trade union membership, or any other criteria. The Group's Code of Conduct reflects this determination, by promoting human resources management practices that are aligned with the established principles.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
This commitment is reflected in concrete initiatives, and our efforts to promote diversity and an inclusive workplace were once again recognized by the Financial Times and the online platform Statista, acknowledging the Jerónimo Martins Group as a Diversity Leader. This is the third consecutive year that we have received this recognition, and we are the only company based in Portugal to be featured in the Diversity Leaders 2026 ranking. The Group was included once again in the FTSE Diversity & Inclusion Index, ranking among the top 100 companies for inclusive workplaces.
Gender equality
Our commitment to gender equality is implemented through policies and initiatives that promote fair and equitable workplaces, where opportunities for women and men are based on merit. We therefore strive to ensure balanced gender representation across all levels of the organisation and throughout all stages of our people management processes. The pay equity already achieved in the main countries where we operate reflects the importance we place on these matters.
Women represent most of our workforce (75.6%), similar to what is observed in the food retail sector. We endeavour to ensure balanced gender representation at all levels of the organisation, including management and leadership roles. In 2025, women held 69.1% of management positions and 52.0% of leadership positions (managerial and strategic functional levels).
| Representativeness and employee life cycle | 2025 | 2024 | 2023 |
|---|---|---|---|
| Management positions held by women* | 69.1% | 69.1% | 67.4% |
| Entry-level positions held by women** | 76.9% | 76.7% | 77.0% |
| Revenue-generating functions carried out by women *** | 75.3% | 75.4% | 73.1% |
| Hires taken by women | 66.7% | 69.2% | 68.1% |
| Promotions given to women | 65.3% | 68.2% | 73.6% |
| Terminations taken by women | 66.3% | 68.0% | 67.6% |
- Considering women who are part of the strategic and managerial functional levels, as well as women in the operational functional sphere who manage teams (n= 10.367).
** Roles that do not require previous experience in the field or profession and that are performed by women.
*** Roles responsible for central business objectives, profits or losses, and which are performed by women.
[ESRS S1-16]
[GRI 405-2]
| Gender pay ratio by country and most representative Company in each country* | 2025 | 2024 | 2023 |
|---|---|---|---|
| Group | 98.6% | 98.5% | 98.5% |
| Portugal | 99.4% | 99.5% | 100.2% |
| Pingo Doce | 99.8% | 99.9% | |
| Poland | 98.4% | 98.1% | 97.9% |
| Biedronka | 98.5% | 98.1% | |
| Colombia | 97.9% | 98.7% | 98.0% |
| Ara | 97.9% | 98.7% |
- Salary difference between women and men within the universe of Jerónimo Martins employees, based on comparable realities. It is expressed considering women's average salary as a percentage of men's average salary, where 100% is the pay ratio that represents full pay equity. It is calculated following the ESRS methodology and includes the reporting of partial ratios by Company and by country, considering the heterogeneity between them. In Slovakia, Czechia and Morocco, countries in which we recently started operating, we do not have a sufficiently robust sample to be able to include this in the calculation of the indicator and present the respective results. Additionally, the ratios of the most representative Company in each country are reported. As more than 97.3% of employees belong to the operational functional level, the results of the gender pay ratio are mostly illustrative of this segment, so we do not consider partial reporting based on this variable to be relevant.
Our approach to promoting gender equality is structured through the Plan for Equality between Women and Men, the progress on which is monitored and reviewed annually. This plan is supported by a set of internal and external assessment tools and establishes an action plan made up of seven dimensions and 12 measures aligned with the guidelines of the regulation authority Commission for Equality in Labour and Employment (CITE), a Portuguese entity under supervisory authority of the Ministries of Parliamentary
Sustainability Statement
Jerónimo Martins | Annual Report 2025
Affairs and Labour, Solidarity and Social Security. Our strategy for promoting gender equality is based on four pillars:
- Formalising equality between women and men in policies and procedures through guidelines that enshrine our commitment to human rights and the prevention of discrimination based on any diversity factor, including gender;
- Monitoring gender indicators by analysing internal practices and indicators on a quarterly basis throughout the employee's life cycle, to understand the main challenges and act on them, as well as monitoring the investors, analysts and main sustainability indices that assess our performance in this area;
- Facilitating the integration of professional, personal and family life with measures to support parenting, family wellbeing, situations of vulnerability and/or social emergency, as well as support for communities;
- Raising awareness and capacity building for equality between women and men within and outside the Group, sharing information and providing training on the Code of Conduct and fundamental rights, such as equal opportunities and the prohibition of discrimination, establishing external partnerships, and participating in working groups.
To promote the internal and external dissemination of good gender equality practices, we maintain institutional cooperation relationships with external entities specialised in the matter. In 2025, both the Group's Holding and Biedronka maintained their affiliation of the LEAD Network, an organisation committed to strengthening diversity in leadership, particularly among women.
In 2025, Biedronka launched the She Leads Tomorrow programme, a partnership with Kozminski University (Poland Business School) aimed at supporting young women in discovering and developing their leadership potential. In its first edition, the programme welcomed 26 young women and included talks with Biedronka mentors, training, and a workshop on career goal setting.
We continued our participation in the "Diversity, Equity and Inclusion (DEI)" working group led by GRACE – Responsible Companies (an entity comprising over 30 organisations in Portugal that work together to respond to these challenges). We also maintained our participation in iGen – Business Forum for Equality, a CITE initiative that seeks to establish itself as an ambassador for equality and a specialised centre of expertise in this field.
Multigenerational workforce
We promote the hiring and creation of development opportunities for people of all age groups and encourage cooperation between different generations. In 2025, we hired 27,176 people under the age of 30 and 2,235 people over the age of 50.
At Ara, the National Training Service (SENA - Serviço Nacional de Aprendizagem) programme is one of the main mechanisms for integrating young talent. In 2025, the Company hired 938 people under this programme.
In 2025, Pingo Doce launched a new edition of the Pingo Doce Summer Academy, providing young people with the opportunity to get to know the business and develop their communication and interpersonal skills. During the Christmas holidays, Pingo Doce also invited the children of employees between the ages of 16 and 25 to apply for a brief professional experience in the stores. The two initiatives had 195 and 334 participants in 2025, respectively.
To strengthen collaboration among the different generations comprising teams, Biedronka and Hebe have implemented a training programme focused on intergenerational communication, cooperation, feedback, and a culture of appreciation, reaching 207 participants in 2025. At Biedronka, a reverse mentoring model through which younger employees supported 27 seasoned employees in developing technological skills.
In 2025, we continued the JM Talks initiative, hosting three sessions that connected experienced leaders with junior employees to inspire and share knowledge. A total of 655 employees took part in these sessions.
Sustainability Statement
Inclusion of minorities
[ESRS S1-12]
We take an inclusive approach within the communities where we operate, actively promoting opportunities for employment, training, and development for individuals facing disadvantages to accessing the labour market. This approach is implemented through a range of programmes with innovative formats, methodologies, and infrastructures, all aimed at increasing recruitment opportunities and facilitating the integration of these professionals.
The Incluir programme, created in Portugal in 2015, promotes training and employment opportunities for people with disabilities and/or impairments, migrants, refugees, and people at social risk. The programme is managed by a multidisciplinary team with the training and expertise required to support the integration of these professionals. Using a customized approach, the programme is tailored to each participant's needs and to the roles available in each business area. The programme includes training in psychosocial skills and practical on-the-job training, as well as specific adaptations considered necessary by our internal team for each participant, namely at the workstation level (equipment and/or work tools), or at job level (by adjusting roles or the way certain tasks are performed).
The Incluir programme is supported by a network of 127 partner institutions, which help us in identify potential candidates. The process begins with an application, followed by recruitment and selection, during which each candidate's skills and motivations are assessed by an internal technical team specialised in rehabilitation and social integration. An individual plan is then created, which usually includes training, with each candidate assigned a case manager who supports them throughout the entire process.
The initial stage of training lasts two weeks and takes place at the Incluir Centres in Lisbon and Porto. The first week is dedicated to learning interpersonal skills. The second week is spent in the simulation stores, a space that allows candidates to simulate the tasks they will perform in a store (such as replenishment, checkout, and counter service), in a comfortable and safe environment. Each Incluir Centre was built with all types of diagnoses, disabilities and impairments in mind. The Centres have lifting platforms, signage and fonts that make it easier for partially-sighted people to read, tactile maps of the spaces and text transcription into Braille, colour codes (for people who are colour blind), use of soft colours and adjustable lights (for greater comfort for people with autism and Asperger syndrome), among other adaptations. The Incluir Centres are spaces open to the community and feature exhibitions of works of art created by people with disabilities from some of our partner institutions.
The second stage of the training lasts ten weeks and takes place in a real work context, with the support of tutors and the technical team of the Incluir Programme. In 2025, we had 54 tutors, who received initial training to prepare them to welcome, integrate, support and maximise the potential of the trainees they take under their wing. Tutors also receive “Leadership for Difference” training, which was specifically created to raise awareness among leaders and give them tools to manage difference, welcoming, supporting and developing each person, without unconscious bias. By 2025, this training had covered 5,119 leaders.
Jerónimo Martins | Annual Report 2025
Since its launch in 2015, the Incluir Programme has reached 2,458 people. In 2025, the Programme's various initiatives involved 399 participants, resulting in the hiring of 40 employees.
This year we celebrated the 10th anniversary of the Incluir Programme, reaffirming inclusion as an integral part of the Group's culture. As a result of these efforts, the Jerónimo Martins Group's inclusion practices were once again recognised by the Portuguese Institute of Employment and Professional Training (IEFP)95, which renewed the Inclusive Employer Brand seal for Pingo Doce, Recheio, and the Group's Holding.
In 2025, the Incluir Programme was also recognised by the World Economic Forum as an initiative of excellence in the area of Diversity, Equity and Inclusion (DEI), selected as one of the eight case studies featured in the 2025 Lighthouses Report, a publication highlighting best practices and trends in promoting diversity, equity and inclusion across organisations worldwide.
In Poland, Biedronka promoted awareness of the importance of an inclusive work environment through the launch of the RóżniMY96 campaign. This initiative includes, among other actions, one month dedicated to diversity and an e-learning programme on diversity, inclusion, and unconscious bias, available to all Biedronka employees.
At the same time, with the aim of strengthening and further developing its strategy for the inclusion of people with disabilities and/or impairments, Biedronka continued to promote the self-checkout support function, which helps customers use self-service checkouts while ensuring quality service. In 2025, the Company had 1,440 employees with disabilities or impairments performing this function across 1,411 stores (36.3% of the Biedronka network).
In Poland, both Biedronka and Hebe continue to support the integration of Ukrainian refugees into the workforce. In 2025, we had 5,407 people of Ukrainian nationality in the Group, 98.9% of whom in Poland. To ensure effective management of their integration, Biedronka and Hebe have implemented the following mechanisms:
- a team responsible for recruiting and integrating migrants;
- content and recruitment channels adapted for the Ukrainian population;
- onboarding, communication, and occupational health and safety at work materials and operational processes, such as store checkout, in Ukrainian;
- internal channels with useful information in Ukrainian, including a chatbot to support employees;
- support for the immigration process;
- language training in Polish for Ukrainian employees and in Ukrainian for Polish coordinators.
Jerónimo Martins Agro-Alimentar (JMA) continues to strengthen its support for the integration of migrant employees. The team responsible for the recruitment and integration of these employees provides legal and tax advice and manages mobility processes. In 2025, it also launched two workshops for foreign employees, one focused on intercultural onboarding and another on citizenship and Portuguese culture, with a total of 15 participants. At the same time, a practical onboarding guide available in ten languages (including Thai, Hindi, and Nepali) provides key information on health and safety at work, as well as guidance to support effective communication for workers who are not employees hired for seasonal agricultural campaigns. This guide has since been adapted and extended to the Company's other businesses.
Creating opportunities for people who are at a disadvantage in accessing the job market because they are at social risk is another aspect of how we include minorities. As part of the "Odkryj Siebie z Hebe" (Discover Yourself with Hebe) initiative, the Company offered two-month store traineeships for young adults who live or have lived in orphanages, helping them develop essential skills for integration into the labour market. This initiative is developed in partnership with the One Day Foundation and supported 37 young people in 2025.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
Training and skills development
Training
[ESRS S1-13]
[GRI 404-1]
M
MATERIAL
The Jerónimo Martins Group reaffirms its commitment to investing in high-quality training that is aligned with the needs of the business and the expectations of its employees. In 2025, investment in training totalled 17.8 million euros, resulting in over 9.7 million hours of training, equivalent to an average of 66 training hours per employee. Over 218,000 training sessions were held, covering 94.8% of employees, an increase of 0.2 p.p. compared to 2024. These results reflect the Group's expansion, particularly its commitment to lifelong learning, preparing employees for sector challenges, and promoting a culture of development across all countries and business areas.
Key training indicators
| Average training hours per employee* | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2023 | |||||||
| Women | Men | Total | Women | Men | Total | Women | Men | Total | |
| Group | 63 | 75 | 66 | 63 | 68 | 64 | 54 | 59 | 55 |
| Portugal | 49 | 58 | 52 | 53 | 63 | 56 | 44 | 59 | 49 |
| Poland | 59 | 56 | 59 | 61 | 52 | 60 | 54 | 43 | 52 |
| Colombia | 119 | 128 | 123 | 102 | 101 | 101 | 81 | 87 | 84 |
| Slovakia | 90 | 89 | 89 | 180 | 337 | 246 | - | - | - |
| Czechia | 32 | 50 | 32 | 31 | 0 | 31 | - | - | - |
- Training hours per employee – training volume divided by total number of employees.
| Training volume* | Total training courses | |||||
|---|---|---|---|---|---|---|
| 2025 | 2024 | 2023 | 2025 | 2024 | 2023 | |
| Group | 9,715,113 | 8,943,221 | 7,367,472 | 218,366 | 209,160 | 220,788 |
| Portugal | 1,843,835 | 1,991,698 | 1,761,827 | 69,665 | 66,292 | 57,417 |
| Poland | 5,431,825 | 5,292,027 | 4,449,299 | 143,891 | **139,463 | 160,859 |
| Colombia | 2,394,458 | 1,614,310 | 1,156,347 | 4,138 | 3,217 | 2,512 |
| Slovakia | 43,279 | 43,718 | - | 590 | 102 | - |
| Czechia | 1,716 | 1,468 | - | 82 | 86 | - |
- Training volume = number of hours multiplied by the number of participants in training.
** Corrected figure compared to 2024, as a result of improvements in the data collection process.
[GRI 404-2]
EducAction is the Group's main digital learning platform, designed to give employees fast, simple and intuitive access to training content, anywhere from any device. In 2025, the platform provided access to 7,578 training materials and was used by 156,047 employees, recording a monthly average of 58,217
Sustainability Statement
Jerónimo Martins | Annual Report 2025
active users. These indicators confirm the platform's relevance as a tool supporting flexible learning integrated into our teams' daily routines and aligned with business priorities.
Knowledge Share is a corporate digital library, which centralises more than 3,735 content materials, including 235 new resources added in 2025. It features news, articles, podcasts and webinars on critical topics such as business, leadership, sustainability and innovation, promoting knowledge sharing and reinforcing a culture of lifelong learning within a fully digital ecosystem.
Business training
Our focus on technical and operational training reflects the importance of ensuring teams are prepared to respond effectively to business-specific challenges and meet customer expectations. The Group continues to invest in this area to enhance service quality, food safety and hygiene, and operational efficiency in all the countries where we are present.
In Portugal, the Perishables School is a key pillar in the development of store teams, covering the butchery, fish, bakery and pastry, and fresh food categories. The training programme includes in-person modules, practical sessions and digital learning content. The Group also runs a training school focused on fruit and vegetables for store managers and district managers. In 2025, a total of 23,688 Pingo Doce and Recheio employees participated in the various perishables training programmes. Also in Portugal, Recheio launched the Wine Academy, aimed at improving product knowledge and delivering a differentiated service for professional customers.
In Poland, through the "Zostań Świezoznawcą" (Become a Perishables Expert) programme, Biedronka trained 15,923 employees in the fruit, vegetable, meat, and fish categories. In Colombia, Ara trained 25,589 employees in perishables.
The Logistics School aligns internal procedures, promotes the sharing of best practices, and strengthens operational efficiency across distribution centres. In Poland, 64 Biedronka employees took part in the programme. In Portugal, 2025 was a year of restructuring the programme to better align it with strategic logistics challenges and critical functions.
Regarding customer service, the SVAL – “Sorrir, Vender, Agradecer, Limpar” (Smile, Sell, Thank, Clean) programme trained 16,234 Pingo Doce employees. Combining behavioural and technical training, this initiative strengthens service culture and customer proximity and is internally recognised as a key driver of the Company's differentiation.
At Recheio, the "Número 1" (Number 1) project, a sales service model focused on supporting customers throughout their in-store journey, was implemented in 23 stores.
At Biedronka, "Customer service VR training" used virtual reality simulations to train 2,785 employees for customer service situations, particularly in more challenging scenarios, helping them develop practical skills and confidence in customer interactions.
Hebe introduced AI-supported on-demand training for operations, enabling more flexible and personalised learning. This initiative had a total of 1,736 employees trained, corresponding to 10,035 training hours.
To develop commercial skills, the Group implemented several training programmes:
- "Biedronkowa Akademia Kupca" (Biedronka Shopping Academy), and the Biedronkowa Akademia Handlowa "BAH Advanced" (Biedronka Business Academy School), training 58 employees in 2025;
- the Commercial School programme combines Group-wide and local initiatives tailored to the specificities of each country. The content covers negotiation, advanced negotiation and category management. The Commercial School trained 133 employees from all countries, corresponding to 2,185 training hours.
The degree course in Commercial and Retail Management, developed in partnership with Universidade Católica Portuguesa, continues to play a key role in supporting our employees to obtain an academic qualification from a leading university. Launched in 2023 as the first online bachelor's degree designed for
Sustainability Statement
Jerónimo Martins | Annual Report 2025
the sector, the programme opened applications to the public in 2024. In the 2024/2025 academic year, the degree programme included 80 students, 74 of whom were employees of the Group.
Management and leadership training
Management and leadership training aims to strengthen decision-making, execution, and collaboration capabilities, supporting the development of the business across different contexts and countries. The approach follows an integrated model that combines programmes designed and implemented at Group and local levels.
Establishing a shared vision of leadership has been one of the key pillars of this strategy. The global Be a Leader programme, created in 2018, is today the primary vehicle for leadership development within the Jerónimo Martins Group. Developed in partnership with the Center for Creative Leadership (CCL), the programme is organised into paths aligned with the leadership journey in the Group: Leading Self, Leading Others, Leading Teams and Leading Business. These paths are fully tailored to our reality, combining in-person sessions, online learning and opportunities for peer exchange among leaders from different countries. Since its launch, Be a Leader has trained 1,618 employees. In 2025, we held 15 editions of the programme, involving 280 managers, including, for the first time, participants from Slovakia. Investment in the programme totalled 1.3 million euros. The maturity and impact of the Be a Leader programme were recognised with a Bronze Medal in the "Best Leadership Development Programme" category at the 2025 Brandon Hall Excellence Awards.
To scale the Be a Leader programme and expand its reach to more employees, we continued to implement the Exponential Leadership programme, focused on preparing internal trainers, also developed in partnership with the CCL. In 2025, we trained 16 Exponential Leaders, who subsequently replicated the programme's content within their organisations, reaching 2,862 employees and generating a clear multiplier effect.
The Strategic Management Programme (SMP), developed in partnership with the Católica Lisbon School of Business & Economics and the Kellogg School of Management, is an international programme tailored to our reality, focused on developing advanced management, innovation and leadership skills in highly complex environments. In 2025, we invested 570 thousand euros and gave high-potential leaders from Portugal, Poland, Slovakia and Colombia the opportunity to participate in the programme. This programme includes two main modules; one held in Lisbon and the other in Chicago.
In the field of digital transformation, the Digital Executive Education Programme (DEEP), developed in partnership with Nova School of Business and Economics– now in its eighth edition – strengthens digital skills applied to leadership management in different areas. In 2025, DEEP had 27 participants, resulting in the proposal of ten projects with the potential for implementation in our businesses.
Artificial Intelligence (AI) gained prominence in 2025, reflecting our belief in its transformative potential, when used responsibly and in line with the Group's objectives. One of the initiatives launched was AI Explorer, which included online training for 117 employees across all countries and an in-person workshop with 50 participants from the Pingo Doce and Recheio commercial teams.
At operations level, the focus on people development is reflected in the implementation of programmes designed to strengthen management skills and frontline leadership, ensuring consistency in the implementation of the business model in the different countries of operation.
Store managers are prepared for their role through initiatives such as the Pingo Doce General Store Management Programme, designed for future deputy managers, and Recheio's Store Management Specialisation Programme, aimed at perishables managers. In 2025, 132 employees attended the two programmes.
Pingo Doce also introduced the Integrated Management Pyramid programme to reposition the role of district manager by developing strategic and analytical skills, with 64 employees trained.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
At Biedronka, operations employees participated in the programmes “Biedronkowa Akademia Zarządzania 2.0” (Biedronka 2.0 Management Academy) and “Biedronkowa Akademia Zarządzania – Zaawansowana” (Advanced Store Management Academy), with a total of 846 participants in 2025. At Hebe, leadership development was reinforced through a structured portfolio of programmes addressing different career stages, including Hebe Way, for coordinators and specialists, and 1st Time Manager, designed to support employees taking on leadership roles for the first time. These programmes were attended by 26 employees.
In Colombia, “Líder Ara” (Ara Leader) programme focused on the leadership teams of four distribution centres.
Recognising English as a key transversal management competency, essential for effective collaboration across teams in different countries and for international career development, we continued to invest in language learning programmes. Training focused primarily on English, complemented by other relevant languages, ensuring a structured and scalable approach aligned with business requirements.
Leadership development
The development of our current and future leaders depends both on self-awareness and individual commitment to growth, and on the range of tools and opportunities we provide so that each employee reaches their full potential. Alongside structured processes for self-assessment, performance appraisals, continuous feedback, the identification of potential, and personalised development plans, we also provide access to mentoring programmes, 360-degree assessments (including feedback from managers, peers, and external stakeholders), and training pathways designed to address leadership challenges across different career stages. These mechanisms are complemented by internal mobility and career progression opportunities, ensuring that each leader can access experiences and contexts that support their development and their ability to lead and inspire teams.
Performance appraisal
[ESRS S1-13]
[GRI 404-3]
The performance management model is a key pillar for aligning strategy, people and results across the Group and serves as one of the main tools for employee development. In 2025, performance appraisals involved 94,882 employees. Applied in all countries, this process clarifies expectations, identifies training needs, and supports professional growth while fostering a culture of feedback and continuous improvement. The active participation of employees in setting goals, self-assessment and development meetings, is recognised as one of the critical factors for success of the model.
In 2025, all eligible employees$^{96}$, from all functional levels (strategic, managerial and operational), participated in performance appraisal. During the year, we audited the 2024 performance management cycle, enabling stronger and more consistent alignment across the organisation on the evolution of the model. This work led to the creation of a single and transparent leadership framework, shared by all Companies, with progressive behavioural expectations aligned with different levels of responsibility.
Expected behaviours are structured around leadership principles that guide the actions and development of each leader, while also ensuring alignment between individual objectives and the Group and Companies' strategy. By clarifying common principles, criteria and expectations, this work lays the foundation for a sustained and consistent evolution of the performance management model to be applied in the 2026 cycle.
$^{96}$ For the purposes of the performance management process, eligible employees include those from the strategic and managerial functional level who have held their position for at least three months in the Group, as at the reference date of 31 December 2025. Eligibility criteria are currently being standardised and centralised for the operational functional level.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
Potential assessment and development
Assessing potential is essential to ensure the sustainability of the business and prepare the Group for the future. This process identifies, develops, and retains talent across corporate areas and Companies, providing robust information to support strategic people management decisions.
In 2025, the potential assessment process covered 6,287 employees in the strategic and managerial levels and those in critical roles from the operational level. The results inform decisions on succession and career planning, development and compensation and benefits, strengthening the alignment between talent, performance, and recognition.
Following performance appraisal, employees define personal development plans based on concrete and measurable actions. In 2025, a total of 3,392 plans were defined at the strategic and managerial levels. These plans are monitored by the Companies' HR teams and employees leaders, promoting accountability and equal access to development opportunities.
The Be a Leader 360° programme remained in place as a tool for self-assessment and development for managers across different levels, involving 25 participants in the year. Through 360-degree assessments, leaders receive structured feedback from peers, teams and managers, identifying strengths and areas for improvement that feed personal development plans (PDP). This is complemented by coaching and follow-up sessions, encouraging more self-aware, empathetic and results-orientated leadership.
Internal mobility
Internal mobility is a key driver of talent development in the Group, promoting lifelong learning, strengthening skills, and enabling the development of diverse and enriching career paths. By encouraging employees to take on roles in other areas, Companies or countries, internal mobility broadens knowledge of the business and is essential for their professional and personal growth. It is also an important mechanism for internal response to the Companies' needs.
| 44,733
people changed roles, workplace, or Company (30.3% of total employees) | 6,286
people were promoted to positions of greater responsibility (4.3% of total employees) |
| --- | --- |
In 2025, 44,733 people changed roles, workplace, or Company (30.3% of the workforce), including 6,286 employees who were promoted (4.3% of the total). This mobility reflects the organisation's vitality and capacity for internal renewal, as well as its commitment to meritocracy and progression based on capabilities and performance.
Internal opportunities are available through Hello JM platform, which centralises all the Group's internal vacancies and allows each employee to actively manage their career. At the same time, the performance appraisal process includes structured opportunities for sharing professional aspirations and mobility interests, providing valuable input for identifying potential candidates.
In Portugal, Pingo Doce employees can submit transfer requests between stores via "Sou Pingo Doce" (I am Pingo Doce) app. In 2025, a total of 696 transfers were concluded using the app, enabling a more agile response to store needs, and increasing satisfaction among employees seeking to balance their professional lives with their personal or family preferences.
The Group has also invested in a workforce planning tool to address recruitment needs and anticipate future employee movements, such as mobility, retirement, or international assignments. The goal is to annually map the profiles and skills needed by each team, anticipating critical movements and ensuring development and mobility strategies are aligned with business priorities.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
Young talent
To nurture our leadership pipeline, we have several young talent development programmes in place, which are regularly reviewed to keep them attractive and aligned with participant expectations. All these programmes are remunerated in accordance with our compensation policies.
The Trainees Programme was revised in 2025 to ensure Group-wide alignment. With a duration of two years, it challenges participants to strengthen their skills in preparation for future leadership roles. The first year includes two tutor-supported projects focused on self-awareness and cultural alignment with the Group. The second year provides an immersive experience in stores or distribution centres, supported by a mentor, and includes opportunities to engage with the Group's senior management. In 2025, the Trainees Programme had 104 participants, 40 of whom started the programme during the year.
In 2025, we launched the first edition of the Leader'Ship Journey, a leadership development programme held aboard the Santa Maria Manuela, a ship that is part of our heritage. Thirty young people embarked on an immersive experience that used the workings of the ship and its crew as an analogy to prepare them to navigate with confidence in an increasingly demanding, complex, and unpredictable world.
The Professional Internship Programme, aimed at university students or recent graduates, is available in Portugal and lasts from six months to one year. Trainees are given the opportunity to deepen their academic knowledge by joining one of the business teams and receiving guidance from a tutor. In 2025, we welcomed 80 interns in the scope of this programme.
The Summer Internship Programme is designed for university students and lasts for two months during the summer holidays. In 2025, a total of 76 higher education students participated in the programme in Portugal and Poland.
The Ambassadors Programme included 43 students who represented the Group at their universities in Portugal, strengthening ties with academic communities, promoting our employer brand, and facilitating talent identification.
Our Companies also have their own young talent programmes adapted to their business context. The Recheio Campus initiative welcomed 26 participants and included curricular internships and exposure to the business. In the agrifood sector, the 2025 edition of JMA Future saw 36 participants in curricular internships tailored to the specificities of this business.
Personal empowerment
We believe that active participation in initiatives that have an impact on the Group and its surrounding communities is also an important part of each employee's development journey.
Active participation
[ESRS S1-2]
We encourage employees to actively engage in moments of sharing, ensuring that everyone feels safe to express themselves within the organisation. In 2025, in addition to the surveys conducted to regularly and efficiently measure employee satisfaction on specific topics, we launched a new edition of the Group-wide employee satisfaction survey. Under our Engagement Policy, this survey is carried out every two years to gather employees' views on critical aspects of people management. The Group-wide survey conducted in 2025 received 101,946 responses, representing a participation rate of 81.5%. Action plans are defined for each Company based on the results of the Group-wide survey. The Chief People Officer has ultimate responsibility for this process, ensuring that the results lead to concrete action plans aligned with the identified needs.
Regular meetings are held in live broadcast format to bring employees and executive management closer together. Biedronka held four Executive Committee sessions, which were live streamed and offered simultaneous translation into different languages, with the participation of 6,629 employees. At Ara, three "Aquí Les Cuento" (Here I Tell You) sessions were held, during which the Company's General Manager shared results, strategic objectives and critical issues, in which more than 20,000 employees participated.
In 2025, the Beyond the Desk programme was launched to ensure global HR policies remain aligned with the realities and needs of employees in the Companies. Through this initiative, corporate HR team members spend at least three days per year working in one of the Group's stores.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
In Poland, internal idea generation competitions were held, encouraging employees to actively contribute to innovative solutions aimed at improving processes and the working environment. At Hebe, the Bank of Ideas programme encouraged employees to propose concrete initiatives for the workplace, covering topics such as social support campaigns and health promotion. At Biedronka, employees proposed improvements to operational processes and initiatives to strengthen a positive organisational culture. A total of 1,818 ideas were submitted, of which 34 were implemented.
Ara and Biedronka employees continue to refer candidates to join the recruitment processes. In 2025, 1,387 people were hired because of internal recommendations in the two Companies.
We also have several social dialogue mechanisms in place to hear the views of employees and their representatives regarding actual and potential impacts on the workforce. These mechanisms are described in more detail in subchapter 4. "Social information", section 4.2 "Managing social topics", subsection 4.2.1. "Own workforce", point "Ethics and compliance", subpoint "Freedom of association and collective bargaining", of this chapter.
Working with purpose and meaning
To promote a sense of purpose at work and expand our positive impact on the communities where we operate, we encourage individual responsibility and create opportunities for volunteering and active participation in society. Biedronka enabled employees to dedicate four hours of their working time to preparing Christmas food hampers for families in vulnerable situations—an initiative that involved 698 employees. The company also organized another blood donation drive at its offices, promoting civic engagement and a commitment to the health and well-being of the community.
For more information about this and other projects, see subchapter 4. "Social information", section 4.2. "Managing social topics" subsection 4.2.2. "Affected communities", point "Programmes and projects to engage and support affected communities"
Compensation and benefits
[ESRS S1-10]
The pay strategy of our Companies is anchored in four principles that reflect our responsibility as a benchmark employer:
- ensuring a dignified standard of living by adopting policies that provide an adequate and sustainable income to support the needs of employees and their families;
- aligning pay with best market practices, recognising different levels of functional responsibility, performance and potential, and ensuring that salary structures are based on equity and meritocracy;
- promoting a culture of recognition that values results, attitudes and behaviour in a structured, meaningful and consistent manner, reinforcing both individual and collective commitment;
- defining flexible and adaptable remuneration models that respond to different needs and expectations, enabling the gradual personalisation of remuneration packages throughout the employee life cycle.
Take-home income
We guarantee competitive salaries for all employees, ensuring a decent standard of living adjusted to the socio-economic context in each country in which we do business. Entry-level salaries are always set above the national minimum wage (NMW) in each country, reinforcing our commitment to ensuring adequate remuneration aligned with recognised benchmarks.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
In 2025, national minimum wages kept increasing in the countries where we operate, with Poland standing out. In that country, the minimum wage rose by 9% compared to 2024, representing a cumulative increase of around 80% since 2020. Colombia had a new significant increase in the national minimum wage of more than 10% compared to the previous year. In all the countries where we operate the take-home income⁹⁹ of our employees remained above the national minimum wage.
| Portugal | Poland | Colombia | Slovakia |
|---|---|---|---|
| Take-home income between 19% and 53% above the NMW. | Take-home income up to 13% above the NMW. | Take-home income 11% above the NMW. | Take-home income up to 35% above the NMW. |
Our policies include regular salary reviews covering most employees, ensuring steady growth in average salaries, and maintaining a positive differential relative to the national minimum wages in each country where we operate. In 2025, average pay increased in most Companies, up to 8% year-on-year.
Recognition
In 2025, we reinforced our investment in recognition systems both by improving performance bonuses, individual and team incentives and by introducing new mechanisms. Ara, for instance, revised the structure of the monthly store and distribution centre bonuses, simplifying the model and enhancing its attractiveness, making it a more effective tool for recognising productivity. At Ara's stores, the bonus scheme was extended to include all operators, further strengthening the link between performance and reward.
In 2025, we invested 361.1 million euros in recognition measures, nearly 7.5 million euros more than in the previous year. This is the largest investment the Group has ever made in recognition measures, reflecting their strategic importance in valuing our people.
Among key measures applicable to all employees, regardless of working hours, we highlight:
- 144.9 million euros in awards linked to the performance of the Companies and the Group, including an extraordinary award paid to over 93,000 employees.
- 180.2 million euros in awards and bonuses related to sales performance, non-absence and other indicators.
- 8 million euros in seniority bonuses, recognising the loyalty and commitment of employees.
Additionally, the Board of Directors granted an exceptional reward during Christmas season to operations employees in Poland and Portugal, recognising the dedication and commitment shown by the teams. This exceptional reward involved an investment of 28 million euros (19.5 million in Poland and 8.5 million in Portugal) and was awarded to over 108,000 employees.
In 2025, we opened a new chapter in the way we recognise our people, strengthening the personalisation of our approach to recognition with the introduction of a new sabbatical leave policy in Portugal and Poland. Under this policy, employees at certain levels of seniority may choose, from among different recognition options, to take a break from their professional activity. Through this initiative, we reinforce our commitment to valuing long-term career paths, while simultaneously promoting a culture of greater balance and well-being for our people.
⁹⁹ Comparing the lowest monthly income of the lowest remuneration category, equivalent to full-time working hours, excluding trainees and apprentices, with the applicable national minimum wage pursuant to the laws in each country and/or by collective bargaining, where applicable. Take-home income is calculated based on the lowest salary, plus any established additional payments that are guaranteed to all employed workers. In Portugal, this includes the entry base salary and meal allowance. In Poland and Slovakia it includes the entry base salary and presence allowance, in Colombia it includes the entry base salary, meal allowance and transport allowance. We consider that Czechia and Morrocco, which account less than 0.1% of our total workforce, are not yet sufficiently representative to calculate this indicator.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
Benefits
[GRI 401-2]
Our employee value proposition includes additional benefits that enhance our pay policy and better meet individual needs. Depending on their level of responsibility, employees have a package that can include life insurance, health insurance, travel accident insurance, and a pension plan. These benefits are complemented by work tools that make it easier for employees to perform their duties, in addition to a wide range of family and well-being support measures.
We also offer Bolsa Flex, a flexible benefits plan that allows employees to allocate a pre-determined amount to different options tailored to their preferences, such as a transport pass, training or childcare vouchers. In 2025, Bolsa Flex was available to 5,392 Pingo Doce, Recheio, JMA and Holding employees. Similarly, Hebe employees can allocate part of the sum from the Social Fund (a legally required mechanism in Poland) to over 2,660 available options, giving them complete flexibility over how to use their money.
Health and safety at work
[ESRS S1-1; S1-14]
[GRI 403-1; 403-6]
MATERIAL
Protecting employee health and safety is a constant priority, particularly in operations where the risk of work-related injuries and ill health is highest. This concern is addressed through strict compliance with applicable laws and the implementation of a comprehensive Health and Safety at Work (HSW) management system. This system incorporates the best practices in risk assessment and management, as well as effective procedures for managing work-related injuries and ill health. In 2025, the Group's entire workforce was covered by an HSW management system.
We have formal risk prevention and mitigation policies, processes and procedures that guide the actions of our teams in managing risks, work-related injuries and ill health. We also conduct audits, drills, training and awareness-raising initiatives to encourage safe behaviours.
Key incident indicators
[GRI 403-9; 403-10]
| Work-related accidents* | ||
|---|---|---|
| 2025 | 2024 | |
| Employees | ||
| Number of fatalities | 0 | 1 |
| Number of high-consequence work-related injuries | 39 | 49** |
| Number of recordable work-related injuries | 4,499 | 4,300 |
| Hours worked | 234,429,560 | 219,831,048 |
| Rate of high-consequence work-related injuries*** | 0.17 | 0.22 |
| Rate of recordable work-related injuries*** | 19.19 | 19.56 |
| Number of days lost due to injury | 62,143 | 73,933*** |
| Workers who are not employees *** | ||
| Number of fatalities | 0 | 2 |
| Number of high-consequence work-related injuries | 0 | 0 |
| Number of recordable work-related injuries | 320 | 219 |
- The reported figures for the 2025 period include workplace accidents in Portugal, Poland, Colombia, Slovakia, and the Czechia.
** Since absences of more than 180 days could only be calculated as of 30 June 2025, the data reported in the 2024 Annual Report on accidents with serious consequences should be updated. There were further 42 accidents that resulted in employees being absent for more than 180 days (20 in Portugal and 22 in Poland), which extended into 2025. So, in total, there were 91 high-consequence work-related injuries in 2024.
*** Rate of high-consequence work-related injuries (except fatalities) = (Number of high-consequence work-related injuries (except fatalities)/Total hours worked) x 10⁶. High-consequence work-related injuries are those that result in the employee being absent for more than 180 days.
*** Rate of recordable work-related injuries = (Number of recordable work-related injuries/Total hours worked) x 10⁶. In line with the ESRS standards S1-14, the accidents considered for the calculation of this indicator are those that result in fatalities, days away from work, limited work or transfer to another job, medical treatment beyond first aid or loss of consciousness.
*** Value adjusted compared to 2024, as a result of improvements in the data collection process.
*** We are improving our information systems to ensure that we report all the information required for the indicator.
Sustainability Statement
Of the 4,499 recordable work-related injuries in 2025, approximately 39 were of high consequence, resulting in a rate of 19.19 and 0.17 respectively, an improvement on 2024 (19.56 and 0.22). In the case of workers who are not employees, there were 320 recordable work-related injuries. There were no fatalities among employees or workers who are not employees.
Regarding work-related ill health, 202 cases were recorded in 2025, around 85 more than in 2024.
Risk identification and assessment
[ESRS 2 SBM-3]
[GRI 403-2; 403-10]
Local HSW teams are responsible for identifying and assessing risks, a continuous process that results in a risk matrix that covers all assessed areas and processes. It includes the collection of information about the circumstances, causes, effects, levels of exposure, severity and risk, and recommendations of the most appropriate mitigation or corrective measures. The identified risks include environmental hazards (physical, chemical, and biological), as well as mechanical, electrical, fire and/or explosion, ergonomic, psycho-social, and organisational risks.
Employees working in warehouses, kitchens, industrial units, and stores are exposed to specific risks associated with the loading and unloading of goods, product storage and processing activities (e.g. cutting fish and meat, bread production, and meal preparation). Jerónimo Martins Agro-Alimentar employees work in the primary and secondary sectors and are also exposed to specific risk factors, including exposure to adverse thermal environments (which may lead to vascular injuries), physical exertion (which may lead to musculoskeletal injuries), and contact with machinery (which may result in trauma, wounds and electrocution).
Risk identification and assessment, and the respective findings, help improve the HSW management system by:
defining work processes;selecting equipment and work tools;preparing procedures and work instructions;structuring training content;defining action plans.
Work and personal protective equipment
Work and personal protective equipment is selected based on an assessment of the risks identified for each role and activity. All equipment is tested by users/employees and subject to a technical assessment before widespread adoption. In 2025, we continued to upgrade safety equipment, focusing on solutions to prevent chemical hazards, equipment for working at height and specialised gear for underwater operations. Whenever new equipment is introduced, the safety requirements are defined in advance and checked after installation, ensuring that they comply with the applicable regulations. The equipment manufacturer and representative also train the teams.
Jerónimo Martins | Annual Report 2025
Our Companies continuously monitor the need to replace equipment and conduct regular testing to prevent work-related injuries and ill health. In 2025, ergonomic improvements were implemented in several workstations, including adjustable furniture, additional electric equipment for load handling, more ergonomic workbenches, and the development of an accessory for cutting large fish.
Self-protection measures
Self-protection measures are essential for testing the effectiveness of safety records, emergency plans and prevention procedures. Emergency teams receive specialised training and, in 2025, were provided with new equipment appropriate to the risk profile of each workplace.
In Portugal, the Pingo Doce "Prevenir para não cair" (Safety First, Avoid the Worst) and Recheio "Segurança em Ação" (Safety in Action) programmes involve store teams in weekly safety observations and encourage the adoption of safe behaviours, and include close monitoring and immediate intervention when risk behaviours are identified.
In Colombia, the "Mi CEDI Seguro" (My Safe Distribution Centre) programme includes daily inspections, monthly safety observations, warm-up exercises before each shift, and training for new employees, with the support of emergency brigades. These brigades are made up of employees certified to conduct drills, support safety initiatives, and provide assistance in emergency situations. Ara also has 144 identified HSW leaders trained in safe behaviours and the "Atento" observation tool.
Training and awareness-raising
Employees have access to an HSW training programme tailored to the risks inherent in their jobs. The training programme is reviewed each year and includes key moments in an employee's career, such as when they are hired, when they change jobs, when new equipment or tools are introduced or when existing ones are modified.
| Training in health and safety at work | ||||||
|---|---|---|---|---|---|---|
| Employees trained in HSW | HSW training volume* | |||||
| 2025 | 2024 | 2023 | 2025 | 2024 | 2023 | |
| Group | 86,282 | 74,267 | 63,221 | 598,549 | 430,181 | 388,831 |
| Portugal | 22,157 | 25,779 | 23,109 | 67,277 | 72,723 | 72,062 |
| Poland | 37,392 | 35,871 | 30,807 | 303,497 | 311,650 | 274,655 |
| Colombia | 26,323 | 12,486 | 9,305 | 225,916 | 44,176 | 42,114 |
| Slovakia | 410 | 131 | n/a | 1,859 | 1,632 | n/a |
- Training volume = number of training hours provided multiplied by the number of participants.
In Portugal, the Impact programme, created in 2023 for all Companies in the country, trained 79 managers and 205 safety delegates throughout 2025. The Impact programme has two components:
- Safety Labs – training sessions led by the Company's safety officers to teach safety delegates how to encourage teams to adopt safe behaviours and cultivate a self-care approach;
- Leadership with Impact – for operations managers (stores, logistics and central kitchens), given their role in transforming team behaviours, demonstrating that humanised leadership can more easily influence employees to adopt safe behaviours, thus preventing work-related injuries and ill health.
At Poland, the Biedronkowa Akademia Zdrowia (Biedronka Health Academy) focuses on the prevention of work-related ill health. Health and safety training sessions are led by physiotherapists who teach employees how to prevent musculoskeletal injuries, do daily warm-up exercises, and facilitate physiotherapy appointments. In 2025, a total of 4,254 employees were trained and 31,055 appointments were facilitated.
In Colombia, a pilot of the "Prepara tu Cuerpo" (Prepare Your Body) programme was launched in two distribution centres and 36 stores to raise awareness and train employees on the importance of exercises to prevent musculoskeletal disorders.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
Health
Employee health is monitored by doctors who specialise in occupational health, who perform health assessments at the start of employment, as well as regular and periodic examinations to assess the physical and mental fitness of employees throughout their professional lives. In 2025, we conducted 146,153 occupational health assessments.
In Portugal, we have two mobile health units – vehicles that have been converted into fully-equipped medical offices – that complement the in-house consultation rooms in some workplaces. In 2025, these mobile units assisted 4,652 employees.
Continuous improvement of the health and safety at work management system
[ESRS S1-14]
[GRI 403-1; 403-2; 403-4; 403-8]
We ensure the continuous improvement of our Health and Safety at Work (HSW) management systems by regularly verifying and reviewing the effectiveness of risk control measures.
Audits – regular assessments of all operational units to analyse the factors that can lead to accidents or incidents, monitor corrective measures, communicate the outcome to stakeholders, and follow up on corrective action plans until they are completed.
Drills – regular and controlled exercises to test self-protection procedures and identify potential deficiencies and minimise the risk of errors in emergency response.
| Health and safety at work audits and drills | ||||||
|---|---|---|---|---|---|---|
| Audits | Emergency drills | |||||
| 2025 | 2024 | 2023 | 2025 | 2024 | 2023 | |
| Group | 8,911 | 9,765 | 11,002 | 5,535 | 5,244 | 4,797 |
| Portugal | 641 | 599 | 601 | 279 | 270 | 262 |
| Poland | 6,846 | 7,789 | 9,121 | 3,763 | 3,645 | 3,252 |
| Colombia | 1,424 | 1,377 | 1,280 | 1,493 | 1,329 | 1,283 |
Accident investigation – whenever an incident occurs, a detailed assessment is conducted to ascertain the facts, circumstances, and plausible causes, with corrective action plans designed, implemented and monitored to prevent it from happening again. This process strengthens organisational learning and the continuous improvement of safety practices.
Employee consultation and engagement – we conduct annual surveys relating to equipment, working conditions, protection measures and the performance of HSW teams. In Portugal, employees are invited to share their opinion in two surveys each year, while in Poland and Colombia HSW Committees – comprising employee representatives and representatives of HSW teams – meet regularly to discuss and implement improvements. The analysis of the responses to these surveys helps identify areas for improvement and define concrete measures aligned with operational needs.
Certification of HSW management systems – certification of HSW management systems ensures alignment with international best practices. At Biedronka, the system is certified to ISO 45001:2018 and covers all 3,936 workplaces (stores, distribution centres, soup factory and offices). A total of 1,724 new work instructions were implemented to improve team protection in 2025. In Portugal, the Terra Alegre dairy factory has its HSW management system certified to ISO 45001:2019, and Pingo Doce's two central kitchens are certified to ISO 45001:2023, as are the logistics centres, which received the same certification in 2025. $^{100}$
Sustainability Statement
Jerónimo Martins | Annual Report 2025
| Certification of HSW management systems | ||||
|---|---|---|---|---|
| 2025* | 2024** | |||
| Total | % | Total | % | |
| Employees and workers who are not employees covered by the HSW system | 110,773 | 100% | 102,051 | 100% |
| Employees and workers who are not employees covered by the HSW system audited internally | 110,773 | 100% | 102,051 | 100% |
| Employees and workers who are not employees covered by the HSW system audited by an external entity | 28,442 | 26.3% | 24,839 | 24.3% |
2025: certification of HSW management systems at Biedronka, Terra Alegre, Meal Solutions Kitchens (Pingo Doce), and Pingo Doce logistics centres
*2024: certification of HSW management systems at Biedronka, Terra Alegre, and Meal Solutions Kitchens (Pingo Doce)
Work-life balance
[ESRS S1-15]
[GRI 401-3]
We endeavour to promote the work-life balance of our employees by investing in solutions that give them more flexibility and predictable working hours. These measures help improve people's well-being while enabling teams to respond more effectively to the pressures of a highly demanding sector. All employees are entitled to family leave, parental leave, and other personal leaves.
In Portugal, Pingo Doce has an hour's bank in place, a solution that allows employees to better manage time off as it suits them, used by 21,449 employees in 2025. The Company also has a digital scheduling tool that ensures fair shift planning and distribution, promoting predictability and team stability, while ensuring compliance with all legal rules and internal principles of fairness. This tool is implemented in 413 stores and covers 25,604 employees.
In Poland, Biedronka's Tikrow platform enables an immediate response to temporary work needs in stores, minimising the impact of unforeseen absenteeism and ensuring continuity of customer service. In 2025, this solution helped meet 80,903 immediate needs.
In Portugal, to facilitate the family management of employees, we have three daycare centres (one at the Recheio store in Braga and the others at the Azambuja and Alfena distribution centres), which took care of 161 children of employees in 2025.
The Group's Flexible Working Policy offers adjustable start and end times and remote working options, covering 6,948 employees in compatible roles.
Physical, mental and social well-being
As part of our commitment to employee well-being, we provide various initiatives that promote physical, mental and social health, recognising their importance for motivation, productivity and talent retention. Beyond the programmes and initiatives available for employees, in Portugal through the Jerónimo Martins Foundation, we invested more than 8.6 million euros in these types of measures in 2025.
In Portugal, Jerónimo Martins Group offers general medicine, sleep, smart-ageing, psychology, and nutrition appointments, as well as nursing services, alternative therapies, and physiotherapy. A total of 1,522 employees used those services in 2025. A Wellness Centre is also available to office employees, which includes a gym, hairdresser, and dermo-aesthetic services. In 2025, the Wellness Centre received the Social Sports Project Award (an initiative from Inatel Foundation) in recognition of its contribution to promoting well-being and healthy habits in the workplace.
Distribution centre employees have access to services of physical rehabilitation, offered at the Azambuja and Alfena centers, such as physiotherapy, gym, nutrition, general medicine, podiatry appointments and nursing. These centres help prevent and treat physical illnesses and musculoskeletal injuries. In 2025, 926 employees used these rehabilitation centres.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
In Poland, the "Razem zadbajmy o zdrowie" (Let's take care of our health together) programme offers Biedronka employees the chance to undergo a range of medical examinations with a market value of over 600 złoty (around 140 euros), including vitamin, hormone, diabetes and cancer screening tests (allowing for the testing of tumour markers). The programme also includes analysis of test results by a specialist and ultrasound scans for office and distribution centre employees. In 2025, a total of 30,717 employees and 13,760 family members benefited from this programme, in an investment of over 1.2 million euros. Hebe also supports its employees with regular check-ups and medical care. To encourage physical exercise, both Biedronka and Hebe offer all employees a sports card that gives them access to more than 5,000 facilities across the country, representing an investment of 255,000 euros.
Biedronka and Hebe continued to invest in the Mindgram platform, which saw 10,296 active employees registered in 2025. The platform is available free of charge to all employees and their families, offering three types of support:
- educational support – providing articles, webinars and podcasts on mental health, career development and personal finance;
- appointments – psychological support provided in unlimited online sessions;
- chat room – help from professionals in psychology, law, finance, and other fields, also available to family members.
Biedronka also offers the "Spokojna Głowa" (Calm Your Mind) programme, sharing digital content on motivation, stress management, meditation and emotional well-being.
In 2025, Biedronka's integrated approach to the physical, mental and social health of employees and their families was distinguished by the Dobrostar Wellbeing Awards¹⁰¹, and the "Razem zadbajmy o zdrowie" (Let's take care of health together) programme was recognised by the CSR Poland Awards¹⁰².
To support social well-being, the Companies implemented several initiatives aimed at strengthening team spirit and fostering a positive working environment. In 2025, several projects were enhanced to make a more meaningful impact:
- In Portugal, the communities of interest Crazy about Running and Crazy about Padel recorded 643 participations. Well-being activities were also promoted at 44 meetings;
- Trips aboard the Santa Maria Manuela were organised for 70 employees from the Holding, Pingo Doce and Recheio, offering unique opportunities for social engagement and strengthening team spirit;
- Recheio launched a new edition of "Momentos em Cheio" (Enriching Moments), a month dedicated to the well-being and a sense of belonging of its teams, in which 1,365 employees participated;
- Biedronka once again organised meetings and gatherings between operations teams, which were attended by 84,415 employees;
- As part of its 30th anniversary celebrations, Biedronka launched contests for employees, receiving 58,339 entries;
- Ara and Pingo Doce's Meal Solutions again organised Wellbeing Weeks promoting a variety of well-being activities, focusing in particular on physical and mental health. More than 1,200 employees took part in at least one activity.
Support for employees and their families
[ESRS S1-11]
All employees in the countries where we operate are covered by mandatory public social protection schemes that safeguard against potential loss of income due to illness, unemployment, work-related accidents, retirement due to disability or old age, and situations related to parenthood. However, because we count on each other and believe in doing the right thing – two of our Values – we are committed to going further. That's why, in 2025 we invested more than 53.6 million euros in initiatives that complement public health and education responses, as well as in internal social responsibility programmes supporting employees in situations of vulnerability or social emergency.
¹⁰¹ The Dobrostart competition recognises companies that implement outstanding solutions to support employee well-being.
¹⁰² The CSR Poland Awards is a competition that recognises projects implemented by companies operating in Poland in four categories: Community Support Projects, Volunteering, Employee Well-being and CSR Leader.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
| Investment in ISR by pillars of action (in million euros)* | ||
|---|---|---|
| 2025 | 2024 | |
| Group | **53.6 | 50.8 |
| Health | 0.6 | 0.6 |
| Education | 0.9 | 2.0 |
| Family support | ***52.1 | ***48.2 |
- The reported investment considers only the programmes and initiatives financed and managed by the companies of Jerónimo Martins Group.
** Includes an amount of 53 million euros from Social Fund (a legally required mechanism in Poland).
*** Includes an amount of 6.2 million euros loaned by Biedronka's Social Fund to employees under special conditions, which is subsequently repaid.
*** Value corrected compared to 2024, as a result of improvements in the data calculation process.
Health
In Poland, Biedronka has a programme in place to support employees facing serious, life-threatening illnesses or disabilities by funding treatment and rehabilitation. In 2025, a total of 11 employees benefited from this programme.
It also implemented the "Z troską o partnera" (Taking Care of a Partner) programme, offering financial support to cover urgent expenses related to medical treatment for the spouses of Biedronka employees. At Hebe, the "Wracaj do zdrowia z Hebe" (Return to Health with Hebe) programme, launched in 2024, covers co-payment for treatment of employees and close family members involved in accidents with implications for their health or affected by an illness. In 2025, these programmes benefited 77 people.
Through the "Mali Bohaterowie" (Little Heroes) programme, Biedronka provided support to 488 children of employees suffering from rare diseases or who have special needs, corresponding to an investment of over 344,000 euros.
Education
The "Aprender e Evoluir" (Learn and Grow) programme, implemented in Portugal since 2008, was created in partnership with the Qualifica network of centres (specialising in the professional qualification of adults seeking education or vocational training certification) and enables employees to complete Years 6, 9 or 12 of compulsory education during working hours. Since its launch, the programme has helped more than 3,600 employees, including 215 in 2025.
In Biedronka, employees were supported in managing their household budgets, particularly at the start of the school year — a critical period for many families. 5,200 school kits were distributed to the children of employees starting Year 1.
Biedronka once again organised holiday camps for the children of its employees which, in 2025, welcomed 1,000 children between the ages of 8 and 13. In Colombia, Ara organised recreational activities that brought together employees and children during the school holidays, aimed at building children's artistic, communication, social and cognitive skills, as well as nurturing the relationship between parents and children through educational activities.
Family support
In Poland, Biedronka has a programme in place to allocate funds in response to requests from employees facing difficult life situations. These requests are assessed by a committee responsible for managing the Social Fund, a mechanism required under Polish law. In 2025, the programme provided 2,645 social support grants to employees. The Company also granted 6,362 loans with special conditions to employees to address housing-related needs. Together, these two Social Fund mechanisms replaced the "Możesz
Sustainability Statement
Jerónimo Martins | Annual Report 2025
Liczyc" (You Can Count on Biedronka) programme. In 2025, support for employees in situations of vulnerability and social emergency represented an investment of 6.8 million euros¹⁰⁴.
Biedronka also offers employees e-codes electronic cards (e-codes) that can be used in stores at four specific times of the year (Easter, holidays, return to school, and Christmas), representing an investment of 31.8 million euros.
In Colombia, Ara has three social support programmes: Fiado, Payflow and “Fondo de Empleados: A Tu lado” (Employee Fund: By Your Side). Fiado allows employees to buy products at Ara stores on credit, deducting the amount from their salary at the end of the month. Payflow allows employees to receive advances on part of their salary, depending on the number of days already worked in the month, to gradually cover their expenses. In 2025, this programme was extended to all regions where Ara operates, enabling 3,027 employees to use this mechanism. “Fondo de Empleados: A Tu lado” is an existing mechanism for large companies in Colombia, providing access to loans with lower interest rates than those charged by banks and informal markets. In 2025, the fund financed loans granted to 7,076 employees, mainly for the purchase of motorcycles, education needs, and financial consolidation. For access to this support programme, employees must be members of the fund and undergo training that gives them the knowledge they need for the responsible use of credit.
At special moments in our employees' lives, such as the birth of a child, 2,200 employees in Poland received kits for newborns. On Children's Day, 48,800 employees' children under the age of 12 received a gift.
At Christmas, Biedronka offered gifts to all employees and their children up to the age of 18, customised for each age, which included food and non-food products. A total of 171,600 gifts were distributed, representing an investment of more than 10.4 million euros. In Portugal, vouchers were offered to 13,043 of our employees' children to use in Pingo Doce stores, and all employees received a bottle of sparkling wine and bolo-rei (traditional Portuguese Christmas cake), corresponding to an investment of over 485,000 euros.
¹⁰⁴ Includes 6.2 million euros from the Social Fund loaned to employees under special conditions, which is subsequently repaid.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
Jerónimo Martins Foundation
In 2024, with the creation of the Jerónimo Martins Foundation, we reinforced our humanistic principles and the commitment made to Group employees and their families. The Foundation was established with a clear purpose: to care for and support Jerónimo Martins Group employees and their families at times when they need it most, while also supporting the wider community.
Through social innovation projects, the Foundation aims to improve the quality of life of Group employees and their families, addressing vulnerability and maximizing the impact on their lives. In 2025, the following initiatives stood out:
Health and well-being
- Telemedicine programme, ensuring access to primary healthcare through remote consultations, available 24 hours a day, seven days a week.
- Nutrition programme, providing nutritional support and specialized intervention for the prevention and treatment of overweight and eating disorders.
- Mental health programme, designed to address issues such as burnout, depression, anxiety crises, challenges associated with parenting, lack of financial resources and, more broadly, the persistent absence of health and well-being.
- SOS Dentist programme, providing access to oral healthcare treatments through a network of dental clinics and helping to cover the associated costs.
- Mais Vida programme, aimed at people with cancer, promoting access to multidisciplinary and personalized care, reducing the impact of the disease and improving patients' quality of life.
- Delivery of newborn kits to children of Group employees in Portugal.
- Distribution of gifts to children of employees in Portugal under the age of 12, on Children's Day.
Education and development
- Back to School initiative, which supported employees with children in the purchase of school supplies and textbooks, with special support for large families.
- Online Study Support, a programme developed to ensure academic success for employees' children.
- Holiday camps for employees' children, offering educational and leisure activities.
- Awarding of study grants to children or dependents of Group employees aged between 18 and 25, as well as to employees attending undergraduate degrees, higher professional technical courses or integrated master's programmes. Support was also provided to students who are children of Group employees and are studying away from their area of residence.
Protection and social emergency
- Social Emergency Fund, a programme supported by a team of social workers that helps people in crisis situations (such as divorce, domestic violence or unemployment of a family member, among others) to reorganize their lives through personalized support and guidance. In 2025, in addition to services such as legal counselling, the Foundation provided support in cases of over-indebtedness, housing crises, and guidance on access to social benefits and allowances.
Ethics and compliance
[M]
[MATERIAL]
Labour audits
[ESRS S1-1]
[GRI 408-1; 409-1]
We mitigate the risk of non-compliance with labour rights through regular audits of human resources processes, covering aspects such as working hours, rest periods and holidays, medical examinations and working conditions. This continuous monitoring helps safeguard dignity at work and employee well-being. In 2025, approximately 433 audits were conducted at Pingo Doce, Recheio, Jerónimo Martins Agro-
Sustainability Statement
Jerónimo Martins | Annual Report 2025
Alimentar, Jeronymo and Hussel, which support corrective actions to be implemented within timeframes according to the severity of the situations identified.
In the agrifood sector, where our workforce includes a greater diversity of nationalities than in other areas of the Group, a verification process is in place with temporary work partners to ensure compliance with human and labour rights protection criteria, including the review of contracts, insurance policies, Social Security notifications, and medical examinations.
Ara continues to use the Labour Criticality Map tool to identify high-risk areas and to prioritise strategic interventions. The teams monitor priority labour rights indicators such as working time, rest periods, labour costs, employee turnover, absenteeism, and disciplinary proceedings. The assessment of these indicators determines the level of criticality and informs the need for additional audits whenever necessary. In 2025, a total of 895 audits were carried out.
Forced and child labour eradication
As a member of The Consumer Goods Forum, we participate in the Human Rights Coalition, through which peer companies align efforts and promote collective action on human rights, particularly in advancing due diligence practices. In 2025, we contributed to the publication of the report Tackling Forced Labour Through Human Rights Due Diligence$^{105}$, which details how coalition members are implementing measures to prevent forced labour in their operations. Through the Human Rights Maturity Framework, a self-assessment tool based on two key international references for integrating human rights into business practices – the United Nations Guiding Principles (UNGP) and the OECD Guidelines for Multinational Enterprises on Responsible Business Conduct – members publicly acknowledge their responsibilities in the areas where investment is needed to reduce human rights risks.
The prevention and eradication child labour is ensured through recruitment and selection policies and continuous monitoring procedures that prohibit the employment of individuals below the legally permitted working age.
In 2025, and in recognition of the maturity of our initiatives, we achieved a score of 9.0 out of 10.0 points in the Global Child Forum assessment. This international organisation assesses the performance of companies across the areas of governance and collaboration, workplace, marketplace, community and environment, reflecting their commitment to children's rights, working conditions, internal policies, business and marketing practices, and social and environmental impact.
Freedom of association and collective bargaining
[ESRS S1-8]
[GRI 2-30; 407-1]
Freedom of association and collective bargaining is a top concern in safeguarding our employees' rights. Under the terms of applicable law, all employees are free to form and join organisations without the need for prior authorisation and may be represented by them when negotiating agreements with their employer. Collective bargaining, for now only applicable to Portugal, covers 98.1% of employees in the country where we have 13 active collective agreements. The Group has 91.7% of employees in Companies with employee representation in Portugal and 95.7% in Poland, ensuring the timely compliance, in accordance with the laws of each country, with all rules related to the right to information and/or consultation in force.
As part of our social dialogue practices, we engage in negotiation forums with employee representative bodies. In Portugal, we actively participate in sectoral organisations, such as APED (Portuguese Association of Distribution Companies), and those that cut across various industries, such as CIP (Confederation of Portuguese Business).
We are also actively involved in social dialogue forums, particularly at European level, through EuroCommerce.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
Communication and training
[ESRS S1-1; G1-1]
[GRI 205-2]
We ensure that employees are aware of their rights and responsibilities in complying with our ethical standards through regular communication campaigns and training initiatives.
The Code of Conduct and the Anti-Corruption Policy are shared with all new employees, who are asked to formally acknowledge receipt and their understanding of the documents. In Colombia, employees receive training in the Anti-Corruption Policy during their first two months with the Company. Training in the Code of Conduct is mandatory for all employees.
We also provided in-person and e-learning sessions on labour legislation, attended by 11,454 employees in 2025.
| Code of Conduct | Anti-Corruption Policy | Labour law | ||||
|---|---|---|---|---|---|---|
| Training volume* | Employees trained | Training volume* | Employees trained | Training volume* | Employees trained | |
| Group | 83,353 | 118,362 | 28,995 | 31,445 | 25,345 | 11,454 |
| Portugal | 16,345 | 30,890 | 4,871 | 7,404 | 2,500 | 882 |
| Poland | 50,862 | 68,871 | 3,457 | 5,387 | 14,868 | 2,702 |
| Colombia | 16,020 | 18,349 | 20,550 | 18,580 | 7,828 | 7,825 |
| Slovakia | 126 | 252 | 104 | 48 | 149 | 45 |
- Training volume: number of training hours multiplied by the number of participants.
Resolution mechanisms
[ESRS S1-3]
We ensure that all employees have access to independent, accessible reporting channels that are known to all stakeholders. All reports received are duly investigated, with action plans drawn up and monitored, while ensuring the confidentiality and protection of whistleblowers.
The Employee Assistance Service is a dedicated channel for reporting, clarifying and resolving labour-related issues, ensuring confidentiality, independence, impartiality and protection against retaliation. BOP (Biuro Obsługi Pracownika) is the employee assistance service in Poland, created to ensure the availability of an independent, confidential and transparent channel that helps employees safeguard their labour and human rights. In 2025, new initiatives were developed to raise awareness of the BOP's role and prevent situations of mobbing and discrimination.
| Employee Assistance Service | ||||||
|---|---|---|---|---|---|---|
| Contacts/Procedures initiated | Contacts/procedures completed (%) | |||||
| 2025 | 2024 | 2023 | 2025 | 2024 | 2023 | |
| Group | 119,498 | 112,653 | 90,809 | 99% | 99% | 100% |
| Portugal* | 32,932 | 43,707 | 22,972 | 99% | 100% | 100% |
| Poland** | 19,267 | 18,432 | 19,537 | 96% | 97% | 100% |
| Colombia | 67,299 | 50,514 | 48,300 | 99% | 99% | 99% |
- In Portugal, this channel is used to receive and forward social requests.
** Does not include contacts related to payroll/administrative issues and requests for Social Fund support.
The Ethics Committee and the Ethics Offices in Portugal, Poland and Slovakia ensure the receipt and handling of reports of irregularities, acting in accordance with the principles of independence, impartiality, integrity and confidentiality. Supported by a whistleblowing management platform, they have their own
Sustainability Statement
Jerónimo Martins | Annual Report 2025
dedicated websites through which employees can confidentially report any breach or violation of the law, internal policies or principles, including situations related to assault, harassment, conflicts of interest, corruption, discrimination, fraud, improper business practices or the misuse of information. These channels are also available to any stakeholder with whom the Companies work or interact, including workers who are not employees.
In Poland, Biedronka has an Anti-Mobbing, Anti-Discrimination and Sexual Harassment Committee that is responsible for handling complaints involving such matters. In Colombia, the Committee for Labour Coexistence manages complaints relating to working conditions and other work-related problems.
All situations reported are analysed and investigated, and action plans are drawn up for the resolution thereof whenever necessary. In 2025, we received 4,250 labour-related complaints, all of which were investigated, of which 34.8% were closed and 47.8% required remedy actions.
| Labour-related complaints | 2025 | 2024 | ||
|---|---|---|---|---|
| Total | % of complaints received | Total | % of complaints received | |
| Complaints received* | 4,250 | - | 3,580 | - |
| Complaints reviewed** | 4,250 | 100.0% | 3,580 | 100.0% |
| Complaints with the need for remedy actions*** | 2,030 | 47.8% | 1,826 | 51.9% |
| Complaints closed (analysis concluded without need for action or analysis concluded with the implementation of the needed actions)*** | 1,479 | 34.8% | 3,059 | 85.4% |
Number of complaints made by employees through the Ethics Committee, Ethics Offices and the Employee Assistance Service.
*Number of complaints analysed by resolution mechanisms out of the total number of complaints received.
*** Number of complaints whose conclusion of the investigation resulted in the need to implement remediation actions out of the total number of complaints received.
*** Number of complaints considered closed by 31/Dec/2025 after the appropriate investigation, out of the total complaints received.
[ESRS S1-1; S1-17]
[GRI 406-1]
Among the labour-related complaints received in 2025, 143 were related to discrimination, including harassment. No reports related to forced labour, human trafficking or child labour were recorded in the period under review.
| Complaints involving discrimination* | 2025 | 2024 | ||
|---|---|---|---|---|
| Total | % of complaints received | Total | % of complaints received | |
| Complaints involving discrimination received | 143 | - | 136 | - |
| Complaints involving discrimination analysed** | 141 | 98.6% | 136 | 100.0% |
| Complaints involving discrimination with the need for remedy actions*** | 69 | 43.3% | 73 | 53.7% |
| Complaints involving discrimination closed (analysis concluded without need for action or analysis concluded with the implementation of the needed actions)*** | 93 | 65.0% | 126 | 92.6% |
*In terms of the potential total amount of fines, pecuniary penalties and compensation for damages as a result of the aforementioned cases, the architecture necessary for this reporting is under development. The Group will take the necessary steps to report these potential indicators, whenever applicable. Information on contingent liabilities associated with ongoing proceedings is described in note 23. "Contingencies, contingent assets and contingent liabilities" of Chapter 3. "Financial Statements".
** Number of complaints involving discrimination and harassment investigated by the resolution mechanisms, out of the total complaints received involving discrimination and harassment.
*** Number of complaints involving discrimination and harassment closed that led to the implementation of remedy actions, out of the total complaints received involving discrimination and harassment.
*** Number of complaints involving discrimination and harassment considered closed by 31/Dec/2025 after the appropriate investigation, out of the total complaints received involving discrimination and harassment.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
More information about our communication channels for internal and external stakeholders can be found in section 2.3. "Stakeholder engagement and communication channels" of subchapter 2. "General Disclosures", of this chapter.
Innovative technologies
We are committed to enhancing the tools that support the individual productivity of employees. Throughout the year, we promoted the adoption of Copilot – a Microsoft 365 tool – resulting in 3,100 active users connected to Copilot Chat. This marks a decisive step in the adoption of smart tools that improve daily efficiency while ensuring information security. Onboarding sessions, personalised coaching and workshops were held to facilitate implementation, alongside the creation of a continuous and adaptable learning ecosystem.
In 2025, we launched the Artificial Intelligence Guidebook, an internal good practice guide for the safe, ethical and responsible use of generative AI. We also introduced the Digital Workplace blog, available in five languages (PT, EN, ES, PL, SK), expanding the weekly sharing of knowledge about digital tools between teams and fostering a digital culture.
People management solutions and communication channels
Human resources management was further strengthened across the Group through the Hello JM platform. Available in both mobile and desktop formats, the platform integrates a range of features and enables access to processes such as onboarding, recruitment and internal mobility. In 2025, we enhanced the communication of internal initiatives through this platform and expanded the service catalogue, consolidating it as the Group's primary human resources solution. Hello JM has 107,341 active users (employees who logged in at least once in December 2025).
Our JM is a global digital platform designed to facilitate the internal sharing of relevant information about the Group and its Companies. Through multimedia content, news, interviews and discussion forums, Our JM helps connect teams and strengthen the collective commitment to the Group's values and objectives. In 2025, this channel was extended to Slovakia.
At local level, alongside regular newsletters, the digital platforms Por Nós (Portugal), Dla Nas (Poland) and Hablando Naranja (Colombia) provide information relevant for the Companies' activities, celebrate achievements, and communicate partnerships, agreements and internal opportunities. Employees can suggest new partnerships and benefits, reinforcing the Group's commitment to addressing the needs and expectations of its teams. In 2025, these platforms had 63.2 million visits.
In Poland, the Dla Nas platform is the main channel for targeted and personalised communication and includes an intelligent chatbot that automates query management, ensuring quick and efficient responses. In 2025, new features were introduced to enhance this capability, including single sign-on for external platforms and automatic content translation. These solutions, combined with the integration of online social processes and interactive maps, reflect the Company's commitment to using artificial intelligence and technology to create an inclusive, accessible and connected ecosystem. During the year, the Dla Nas chatbot and voicebot responded to 275,789 requests, without the need for human interaction.
Also of note is the launch of the digital archive of our audiovisual assets (photos, videos and audio recordings). The MediaValet platform is available in all countries where we operate and aims to preserve existing and future visual heritage, while enabling fast and efficient content searches through embedded artificial intelligence.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
4.2.2. Affected communities
[ESRS 2 SBM-3]
We seek to understand the needs of the communities we support through mechanisms for dialogue and impact assessment of our direct or indirect contributions, engaging both the institutions involved and their beneficiaries. Our goal is to maximise the positive benefits delivered to society, particularly in the field of social cohesion.
Our strategy for engaging with local communities, as well as supporting vulnerable population groups exposed to socioeconomic risks, is developed primarily through partnerships in collaboration with social solidarity institutions. We support projects and initiatives that have a positive impact on the quality of life of communities, as well as on the preservation and dissemination of the cultural heritage of the countries in which we operate.
How we dialogue with affected communities
[ESRS S3-2, ESRS S-3, ESRS 2 MDR-M, ESRS 2 SBM-2]
[GRI 3-3, GRI 2-12, GRI 2-29, GRI 413-1]
Our close relationship with surrounding communities gives us a clear perspective of how their social challenges evolve, especially in what concerns those experienced by groups at risk of social exclusion or marginalisation. This dialogue, focused on the protection and respect of human rights and centred on listening to those who work closely with local communities, helps shape our support strategy, seeking to enhance positive impact in the community through our products and activities.
Among the communication channels we use, we highlight proximity-based mechanisms and interpersonal contact, such as in-person meetings and conferences with beneficiary institutions, as well as remote communication tools, including a digital platform that directs support external requests to the sustainability departments of the Holding and the Companies. Additional points of contact are also available in regional centres, distribution centres and stores.
Engagement with legitimate community representatives of the communities of the areas in which we operate takes place in various forms. In the case of institutions with established protocols with the Holding, annual site visits are carried out to assess the quality of infrastructure and services provided to supported individuals. This dialogue is scheduled annually and reinforced via email or telephone whenever considered necessary.
Given our international presence and the diversity of our activities, there are several individuals responsible for engaging in dialogue with the supported social entities. We highlight the Environmental Protection and Sustainable Development Director at Biedronka, the External Communication and Social Responsibility Director at Ara, and the Sustainable Development and Local Impact Director at Pingo Doce, who oversees the Impact and Local Development area. In the remaining Companies, dialogue and engagement with the supported entities is carried out by the managers of those projects, which is why they are not individually listed.
In line with our Irregularities Reporting Policy, any individual or any person acting on behalf of a collective, including local or Indigenous communities who contacts us through the communication channels made available by the Group, is protected under the principles of confidentiality and non-retaliation. One of the topics handled by the Ethics Committee, the Group's principal open communication channel, is human rights, including the rights of local or Indigenous communities $^{106}$ . Additionally, as part of supplier social
$^{106}$ During the reporting period, occurrences and interactions with communities that were potentially related to the policies mentioned above were recorded and analysed. Screening and assessment were carried out in accordance with applicable internal procedures and, where relevant, with reference to the United Nations Guiding Principles on Business and Human Rights (UNGPs), the OECD Guidelines for Multinational Enterprises and the ILO fundamental principles. Based on the information available and on the analysis conducted, no confirmed cases of human rights violations relevant to communities were identified or classified. Nevertheless, whenever appropriate, corrective and/or improvement measures were implemented, including enhanced communication with communities and process adjustments, followed by subsequent monitoring. For more information on our channels for reporting concerns, please consult subchapter 2. “General Disclosures”, section 2.3. “Stakeholder engagement and communication channels”, in this chapter.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
audits, criteria under the Ethics and Whistleblowing dimension verify the existence of accessible reporting channels that operate under the principles of confidentiality and non-retaliation¹⁰⁷.
The following subchapters describe the main initiatives promoted by the Group's Companies to support surrounding communities and identify the corresponding engagement channels with affected communities.
Impacts on affected communities
[ESRS S3-2, ESRS S3-3, ESRS 2 MDR-A, ESRS 2 MDR-M]
[GRI 3-3, GRI 203-1, GRI 413-1]
To measure the social impact of our initiatives, we apply the Business for Societal Impact (B4SI) methodology, which involves an annual consultation of the organisations we support. The questionnaire includes an open-response field that institutions can use to convey messages or channel requests to the Group or its Companies. As a way of monitoring the effectiveness of our dialogue mechanism with communities, organisations are also asked specifically about their level of satisfaction with the dialogue procedures, as well as the length and frequency of the questionnaire.
In 2025, we estimate that the approximately 82 million euros¹⁰⁸ allocated to 675 organisations positively impacted more than 1.6 million people. Most of the support consisted of in-kind donations (71% of the total) and was directed towards responding to situations of social emergency and social assistance (72% of the total), clearly contributing to Sustainable Development Goals 1 (no poverty), 2 (zero hunger) and 17 (partnerships for the goals).
As in previous years, the majority (74%) of beneficiaries surveyed through the institutions supporting vulnerable people reported positive impacts on their quality of life and, in terms of the depth of impact achieved, most beneficiaries reported improved ability to manage the challenges they face (48%). Institutions also reported that the support provided enabled them to dedicate more time to their beneficiaries (55%) and to improve their organisation's mission delivery (37%).
Another indicator we consider in assessing our social impact is the support provided by our employees to beneficiaries of institutions dedicated to assisting people in vulnerable situations (such as unemployment or disability). Throughout 2025, 88 employees in Portugal and Poland participated as mentors in professional training programmes in real work settings, corresponding to more than 28,600 hours of mentoring, equivalent to an investment of over one million euros¹⁰⁹.
We acknowledge that the taxes paid in the countries where activities are developed constitute not only a legal obligation, but also a significant contribution to societies. Therefore, potential aggressive tax planning practices adopted by large partner companies in the value chain may lead to a reduction in tax revenue in the countries where commercial activities take place. This is why we require suppliers and business partners to strictly comply with our policies and codes. In addition to complying with the tax obligations resulting from our activities in the countries where we operate, we contribute to local development and continuously support social institutions located in the communities surrounding our operations, aiming at promoting social cohesion and reducing socioeconomic inequalities.
To know more about how we prevent and mitigate this potential impact, please refer to the summary of policies and codes in subchapter 2. "General disclosures", section 2.6. "Our policies", as well as our tax responsibility strategy in subchapter 5. "Governance information", section 5.2. "Business conduct", subsection 5.2.5. "Taxation", in this chapter.
¹⁰⁷ For more detailed information on communication channels and the Group's reporting processes, please refer to subchapter 2. "General Disclosures", section 2.3. "Stakeholder engagement and communication channels", in this chapter. To learn more about social audits and the due diligence process, please consult subchapter 4. "Social Information", section 4.2. "Managing social topics", subsection 4.2.4 "Workers in the value chain", and subchapter 5. "Governance Information", in this chapter.
¹⁰⁸ This amount does not correspond to the total value of support granted by Jerónimo Martins. It refers only to activities/projects measured in collaboration with the institutions and their beneficiaries supported by the different Group Companies, applied to institutions receiving support of at least six thousand euros – the minimum threshold considered necessary to obtain meaningful social impact data. This value also includes support for entities that develop projects for vulnerable populations, where the contribution takes the form of a fee and not a donation. Using the same methodology, we also assess our capacity-building programmes directed at people in situations of social vulnerability (such as people with disabilities or those who are unemployed), to strengthen their ability to integrate into the labour market.
¹⁰⁹ For more details on mentoring and professional training, please refer to subchapter 4. "Social Information", section 4.2. "Managing social topics", subsection 4.2.1 "Own workforce", under the topic "Diversity and inclusion", subtopic "Inclusion of minorities".
Sustainability Statement
Jerónimo Martins | Annual Report 2025
M
MATERIAL
Direct support for affected communities
[ESRS S3-2, ESRS S3-4, ESRS 2 MDR-A, ESRS 2 MDR-M]
[GRI 3-3, GRI 203-1, GRI 413-1]
The main way we support surrounding communities is through donations, both monetary and in-kind food donations. In 2025, we allocated more than 91 million euros in direct support to over 2,200 entities $^{110}$ . This amount represents an increase of more than $12\%$ compared with 2024, mainly due to an increase in in-kind donations across almost all Companies.
| Direct Support (thousand euros) | |||
|---|---|---|---|
| 2025 | 2024 | Δ 2025/2024 | |
| Group | 91,270 | 81,088 | +12.6% |
| Poland | 54,850 | 55,676 | -1.5% |
| Biedronka* | 54,542 | 55,598 | -1.9% |
| Hebe | 307 | 78 | +292.9% |
| Portugal | 34,419 | 23,799 | +44.6% |
| Holding (JMH) | 2,480 | 3,387 | -26.8% |
| Pingo Doce | 29,851 | 19,324 | +54.5% |
| Recheio | 2,043 | 1,057 | +93.2% |
| Jeronymo & Hussel | 12 | 11 | +5.6% |
| Jerónimo Martins Agro-Alimentar | 34 | 21 | +62.2% |
| Colombia | 2,002 | 1,613 | +24.1% |
| Ara | 2,002 | 1,613 | +24.1% |
*This includes the monetary contribution to the Biedronka Foundation, amounting to more than 20 million euros, which derives from the appropriation of profits by its founder, Jeronimo Martins Polska (Biedronka), following approval at the General Meeting. The activities and financial reporting of the Biedronka Foundation are independent from the ones of Biedronka.
In accordance with the procedure we have followed for several years, surplus products that can no longer be sold but still meet quality and food safety standards are donated to social solidarity institutions. These institutions distribute the donated food to people experiencing socioeconomic vulnerability. This practice, adopted across all the Group's Companies, ensures that products reach the tables of those who need them most.
In 2025, we donated more than 23,200 tonnes of food, representing an increase of $25\%$ compared with 2024 and reversing the decline recorded that year (3.6% less than in 2023).
| Food donations (tonnes)* | |||
|---|---|---|---|
| Company | 2025 | 2024 | Δ 2025/2024 |
| Biedronka** | 10,273 | 10,776 | -4.7% |
| Pingo Doce | 12,022 | 7,162 | +67.9% |
| Recheio | 638 | 351 | +81.5% |
| Ara | 329 | 317 | +4.0% |
| Total | 23,262 | 18,606 | 25.0% |
- Values calculated internally according to proxies derived from the application of the Food Loss and Waste Protocol, a methodology developed by the World Resources Institute and various stakeholders for the consistent calculation and reporting of food loss and waste across the supply chain.
**Includes Poland only. At the end of 2025, Biedronka Slovakia began its process of directing surplus food from its stores to organisations supporting people experiencing food insecurity. However, the process is not yet sufficiently stabilised to enable country-level reporting of the indicator. In 2026, the Company will extend the process to more stores and establish partnership protocols to ensure that products reach a greater number of organisations supporting people in vulnerable situations. We continue to develop internal processes to strengthen the consistency and completeness of the information reported.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
The overall increase in in-kind food donations, particularly among the Companies in Portugal, is due to the "Alimenta o Bairro" (Feed the Neighbourhood) programme implemented by Pingo Doce and to Recheio's efforts to extend the delivery of donations to all its stores. At Ara, the Company's commitment to establishing long-term partnerships with social institutions for the collection of surplus food, namely through the municipal authorities of Bogotá, has begun to yield positive results.
Food-in-kind donations follow specific procedures designed to prevent food waste. In addition to appointing staff responsible for handling products and delivering them to institutions, the Companies that donate food have processes in place for the entities that collect food in stores. Biedronka also has a donation allocation procedure that includes information on eligible types of donations, required documentation, roles responsible for organising the donation process, data reporting and social impact assessment.
Corporate area
The Group's Holding supported 80 entities in 2025, most of which (61%) operate in the social field, with contributions amounting to close to 2.5 million euros. We maintained regular support to 23 institutions, in most cases for more than a decade. A highlight is the psychological support project for school-aged children and young people who live in, or regularly attend, institutions in Portugal supported by the Group, provided on a continuous and structured basis. Under this initiative, and by creating synergies with internal programmes already in place for employees, we extended to these children and young people the possibility of benefiting from a protocol with a psychology and psychiatry clinic that provides weekly sessions – entirely free of charge – to 20 children and young people. This specialised support promotes equal opportunities and facilitates social integration, contributing to improved quality of life and greater emotional autonomy. Between 2023 and 2025, more than 750 consultations were delivered, with our support exceeding 35 thousand euros in 2025.
Jerónimo Martins Foundation
In addition to supporting the Group's employees and their families, the Jerónimo Martins Foundation also develops social initiatives aimed at local communities. In this regard, the Foundation has started to manage two programmes that were previously under the responsibility of the Jerónimo Martins Group.
One of these programmes is the scholarships initiative, awarded to students in vulnerable situations who, as a result, are unable to complete their academic journey. These scholarships are granted through EPIS – Empresários Pela Inclusão Social (Businessmen for Social Inclusion), an association created in 2006 of which the Group was a founding member. Since the beginning of 2025, participation in EPIS projects has been transferred to the scope of the Jerónimo Martins Foundation.
Support for the Girl Move Association, which the Group has been providing continuously since 2016, was also transferred to the Foundation at the end of 2025.
Biedronka
Biedronka allocated 54.5 million euros in direct support, benefiting more than 690 institutions[111]. This amount decreased by around 2% compared with 2024, mainly due to the extraordinary support provided to families affected by the floods that hit central and eastern Europe in 2024.
The Company donated more than 10,200 tonnes of food (4.7% less than in 2024) through 2,337 stores – 60% of all its stores in Poland. Surplus food donations delivered to institutions near our stores and distribution centres benefited 144 organisations, among which the Federation of Polish Food Banks stands out, representing around 45% of total food donations. Despite Biedronka's expanding store network, donated quantities have been declining due to the success of the incentive programme for purchasing products close to their expiry date and the collaboration with platforms that sell surplus at reduced prices. The decrease is also due to operational measures aimed at improving stock control and reducing losses, which led to a reduction in the surplus available for donation.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
Biedronka has a strong tradition of supporting community and charitable initiatives during the Christmas season. In 2025, it supported the 29th edition of Wigilia Kościuszko (Kościuszko Christmas Eve), an event that provides hot meals and Christmas food baskets to people in vulnerable situations. It also supported the 24th edition of Oplatek Maltański (Maltese Christmas wafer), a charitable initiative with more than two decades organised by the Order of Malta, held annually in dozens of locations and offering festive meals, food baskets and social gatherings for people experiencing poverty, loneliness or disability. In addition to donating food products, the Company also provided financial support to ensure the project's continuity in 2026. In total, Biedronka supported these initiatives with nearly 26 thousand euros.
In partnership with Caritas Polska, and to mark World Children's Day, Biedronka offered 25,000 Happiness Boxes to children from economically vulnerable families supported by the institution. These boxes included Private Brand food products, such as fruit purées, dried fruit and snacks, as well as toys from the "Gang Produktciaków" (The Product Gang) campaign. Around 102 thousand euros were invested in this initiative.
Biedronka Foundation
345 million zloty (the equivalent to over 80 million euros) have been invested by the Foundation since 2020 to develop and support programmes mostly to fight poverty and malnutrition as well as loneliness and social isolation amongst older people, and also initiatives to promote health and well-being and respond to humanitarian emergencies (such as support for refugees from the war in Ukraine or for the victims of the dramatic floods in Poland in 2024).
In 2025, the year of its fifth anniversary, the Biedronka Foundation allocated over 18 million euros to its community support programmes and, together with 1,600 partner organisations, benefited over 140 thousand people, mostly older adults in line with its mission, but also children and youngsters.
The year's impact highlights include:
- over 27 thousand people supported with cards to provide for food;
- over 46 thousand elders engaged in the "Food for Shared Moments" programme, developed in partnership with 1,200 Rural Housewives Clubs, resulting in more than 7,200 gatherings organized specially for seniors living alone, mainly in rural areas;
- more than 179 thousand meals delivered to the homes of older people living in situations of poverty and isolation in the scope of the "Lunch Post" project;
- more than 15 thousand beneficiaries of humanitarian aid to Ukraine.
Hebe
Hebe's responsibility strategy is primarily centred on supporting women through the promotion of female entrepreneurship and assisting residents of orphanages as they transition to more independent lives. In 2025, the Company supported eight organisations with around 307 thousand euros – nearly four times the value registered in 2024. This increase reinforces Hebe's position as a close partner of institutions that promote the integration of young people from disadvantaged backgrounds into society and the labour market.
Pingo Doce¹¹²
In 2025, Pingo Doce responded to requests from around 1,330 social institutions¹¹³ operating in the areas surrounding its stores. In-kind food donations and monetary support – including fixed support, gift cards and support for environmental conservation projects – reached almost 30 million euros, more 55% than in 2024.
Food donations arising from surplus products in stores increased to 12 thousand tonnes, 68% more than in the previous year, driven by the implementation of the Alimenta o Bairro programme. Launched in 2024, this project seeks to reinforce the active role of our store teams in fighting hunger in the neighbourhoods where Pingo Doce operates while reducing food waste in stores. The programme's effectiveness improved considerably thanks to measures such as:
- expanding the range of items eligible for donation;
¹¹² Includes Lidosol.
¹¹³ See pingodoce.pt/sustentabilidade.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
- increasing the frequency of in-store donation moments (two times a day, at the store opening and closure);
- training and capacity-building for partner institutions (271 throughout the year) and store teams on proper surplus collection procedures (18 training sessions during the year).
Alimenta o Bairro programme began with a questionnaire directed to supported institutions to understand their needs. Based on this feedback, Pingo Doce developed a series of workshops to better understand institutions' views on support procedures, the most valued and needed food items, their capacity for collecting products in stores and ways to address identified improvement areas.
5 years of Bairro Feliz (Happy Neighbourhood)
Bairro Feliz is a programme that supports causes proposed by organisations and residents in the neighbourhoods surrounding Pingo Doce stores, awarding a donation of up to one thousand euros to the ideas that receive the most customer votes.
In the 2025 edition, the fifth with nationwide coverage, 2,581 applications were submitted. After the public voting phase, Pingo Doce granted more than 429 thousand euros to a total of 467 causes voted by customers, 31% of which related to education.
Since 2019, the programme has supported with 2.3 million euros, 2,417 causes from more than 14,400 applications. A total of 120 million customer votes have been recorded.
It is estimated that the winning Bairro Feliz projects have benefited more than 11,000 elderly people and 19,000 children – two of the priority groups in the Group's initiatives to support affected communities.
Since December 2022, Pingo Doce has had a cooperation protocol with the National Republican Guard (GNR) to carry out proximity support actions for elderly people, children and vulnerable youth. In 2025, more than 6,100 baskets containing food, hygiene products and blankets were delivered to 1,800 elderly people. Additionally, five Christmas lunches were organised in the five districts where elderly loneliness is most severe. More than 500 elderly people took part in these gatherings, which involved local GNR units and Pingo Doce operational teams. Since 2022, more than 12,900 food baskets have been distributed through this partnership.
Recheio¹¹⁴
Recheio donated more than two million euros in food and monetary support, almost double the amount provided in 2024. The Company supported 166 organisations, the result of a more focused approach to allocating donations, in line with its priorities.
Food donations arising from surplus increased by almost 82%, reaching 638 tonnes, due to the consolidation of the donation programme and new operational measures that enhanced efficiency, safety and consistency. Throughout 2025, all stores were paired with a partner institution to collect surplus. The centralisation of donation requests through the Company's website also allowed for the standardisation of procedures and improved request management. Mandatory training for store teams on food safety, product eligibility and proper storage practices contributed to more rigorous screening and a reduction of the food waste.
Jerónimo Martins Agro-alimentar
The various JMA companies allocated around 34 thousand euros in support to 11 social institutions located near their production units.
Ara
Ara supported the social action of 27 organisations with around 2 million euros – 24% more than in 2024. This increase, aligned with the objectives set for 2024–2026, reflects Ara's commitment to being a key ally
¹¹⁴ Includes Recheio Masterchef and João Gomes Camacho.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
of the communities surrounding its stores, particularly considering that one in three people in Colombia lives in poverty – 17 million people with a monthly income below 100 euros¹¹⁵.
To effectively guide its efforts, Ara analyses the most relevant social indicators in the country, including monetary poverty, food insecurity and malnutrition. Before establishing formal partnerships, the Company engages with recognised organisations active in these areas, including experts, public bodies and NGOs – such as UNICEF, the Colombian Institute for Family Welfare, social integration departments and food bank associations. Ara also regularly consults the communities surrounding its stores, integrating local expectations into decision-making whenever possible. This process underpins the creation of the “2 Millones de Razones” (2 Million Reasons) initiative, that under this communication theme, aggregates a diverse set of community support projects.
The project – an evolution of the 2024 “1 Millón de Razones” (Um Milhão de Razões) programme – is a unique social investment initiative in the country, providing 2 million euros in support to 19 social organisations through 14 projects. It is estimated to have benefited over 64 thousand people, particularly children, young people, mothers and the elderly. The initiatives under the project include programmes to reduce chronic undernutrition and malnutrition, improve living conditions for vulnerable populations and promote education as a key driver of social change.
Key initiatives include:
- Associación de Bancos de Alimentos de Colombia (ABACO) – Tackling child undernutrition through surplus food donations, reinforced collection logistics and support for expanding the food bank network. The support benefited 31,940 children across various regions.
- Fundación Alimentar – Improving food security among vulnerable communities. The project in Cartagena involved food donations suitable for consumption and a monthly contribution to strengthen logistics, distribution and direct support to families, benefiting 1,822 people.
- SoyDoy – Addressing nutritional needs of families facing unemployment, benefiting 67 children at the Fusunga School in Soacha. The initiative included distributing food baskets and nutritional workshops for children and families, including guidance on adequate fruit and vegetable consumption to encourage healthy eating habits.
- Cáritas – Promoting sustainable and solidarity-based human development in vulnerable communities. The project involved the distribution of food baskets, support for the creation of 30 community enterprises and activities aimed at families’ economic autonomy, benefiting 808 people.
- Fundación InmensaMente – Supporting the integral development of early childhood. The initiative included providing food for nutritional reinforcement, strengthening food security in educational and community spaces, and improving conditions for children aged 0 to 5, impacting 150 people.
- Administrative Unit “Buen Comienzo”, Medellín – Ensuring that all children have access to early education, nutrition, health, protection and care, with a focus on those from vulnerable backgrounds. Ara contributes by providing food vouchers to 500 beneficiaries.
- Bogotá’s Department of Social Integration – Focused on promoting healthy eating, Ara supported the improved health and nutrition of 386 pregnant women and new mothers through food vouchers and educational workshops on nutrition, early-life care and preparing balanced meals.
Programmes and projects to engage and support affected communities
[ESRS S3-4, ESRS 2 MDR-A, ESRS 2 MDR-M]
[GRI 3-3, GRI 203-1, GRI 413-1]
We have developed partnerships with several institutions to address social cohesion challenges in areas such as healthy eating, the promotion of reading habits, social inclusion and environmental awareness. We also participate in corporate volunteering initiatives.
Healthy eating habits and lifestyles
Since 2016, in Portugal, we have been sponsors of the Alimentação Saudável e Sustentável (Healthy and Sustainable Eating) programme of the Eco-Schools initiative, promoted by ABAAE – the Blue Flag
¹¹⁵ Source: National Administrative Department of Statistics (DANE), Colombia.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
Association for Environment and Education. In 2025, the amount of our support for this programme – which raises students’ awareness of topics such as nutrition, healthy eating and the sustainability of agri-food production – amounted to over 46 thousand euros. In the 2024/2025 edition, 350 schools across the country participated.
Since 2023, Biedronka has been the main sponsor of Olimpiada Zdrowia PCK z Biedronką (the Polish Red Cross and Biedronka Health Olympiad), a competition that promotes healthy eating habits and healthy lifestyles among school-aged children and young people. The competition begins with a general test on nutrition, health and ecology. Students with the highest scores are then invited to present projects related to these themes. After finishing secondary education, the winners may study at the health sciences faculty of the Medical University of Lodz¹¹⁶, which sponsors the initiative.
Biedronka’s sponsorship has two components: financial support for the winners, including specific prizes awarded for the best projects on healthy eating habits and healthy living in the local community, and advisory support from Company experts in quality and Private Brand, environment and sustainability. These Biedronka professionals are also involved in developing the competition questions. In the 32nd edition, nearly 22 thousand students participated, with 32 reaching the final. Biedronka awarded eight special prizes across the two age categories in the form of gift cards worth more than 900 euros, contributing with over 51 thousand euros to the project. In November, the 33rd edition was launched, focused on issues related to mental health, and counted with 22,800 students from 1,525 Polish schools.
Hebe’s support focused on:
- providing participation kits for several editions of the Bieg Kobiet Zawsze Pier(w)si (Women's Always First) race, an initiative raising awareness of breast and cervical cancer prevention;
- supporting other cancer prevention events;
- providing prizes for the winners of the Stowarzyszenie Sportowe Ich Własna (Sports Association Ich Własna) women’s football league, whose aim is to eliminate discrimination against women in sport.
Ara partnered with four institutions – Fundación Leicy Santos, Fundación Manuela Vanegas, Parchemos Concreto and Fundación La Quinta.com – that promote sports practice as healthy habits, particularly football and dance in vulnerable regions, involving 1,065 children from the areas of Copacabana, Lorica and Quibdó.
Literature and reading habits
Promoting family reading habits from an early age is an important way to foster children’s and young people’s literacy and to contribute to more informed and better-prepared societies. With this purpose, and in addition to offering books at very affordable prices, Pingo Doce and Biedronka organise national awards for children’s literature. The winners of the two phases of each competition – writing and illustration – are guaranteed publication of their work in book form, sold exclusively in stores of each banner. Whether in Portugal or Poland, each winner of each phase receives a monetary prize of 25 thousand euros.
Since its creation in 2014, the Pingo Doce Children’s Literature Prize has awarded 24 writers and illustrators. Previous editions have demonstrated the impact of this initiative on the promotion of children’s literature in Portugal, and in encouraging creativity, and creating dynamic in the sector. The winning works have resulted in 12 published titles and more than 205 thousand copies sold, reaching thousands of children across the country. The latest distinguished work was Os Três Castelos das Três Bruxas Malvadas (The Three Castles of the Three Wicked Witches), by José Dias Pires, illustrated by Maria Girão. The prize forms part of Pingo Doce’s long-standing commitment to children’s literature, which over two decades has offered high-quality content with more than 570 exclusive titles and three million books sold.
The Piórko - Nagroda Biedronki za książkę dla dzieci prize (Biedronka Children’s Literature Prize) has, since its first edition, been endorsed by the Children’s Ombudsman in Poland. The 11th edition recorded a record number of more than 3,900 text submissions, with Co zrobić z tym smokiem? (What to do with this dragon?), by Krzysztof Trojan, winning the writing phase and serving as inspiration for the more than 980
¹¹⁶ Only applicable to the 2025-2026 edition.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
illustrators who entered the second phase of the competition, which was won by Marek Gołębiowski. Since the initiative's launch in 2015, more than 600 thousand copies of the 11 winning books have been sold.
In Portugal, Pingo Doce took part in eleven book fairs, at which more than seven thousand books were sold, and launched 27 new exclusive titles (recognized by the National Reading Plan), which were made available in stores at affordable prices. Participation in book fairs is aimed at both the general public and children, and in addition to exclusive children's book sales, reading sessions and book signings with the winners of the Pingo Doce Children's Literature Prize are organised.
Strengthening its role in the ecosystem of reading and children's literature promotion, Pingo Doce donated, for the second consecutive year, libraries with children's books to paediatric hospitals and paediatric wards with inpatient units across the country. Each library is equipped with 30 exclusive Pingo Doce children's books, for children aged 2 to 12. Depending on the size of each paediatric unit, more than 130 mini-libraries were delivered – creating real "Reading Neighbourhoods" – and a total of more than four thousand books were donated.
Ara joined the Rincones de Lectura (Reading Corners) initiative, community spaces that promote child development through reading, play and art. With an investment of around 330 thousand euros, one thousand reading corners were delivered to 915 community homes and 85 kindergartens, benefiting 14 thousand children with access to books, games and artistic materials that stimulate imagination, creativity and learning.
Social inclusion and entrepreneurship
Since 2018, Biedronka has been the main sponsor of the Nadzieja Na Mundial Association ("Hope for the World Cup"). This association supports the development of institutionalised children through socialisation in sport and organises football tournaments with other children and young people from Poland and from other European and non-European countries. In 2025, the 16th edition of the Polish championship took place, with 400 children from 39 teams across the country travelling to Warsaw to compete. The best players were selected to join the Polish team for the 9th edition of the world championship, which brought together teams from 22 countries, including Portugal and Slovakia. Biedronka invested more than 174 thousand euros in these two initiatives.
To celebrate childbirth in Poland, Biedronka has, since 2021, offered product packs to babies born in the country and registered on the website of the Dada club (Dada is Biedronka's Private Brand for baby hygiene and care, and the market leader in nappies). In 2025, the number of registrations exceeded 54 thousand, bringing the total number of kits distributed to around 332 thousand. The kits include nappies, baby food jars, wet wipes and cotton buds.
As part of its support for the integration of people with disabilities, Biedronka continued its collaboration with the Podaj Dalej Foundation, an organisation supported since 2024 whose mission is to help people with disabilities achieve independence and live active and fulfilling lives. Thanks to the support generated through cooperation with Biedronka, the Foundation organised several initiatives:
- Artistic and sports camps for around 70 children with disabilities from various regions of Poland.
- Workshops for 12 mothers of children with disabilities, focused on strengthening and empowerment mechanisms, relaxation and adapted nutrition habits, while ensuring full supervision of their children by the institution.
- The publication of a series of 12 stories about the fox Ibisek, designed to help children and young people better understand and manage their emotions.
In 2021, Biedronka became the first retailer in Poland to launch a programme dedicated to fighting period poverty[117]: "Together We'll Start a Period of Change", in partnership with Koalicja Okresowa, an NGO coalition founded by the Kulczyk Foundation. In the same year, the Company launched the campaign "Menstruation Action in Your School", in collaboration with Akcja Menstruacja, an organisation with which the Company started working with to promote topics related to women's health. During the 2025/2026 school year, Biedronka supported 680 schools by offering more than 1.3 million tampons and sanitary pads, an investment of around 46 thousand euros, benefiting a total of 121 thousand students.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
Hebe continued its collaboration with the Odkryj Siebie Z Hebe ("Discover Yourself with Hebe") initiative, in partnership with the One Day Foundation, to promote the social and professional inclusion of young adults who live or have lived in orphanages. In the fourth edition of the programme, the 37 participants worked in 31 Hebe stores for two months[118]. Hebe also donated more than 35 thousand euros to support the Foundation's social mission.
Hebe also donated around 8 thousand euros to the fifth edition of the TOP Women in e-business programme, created by the Fundação Kobiety E-Biznesu (Women in E-Business Foundation), whose main objective is to support the creation of online businesses led by women.
Ara supported the Somos CaPAZes programme, aimed at mothers and children in vulnerable situations, with the goal of strengthening family bonds and promoting safe environments. The project reached 390 beneficiaries and included the creation of protected spaces for families in high-risk areas, as well as the development of a community garden in the Pereira region.
Also noteworthy is the project with the Fundación Hogar Cañitas Saludables, aimed at improving the well-being and living conditions of 70 elderly people facing abandonment or vulnerability. The partnership included refurbishing and painting the institution's facade, repairing beds and damaged furniture, installing television rooms and organising recreational and therapeutic activities. The project also included the donation of fruit, vegetables and products with damaged packaging but still totally suitable for consumption.
Environmental education
We develop a set of actions directed at the communities surrounding our operations, with the aim of reinforcing the importance of ecosystem protection and biodiversity preservation[119], contributing to greater collective environmental responsibility.
In the area of raising awareness about ecosystem protection, since 2019 we have partnered with Portugal Chama, a campaign by the Integrated Rural Fire Management System (SGIFR) that seeks to alert the population, particularly in high-risk fire areas, to the importance of prevention, especially during the most critical months of the year. Pingo Doce, Recheio and Amanhecer made their websites, social media channels and in-store audio systems available to disseminate the prevention and fire-safety messages developed by AGIF, significantly expanding their reach within communities.
As part of the Mar Vivo (Living Ocean) programme, and in line with previous years, Pingo Doce organised another edition of the Brigada Mar Vivo (Living Ocean Brigade), the largest school beach-cleaning initiative in the country. More than 64 thousand students from 53 municipalities collected 5.8 tonnes of waste from Portuguese beaches. In addition, the Peniche Surfing Clube initiative was created, under which 97 beach and cliff clean-ups were carried out, 5.3 tonnes of marine and coastal litter were collected. These initiatives involved more than 10 thousand people.
Pingo Doce also continued the project launched in 2024, "Take Your Class to the Oceanarium", in partnership with ABAAE. Focused on the protection of marine ecosystems, the project aims to raise awareness and educate younger generations about the importance of ocean conservation. This year, students up to the 9th grade were invited to develop an exhibition on endangered species included in the IUCN Red List, encouraging interest in marine biodiversity conservation.
In the field of awareness-raising for pollinator protection and biodiversity conservation, in Portugal we developed the "SOS Pollinators" campaign in partnership with Quercus, with whom we have been carrying out educational communication actions since 2014, directed at school communities, while also providing training to various stakeholders (local authorities, farmers, beekeepers and technicians). The second edition of the Pollinator-Friendly Schools Network took place, with 20 sessions held across 30 schools, with the participation of more than 1,700 students. As part of this project, the fourth edition of the contest
Sustainability Statement
Jerónimo Martins | Annual Report 2025
"Build a Pollinator Insect Hotel" was launched, involving 18 citizens and 48 schools. The initiative promotes the construction of refuges for pollinating insects, raising awareness about their importance.
In the same area of pollinator protection and the promotion of their role in biodiversity, Ara has implemented, since 2021, the "Bee Protection" project in partnership with Fundabejaz, with the aim of protecting and conserving these important pollinators. In 2025, the Company's support contributed to:
- rescuing 51 swarms, promoting coexistence with communities;
- monitoring and evaluating the rescued swarms, identifying 35 viable hives;
- delivering 33 hives to the community – mainly farmers – reinforcing the commitment to ecosystem protection. Hives not yet delivered remain in the strengthening process to ensure optimal technical and environmental conditions for future integration;
- reducing extermination requests in areas where 83 awareness campaigns were carried out about the importance of bees and pollinators. These sessions involved 2,650 participants from rural communities, including students from local schools.
In the medium and long term, the programme aims to transform the relationship between communities and bees by integrating environmental education into school curricula. At the same time, formal perception measurement tools and monitoring mechanisms are being developed to strengthen the programme's qualitative and quantitative indicators, ensuring greater rigour and effectiveness in assessing its impact.
Also in Colombia, the Loros Project is being developed, aimed at rehabilitating and releasing macaws. This project is carried out in partnership with Fundación Loros, a non-profit organisation dedicated to the protection of birds such as parrots, macaws, parakeets and cockatoos. Since 2024, the Foundation has had a cooperation agreement with Ara to strengthen its actions. The initiative covers a macaw reserve of around 300 hectares and includes, among other actions, the construction of aviaries for the recovery and release of birds, as well as awareness-raising campaigns against the trafficking and illegal capture of macaws and wild birds, directed at 40 children from the IETA (Institución Educativa Técnica Agropecuaria) school. The success of these initiatives has resulted in an increase in reports supporting species conservation.
Since 2019, Biedronka has supported, in partnership with the Clean Poland Association (a Polish NGO), the Clean Tatras project, developed in collaboration with the Tatra National Park and other specialised organisations. The project combines waste-collection activities with an educational component through the creation of an eco-village that promotes sustainable behaviours to reduce human impact on the environment. In 2025, the 7th edition took place, combining environmental education with mountain-trail clean-ups, resulting in the collection of 100 kilos of waste. This volume has decreased year after year, reflecting not only the effectiveness of annual clean-ups but also a positive change in visitors' behaviour: despite increasing tourist pressure, tourists are leaving less waste and demonstrating greater environmental awareness. This evolution confirms the educational impact of the initiative, which inspires participants and the surrounding community to adopt more responsible daily practices.
In March 2025, Biedronka announced a new partnership with Operation Clean River to collaborate on waste management (including green-space clean-ups) and biodiversity protection. This initiative responds to a community-level environmental issue observed along the Bug River and its surrounding areas. Across multiple clean-up campaigns carried out throughout the year, around 31,400 people participated, and with Biedronka's support, 960 sites were cleared and 579 thousand kilos of waste collected.
Another mechanism for disseminating knowledge and raising environmental awareness is through our social media platforms, via educational campaigns. In 2025, Ara ran a highlighted Instagram campaign on Habitat Day, featuring questions about the natural habitats of Colombian species.
Volunteering
Volunteering initiatives are a concrete way of strengthening the social and environmental impact of our Group in the communities where we operate. In addition to directly helping address local needs and supporting vulnerable populations, these initiatives foster mobilisation and active engagement among our employees. In 2025, 1,105 employees participated in volunteering activities, totalling more than 4,700 hours, with the following initiatives standing out:
Sustainability Statement
Jerónimo Martins | Annual Report 2025
- Pingo Doce, under the cooperation protocol celebrated with the National Republican Guard (GNR) aimed at fighting loneliness and social isolation among the elderly, organised a volunteering action with employees from the Campo Grande team to assemble food baskets for more than 1,800 elderly people in situations of extreme vulnerability.
- At Biedronka, each employee is entitled to four working hours dedicated to volunteering activities. A highlight is Szlachetna Paczka (Noble Gift), a Polish social programme that supports people living in poverty or social isolation, including the elderly, large families, accident victims, people who are ill or living with a disability. In 2025, around 700 employees from different areas (offices, distribution centres and stores) took part in preparing baskets for previously identified beneficiaries. Through this joint effort, 32 families were supported.
- In partnership with TECHO (a Latin-American NGO operating in 19 countries, building housing for people living in precarious conditions without minimum hygiene and comfort), a volunteering action was organised in which 57 Ara employees helped build two emergency houses for vulnerable families in Bogotá and Medellín.
- The "Viaje La Guajira – Abaco" (Travel La Guajira – Abaco) initiative, a social tourism project with vulnerable Indigenous communities in the Riohacha area, involved 10 employees who delivered food baskets, cooked with families and supported child nutrition reinforcement activities.
- Cooking workshops and recreational activities promoting healthy habits, social integration and emotional well-being for children are among the initiatives carried out by 43 Ara employees under the partnership with SOS Children's Villages Colombia, a collaboration in place since 2016 in the regions of Bucaramanga and Cali.
- 20 Ara volunteers, in partnership with Fundación Tierra Grata, installed 10 solar lamps in a vulnerable neighbourhood in Barranquilla, improving safety, night-time visibility and residents' quality of life.
- 62 employees took part in the "Mi mejor amigo" (My best friend) project, aimed at improving the conditions of a shelter housing around 150 rescued dogs. Activities included building structures, distributing food, deworming, providing general care and organising recreational actions.
- In 2025, we welcomed four interns from the Girl Move Association, an initiative we have supported since 2016 and which, in 2026, will become part of the Jerónimo Martins Foundation. The Association aims to empower young Mozambican women to become agents of development in their communities. Training lasted three weeks: the first dedicated to visits to various Group facilities, followed by two weeks of placements with eight mentors. In addition to training, the interns delivered Impact Talks to 85 employees.
Indirect support for affected communities
[ESRS S3-4, ESRS 2 MDR-A, ESRS 2 MDR-M]
[GRI 3-3, GRI 203-2, GRI 413-1]
We regularly make our stores available so that local social institutions can carry out food-collection campaigns and other donation drives, and we also take part in fundraising initiatives.
Portugal
In Portugal, Pingo Doce promoted 16 campaigns for the sale of vouchers redeemable for food and other products (more than 20 tonnes in the case of vouchers redeemable for our Private Brand products), to benefit institutions operating in various areas of social emergency. In total, Pingo Doce customers contributed with the equivalent of more than 429 thousand euros (a decrease of 21% compared with 2024).
At the Jerónimo Martins Group Christmas Celebration, more than 7,200 euros were raised to fund essential renovation works at the Convento dos Cardaes in Lisbon, an institution that houses and cares for women with profound disabilities, offering them a safe environment, dignity, comfort and daily support. The contribution was intended to make possible the refurbishment of workspaces and common areas, which were in very poor condition.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
Poland
Biedronka carried out several initiatives with its customers to collect food for people in need. More than 570 tonnes of products¹²⁰ were collected, 6% more than in 2024.
Through the "Yes, I Help" campaign, Caritas Polska collected 139 tonnes of food in 1,053 Biedronka stores to provide Easter meals to families in need. At Christmas, a similar initiative took place in more than 1,065 stores, resulting in 201 tonnes of food collected from customers. Also, for Easter and Christmas, the Federation of Polish Food Banks conducted food-collection initiatives. In March, more than 480 stores collected donations corresponding to 71 tonnes of food, and in November 815 stores collected nearly 148 tonnes of goods.
The sixth edition of the Szlachetna Paczka (Noble Gift) program, promoted by Stowarzyszenie Wiosna (Spring Association) and aimed at people in vulnerable situations, enabled the delivery of baskets containing food, personal hygiene products, small household appliances, clothes, shoes, and toys. Support from Biedronka customers was provided through the purchase of products from the Magnetic range, amounting to more than 82 thousand euros. This contribution was invested in assembling the baskets, which were prepared by Biedronka employees.
The Dobra Torba initiative was created to support the reduction of food waste and strengthen the fight against food insecurity in Poland. Through the sale of project-branded paper bags, part of the proceeds is directed to the Polish Federation of Food Banks. In addition to financial support, the initiative includes a strong educational component, promoting good practices for food storage and responsible consumption. In 2025, Biedronka launched a themed edition inspired by western motifs, offering paper bags in three versions (banana, pepper, and carrot) with messages encouraging the consumption of imperfect fruits and vegetables, reinforcing its focus on fighting waste. The campaign also included a dedicated website with practical tips to reduce everyday food waste, further strengthening its educational dimension.
For the fourth consecutive year, Biedronka was once again the main sponsor of the finale of the 33rd edition of the Wielka Orkiestra Świątecznej Pomocy – WOŚP (Great Christmas Charity Orchestra) final, the largest solidarity event occurring in Poland, held in January 2025. Through the sale of official merchandise and the collection of customer donations in Biedronka stores, more than 1.4 million euros were raised – funds allocated to supporting paediatric oncology and haematology. In December 2025, the 34th edition of the event was launched, this time aiming to raise funds for the diagnosis and treatment of digestive system diseases in children.
Hebe managed to mobilize more than 256 thousand euros in indirect support, in partnership with suppliers of makeup and cosmetic products, which were distributed to women, teenage girls, and orphans in support institutions.
Colombia
At Ara, the "Dona tu vuelto" (Donate your change) programme, which enables customers to round up their purchase value to support social causes, raised more than 780 thousand euros.
Support for Aldeas Infantiles SOS Colombia was distributed between the Acogimiento Familiar programme (for families at risk of separation) and the Fortalecimiento de Familias de Origen programme (directed at children and young people removed from their families). Aldeas Infantiles SOS also supports families in contexts of violence and emergency situations, in 11 Colombian states. In 2025, the amount raised enabled more than 4,480 children and young people to access foster-care programmes, temporary family accommodation, family-of-origin strengthening initiatives and emergency support. This reach reflects not only broad geographic coverage but also a comprehensive impact focused on protection, rights restoration and creating real opportunities for children and young people living in high-vulnerability contexts.
Additionally, Ara customers could contribute to the REAGRO programme of the Colombian Food Bank Association (ABACO) established in 2013 with the objective of recovering fruit and vegetables that are fit for consumption but cannot be commercialised. These foods are collected directly from farmers and distributed to people facing vulnerability across the country.
¹²⁰ Value recorded by the institutions.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
Commitments
[ESRS S3-5, ESRS 2 MDR-T]
[GRI 3-3]
It is based on the projects developed with affected communities, and on the active contribution for addressing their most pressing needs, that the Group defines its commitments for each three-year cycle. The Group's commitments related to this topic can be found in subchapter 6. "Sustainability commitments", in this chapter.
4.2.3. Consumers and end-users
[ESRS 2 SBM-3]
We are committed to democratising the access to high-quality products that are safe, innovative and affordable, and that contribute to improving public health. We strive to ensure that our business is accessible to all consumers in the countries where we have operations and endeavour to offer a diversified assortment at competitive prices. We ensure that our quality, safety and product development processes meet the needs of all consumers, including those for whom the impact of our activity may be more significant. The systematic analysis of factors such as specific nutritional needs, food-related vulnerabilities, consumption patterns and reliance on the information provided enables us to determine more precisely where exposure to risk is greater and to guide our practices in protecting end-users.
Consumers most exposed to potential material impacts¹²¹ include:
a) vulnerable age groups, such as children and older people, who have differentiated nutritional requirements;
b) individuals with specific dietary vulnerabilities and preferences, including allergies or intolerances, who rely on high standards of quality and safety, as well as correct and comprehensive information on ingredients and potential allergens.
Potential impacts may occur at different stages of the value chain:
- upstream of our operations – impacts related to compliance with safety standards, traceability and allergen management, particularly by our suppliers;
- in own operations – impacts linked to quality control, labelling and consumer communication;
- downstream of our operations – impacts arising from the use, storage and preparation of products by consumers, as well as the reliability of the information we provide.
We identified the following material topics that directly affect our consumers: the adoption of product quality and safety standards; innovation in product and services; and making available affordable products. For more information about materially relevant topics, see subchapter 2. "General disclosures", section 2.5. "Impacts, risks and opportunities management and double materiality assessment", of this chapter.
These topics influence consumer confidence and perception, and may undermine or strengthen our relationship with customers and the credibility that they attribute to us. Supply chain disruptions, in turn, pose risks that require robust management strategies to safeguard business continuity. Moreover, the pace at which new technologies emerge imposes continuous adaptation to ensure we remain competitive.
The identified risks and opportunities can affect certain groups of consumers differently. In particular, risks arising from food safety non-compliance and inaccurate nutritional information may affect children, older people and consumers with allergies or intolerances. Conversely, initiatives focused on improved labelling, nutritional reformulation and innovation represent opportunities that can deliver more significant benefits for these same groups.
¹²¹ We acknowledge that virtually all consumers may be potentially affected by our activities, products or value chains, as retail is an open and universal-access sector. That's why, in our materiality assessment, we aim to ensure that no group is excluded. Nevertheless, we recognise that regulatory, cultural and consumption differences across markets may result in variations in both the nature and intensity of impacts. To identify consumers who are potentially more exposed, we use broad categories of vulnerability, such as specific dietary needs, age, dietary preferences and socio-economic conditions, in line with common food retail practices.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
Engaging with consumers
[ESRS S4-2]
[GRI 3-3, GRI 2-12, GRI 2-29, GRI 413-1]
We actively engage with consumers to better understand their needs and preferences, enabling us to adapt our offering of affordable, safe and quality products. We interact with consumers through three main channels, in line with our business strategy and the commitments set out in our Code of Conduct¹²²:
- studies and customer insights to guide our commercial and marketing decisions;
- providing consumers with relevant, trustworthy information about product price, quality, safety and innovation;
- providing customer service and/or support channels.
The management of the relationship with consumers is ensured by specialized and multidisciplinary teams (such as Customer Support Services, Customer Ombudsman, Ethics Committee, Marketing), which can resort to internal teams (Product Development, Quality and Food Safety, Sourcing, among others) to enable an active and accessible engagement¹²³.
Understanding consumers
In all the countries where we operate, our teams analyse market trends to support commercial and operational planning, as well as to develop the assortment, and identify the key factors that may influence product prices for end consumers.
To better understand consumers, we regularly carry out telephone interviews, focus groups, observational studies, and analyses of global trends. In some cases, we use data-based techniques that may include real-time interactions to understand more about in-store experiences and the perceptions of quality, innovation and prices most valued by customers. This engagement helps us to assess what consumers want and to identify opportunities for improvement¹²⁴.
We also engage with customers through social media, responding promptly to their concerns and comments. We also run brand and product activation campaigns, giving customers the chance to try our latest products and share their experiences.
Providing information to consumers
We help consumers make informed choices by adapting our assortment and product communication to the reality of each market, as well as through our Companies' websites and social media pages, informational campaigns and product packaging.
¹²² Engagement takes place (i) continuously, at daily points contact (e.g., stores, Customer Support Services and digital channels), (ii) before and after relevant launches or changes (e.g., focus groups, usability/labelling tests and pilot projects) and (iii) periodically, through structured surveys on habits and satisfaction, complemented by ad-hoc initiatives whenever necessary. The insights collected inform decisions regarding assortment, communication, labelling and product reformulation, as reflected in the consultation exercises described below, in point "Consumer-focused initiatives" in the current subsection 4.2.1. "Consumers and end-users".
¹²³ For more information on the composition and responsibilities from the functional departments of our corporate centre and their relation to the corporate risks identified whose reporting is conducted directly and regularly to the Group Executive Board, please refer to Chapter 4. "Corporate Governance", Part I – Information on Shareholder Structure, Organisation and Governance Model, Section B – Corporate Bodies and Committees, Subsection II – Management and Supervision (Board of Directors), item A. Composition, sub-item 21. "Organisation Charts on the Allocation of Responsibilities Among the Various Corporate Bodies, Committees and/or Departments of the Company, including Information on Delegations of Powers, particularly regarding the Delegation of Day-to-Day Management of the Company"; and Section C – Internal Organisation, Subsection III – Internal Control and Risk Management, item 53. Identification and Description of the Main Types of Risks (Economic, Financial and Legal) to which the Company is Exposed in the Course of its Activity.
¹²⁴ Where relevant, we adopt specific measures to capture the perspectives of groups with greater risk exposure (e.g. children, older people and individuals with allergies/intolerances), including targeted sampling, readability and accessibility tests for labelling/instructions and, when direct engagement is not feasible, we use, e.g., sector studies.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
Product Information
[GRI 417-1]
Beyond the technical and legal information provided on food packaging, and guides accompanying non-food items (such as personal care products or household appliances), we also voluntarily provide additional information.
| Symbols and information on the packaging of Private Brand and perishable products | ||||
|---|---|---|---|---|
| Ara | Biedronka | Pingo Doce | Recheio | |
| Nutritional information per product and per portion (100 g or 100 ml) | ✓ | ✓ | ✓ | ✓ |
| Icons indicating excessive levels of sodium, saturated fats and sugar^{(a)} | ✓ | |||
| Symbols on alcoholic beverages: | ||||
| • calorie count | ✓ | ✓ | ✓ | |
| • pregnancy warnings | ✓ | ✓ | ✓ | ✓ |
| • appeal to responsible driving | ✓ | ✓ | ✓ | ✓ |
| Icons identifying products that are a source of Omega-3, lactose-free, or gluten-free | ✓ | ✓ | ✓ | ✓ |
| Icons indicating fatty acid content in unprocessed nuts | ✓ | |||
| Nutri-Score | ✓ | ✓ | ✓ | |
| Vegan/vegetarian | ✓ | ✓ | ✓ | ✓ |
| Vegan Friendly^{(b)} | ✓ | |||
| Wybiegaj To^{(c)} | ✓ | |||
| 1 of Your 5 a Day^{(d)} | ✓ | |||
| Eat fish twice a week^{(e)} | ✓ | |||
| A handful of nuts^{(f)} | ✓ | |||
| No added sugar | ✓ | ✓ | ✓ | ✓ |
| GMO-free^{(g)} | ✓ | ✓ | ✓ | |
| Fibre content in the nutrition table | ✓ | ✓ | ✓ | ✓ |
| Healthy Choice^{(h)} | ✓ |
a. On the front of packaging, we use icons indicating levels of sodium, saturated fat and sugar content that is higher than that recommended by the health authorities.
b. Labels on non-food products.
c. Quantification of the physical effort to burn the calories from one serving of the product.
d. Recommended daily intake of fruit and vegetables.
e. Introduced to raise awareness of the importance of fish consumption, which is a source of micro-nutrients, minerals and vitamins.
f. It encourages the consumption of nuts, as they are an important part of a diet that supports cardiovascular health.
g. Symbol applied to plant-based products consisting mostly of corn or soy (more than 50% of the net weight); In Poland, labelling is applied in two dimensions, in accordance with the law: "non-GMO" (for foods of plant origin and foods composed of more than one ingredient, excluding products of animal origin and feed, free from genetically modified organisms) and "Produced without the use of GMOs" (for products of animal origin and foods composed of more than one ingredient, free from genetically modified organisms).
h. Identification of Pingo Doce cold meat products with less fat and salt, according to the requirements of the "Escolha Saudável" (Healthy Choice) programme, in collaboration with the Portuguese Heart Foundation.
Information in other media
As part of our commitment to food literacy, the responsible use of products and the promotion of informed choices, our editorial publications and multi-channel communication with consumers ensure the provision of clear, accessible and up-to-date information on food and healthy choices.
Sustainability Statement
Pingo Doce includes cooking tips and suggestions on food packaging, encouraging the use of fruit and vegetables as side dishes. The Company also uses its website, social media and the Sabe Bem magazine to share quick and easy recipes -- as part of its promotion of a healthy lifestyle and, in particular, the Mediterranean diet -- and to promote the consumption of fruit and vegetables, fish, meat and soup. With an average print run of 100,000 copies, this bimonthly magazine was the most widely read cooking publication in Portugal, with an average audience of over 550,000 readers. Sabe Bem (Tastes Good) usually includes articles written by the Portuguese Directorate-General for Health. The Pingo Doce website also features an extensive collection of recipes for reusing leftovers and every month updates the list of its lactose-free and gluten-free Private Brand products.
In 2025, Pingo Doce invested in high-reach media channels, including television, cinema and digital platforms, with spots highlighting the removal of flavour enhancers and artificial colours from the composition of its Private Brand products, a milestone achieved in 2023. The Company also collaborated with “sustainability ambassadors” (influencers) who shared content, including on healthy eating. During the year, the banner was also present at the first Viver Saudável (Healthy Living) magazine event, the Nutrition Summit & Exhibition, dedicated to nutrition professionals and the general public.
Since 2021 Pingo Doce and CUF (a business group specialised in health care) have promoted the programme A Saúde Alimenta-se (Feeding Health), which raises awareness of the role that a diversified and balanced diet can play in health, encouraging consumers to select the foods that best suit their needs and lifestyle.
Biedronka published two Czas Na... (Time For...) digital magazines, focusing on seasonality and more sustainable lifestyles. Dada magazine, that receives its name from Biedronka's Private Brand specialising in products for babies, children and mothers, is produced in a collaboration between Instytut Matki i Dziecka (Institute of Mother and Child) and Biedronka's Quality Department. This partnership resulted in the development of the e-book Dada & Rodzina (Dada and Family). The Company also used various media, channels and communication platforms — such as leaflets, newspapers and social media posts — to share knowledge about healthy eating habits across 32 publications.
Aimed at younger consumers, the campaign Gang Produkciaków (The Product Gang) was launched for the 2024-2025 school year and featured 17 heroes. Biedronka also launched the tenth edition of Gang Biedroniakow (The Biedronka Gang), as part of its 30^{th} anniversary celebrations. In what was the largest plush toy collection launched to date, this campaign featured 19 mascots related to daily in-store operations, the importance of fresh products, and the Company's history.
In Colombia, of note is the initiative La Placita de Ara (Ara's Little Market), featuring an in-store market-style space to promote fresh seasonal fruit and vegetables, sourced locally and at affordable prices.
Other initiatives aimed at engaging consumers and communities related to food and eating habits are described in subchapter 4.2.2. “Affected communities”, point “Programmes and projects to engage and support affected communities”, of this chapter.
Remediating impacts and channels for consumers to raise concerns
[ESRS S4-3]
Consumers have access to dedicated channels, including the Companies' customer support services, in-store contact points, the Customer Ombudsman's Office, the Ethics Committee and the Ethics Offices, to raise concerns and express their needs, that are followed-up and responded. When we identify that we have caused or contributed to a material negative impact, we provide or cooperate in remediation (e.g. corrections to information or labelling, withdrawals/recalls where applicable, and process adjustments) and we assess the effectiveness of the response (e.g. by monitoring the number of interactions, topics raised, response/closure times, resolution rate and recurrence, and by collecting feedback from target users for continuous improvement).
These channels are communicated in the Companies' stores, on their websites and/or through social media. The Customer Ombudsman's Office also publishes its principles of independence, impartiality,
Jerónimo Martins | Annual Report 2025
neutrality and confidentiality, together with clear information about access type, the stages of the process, and multi-channel information. We have policies that prohibit retaliation against those who use these channels and have mechanisms in place to protect whistleblowers, ensuring user trust.
The Companies' Customer Support Service (CSS) and the Jerónimo Martins' Customer Ombudsman, including its local offices, are committed to addressing consumer grievances and concerns in a timely and effective manner, particularly in what concerns those related to the material topics identified in this subchapter (product quality and safety, product and service innovation, and product affordability).
The internal due diligence processes to remediate any actual or potential negative impacts from our brands' products or services are described below.
Customer Support Services
Customer engagement is operationally managed by the CSS and by engagement teams where appropriate, with methodologies and reporting coordinated across the Companies. Communication between our Companies and their customers may also take place through direct contact in stores, particularly through the involvement of store management teams.
Customers can also contact the relevant CSS, specialised structures within each Company responsible for ensuring efficient and effective responses to their suggestions, compliments, ideas, requests for information, and complaints. These services are also dedicated to resolving situations related, among other things, to the day-to-day operation of brick-and-mortar stores, our e-commerce platforms, the services and products offered, and promotional campaigns. The CSS, as Company structures, resolve consumer complaints in a clear and transparent manner, prioritising swift solutions that are operationally appropriate and consistent with consumer rights.
Depending on the Company, the CSS may be contacted via email, website, telephone, digital apps, social media and other channels. Contact details are communicated in stores, on Private Brand product packaging, on receipts and, where applicable, on the Company's website. All Companies have their data privacy policies published on their websites.
Pingo Doce's Customer Support Service has been awarded the Quality Seal of the Portuguese Contact Centres Association since 2012. The dimensions assessed relate to the organisation, human capital, technology, operational monitoring, performance and continuous improvement, with Pingo Doce audited by an independent entity (Bureau Veritas).
The CSS aim to increase customer satisfaction, thereby strengthening trust in our Companies and brands, and to gather insights to better align our operations with consumer expectations through a structured process:
- Receipt of complaints – customers can submit complaints through multiple channels, which are received and promptly acknowledged by the CSS.
- Evaluation & Investigation – the CSS assesses the issue by gathering relevant information, identifying any potential root causes and determining whether a grievance is valid.
- Solution Proposal – where a grievance is considered valid, the CSS proposes a solution to resolve the issue. This may take the form of a clarification regarding the reported situation, a personalised apology, a discount offer through a voucher, a refund, or the replacement or repair of product, depending on the nature of the grievance and in line with the conclusions drawn from the diligence process carried out with the relevant functional areas.
- Implementation – once a solution is agreed upon, the CSS acts rapidly and keeps customers informed of its implementation progress.
- Improvement – the CSS reports information to the functional areas that can trigger the identification of improvement opportunities considering the customer experience and feedback, aimed at the continuous improvement of products, services and overall Companies' operations.
The CSS management indicators are for internal use only. They may include the number of contacts handled, the type of contacts received (information requests, complaints and claims, compliments and
Sustainability Statement
Jerónimo Martins | Annual Report 2025
suggestions), the main topics addressed, the most commonly used contact methods, the average resolution duration, the customer satisfaction rating, the net promoter score, and the resolution rate.
Customer Ombudsman
The Jerónimo Martins Customer Ombudsman's Office is the highest level of recourse and mediation to the access of a customer for the analysis and resolution of complex and structural issues that have not previously been resolved through traditional channels, ensuring independence, impartiality, neutrality and confidentiality. This ensures that the outcomes of this mechanism can be integrated in the Companies' management aiming at potential improvements to processes and policies. It is therefore the final level of recourse for resolving complex and structural issues, that fall outside the scope of the CSS or other channels, or that customers consider have not yet been fully resolved through those channels.
The mission of the Customer Ombudsman's Office is to represent Jerónimo Martins Group customers, operating as a body independent from the Companies and their Customer Support Services. It is to the Ombudsman that customers can turn for the protection and promotion of their rights and legitimate interests. Guided by the principles of independence, impartiality, impartiality and confidentiality, the Customer Ombudsman's Office, supported by a dedicated team, may issue non-binding opinions and recommendations aimed at ensuring the quality of the service provided by the Companies to their customers and at proposing initiatives to improve it. In Poland, a Local Customer Ombudsman forms part of the Customer Ombudsman team and that represents the rights and legitimate interests of customers in that country.
To assess the effectiveness of the mechanisms in place, the Ombudsman monitors experience and performance metrics, as well as systematises the learnings that can potentially be drawn from the cases. When there are agreements with the consumer or specific outcomes resulting from the Companies' involvement, these are recorded and monitored until closure.
Customers can contact the Customer Ombudsman's Office by email, telephone and via its website, that are advertised at both corporate and Company level, in stores and on its website. Its data protection and privacy policy is disclosed on its website.
Both the CSS and the Customer Ombudsman's Office monitor key performance indicators from the day-to-day dialogue with customers to identify areas of improvement, which may include reviewing internal procedures and assessing the quality of products and services, and promotional campaigns. The Customer Ombudsman key performance indicators include $^{125}$ :
- the number of new occurrences in the year and those that transitioned from previous years;
- the type of occurrences, categorised as complaints, requests for information, compliments and suggestions;
- the main topics addressed;
- Companies most impacted;
- the preferred contact channels used by consumers;
- the average time taken to respond;
- the resolution rate.
| Performance indicators of the Customer Ombudsman's Office | |||
|---|---|---|---|
| Occurrences | 2025 | 2024 | Δ 2025/2024 |
| New | 2,986 | *2,527 | +18.1% |
| Carried over from previous years | 33 | 23 | +43.5% |
| Handled | 3,019 | *2,550 | +18.3% |
| Closed | 2,980 | 2,517 | +18.4% |
| Resolution rate** | 98.7% | 98.7% | 0 p.p. |
- Corrected figure due to the reclassification of an occurrence.
** Resolution rate = Processes closed/Processes handled.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
In 2025, the Customer Ombudsman's Office handled 586 new occurrences, similar to that in 2024. A total of 1,298 occurrences were referred to the CSS, as they were mostly related to operational issues and required a first response from those services (13% more than in 2024). Around 1,102 occurrences did not fall within the scope of the Customer Ombudsman's Office and were forwarded to the competent departments.
In total, 2,986 new occurrences were received by the Customer Ombudsman's Office during the year, representing an increase of 18% compared to 2024. Approximately 33 were carried over from the previous year, totalling 3,019 cases handled. The resolution rate**, which measures the level of service provided, remained unchanged from 2024: 98.7% of the cases handled in 2025 were closed within the year.
The contact channels most used by customers to communicate with the Customer Ombudsman's Office were email (69%), telephone (16%) and website (12%). The contacts received were classified as Complaints (92%), Requests for information (6%), Compliments (1%) and Suggestions (1%). Approximately 99% of occurrences involved Pingo Doce and Biedronka. The main topics¹²⁶ addressed by the Customer Ombudsman's Office concerned product quality – particularly those related to non-food equipment – customer service, and store support services.
In 99% of the 2,507 processes closed in the year, customers received a response within 30 days.
In 2025, Jerónimo Martins websites, including those of the Ethics Committee and the Customer Ombudsman's Office, were awarded the Digital Maturity Seal – Accessibility, with a Bronze classification, by Imprensa Nacional Casa da Moeda under the national model that evaluates cybersecurity, privacy, accessibility and sustainability. Jerónimo Martins thus became the first private entity in Portugal with digital accessibility certified by the independent body Associação Portuguesa de Certificação (APCER).¹²⁷
Ethics Committee
The Ethics Committee enforces and monitors compliance with the Code of Conduct by all employees, given that its scope covers several business dimensions and regulates employee engagement with multiple stakeholders, including consumers.
Regarding the material impacts for consumers, the Code of Conduct commits the Group to adopting trade policies aimed at ensuring the protection of consumer rights in force under the legal systems of the countries where we operate, particularly in relation to product quality and safety standards, including ingredients, labelling, services and facilities.
The Ethics Committee provides a direct contact channel for receiving communications about potential or actual irregularities in relation to the provisions of the Code of Conduct and the Anti-Corruption Policy. Through a dedicated website, which includes, among other information, a description of the stages of the reporting process and a list of answers to frequently asked questions, a whistleblowing mechanism is made available that contributes to strengthening a service culture grounded in values.
The activities of the Ethics Committee are governed by the Whistleblowing Policy and the Data Protection and Privacy Policy. Per the Data Protection and Privacy Policy, Jerónimo Martins is the data controller within the scope of managing reports of irregularities (whistleblowing) submitted through the Ethics Committee's dedicated channel. In its turn, the Whistleblowing Policy establishes the rules governing the grievance process, clearly identifying how the Ethics Committee and the Ethics Offices ensure, among other aspects, the confidentiality of the whistleblowers' identities and of any information that may directly or indirectly enable the identification of whistleblowers. These policies are available on our corporate website and are detailed in subchapter 2. "General disclosures", section 2.6. "Our policies", of this chapter.
The reporting process of grievances includes the following steps:
- Once a report has been received by the Ethics Committee, the whistleblower receives an acknowledgement of receipt within a maximum of seven days;
- The appropriate internal steps are taken to assess the case;
Sustainability Statement
Jerónimo Martins | Annual Report 2025
- Follow up on a report by the Ethics Committee may include, for example, forwarding it to one or more of the Group's other reporting channels (with the prior consent of the whistleblower), closing it due to a lack of evidence, opening an internal inquiry or forwarding it to a competent authority;
- Information on the follow-up of internal reports is shared with whistleblowers, to the extent legally permissible;
- Whistleblowers may be asked to provide further information during the inquiry;
- At the end of the investigation, a final report is drawn up with the findings;
- A response is sent to the whistleblower within a maximum of three months following the acknowledgement of receipt, or up to six months depending on the complexity of the case;
- Whistleblowers may request, at any time, to be informed of the result of the assessment made, within 15 days of its conclusion.
Effectiveness of the resolution mechanisms and measures proposed
The channels described above are guided by the principles of accessibility, accountability and transparency, observe:
- the respect for the law and consumer rights, including respect for human rights in terms of access to fair treatment, non-retaliation, non-discrimination and freedom of expression;
- the implementation of clear internal procedures for handling complaints, with designated teams and professionals;
- the analysis of potential systemic patterns to update and improve policies, processes, employee training, products or services, in order to prevent similar grievances in the future and to continuously improve the remediation process;
- the importance of maintaining an open and bidirectional channel of communication with customers regarding the grievance process.
Our Companies value dialogue with customers, addressing each case individually. We seek to understand the customer's perspective and, whenever possible and in accordance with the law, reach a fair and mutually agreed solution. The attempted resolution can take the form of:
- a clarification regarding the reported situation;
- a personalised apology;
- a discount offer through a voucher, a refund, or the replacement or repair of products.
Our final response depends on the nature of the grievance and the conclusions drawn from the due diligence process carried out alongside the relevant functional areas and the Companies' policies on these matters.
We believe that these interactions benefit both the consumers and our Companies, in the sense that they reinforce trust in our commitment to fair treatment and contribute to continuous improvements in our day-to-day service patterns.
For more information about the Ethics Committee's mission, responsibilities and composition, see Chapter 4 "Corporate Governance", Part I – "Information on Shareholder Structure, Organisation and Corporate Governance", section B – "Governing Bodies and Committees", subsection II – "Management and Supervision" (Board of Directors), C. Committees within the Board of Directors and CEO, 29. Description of the Powers of each of the Committees Established and a Summary of Activities Undertaken in Exercising Said Powers. The statutes of the Ethics Committee, the whistleblowing policy, and all contact information are available on the Jerónimo Martins corporate website.
Actions towards our consumers
[ESRS 2 MDR-A; ESRS S4-4]
M
MATERIAL
The three material topics related to consumers – (i) product quality and safety; (ii) product and service innovation; and (iii) affordable products – as well as their respective impacts, risks and opportunities $^{128}$, are indissociable dimensions of how we manage our business. Additionally, these dimensions are strongly
Sustainability Statement
Jerónimo Martins | Annual Report 2025
interconnected, as they influence consumer trust, shape their choices and sustain the viability of our activity in the short, medium and long term.
The actions defined for each material topic result from an ongoing assessment of risks, impacts and opportunities. This assessment is complemented by technical analyses, input from specialised teams, trend monitoring and consumer listening mechanisms. This process enables us to determine the most appropriate and proportionate type of intervention – preventive, corrective or improvement-driven. The actions described in the following sections reflect this approach and are presented alongside their respective annual progress metrics:
- Product quality and safety – through ensuring rigorous safety and hygiene standards, transparent and continuous improvement processes (monitored through internal and external audits, laboratory analyses and compliance rates), as well as the selection of healthier ingredients.
- Product and service innovation – aims at diversifying options and responding to specific consumer needs, including dietary restrictions, as well as improving nutritional profiles, with progress assessed through the number of reformulations and product launches.
- Affordable products – implies offering quality products at competitive prices and with balanced nutritional profiles to the greatest number of people, monitored through metrics such as promotional campaigns and engagement mechanisms.
We place product quality, safety and consumer trust at the centre of our priorities, seeking to maintain affordable prices as possible without compromising quality standards and ensuring the continuous improvement of our assortment, even in contexts of economic pressure.
In the event of negative impacts, we apply remediation processes described in the section “Correction of impacts and channels for consumers to express concerns”. These processes, intended to be swift, effective and proportionate to the impact, include accessible complaint channels, internal investigation and corrective measures, and may result in product recalls, replacements, refunds or reformulations, targeted campaigns, assortment reviews or price adjustments. The effectiveness of these actions is monitored, for example, through laboratory analyses and audits that help identify opportunities for internal improvement, within the value chain or across the product portfolio $^{129}$ .
Risk management for consumers is based on assessing and anticipating situations that may compromise product safety, accessibility or nutritional profile. To this end, we strengthen audits and controls, expand reformulation projects and intensify collaboration with suppliers. Trends in healthy consumption, increasing transparency demands from consumers and the diversity of lifestyles provide opportunities for us to innovate and create value $^{130}$ .
We have internal policies, communication criteria and supply chain control systems that in some cases exceed legal requirements and incorporate sectoral best practices, aiming to avoid that our practices to cause or contribute to negative impacts. We maintain active monitoring processes and communicate transparently any serious occurrences and related decision-making $^{131}$ .
Sustainability Statement
Jerónimo Martins | Annual Report 2025
The management of these topics is ensured by specialised and multidisciplinary teams (food quality and safety, product development and innovation, nutrition, marketing, supplier management) and by ongoing investments in training, technology, monitoring systems and independent audits, with periodic reporting to top management. These resources guarantee the consistent and effective implementation of the necessary actions and reinforce consumer trust. These processes are coordinated by the Group's functional departments.^[132]^
Additionally, we participate in sectoral and multistakeholder initiatives related to food and non-food safety, nutrition and sustainable retail practices, contributing to the evolution of standards, keeping track of scientific and regulatory developments and integrating learnings that strengthen both the sector and our own practices, as described in the subpoint "Product quality and safety", under the sub-subpoint "Partnerships and support", in this point.
Product quality and safety
[ESRS S4-4]
Continued investment in the certification and supervision of our processes, facilities and equipment, as well as monitoring the upstream production activities of our operations, are the critical to the reputation capital of our banners and businesses. To protect it, we take responsibility for anticipating and mitigating negative impacts, while ensuring a safe customer experience in our stores and through our products. To that end, we rely on a set of different actions, including:
- risk assessments and certification of the Group's Companies;
- audits of stores and distribution centres;
- facility analyses;
- product analyses;
- product recalls and withdrawals;
- food hygiene and safety training.
Our co-operation with thousands of perishables and Private Brand suppliers includes rigorous assessments to ensure that products are safe for consumption^[133]^.
We believe that promoting quality as an integral concept strengthens the competitiveness and sustainable development of our business and that of our suppliers, while also reinforcing trust and improving the quality of life of the millions of consumers and customers who visit our stores every day.
The Group's growth strategy, that operated than 6,400 stores across five different countries in 2025, underpins many of the variations observed below, both with regard to the different quality assurance and food safety measures we have implemented and to the launch of new products.
Risk assessments and certifications
[GRI 416-1]
The risk assessments of Private Brand products and perishables are carried out by our quality and product development teams and take into account factors such as:
- laws in force and the technical specifications issued by the official authorities;
- recommendations of the European Union and/or other official bodies;
- emergency alerts issued through the Rapid Alert System for Food and Feed (RASFF) and known food fraud incidents;
Sustainability Statement
Jerónimo Martins | Annual Report 2025
- physical characteristics of products (such as perishability) and their organoleptic properties (such as colour, texture, taste and smell);
- country of origin of production and/or supply of the products and the track record of trade partners;
- market expansion (stores and distribution centres);
- surrounding conditions (sanitation or weather conditions related to humidity and average temperatures);
- adoption of facility certification schemes;
- results of past assessments.
Certification plays an important role in setting high quality and safety standards for our Companies' facilities, promoting a more integrated management approach and supporting the continuous improvement of our procedures.
| Quality and safety certification | ||
|---|---|---|
| Certification | Scope | Infrastructure |
| NP EN ISO/IEC 17025:2018 | Jerónimo Martins | Jerónimo Martins Laboratory, in Portugal. |
| ISO 22000:2018 Food Safety Management System^{134} | Biedronka | Food product storage and distribution at 17 distribution centres in Poland. |
| Headquarters certification for the development of Private Brand products. | ||
| Recheio and Recheio MasterChef | 28 Recheio stores. | |
| 3 Recheio MasterChef platforms. | ||
| FSSC 22000 v6.0 Food Safety Certification System + ISO 22000:2018 Food Safety Management System | Biedronka | Production of ready-to-eat after heating and individual packaging at the Soup Factory, in Poland, under specific certification for ready-to-eat meal production. |
| ISO 9001 Quality Management System | Pingo Doce Recheio | Product development, product launches and supplier monitoring within the Private Brand development area. |
| HACCP in accordance with Codex Alimentarius* | Pingo Doce | 2 central kitchens |
| Recheio | 11 stores | |
| Pingo Doce | 7 distribution centres, applied to logistics process | |
| Organic Products (EU Reg. 2018/848) | Biedronka | Organic product handling at 18 distribution centres in Poland. |
| Storage and preparation of organic products in stores | Biedronka | 510 stores in Poland. |
| Animal welfare certification covering the in-store handling of lamb, pork, veal, free-range chicken and conventional chicken products | Pingo Doce Recheio | All Pingo Doce and Recheio stores, as well as all Distribution Centres. In 2025, audits were carried out at 12 stores and one distribution centre. |
| In-store handling of free-range chicken products | Pingo Doce Recheio | All Pingo Doce and Recheio stores, as well as the Distribution Centres, are certified and regularly monitored. In 2025, audits were carried out at 19 stores and one Distribution Centre. |
- The Hazard Analysis and Critical Control Points (HACCP) system is designed to prevent potential risks that cause harm to consumers, by eliminating or reducing hazards and thereby ensuring food is safe for consumption.
** A set of international standards aimed at promoting food safety and consumer protection. The Codex Alimentarius is available here.
Audits of stores and distribution centres
[GRI 416-1]
To ensure strict compliance with our food quality and safety standards, we carry out regular audits of stores, distribution centres and other facilities, including canteens and production units. These evaluations
Sustainability Statement
Jerónimo Martins | Annual Report 2025
enable us to monitor the performance of the different units, identify improvement opportunities and ensure compliance with internal and regulatory requirements.
Audits conducted by internal or external teams specialized in product quality and safety assess aspects such as hygiene, cleaning and disinfection, infrastructure and equipment maintenance, good manufacturing practices, product handling, potable water, metrology, pest control, waste management, record keeping, traceability and the updating of procedures.
Each audit results in a rating that may vary depending on the country and the type of facility, using a scale ranging from "Inadequate", "Basic", "Satisfactory", "Good", "Very Good" to "Excellent". Corrective actions are defined according to the severity of the nonconformities identified, with deadlines for resolution ranging from immediate intervention to the next audit.
| Audits of stores and distribution centres | ||||||
|---|---|---|---|---|---|---|
| Group | Stores^{(a)} | Distribution centres^{(b)} | ||||
| 2025 | 2024 | Δ 2025/2024 | 2025 | 2024 | Δ 2025/2024 | |
| 21,013 | 19,199 | +9.4% | 499 | 365 | +36.7% | |
| Internal audits | 14,143 | 12,944 | +9.3% | 101 | 86 | +17.4% |
| Follow-up audits | 5,112 | 4,945 | +3.4% | 358 | 244 | +46.7% |
| External audits | 1,758 | 1,310 | +34.2% | 40 | 35 | +14.3% |
| Biedronka | 10,727 | 9,867 | +8.7% | 62 | 59 | +5.1% |
| Internal audits | 10,536 | 9,657 | +9.1% | 36 | 36 | 0.0% |
| Follow-up audits^{(c)} | 182 | 172 | +5.8% | 2 | 0 | - |
| External audits | 9 | 38 | -76.3% | 24 | 23 | +4.3% |
| HACCP Performance^{(d)} | 85% | 87% | -2 p.p. | 91% | 91% | 0 p.p. |
| Pingo Doce | 3,289 | 3,583 | -8.2% | 394 | 282 | +39.7% |
| Internal audits | 492 | 486 | +1.2% | 36 | 38 | -5.3% |
| Follow-up audits | 2,702 | 3,006 | -10.1% | 345 | 235 | +46.8% |
| External audits | 95 | 91 | +4.4% | 13 | 9 | +44.4% |
| HACCP Performance^{(e)} | 89% | 88% | +1 p.p. | 82% | 77% | +5 p.p. |
| Recheio | 455 | 469 | -3.0% | |||
| Internal audits | 90 | 86 | +4.7% | |||
| Follow-up audits | 350 | 365 | -4.1% | |||
| External audits | 15 | 18 | -16.7% | |||
| HACCP Performance | 88% | 87% | +1 p.p. | |||
| Ara | 6,542 | 5,280 | +23.9% | 43 | 24 | +79,2% |
| Internal Audits | 3,025 | 2,715 | +11.4% | 29 | 12 | +141.7% |
| Follow-up audits | 1,878 | 1,402 | +34.0% | 11 | 9 | +22.2% |
| External audits | 1,639 | 1,163 | +40.9% | 3 | 3 | 0.0% |
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Jerónimo Martins | Annual Report 2025
| Audits of stores and distribution centres | ||||||
|---|---|---|---|---|---|---|
| Stores^{(a)} | Distribution centres^{(b)} | |||||
| 2025 | 2024 | Δ 2025/2024 | 2025 | 2024 | Δ 2025/2024 | |
| Good hygiene and quality practices^{(f)} | 79% | 81% | -2 p.p. | 94% | 92% | +2 p.p. |
a) Biedronka, includes stores, meat counters and Biek stores.
b) Pingo Doce, includes factories, central kitchens and canteens. The Distribution Centers also serve Recheio.
c) Includes Slovakia.
d) HACCP implementation at Biedronka is evaluated based on requirements aligned with those of the Codex Alimentarius and European Union regulatory framework (Regulation (EC) No 852/2004 on the hygiene of foodstuffs). At the distribution centres, the compliance rate is based on the internal audits conducted under ISO 22000 – Food Safety Management System certification, which is based on the HACCP principles of the Codex Alimentarius.
e) At Pingo Doce and Recheio, HACCP implementation is assessed using own reference standards based on the Codex Alimentarius and which are adapted for the operating realities of the Companies.
f) The compliance rate shown refers to the score obtained on good practices, in line with criteria aimed at guaranteeing the quality and safety of the products according to the law, evaluating the operation itself and the control system and procedures. The criteria include, among others, hygiene and quality control aspects of the facility's conditions for handling the product and aspects related to product temperature, type of packaging, and to organic waste management procedures.
Biedronka
Internal and follow-up audits at Biedronka are conducted by independent external entities. In 2025, the number of internal store audits increased as a result of network expansion (181 openings) and the growth in the number of stores with meat counters, reaching at year-end over 1,500. Biek, Biedronka's Q-commerce service, underwent 53 audits, more than double of the number of audits conducted in 2024.
External audits of stores carried out by local authorities, according to their own planning, decreased in 2025, with the primary focus on certification in stores offering organic bread assortments135 (519 in 2025). The decline in HACCP store performance is due to changes to the checklist criteria for 2025, which were designed to more accurately reflect the improvements needed to achieve better performance.
At distribution centres, the number of internal audits remained stable as a result of the risk assessment, while follow-up audits for on-site verification of the results of previous external audits were conducted in accordance with the ISO 22000 schedule.
Pingo Doce and Recheio
At Pingo Doce, the opening of nine new stores led to a slight increase in the number of internal audits, while follow-up audits decreased as a result of the improvements observed compared with the previous year. This approach led to an improvement in HACCP performance for the third consecutive year, adding a further 7 p.p. compared with 2022.
At Recheio, the number of internal audits increased due to the food safety risk matrix (as a result of previous audits), despite the number of stores remaining unchanged. Follow-up audits decreased, reflecting the corrective actions identified by the operational food safety teams based on the findings identified in the previous year. Store HACCP performance has improved 4 p.p. over the past two years.
In distribution centres in Portugal, the number of internal audits decreased as a result of risk-matrix-based planning, while follow-up audits increased as more distribution centres became subject to HACCP certification requirements. HACCP performance at these facilities recovered to a level close to that recorded in 2023, before the certification objective was achieved.
At Pingo Doce and Recheio stores, and at distribution centres, external audits are carried out by the local authorities according to their own planning.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
Ara
Internal store audits increased, in line with the expansion of the network by 225 additional stores during the year. The number of follow-up audits conducted by internal teams and external entities also increased, reflecting the need to reassess a greater number of control points, reversing the trend observed in 2024 compared with 2023. Revision of the annual checklist criteria for 2025 provided greater visibility into store performance regarding hygiene and quality best practices, revealing lower compliance with cleaning practices and record-keeping controls.
At distribution centres, the increase in audits is explained by the results obtained in previous assessments, particularly regarding performance in hygiene and quality best practices. These efforts enabled performance to return to the level recorded in 2023. The increases are also explained by the inclusion, in the process, of canteens and external goods warehouses.
Facility analyses
[GRI 416-1]
To closely monitor food quality and safety, we carried out more than 280,000 analyses at our facilities, 10.9% more than in 2024. These analyses covered work surfaces, product manipulators, raw materials, finished products and water.
| Analyses and samples taken | |||
|---|---|---|---|
| Group | 2025 | 2024 | Δ 2025/2024 |
| Work surfaces | 187,791 | 167,392 | +12.2% |
| Manipulators | 32,559 | 30,807 | +5.7% |
| Raw materials/Finished product | 44,321 | 40,121 | +10.5% |
| Water | 15,618 | 14,531 | +7.5% |
| Total | 280,289 | 252,851 | +10.9% |
| Poland | 2025 | 2024 | Δ 2025/2024 |
| Work surfaces | 126,020 | 103,596 | +21.6% |
| Manipulators | 9,919 | 8,290 | +19.7% |
| Raw materials/Finished product | 175 | 205 | -14.6% |
| Water | 2,934 | 2,445 | +20.0% |
| Total | 139,048 | 114,536 | +21.4% |
| Portugal | 2025 | 2024 | Δ 2025/2024 |
| Work surfaces* | 59,026 | 61,003 | -3.2% |
| Manipulators | 19,895 | 19,928 | -0.2% |
| Raw materials/Finished product | 41,357 | 37,367 | +10.7% |
| Water | 6,672 | 6,608 | +1.0% |
| Total | 126,950 | 124,906 | +1.6% |
| Colombia | 2025 | 2024 | Δ 2025/2024 |
| Work surfaces | 2,745 | 2,793 | -1.7% |
| Manipulators | 2,745 | 2,589 | +6.0% |
| Raw materials/Finished product | 2,789 | 2,549 | +9.4% |
| Water | 6,012 | 5,478 | +9.7% |
| Total | 14,291 | 13,409 | +6.6% |
- In stores, this category includes cold rooms, equipment, surfaces and utensils; in factories, in addition to the above, it also includes vehicles; in distribution centres, it includes vehicles.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
In Poland, expansion of Biedronka led to a 21% increase in the number of analyses carried out, expect in the case of raw materials/finished product, which decreased due to operational decisions mainly related to the seasonality of roasted chicken sales and the reduced use of orange juice- machines, a trend already observed in 2024 compared with 2023.
In Portugal, almost 127,000 analyses were carried out at the Companies' facilities, 1.6% more than in the previous year, with the most significant increase observed in analyses of raw materials/finished product as a result of the risk assessment.
In Colombia, the number of analyses rose by almost 7%, driven by the increase in the number of stores.
Product analyses
[GRI 416-1]
In addition to the aforementioned audits, independent and accredited external laboratories are also used to analyse the products we sell. We also operate our own molecular biology laboratory, further strengthening the quality and safety standards we guarantee our consumers. This laboratory, located in Portugal, complements the verification carried out during the product development and supply processes and focuses on the authenticity of the ingredients used in food products across all Companies. It is certified under the Portuguese standard NP EN ISO/IEC 17025:2018, which establishes the general requirements for testing and calibration competence. In 2025, over 6,750 Next-Generation DNA Sequencing (NGS) tests were conducted on molluscs, crustaceans, meat and fish, as well as for GMO screening.
In 2025, more than 96,000 analyses were performed on Private Brand products, an increase of 34% compared with 2024, while around 12,000 analyses were carried out on perishable products, 8% fewer than in the previous year. Overall, analyses increased by 27.4%.
| Analyses and samples taken | |||
|---|---|---|---|
| Group | 2025 | 2024 | Δ 2025/2024 |
| Private Brand | 96,522 | 72,101 | +33.9% |
| Perishables | 12,163 | 13,232 | -8.1% |
| Total | 108,685 | 85,333 | +27.4% |
| Poland and Slovakia (Biedronka) | 2025 | 2024 | Δ 2025/2024 |
| Private Brand | 23,500 | 23,077 | +1.8% |
| Private Brand – Food | 22,202 | 21,750 | +2.1% |
| Private Brand - Non-food | 1,298 | 1,327 | -2.2% |
| Perishables | 7,937 | 8,611 | -7.8% |
| Fruit and vegetables | 5,016 | 4,182 | +19.9% |
| Meat and fish | 2,191 | 2,991 | -26.7% |
| Bakery | 276 | 976 | -71.7% |
| Eggs | 454 | 462 | -1.7% |
| Total | 31,437 | *31,688 | -0.8% |
| Portugal (Pingo Doce and Recheio) | 2025 | 2024 | Δ 2025/2024 |
| Private Brand | 22,515 | 22,486 | +0.1% |
| Private Brand – Food** | 18,146 | 18,494 | -1.9% |
| Private Brand - Non-food | 4,369 | 3,992 | +9.4% |
| Perishables | 3,867 | 4,258 | -9.2% |
| Fruit and vegetables | 2,010 | 1,857 | +8.2% |
| Meat | 606 | 689 | -12.0% |
Sustainability Statement
Jerónimo Martins | Annual Report 2025
| Analyses and samples taken | |||
|---|---|---|---|
| Group | 2025 | 2024 | Δ 2025/2024 |
| Fish | 754 | 1,233 | -38.8% |
| Bakery | 292 | ***266 | +9.8% |
| Meal Solutions | 205 | ***213 | -3.8% |
| Total | 26,382 | 26,744 | -1.4% |
| Colombia (Ara) | 2025 | 2024 | Δ 2025/2024 |
| Private Brand | 50,507 | 26,538 | +90.3% |
| Private Brand – Food | 44,525 | 21,202 | +110.0% |
| Private Brand - Non-food | 5,982 | 5,336 | +12.1% |
| Perishables | 359 | 363 | -1.1% |
| Fruit and vegetables | 159 | 152 | +4.6% |
| Meat | 108 | 123 | -12.2% |
| Fish | 27 | 35 | -22.9% |
| Bakery | 65 | 53 | +22.6% |
| Total | 50,866 | 26,901 | +89.1% |
- Value corrected compared with 2024 due to an error in the aggregation of the totals.
** Including routine analyses on the presence of gluten, genetically modified organisms, lactose, denomination of species, control analyses, and extra analyses.
*** Value corrected compared with 2024 due to a change in the calculation methodology, which is now considered more accurate than in 2024.
The increase in analyses of Private Brand products reflects the expansion of the store network and the broader assortment, which increased the volume of products requiring analysis, as well as the resulting increase in partnerships with suppliers (171 new). Of note is the 110% increase in analyses of Ara Private Brand food products, explained by a higher number of launches and relaunches, reformulation projects, and reinforcement of the analytical monitoring of product performance against competitors.
The 8% reduction in analyses of perishable products is primarily explained by the risk assessment process (which considers specific products as well as the results of previous audits), the strong compliance record in previous years and the rigorous monitoring of production. In Ara's case, this is also explained by a reduction in the portfolio.
At Biedronka, the 20% increase in analyses of fruit and vegetables reflects alerts related to new origins and the risk assessment process. In Portugal, and within the same category, the 8% increase is due to reinforcement of tests required under current legislation and pesticide-related recommendations, as well as the monitoring of the origins of strategic agricultural products. At Ara, the significant increase of the analyses of bakery products reflects the expansion of the product offering.
Food recalls and withdrawals
[GRI 416-2]
Even in isolated cases, we immediately remove from the market any product that may pose a risk to consumers or to society, safeguarding public health and protecting the reputation and credibility of our Companies and brands. Continuous monitoring, communication with the official health authorities, and the traceability of products and suppliers enable a fast and effective reaction in the prevention/or reaction to any incidents.
There are two types of food product removal, which address specific risks to the health and safety of consumers:
- recall¹³⁶ - removal from sale of products with potential health risks;
¹³⁶ Recall: a mandatory action taken by the Group Companies in response to inspections carried out by local authorities the results of laboratory analyses or internal audits, or complaints/reports (from producers, retailers, government agencies, or consumers). Notices are published using the appropriate medium for consumers to return or destroy the product concerned.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
- withdrawal¹³⁷ - removal from sale of products that do not pose a health risk.
In both cases, internal investigations are carried out and, if necessary, at suppliers, to identify the causes and implement the appropriate corrective measures to prevent future occurrences.
The severity of the risks to consumer health and safety is classified into three levels:
- Level I – critical (recall): aspects that may affect food safety and public health;
- Level II – food quality and safety (withdrawal): aspects that may affect the consumer experience and safety of the product;
- Level III – labelling (withdrawal): aspects related to labelling requirements.
To prevent nonconformities, and to avoid product withdrawals/recalls, we monitor suppliers and products, including the implementation of action plans and packaging adjustments. Corrective actions are monitored to minimise the risk to consumer health and enable product sales to be resumed.
In 2025, a total of 335 incidents leading to product withdrawal were recorded, 52% more than in 2024. The vast majority were classified as Level II and Level III, corresponding to non-critical incidents. Recalls decreased 75% compared to 2024. This indicator confirms a downward trend over the years (thirteen incidents in 2022, six in 2023, four in 2024, and one in 2025).
| Food product recalls/withdrawals | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Level I | Level II | Level III | Total incidents | ||||||||||
| (Recall) | (Withdrawal) | (Withdrawal) | |||||||||||
| 2025 | 2024 | Δ 2025/2024 | 2025 | 2024 | Δ 2025/2024 | 2025 | 2024 | Δ 2025/2024 | 2025 | 2024 | Δ 2025/2024 | ||
| Group | 1 | 4 | -75.0% | 259 | 163 | +58.9% | 75 | 54 | +38.9% | 335 | 221 | +51.6% | |
| Portugal (Pingo Doce and Recheio) | Private Brands | 0 | 0 | - | 144 | 75 | +92.0% | 22 | 22 | 0.0% | 166 | 97 | +71.1% |
| Perishables | 0 | 1 | -100.0% | 28 | 37 | -24.3% | 26 | 13 | +100.0% | 54 | 51 | +5.9% | |
| Poland and Slovakia (Biedronka) | Private Brands | 0 | 2 | -100.0% | 57 | 32 | +78.1% | 20 | 17 | +17.6% | 77 | 51 | +51.0% |
| Perishables | 1 | 1 | 0.0% | 11 | 1 | +1,000.0% | 4 | 0 | - | 16 | 2 | +700.0% | |
| Colombia (Ara) | Private Brands | 0 | 0 | - | 13 | 9 | +44.4% | 2 | 2 | 0.0% | 15 | 11 | +36.4% |
| Perishables | 0 | 0 | - | 6 | 9 | -33.3% | 1 | 0 | - | 7 | 9 | -22.2% |
The only recall recorded resulted from a request from an official authority following an inspection visit to a supplier and was therefore not attributable to Jerónimo Martins¹³⁸.
The increase in Level II and Level III incidents involving perishable products reflects factors external to the business, particularly alerts issued through the Rapid Alert System for Food and Feed (RASFF) and notifications from local authorities.
In Portugal, the increase in Level II incidents involving Private Brand products was due to European alerts related to chickpeas and spices. Level III cases follow patterns similar to those observed in the previous
¹³⁷ Withdrawal: a voluntary or mandatory action that can be taken on two occasions based on the risk analysis of the Companies or inspection by a local authority: (a) when quality defects (e.g. colour or texture), weight defects or irregularities are detected in the labelling (which does not pose a potential risk to the health or safety of consumers); or (b) as a precaution pending investigation into a potential risk to public health and safety. If a credible risk is identified, the product is removed from sale and it is categorised as a recall.
¹³⁸ The Group has defined the following commitment for the 2024-2026 period: "To seek to ensure, on an annual basis, zero removals of food products with potential risk to public health (Level I severity) attributable to the Jerónimo Martins Companies". For more information, see subchapter 6. "Sustainability commitments".
Sustainability Statement
Jerónimo Martins | Annual Report 2025
year, namely incorrect expiry dates (typically during the transition between calendar years), labelling errors by suppliers, and inaccuracies regarding the alcohol content of wines.
At Biedronka, the increase in Level II incidents involving Private Brand products reflects a higher number of complaints related to meat counter products, a service available in more than 2,800 stores, while Level III incidents were associated with labelling errors and associated sensorial defects in olive oil and bottled water.
In Colombia, the increases were due to the proactivity of suppliers, who carried out more tests and identified non-compliant products, requesting their removal as well as to an intensified product sampling and controls and customer and store complaints.
Food quality and safety training
[ESRS S4-4]
Providing safe, high-quality food products also involves investing in our teams, ensuring they have the skills required to deliver specialised service to our consumers $^{139}$ .
In 2025, investment in hygiene and food safety training translated into more than 293,000 hours of training provided to over 62,000 employees.
| Food safety and hygiene training | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Training volume* | Training courses | Employees trained | |||||||
| 2025 | 2024 | Δ 2025/2024 | 2025 | 2024 | Δ 2025/2024 | 2025 | 2024 | Δ 2025/2024 | |
| Group | 293,679 | 249,346 | 17.8% | 9,726 | 9,727 | 0.0% | 62,376 | 57,130 | 9.2% |
| Portugal** | 57,711 | 60,328 | -4.3% | 3,527 | 3,592 | -1.8% | 12,383 | 11,120 | +11.4% |
| Poland (Biedronka) | 24,696 | 27,731 | -10.9% | 5,922 | 6,048 | -2.1% | 23,137 | 25,135 | -7.9% |
| Colombia (Ara) | 211,273 | 161,287 | +31.0% | 277 | 87 | +218.4% | 26,856 | 20,875 | +28.7% |
- Training volume = number of people trained x number of hygiene and food safety training hours.
** Includes Pingo Doce, Recheio, Jerónimo Martins Agro-Alimentar, Hussel and Jerónimo Martins Restauração e Serviços.
Investment in employee training in Colombia increased significantly, resulting in an exponential rise in training activities and in the number of employees involved. Conversely, at Biedronka all training-related indicators decreased due to the training schedule that is planned to be renewed every three years. In Portugal, the indicators remained stable, with the most notable increase of the number of employees involved, reflecting a higher number of employees completing initial training in hygiene and food safety.
Besides training focused on the requirements associated with the food safety management system and international HACCP risk control standards, training was also provided in areas such as food defence, waste separation for recycling, washing and cleaning activities (to ensure good production practices), in-store hygiene practices, quality audits and control visits, cold chain management and critical control points. In Portugal, the training offer covers a wide range of topics, whereas in Colombia training on process improvement, quality and cold chain management was strengthened in response to higher operational and regulatory demands. In Poland, training programmes focus primarily on food safety and HACCP processes.
Partnerships and support
We continue to hold regular talks with public and private benchmark institutions in the countries where we do business to learn and share knowledge about food, nutrition and health. The following were of particular note in 2025:
Sustainability Statement
Jerónimo Martins | Annual Report 2025
| Food-related partnerships and support | ||
|---|---|---|
| Group/Company | Entity | Description |
| Group | Global Food Safety Initiative (of The Consumer Goods Forum) | Collaboration in global food safety initiatives |
| Group | Healthier Lives Coalition (of The Consumer Goods Forum) | Collaboration in global quality and nutrition initiatives |
| Group | Global Good Agricultural Practices (Global G.A.P.) | Safe and responsible farming standards (animal welfare, traceability, etc.) |
| Pingo Doce | Associação Portuguesa de Empresas de Distribuição (APED) (Portuguese Association of Distribution Companies) | Participation in technical food quality committees |
| Pingo Doce | Direção-Geral da Saúde (DGS) (Directorate-General From Health) | Support for the National Programme for the Promotion of Healthy Eating |
| Pingo Doce | Associação Portuguesa de Celíacos (The Portuguese Coeliac Association) | Food-related initiatives for coeliacs |
| Biedronka | The Polish Coeliac Society, supporting people with coeliac disease and those on a gluten-free diet | Partnership to certify 20 new products with a guarantee of no cross-contamination, to a total of 136. |
| Pingo Doce | Associação Portuguesa de Nutrição (Portuguese Nutrition Association) | Sponsorship of the Food and Nutrition Congress (first half of 2025) |
| Pingo Doce | Instituto Superior Técnico (University of Lisbon) | Technical and scientific projects and initiatives |
| Pingo Doce | Instituto Nacional de Saúde Doutor Ricardo Jorge (Ricardo Jorge National Health Institute) | Health-related research and collaboration projects |
| Biedronka | Polski Czerwony Krzyż (Polish Red Cross) | Sponsorship of the Health Olympiad for the third consecutive year. The initiative brought together 21,982 participants from 1,296 schools and focused on topics related to health, nutrition, ecology and food waste* |
| Biedronka | Szkoła Główna Gospodarstwa Wiejskiego (Warsaw University of Life Sciences) | Agreement establishing the Biedronka LAB as part of the Centre for Innovation in Food Sciences at the Warsaw University of Life Sciences |
| Biedronka | Instytut Matki i Dziecka (Institute of Mother and Child) | Partnership to assess the safety and quality of children's clothing, diapers and baby wipes and home textiles |
| Biedronka | Polskie Towarzystwo Ginekologów i Położników (Polish Society of Gynecologists and Obstetricians) | Partnership to an expert review of hygiene products such as incontinence items and feminine hygiene products |
| Biedronka | Polskie Towarzystwo Alergologiczne (Polish Society of Allergology) | Partnership for the evaluation of laundry products, namely fabric softeners. |
| Biedronka | Narodowy Instytut Zdrowia Publicznego - Państwowy Zakład Higieny (National Institute of Public Health - National Institute of Hygiene). | Partnership to certify tissues and toilet paper |
| Ara | ICONTEC (Colombian Institute of Technical Standards and Certification) | Groups focused on fresh fruit and vegetables, fisheries and aquaculture |
| Ara | Secretaría Distrital de Integración Social (SDIS) Bogotá Secretariat of Social Integration | A partnership project aimed at improving the health and nutrition of underweight pregnant women living in vulnerable conditions in Bogotá*. |
| Ara | Municipality of Medellín | Partnership to establish the "Buen Comienzo" (Good Beginnings) project, aimed at strengthening food security and child nutrition among the population*. |
- For more information about this project, see subchapter 4. "Social information", section 4.2. "Managing social topics" subsection 4.2.2. "Affected communities".
Sustainability Statement
Jerónimo Martins | Annual Report 2025
Product innovation
[ESRS S4-4]
W MATERIAL
We know that, according to the European Commission, almost 80%¹⁴⁰ of cardiovascular diseases can be prevented through lifestyle changes. Healthier eating habits – avoiding excessive salt, sugar and fats, as well as the consumption of ultra-processed foods – play a fundamental role in these changes. That is why we recognise that we can play an important role in people's lives through our contribution to promoting healthier eating habits.
Our objective is to ensure the best value proposition in each of the markets where we operate in order to meet the needs and preferences of the consumers who place their trust in our stores. We also believe that innovation in products and services can facilitate access to nutritionally balanced options and consumption patterns, and that the innovation and nutritional reformulation work we carry out contributes directly to these changes.
Through our internal guidelines and the commitments we have undertaken 141, we define the guiding principles for developing new products and for the continuous improvement of the products we already market, with the purpose of offering responsible food choices. These actions are aligned with European priorities for creating healthier food environments, reducing the consumption of ingredients with greater negative health impacts and encouraging the nutritional review of products. In 2025, we once again adapted our nutritional profile improvement guidelines for our Private Brand products so that they reflect the prohibition of added salt, sugar and sweeteners in products intended for children up to three years of age.
Launches
Our product development priorities aim to position our Private Brand brands as the most relevant for consumers, which translates into the observance of some key principles when we launch a new product or relaunch an existing one:
- Giving preference to products with a nutritional profile superior to the benchmark, including carefully selected ingredients and healthier recipes, which receive highly positive feedback from sensory panels;
- Paying particular attention to the needs and preferences of children and other groups with specific requirements, such as consumers with dietary restrictions or those who prefer organic products or products with a reduced number of ingredients;
- Regularly reviewing product feasibility plans in the market, basing commercial decisions on market studies and decisions relating to product quality, nutrition and safety on the most up-to-date internal and external data.
In 2025, 197 Private Brand and perishable food products references were introduced, designed to address the priorities outlined above.
| Private brand references launched in 2025 | ||||
|---|---|---|---|---|
| Biedronko | Pingo Doce and Recheio | Ara | Total | |
| Gluten-free* | 12 | 142 | 0 | 154 |
| Lactose-free | 2 | 7 | 4 | 13 |
| Vegan and e vegetarian | 6 | 7 | 0 | 13 |
| Organic | 10 | 7 | 0 | 17 |
- Only Ara's Private Brands.
** References holding a symbol, which ensures a gluten-free formula (in Poland).
¹⁴⁰ In accordance with the European Commission’s Safe Hearts Plan, presented in December 2025.
¹⁴¹ For more information, please refer to Subchapter 6, “Sustainability Commitments”.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
| Total References | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Biedronka | Pingo Doce and Recheio | Ara | Total | |||||||||
| 2025 | 2024 | Δ 25/24 | 2025 | 2024 | Δ 25/24 | 2025 | 2024 | Δ 25/24 | 2025 | 2024 | Δ 25/24 | |
| Gluten-free* | 128 | 131 | -2.3% | 1,471 | 1,318 | +11.6% | 8 | 12 | -33.3% | 1,607 | 1,461 | +10.0% |
| Lactose-free | 28 | 28 | 0.0% | 39 | 47 | -17.0% | 17 | 13 | +30.8% | 84 | 88 | -4.5% |
| Vegan and e vegetarian | 127 | 154 | -17.5% | 33 | 33 | 0.0% | 1 | 1 | -100.0% | 161 | 188 | -14.4% |
| Organic | 47 | 51 | -7.8% | 93 | 91 | +2.2% | 1 | 1 | 0.0% | 141 | 143 | -1.4% |
- References holding a symbol, which ensures a gluten-free formula (in Poland).
Fluctuations observed from year to year reflect innovation and portfolio-management cycles, with periods in which product launches are more strategic or more focused on continuous improvement, and others characterised by rapid responses to market trends and real consumer needs, or by more efficient assortment management. Differences between markets also translate different levels of maturity of the Companies, on one side, and their commercial priorities, on the other, while operational factors and supply chain management remain consistently relevant.
Gluten-free products stand out among the launches in 2025, particularly in Portugal, representing the product category with the highest number of references in the Group's overall portfolio. Although they showed a low launch intensity overall in 2025, vegan and vegetarian products continue to offer options for consumers with specific preferences, especially at Biedronka, although a downward trend has been observed since 2023. Organic-certified products remain relevant in Poland and in Portugal, but a similar decline can be seen in the total assortment. Lactose-free items declined in 2025, with fewer product launches compared to the other categories analysed, and growth in Colombia was not enough to reverse this trend.
Biedronka launched 123 new Private Brand products that promote more responsible eating. Of these, 26 displayed the "PACE – Physical Activity Equivalent" symbol, which indicates the physical effort required to burn the calories consumed in that product and suggests an activity aligned with individual consumer needs. A further 38 items (including relaunches) included the "1 of Your 5 a Day" symbol, referring to the recommended daily consumption of five portions of fruit and vegetables.
The six new vegan and vegetarian references – such as Mushroom Nuggets or kabanosy (a smoked tofu sausage) – belong to the Go Vege range and are produced without GMOs, in line with the legally required criteria for vegan food¹⁴². In 2025, Biedronka extended Nutri-Score to a further 272 products, increasing the total to 815 items (a 50% increase compared with 2024), and maintained the number of brands selected for categorisation to 41 (including six for the Slovak market).
Biedronka also launched the "Biedronowe" communication platform, aimed at highlighting innovation within its Private Brand assortment.
Pingo Doce Balance range
In the perishables category, the launch of the Balance range stands out.
It is a new line of meals under the Comida Fresca brand, developed for consumers seeking healthier and lighter meals, with a strong emphasis on vegetables and everyday convenience.
The new range was launched with five meal options, all prepared in Pingo Doce's kitchens, and in the result of collaboration between the Company's Executive Chef and a nationally recognised nutritionist.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
Through the Hebe Naturals brand, our health and beauty Company launched new vegan products as well as products containing mostly natural ingredients. In 2025, Hebe launched 23 new vegan cosmetic products (three of which from the Hebe Naturals range), increasing its vegan portfolio to 174 products. Three Hebe Naturals references containing at least 92% natural ingredients by net weight were launched, raising the total portfolio of products with these characteristics to 19¹⁴³.
Pingo Doce and Recheio launched 45 Private Brand references notable for their nutritional and innovative characteristics, including ten Go Active items for consumers who prefer high-protein diets (such as yoghurts and quark cheeses with no added sugar) and two Cuida Bebé infant cereal-based products with no added sugar. Nutri-Score was featured on 866 Pingo Doce items (1% fewer than in 2024) and on 270 Recheio items (a 37% increase).
Pingo Doce also launched 23 frozen meals under the Comida Fresca brand, developed using original recipes that ensure quality and authenticity while offering a more practical solution.
As part of its contribution to promoting health through nutrition, Pingo Doce saw its chickpea patties named "Innovation Product of the Year" at the 2025 Viver Saudável Awards, which recognise excellence in nutrition in Portugal. This distinction validates the Company's contribution to the national challenge of increasing legume consumption.
At Ara, highlights include the launch of Solei Kids pouches made with 100% fruit and no added sugar.
Reformulations
[ESRS S4-4]
[GRI 416-1]
The nutritional reformulation strategy we follow prioritises foods that:
- are predominantly consumed by children;
- contain high levels of salt, sugar, fat, saturated fat and/or additives considered unnecessary;
- are widely consumed and, as such, whose reformulation may have a materially positive impact on public health;
- may be generally perceived by consumers as healthy, yet have a nutritional profile that requires adjustment;
- contain low levels of fibre, vitamins and minerals;
- contain ingredients that may cause allergies.
In 2025, we revised the recipes of 62 food Private Brand products. These reformulations prevented the consumption of 320 tonnes of sugar, 275 tonnes of fats and 39 tonnes of salt.
| Nutritional reformulations | |||||
|---|---|---|---|---|---|
| Biedronka | Pingo Doce | Recheio | Ara | Total | |
| Number of reformulated products* | 15 | 13 | 7 | 27 | 62 |
| Salt (references) | 10 | 4 | 3 | 15 | 32 |
| Sugar (references) | 8 | 8 | 3 | 9 | 28 |
| Fat (references) | 4 | 2 | 2 | 8 | 16 |
| Saturated Fat (references) | 6 | 3 | 2 | 14 | 25 |
| Quantities avoided (tonnes)*** | |||||
| Salt | 23.4 | 1.2 | 0.9 | 13.6 | 39.0 |
Sustainability Statement
Jerónimo Martins | Annual Report 2025
| Nutritional reformulations | |||||
|---|---|---|---|---|---|
| Biedronka | Pingo Doce | Recheio | Ara | Total | |
| Sugar | 75.2 | 178.7 | 8.1 | 58.3 | 320.4 |
| Fat | 42.5 | 11.9 | 2.6 | 20.3 | 77.3 |
| Saturated Fat | 161.0 | 5.5 | 0.3 | 30.9 | 197.7 |
- A product may have its recipe revised in relation to more than one ingredient: the method of counting individual products, rather than references, is used with the purpose of providing transparency regarding the number of interventions.
** The amount of tonnes removed is obtained using the following calculation method: the quantities of ingredients present in the recipes of the references covered multiplied by the number of units of those references sold during the year. At Biedronka and Ara, the multiplication is carried out using the number of units of the references purchased, given the existence of multiple suppliers for the same product.
In Poland, the most significant reduction was achieved in the sugar content of a Vitanella granola reference and in a paprika-flavoured crisps (97% of this ingredient was removed, avoiding the consumption of 5.5 tonnes). In two pierogi references (traditional filled dumplings in the country), the levels of all components were reduced (20.6 tonnes less sugar, 18 tonnes less fats and 3 tonnes less salt). Saturated fat was the ingredient with the highest amount avoided in the market (161 tonnes), while salt reduction was implemented in the highest number of references (10).
At Pingo Doce, the recommendation issued by the Portuguese Directorate-General of Health to reinforce the use of iodised salt – in order to prevent iodine deficiency (particularly among vulnerable groups such as pregnant women and children up to two years of age) – was extended to all meals served in Comida Fresca restaurants. This measure had already been implemented in all soup recipes in 2024.
The removal of palm oil from the recipe of a shortcake biscuit reference contributed to a 76% reduction in saturated fats in that product (4.6 tonnes less). This process was further complemented by a slight sugar reduction (5% less) in this product, which is widely consumed by children and young people. In two garlic sauce references, Pingo Doce and Masterchef, sugar levels were reduced (by 68%), along with fat (26%), saturated fat (11%) and salt (13%), totalling 16.2 tonnes avoided. Sugar was the ingredient most significantly eliminated, both in terms of number of references intervened and total tonnes avoided (almost 179).
Sugar was also the ingredient removed in the greatest quantity at both Pingo Doce and Recheio. At Recheio, one of the most significant reductions (less 63%) resulted from the removal of sugar in Amanhecer pineapple-flavoured fizzy juice, preventing 7 tonnes of sugar from being placed on the market. Salt and sugar in the Masterchef roast sauce were reduced by 25% and 15% respectively, and the flavour enhancer monosodium glutamate was also removed.
Ara reformulated 27 Private Brand products, with particular emphasis on snacks (such as coated nuts and cereal bars), biscuits and arepas (typical Colombian corn-based flatbreads). Sugar was the ingredient with the highest tonnes removed (with reductions reaching 56%), while the removal of salt and saturated fats affected a larger number of products.
In addition to nutritional reformulations focused on salt, sugar and fats, the Group has adopted a set of commitments related to eliminating and reducing other ingredients harmful to consumer health in its Private Brand products¹⁴⁴.
Among these, a key measure is the replacement of refined cereals with whole grains as the main ingredient in 100% of breakfast cereals for the Companies in Portugal and Poland. Choosing these products offers nutritional benefits, as whole grains may contain more nutrients than refined grains, including higher fibre content. Pingo Doce and Recheio reached this target already in 2024, two years ahead of the deadline set, while progress at Biedronka remained at 92% of the 48 eligible products. This is a labour-intensive process with suppliers to revise recipes, specifically to use whole grains (wheat, oats, barley, rye and rice) as the primary ingredient.
¹⁴⁴ For more information, please refer to Subchapter 6 “Sustainability Commitments”, in this chapter.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
Ara removed artificial colourings and withdrew several ingredients not permitted under our guidelines in four Private Brand products and in five bakery and takeaway items. At Biedronka, the clean-labelling commitment continued to be strengthened in 2025, with the removal in 14 products of unnecessary thickeners such as guar gum, xanthan gum and locust bean gum, as well as smoke flavouring and sweeteners.
Certified Ingredients, Products and Packaging
[ESRS S4-4]
[GRI 417-1]
One of the actions implemented to strengthen sustainability across the value chain is the adoption of recognised certifications in Private Brand and perishable products and packaging. These certifications, managed by external and independent entities, ensure the application of sound environmental practices, guaranteeing that no deforestation or conversion of High Conservation Value ecosystems occurs, and that production processes comply with strict pollution-prevention and mitigation standards. In addition to the environmental component, these certifications incorporate stringent social criteria, ensuring respect for human rights — namely the absence of child or forced labour — and promoting fair remuneration for producers throughout the supply chain.
A key action involves the commitment to clearly communicate the sustainability characteristics of products to consumers. As such, the presence of the specific certification symbols at the point of sale is prioritised, enabling customers to easily identify the attributes that distinguish these products from others that may appear similar.
In 2024, a commitment was established for the 2024–2026 period: “to increase sales (in euros) of Private Brand and perishable products and/or packaging with sustainability certification to at least 15% of total sales (in euros) in these categories by 2026.”
Throughout 2025, efforts were strengthened to ensure progress towards this commitment, resulting in a 0.3 p.p. increase compared with 2024. This progress corresponds to 14.5% of sales of products and/or packaging with sustainability certification in 2025.
In parallel, there was an increase in the number of certified references, reaching 2,464 in 2025, representing a 31% increase compared with 2024.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
The most common certifications include:
paper and wood fibres sourced from sustainably managed forests, with FSC® and PEFC being the most prevalent;
- OEKO-TEX Made in Green for textile products, ensuring implementation of leading social and environmental practices;
- organic certification for food products;
- Rainforest Alliance, applicable to agricultural raw materials.
To achieve the 15% target, we will continue promoting the adoption of sustainable practices among our current suppliers and identifying new partners that already meet these requirements. In parallel, we ensure that the majority of consumers have access to products with these characteristics, contributing to their wider availability. In 2025, 684 certified products were launched, reflecting ongoing efforts to identify committed suppliers and collaborate to ensure adherence to certification criteria.
This commitment to sustainability extends beyond product certification: it also encompasses the promotion of circularity and the extension of product life cycles. As part of Biedronka's commitments for the 2024–2026 period, we ensured the extension of warranties to three years across nine categories of electrical and non-electrical non-food products. Of the 580 products covered, 539 already benefit from this extended warranty, representing 93% of the commitment's scope.
This initiative reinforces consumer trust and is aligned with our efforts to reduce environmental impact by keeping products in use for longer periods. In addition to warranty extensions, we continue to develop actions promoting circularity, including partnerships for responsible recycling and awareness campaigns encouraging more sustainable product use. Together, these measures consolidate our commitment to the circular economy and a more responsible retail model. More information on these initiatives can be found in subchapter 3. "Environmental Information", section 3.2. "Managing environmental topics", subsection 3.2.2. "Resource Use and Circular Economy" of this chapter.
Product affordability
In 2025, as in recent years, the global economic environment continued to be marked by geopolitical tensions, the social effects of inflation and the resulting increase in the cost of living, rising production costs and intense competitive dynamics¹⁴⁵, with consumers becoming more demanding and cautious in their purchasing decisions. In response to these factors, the need to prioritise promotions on essential products became clear, prompting our Companies to adapt, while losing their resilience neither their commitment to
¹⁴⁵ For more detailed information on the global context and its impact on the Companies, as well as on the measures implemented to safeguard consumers' purchasing power through fair and affordable prices, please refer to Chapter 2 "Management Report", subsection 2.1. "Environment in 2025".
Sustainability Statement
Jerónimo Martins | Annual Report 2025
promoting consumers' access to quality, safe and innovative products, as well as creating meaningful savings opportunities for families.
To ensure the robustness of our offering and to prevent and mitigate the impact of the socio-economic context on consumers' purchasing power, we implemented measures across all our banners that include analyses of socio-economic contexts, consumer satisfaction, competition, and sales, alongside category management, enabling us to adjust the product assortment so that our brands remain attractive, accessible, high-quality and safe¹⁴⁶. A detailed explanation of the strategy adopted by each Company is provided in Chapter 2 "Management Report", subsection 2.3. "Performance of the business areas", of this Report.
In addition to the practices used to understand our consumers, and the procedures maintained in our relationships with suppliers and in promoting the continuous improvement of our assortment, we implement several initiatives aimed at those who visit our stores.
Market initiatives
Biedronka Poland
To mark Biedronka's 30th anniversary, celebrated in 2025, the Company launched several initiatives throughout the year to reinforce price affordability – while maintaining its everyday low price strategy – and to strengthen brand awareness and customer confidence in the innovation of its products and services. These initiatives resulted in increased sales and market share, and in the consolidation of the importance of Private Brands in food baskets. Initiatives include:
- Biedronki Niskie Ceny Promotion (Biedronka Low Prices) – an initiative reinforcing low prices by reducing the price of products throughout the year;
- App Moja Biedronka (My Biedronka) – improvements introduced to enhance user experience, including monthly updates, new features and optimisations and a campaign was launched offering consumers the opportunity to obtain 30% discount on their favourite products and price reductions applied to 30 popular products – initiatives that saw the app reach more than 16 million users;
- Investment in scale expansion more than 180 new stores were inaugurated, 200 stores were refurbished, and meat and delicatessen counters were implemented, reaching at year-end more than 1,500 stores. In addition, a distribution center was built, bringing the total to 18, and construction began on an automated logistics unit;
- Partnership with Uber Eats – to reach young people, families, older people, and individuals with reduced mobility, as well as consumers with limited time, the Company reinforced its commitment to the convenient and fast delivery of food products at in-store prices;
- Campaigns - 46 promotional campaigns and 238 leaflets were launched.
Biedronka Slovakia
- Expansion into Slovakia – Biedronka initiated operations in this country in March 2025, ending the year with 15 stores offering both urban and rural formats, supported by a distribution centre;
- Consistent strategy – the "everyday low prices" premise remained central, focusing on Private Brand and fresh products, aligned with the preferences and needs of local consumers;
- Local adaptation – the campaigns implemented incorporated local visual elements, aimed at strengthening consumer trust and proximity.
Sustainability Statement
Pingo Doce
- Maximum Savings Days -- Pingo Doce celebrated its 45th anniversary with a special campaign under the slogan “45 years delivering savings”;
- Meu Pingo Doce (My Pingo Doce) app -- introduced exclusive and personalised benefits throughout the year, alongside campaigns in partnership with various sectors, including fuel, school supplies and travel, consolidating the app as an essential savings tool for Pingo Doce customers;
- Online Store -- the launch of Pingo Doce Online streamlined the shopping experience, offering convenient home delivery or in-store collection, while ensuring access to the same promotions and benefits available in brick-and-mortar stores;
- Comida Fresca Restaurants -- new Comida Fresca restaurants were opened, expanding the network to 256 locations and offering a varied and comprehensive range of ready meals at affordable prices;
- Campaigns -- 81 promotional campaigns were launched in the year (27 more than in 2024), complemented by 160 leaflets. Most noteworthy was the “100/40” campaign, developed in partnership with BP, which, for every 100 euros in purchases, credited 40 euros to the Poupa Mais card to be used equally on fuel and on a subsequent purchase at Pingo Doce. This initiative helped increase consumers' real purchasing power;
- “Recommended Brand 2025” Award -- awarded for the third consecutive year, recognising brands that build close relationships with consumers based on trust and transparency.
Ara
- Launch of the app -- to enhance the digital experience, communicate product launches and promote daily savings for consumers, Ara launched its app, allowing users to explore new products, locate stores and plan their purchases. The stand-out feature “!Sacúdela que tienes Promo!” offers exclusive discounts when users shake their mobile phones. By the end of the year, the app had reached more than 850,000 downloads;
- Weekly promotions and everyday low prices -- the “Super Hits” daily discount marathons for selected products and the “Superprecio”, “Raspa y renueva tu cocina” campaigns are particularly noteworthy. In June, a special anniversary promotion “Button of Joy” was also launched, offering discounts of up to 50%;
- “Aguinaldo Naranja” -- exclusive discounts of 30% were offered on specific categories every day for five weeks;
- Monthly campaigns -- initiatives such as the “Maratón de Descuentos” were launched, highlighting priority categories for Colombian consumers on a rotating basis, including dairy products, non-food items, personal care and household cleaning products;
- Investments in infrastructure -- the opening of 225 new stores (including the integration of 71 from the Colsubsidio banner), the refurbishment of 27 stores, and the addition of a new distribution centre improved proximity and customer service quality;
- Campaigns -- 67 promotional campaigns and 102 leaflets were launched throughout the year.
Recheio
- Launch of the Recheio mobile app -- establishing a direct channel with customers and a more integrated shopping experience, both in-store and online, the new app enables users to view their order history, and manage invoices and payments, among other features;
- Partnership management -- Recheio's website now centralises and simplifies relationships with current and future Amanhecer partners (in 2025 it had more than 750 stores);
- Amanhecer “Lucky Bag” competition -- supporting communication between Amanhecer partners and their customers, promoting loyalty and brand awareness, while reinforcing the network's values of quality, price and trust;
- Campaigns -- 33 promotional campaigns and 102 leaflets were launched in the year (including the Amanhecer partner stores);
- HoReCa Lab -- a pilot project focused on value co-creation in close collaboration with professional customers, reinforcing proximity to the sector and strengthening Recheio's positioning as a specialist in the HoReCa channel;
Jerónimo Martins | Annual Report 2025
- Website Creation – a new feature available within the "Boost Your Business" initiative designed to facilitate the digital presence of Recheio customers;
- The "Professionals' Choice" award – recognition by professionals who work with the brand and who value quality, trust, customer satisfaction, innovation and value for money. The Company has won this award consecutively for a decade.
Hebe
- "My Hebe" – a new edition of the loyalty programme was launched, allowing points to be exchanged for discounts and promotions, aimed at increasing user engagement and purchase frequency. By the end of the year, the "My Hebe" programme registered 4.2 million active loyalty cards.
- Campaigns – 111 promotional leaflets, magazines and catalogues were launched in Poland, Czechia and Slovakia;
- Awards – first place in the "Beauty" category at the Consumer Choice 2025 Awards in Poland and the annual distinction "Gwiazda Jakości Obsługi 2025" (Service Quality Star) awarded by the Polish Service Quality Programme.
The effectiveness of the actions we implement is assessed through the ongoing analysis of our sales performance, among other variables, as well as through studies that compare our prices and assortment with those of our competitors, ensuring the fulfilment of our mission to democratise access to high-quality products at affordable prices. This purpose is achieved through our strategy, which seeks to:
- prioritise economies of scale in order to create value for both the business and consumers;
- ensure product quality, safety and taste, at the best price;
- deliver an impactful customer sales experience and a sense of belonging among consumers;
- ensure advertising engages our consumers and addresses their needs and expectations;
- attract new customers, retain current ones and win back former customers;
- continuously improve our products and services to maintain or, in some cases, achieve market leadership.
Commitments
[ESRS 2 MDR-T, ESRS S4-5]
The Group's commitments and targets related to consumers and end users can be found in Subchapter 6, "Sustainability Commitments".
4.2.4. Workers in the value chain
Responsible labour management in the value chain
[ESRS 2 S2-2; ESRS 2 S2-3; ESRS 2 S2-4]
[GRI 414-1; GRI 414-2]
Social Audits
Through our social audit programme, carried out by auditors who are members of the Association of Professional Social Compliance Auditors (APSCA) $^{147}$, we assess our suppliers of perishable and Private Brand products in primary production, marine operations, and in manufacturing sectors to identify, prevent, and mitigate existing and potential risks related to human and labour rights violations.
These audits, carried out in collaboration with our suppliers, provide them with specialised support on social and labour issues, helping them to be better prepared to meet their due diligence obligations in their operations and with their own suppliers. This makes them better able to prevent and mitigate risks, potentially strengthening their ability to expand into countries with strict labour requirements.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
In 2025, a total of 64 audits were carried out, more than three times than those conducted in 2024. The results are detailed in subchapter 5. "Governance information", section 5.2. "Managing more sustainable supply chains", subsection 5.2.1 "Selecting and monitoring suppliers", of this chapter.
The suppliers selected for social audits, and the criteria assessed, including equivalence to certification systems verified by an external body, are described in subchapter 5. "Governance information", section 5.2. "Business Conduct", subsection 5.2.1 "Selection and monitoring of suppliers", point "Social Audits", of this chapter.
To prevent and mitigate potential risks of human and labour rights violations, the audits include a contact with workers across the value chain. Besides checking the documents provided by management and carrying out a site inspection, interviews are conducted with workers in the value chain to triangulate information and rule out any doubts or suspicions identified during a site visit. There are two types of worker interviews: individual and group. The selection of interviews prioritises:
- groups that are considered potentially vulnerable (i.e. young and older adult groups, migrant workers, workers on temporary contracts, pregnant workers, and people returning from sick leave);
- workers observed during the visit in a potential risk situation;
- workers within the company's age and gender averages as a means of representing the majority of the supplier's workforce.
In these worker interviews, topics related to the existence or use of personal protective equipment, understanding the clauses in employment contracts, or the payment of overtime are often addressed. Interviews always respect the principles of confidentiality and non-retaliation.
During the audits carried out in 2025, more than 1,300 of our partners' workers were interviewed.
Communication channels are also made available to these workers, such as the Ethics Committee and those provided for in our Whistleblowing Policy. A detailed description of these channels is provided in subchapter 2. "General disclosures", section 2.3. "Stakeholder engagement and communication channels", of this chapter.
As part of the social audits, four training courses were held in 2025, with more than 100 participants, covering:
- an understanding of human and workers' rights;
- analysis of the policy and regulatory environment in the world, particularly in Europe, focusing on social issues that will impact the Group and its value chain;
- our policies and codes that set social requirements for our suppliers;
- the mechanisms available to suppliers and workers in the value chain for reporting wrongdoing;
- the criteria and procedures for social audits.
We believe that, by doing this, we are contributing to the commitment to eradicate forced labour across supply chains and promote decent working conditions, in line with the International Labour Organization and the priority industry principles defined by The Consumer Goods Forum, where "every worker should have freedom of movement, no worker should pay to work and no worker should go into debt to work or be coerced into it".[148]
Supplier quality and safety audits
The product quality and safety audits we conduct also assess labour-related aspects such as workplace hygiene and safety conditions, training, the use of appropriate clothing, hand-washing equipment, and the rules of conduct and personal hygiene.
Our Sustainable Sourcing Policy and Code of Conduct provide for the possibility of immediately ceasing business relations with suppliers whenever we become aware that these, or their respective suppliers, are in violation of human, children's and/or workers' rights or do not incorporate ethical concerns in carrying out their activities.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
A detailed description of these auditing processes is provided in subchapter 5. "Governance information", section 5.2. "Business conduct", subsection 5.2.1 "Selection and monitoring of suppliers", point "Food quality and safety audits", of this chapter.
Sustainability certification
SUS NON-MATERIAL
As a complement to the initiatives carried out with our suppliers, we encourage them to obtain sustainability certifications based on environmental and/or social requirements that are confirmed by external entities. With the help of specialised auditors, the adoption of a certification scheme ensures that good social practices have been implemented throughout the value chain of our Private Brand products and perishable products, ensuring that human rights principles have been respected (confirming the non-existence of child labour or forced labour) and that producers are paid fairly, thus serving as mechanisms for preventing negative material impacts on workers in the value chain.
Particularly of note, among other aspects, is the social and labour component implicit in the RSPO (Roundtable on Sustainable Palm Oil) certification of palm oil and the RTRS (Round Table on Responsible Soy) certification of soy.
RSPO certification establishes social criteria in palm oil production, including $^{149}$:
- respect for human rights and human rights defenders;
- the existence of a mutually-agreed system between Jerónimo Martins and the supplier to receive complaints from affected parties;
- the prohibition of forced labour, child labour, any form of discrimination, harassment or abuse in the workplace;
- respect for the right to freedom of association and collective bargaining;
- contractual conditions in line with, at least, the legal minimum and adequate pay that affords a decent living.
RTRS certification includes the verification of social criteria in soy production$^{150}$, in particular:
- prohibition of forced labour, human trafficking, child labour, discrimination, harassment or abuse in the workplace;
- fair pay and equal opportunities;
- the existence of an effective channel for reporting complaints/abuse;
- respect for labour laws: union agreements and direct employment contracts specifying payments and employment conditions (wages and benefits, number of hours worked) available in the languages understood by the workers;
- the existence of procedures, tools and training for employees relating to health and safety at work;
- respect for the right to freedom of association and collective bargaining.
Specific RSPO and RTRS symbols and labelling are used on packaging to help consumers understand that these products are made responsibly, serving as communication tools that raise awareness and encourage them to opt for certified products.
For instance, the palm oil used as an ingredient in our Private Brand products and perishables in Portugal and Poland is 100% certified according to RSPO criteria. We also promote RTRS or Proterra certification for soy, most of which is present in the feed given to animals and which, due to its indirect presence, is not communicated at the point of sale.
More detailed information on RSPO and RTRS certification in our supply chain is provided in subchapter 3. "Environmental information", section 3.2. "Managing environmental topics", subsection 3.2.4. "Biodiversity and ecosystems", point "Fighting deforestation", of this chapter.
More information on sustainability certification is provided in subchapter 4. "Social information", section 4.2. "Managing social topics", subsection 4.2.3. "Consumers and end-users", of this chapter.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
5. Governance information
5.1. Our business conduct policies
[ESRS 2 GOV-1; ESRS 2 MDR-P; ESRS G1-1]
[GRI 2-16; GRI 2-23; GRI 2-24; GRI 2-25; GRI 2-26]
The strong trust-based relationships we have cultivated with our suppliers and service providers are what allow us to guarantee access to quality products at affordable prices on a daily basis. We maintain enduring partnerships based on rigorous and transparent selection and monitoring criteria, and our actions are guided by principles of honesty, rigour and business integrity, which shape how we build and maintain responsible relationships across the value chain. These principles are underpinned by the following policies and procedures, available for consultation on our corporate website:
- Code of Conduct
- Anti-Corruption Policy
- Whistleblowing Policy
- Sustainable Sourcing Policy
- Supplier Code of Conduct
We have zero tolerance for corruption or fraud, and we are uncompromising when it comes to any violation of our Code of Conduct, our Anti-Corruption Policy and the rules established in the laws laid down by the countries in which we operate. A detailed description of these policies is available in subchapter 2. "General disclosures", section 2.6. "Our policies".
Detailed information on specific business conduct requirements, as defined by the European Sustainability Reporting Standards (ESRS), can be found in the sections of this report indicated in the table below.
| Disclosure requirement | Section of the Report |
|---|---|
| Description of the role of governance, management and supervisory bodies. | Chapter 5 "Sustainability Statement", subchapter 2. "General disclosures", section 2.2. "Governance and strategy". |
| Description of our business conduct policies. | Chapter 5 "Sustainability Statement", subchapter 2. "General disclosures", section 2.6. "Our policies". |
| Control mechanisms and procedures applicable to reporting of irregularities and to related party transactions. | Chapter 4 "Corporate Governance", section C "Internal Organisation", subsection II "Reporting Irregularities", and section E "Related Party Transactions". |
| Mechanisms in place to facilitate communication by internal and external stakeholders, and resolution of potential negative impacts arising from our activities. | Chapter 5 "Sustainability Statement", subchapter 2. "General disclosures", section 2.3. "Stakeholder engagement and communication channels". |
| Animal Welfare policy, actions and targets. | Chapter 5 "Sustainability Statement", subchapter 3. "Environmental information", section 3.2. "Managing environmental topics", subsection 3.2.4. "Biodiversity and ecosystems", point "Animal welfare". |
| Reporting of complaints made by employees through the Ethics Committee, Ethics Offices, Local Committees and the Employee Service Department in the management of employment issues. | Chapter 5 "Sustainability Statement", subchapter 2. "General disclosures", section 2.3. "Stakeholder engagement and communication channels", in subchapter 4. "Social information", section 4.2. "Managing social topics", subsection 4.2.1. "Own workforce", point "Ethics and compliance", and subsection 4.2.4. "Workers in the value chain". |
| Due diligence on the prevention and potential remediation of human and labour rights risks. | Chapter 5 "Sustainability Statement", subchapter 3. "Environmental information", section 3.3. "Disclosures pursuant to Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation)", subsection 3.3.5. "Minimum safeguards". |
| Responsibilities and operation of the functional areas responsible for managing business conduct and other aspects relevant to business continuity, such as risk identification. | Chapter 4 "Corporate Governance", Part I – "Information on Shareholder Structure, Organisation and Corporate Governance", and the "Investor" channel of the Group's corporate website . |
| Training within the organisation on business conduct. | Chapter 5 "Sustainability Statement", subchapter 4. "Social information", section 4.2. "Managing social topics", subsection 4.2.1. "Own workforce", point "Ethics and compliance". |
Sustainability Statement
Jerónimo Martins | Annual Report 2025
5.2. Business conduct
[GRI 2-6; GRI 3-3; GRI 308-1; GRI 308-2; GRI 407-1; GRI 408-1; GRI 409-1; GRI 412-3; GRI 414-1; GRI 414-2; GRI 416-1]
Building strong partnerships is essential for efficient and resilient value chain management. As our sector faces new challenges, it is becoming increasingly clear that strong relationships with our suppliers are crucial to ensuring the continuity, quality and safety of the products we offer every day to the millions of consumers who choose our stores.
We prioritise business relationships grounded in ethical, social and environmental principles¹⁵¹, thus mitigating the risks of shortcomings in product quality and availability, financial vulnerability throughout the supply chain, and business practices which are not aligned with our conduct standards.
Our approach considers suppliers as strategic partners. By strengthening these partnerships and ensuring they are in conformity with our sustainability principles, we also contribute to broader global goals. Our commitment to the United Nations 2030 Agenda is reflected in our efforts to promote more responsible supply chains.
5.2.1. Selection and monitoring of suppliers
[ESRS 2 MDR-A; ESRS 2 MDR-M; ESRS G1-2]
The relationships we establish with our suppliers are based on sharing and compliance with the principles set out in our business conduct and corporate responsibility policies¹⁵², agreed specifications, and commercial contracts that define the responsibilities of each party, including aspects such as food safety, quality and brand reputation. To promote and ensure compliance, we conduct selection and regular audits of suppliers of perishable and Private Brand products.
Selection audits ensure that potential suppliers meet the minimum requirements to do business with our Companies. Suppliers that do not meet these criteria are not selected and receive information on aspects that need to be improved for them to be considered in the future.
Regular audits allow us to assess process management and implementation, monitor product formulations and specifications, and to prevent (and mitigate) potential risks related to food quality and safety, environmental impacts, and human and labour rights.
Where a supplier is unable to meet the requirements, a corrective action plan is agreed, the progress of which is monitored. If suppliers fail to comply with the corrective action plan or are unwilling to implement it, action may be taken, with different levels of severity, including suspending the partnership until confirmation that the nonconformity has been remedied, or even terminating the business relationship. Where serious non-compliance is identified, suspension is immediate to ensure consumer safety and the credibility of our banners.
We conduct three types of audits:
- Food quality and safety audits (which include food defence and animal welfare criteria. The latter is ensured in specialised perishables in the meat, farmed fish, and egg categories).
- Environmental audits (which includes service providers).
- Social audits.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
Food safety and quality audits
We carry out food quality and safety audits not only when selecting new perishables and Private Brand suppliers, but also to monitor current suppliers. These audits evaluate aspects such as hygiene and food safety conditions, traceability and labour-related aspects$^{153}$.
Selection audits of potential suppliers are mandatory; however, this requirement is waived where potential suppliers hold food safety certifications approved by the Global Food Safety Initiative (GFSI)$^{154}$, unless the risk presented by a potential Private Brand supplier is above "Low", in which case an on-site audit is conducted.
The frequency of monitoring audits, within the scope of which action plans are presented to suppliers after they have been carried out, is defined based on criteria that determine the supplier's performance, taking into account:
- the level of perishability of the product and/or the history of risk assessments per supplier;
- the results of analytical checks, rejections and complaints about the products supplied;
- the results of previous audits;
- the existence of GFSI-approved certifications.
The outcome of this assessment determines the score awarded to a supplier, as follows:
| Private Brand | Specialised perishables |
|---|---|
| • Basic: audits/visits at intervals of no more than 6 months. | |
| • High: audits/visits at least every 12 months. | |
| • Excellent: the interval between audits can be up to 24 months. | • An assessment of <60%: audits/visits at intervals of no more than 6 months. |
| • An assessment of between 60% and 80%: audits/visits at intervals of no more than 6 months. | |
| • High (≥80%): audits/visits are determined based on the need to improve the aspect that impacted the score. | |
| • No need for improvement: visits/audits may be at intervals of 36 months. |
Food safety and quality audits of perishables and Private Brand suppliers (food and non-food items)*
| Poland | 2025 | 2024 | Δ 2025/2024 |
|---|---|---|---|
| Perishables** | 1,073 | 1,231 | -12.8% |
| Private Brand | 439 | 467 | -6.0% |
| Slovakia | 2025 | 2024 | Δ 2025/2024 |
| Perishables** | 45 | n/a | n/a |
| Private Brand | 38 | n/a | n/a |
| Portugal | 2025 | 2024 | Δ 2025/2024 |
| Perishables | 824 | 924 | -10.8% |
| Private Brand | 208 | 188 | +10.6% |
| Colombia | 2025 | 2024 | Δ 2025/2024 |
| Perishables | 220 | 209 | +5.3% |
| Private Brand | 260 | 245 | +6.1% |
| Total | 2025 | 2024 | Δ 2025/2024 |
| Perishables** | 2,162 | 2,364 | -8.5% |
| Private Brand | 945 | 900 | +5.0% |
*The audits include the following types: selection and control/follow-up.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
Includes ad-hoc audits and inspections.
In 2025, we conducted 5% less food safety and quality audits to our suppliers compared to 2024. The decrease in audits is due to the lower number of requests to assess new suppliers and the good results obtained in the previous year by the existing suppliers, which enabled to reduce the frequency of follow-up audits.
In the meat, farmed fish and eggs categories, food safety and quality audits also include animal welfare criteria.
In the meat category, audits can focus on both primary production and the slaughterhouses with which our Companies and respective suppliers work. General aspects are adapted for different meat categories (with specific conditions for beef, poultry, pork, rabbit and lamb), such as conditions on the farm, feed, transport and stunning. These criteria are based on laws in force and assess the implementation of good practices throughout the production process.
Aquaculture audits assess aspects such as daily husbandry conditions, water quality, and oxygen availability – key factors for reducing stress in fish and to promote a healthy development. Specific well-being indicators are also evaluated, including behaviour, appetite, growth rates and signs of illness, enabling early identification of discomfort or health risks. The methods used during transport and slaughter operations are observed (from loading and unloading to stunning), ensuring that the process is carried out in a controlled manner and with minimal impact on the fish's physical condition.
Audits carried out on the farms of fresh egg suppliers that supply Biedronka's operations in Poland and Slovakia analyse criteria such as housing conditions, feeding, freedom of movement and access to fresh water, essential for the welfare of laying hens. Pingo Doce and Recheio also assess animal welfare criteria for hens that lay Private Brand fresh eggs. Ara does not sell Private Brand fresh eggs, so these audits are not required.
Audits of direct suppliers of fresh aquaculture fish are carried out according to the Fish Welfare internal checklist, which is based on the aquaculture Global G.A.P. Framework and on laws in force. At Pingo Doce and Recheio, 100% of fresh aquaculture fish were assessed as to these criteria, as around 70% of fresh aquaculture fish suppliers are Global G.A.P. certified. The remaining 30% were included in the animal welfare audits coordinated by our Companies. At Biedronka, suppliers in this category were assessed in 2024, with further audits planned for 2026.
In 2025, a total of 108 animal welfare audits were carried out, 21% more than in 2024. These audits covered:
- primary meat production – Ara, Pingo Doce and Recheio
- slaughterhouses – Biedronka (Poland and Slovakia), Ara, Pingo Doce and Recheio
- farmed fish – Pingo Doce and Recheio
- laying hens – Biedronka (Poland and Slovakia)
The increase in audits is due essentially to those carried out at slaughterhouses and laying hens farms that supply Biedronka which, in the previous audit, received a performance evaluation of below 95%.
We continue to work with broiler chicken and turkey suppliers in Portugal to encourage certification in accordance with the Welfare™ standard, which is awarded by external bodies. This certification is based on the European Welfare Quality and AWIN® standards and evaluates and monitors the quality of animal welfare on farms, in rearing areas and in slaughterhouses.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
Environmental Audits
[GRI 308-1; GRI 308-2]
Environmental audits are carried out during the selection of perishables and Private Brand suppliers and service providers, and throughout the business relationship. We assess water quality, packaging, effluents, waste, emissions into the atmosphere, and hazardous substances, among other aspects.
For selection audits, environmental criteria are given the same weight as food safety and quality items and are therefore equally relevant in the approval of a supplier. In 2025, a total of 122 new suppliers were assessed and approved after meeting both criteria.
Around 100 requirements are assessed in the follow-up environmental audits of perishables and Private Brand suppliers and service providers. Supplier performance$^{155}$ is categorised into one of four levels: Excellent, Good, Satisfactory and Inadequate.
Audits of perishables and Private Brand suppliers are carried out by an external entity, and the selection of suppliers for audit are based on the following criteria:
- the volume of purchases made by our Companies (more than one million euros in the 2024-2026 period);
- the results of previous audit;
- the significance of the environmental impacts of suppliers' activities;
- the environmental risk in the country of supply.
For services providers, audits are conducted by internal teams, prioritising those whose activities may have a higher environmental impact$^{156}$. Suppliers and service providers with a score of "Inadequate" are given a corrective action plan that must be implemented within no more than six months. The status of implementation is measured in a second audit, carried out the following year. We reserve the right to suspend cooperation in cases where the action plan is not complied with. Improvement plans are presented in cases where nonconformities or partial conformities are identified.
In 2025, a total of 141 perishables and Private Brand suppliers were audited, including re-audits$^{157}$ (40 in Colombia, 50 in Poland and 51 in Portugal). Of the suppliers audited, 34 were ISO 14001 certified, equivalent to a score of "Excellent". We also audited 67 service providers (20 in Colombia, 26 in Poland and 21 in Portugal).
Sustainability Statement
Jerónimo Martins | Annual Report 2025
In total, more than 200 environmental audits were carried out to perishables and Private Brand suppliers and service providers, in line with our commitment to conduct environmental audits of at least 20% of selected perishables and Private Brand suppliers, based on a risk assessment and a purchasing volume greater than one million euros in the 2024-2026 period. For more information on these targets, see subchapter 6. "Sustainability Commitments", Section 6.1. "2024-2026 Commitments".
Social Audits
Social criteria related to labour aspects are included in our food safety and quality supplier selection audits. These aspects are further complemented by our social monitoring audits¹⁵⁸ of perishables and Private Brand suppliers.
Social audits are carried out by an external entity, with the selection of suppliers to audit being based on the following criteria:
- the volume of purchases made by our Companies (more than one million euros in the 2024-2026 period);
- the results of previous audits;
- the significance of the social impacts of suppliers' activities;
- the social risk of the product and/or the country of supply¹⁵⁹.
We use three social audit schemes aimed at incorporating aspects related to high-risk sectors: primary production, operations at sea, and the manufacturing industry. Over 125 requirements are assessed across the following 13 dimensions: prevention of child labour, prevention of forced labour, prevention of discrimination, safeguarding the right of association, contractual terms, working hours, wages and benefits, health and safety at work, emergency preparedness, compliance monitoring, business ethics, protection of human rights, including criteria we consider to be of "zero tolerance", and protection of surrounding communities¹⁶⁰.
The overall score determines five distinct levels of compliance: Excellent, Very Good, Good, Satisfactory and Inadequate.
During audits, interviews are conducted with a representative sample of the audited company's workforce, including employees from vulnerable groups – such as migrants or temporary workers – as well as those identified during the visit as being at social risk. Interviews are always conducted abiding by the principles of confidentiality and non-retaliation¹⁶¹.
A personalised corrective action plan was presented to and discussed with all suppliers, including those without critical nonconformities, requiring a mandatory response within 12 months at the most, depending on the level of severity. During this period, additional contact is established with the supplier to review progress in the implementation of the plan.
¹⁵⁸ The social audits we conduct assess compliance with national and international laws and take into consideration the good practices shared by the Sustainable Supply Chain Initiative of The Consumer Goods Forum.
¹⁵⁹ As set out in the List of Goods Produced by Child Labour or Forced Labour developed by the Bureau of International Labour Affairs (ILAB). To learn more, visit the ILAB website.
¹⁶⁰ There are up to 26 critical criteria depending on the audit scheme used – primary production, operations at sea and processing industry – which focus on the prohibition of child labour and proper age control; prohibition of forced labour and the existence of an employment contract with clear definitions of duties and remuneration; guarantee of freedom of movement, prohibiting the retention of workers' documents; compliance with the maximum number of working hours and the obligation to grant rest days, remuneration and auditable records thereof; prohibition of acts of discrimination; existence of work insurance, equipment and emergency assistance mechanisms (medical or firefighting), respect for local natural resources (land and water), and establishment of a process of free, prior and informed consent (FPIC) with local communities, among others. In the case of audits for primary production or operations at sea, due to the specificities of migratory contexts and seasonality, these criteria include ensuring proper repatriation in cases of contract termination.
¹⁶¹ For more information on these processes, see subchapter 4. "Social information", section 4.2 "Managing social topics", subsection 4.2.4. "Workers in the value chain", of this chapter.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
Suppliers evaluated with the "Inadequate" level are regularly contacted to confirm implementation of the corrective action plan. In subsequent years, suppliers are reassessed either on-site or remotely. Where no evidence of progress is found, the business relationship may be suspended, as per our Sustainable Purchasing Policy.
In 2025, we conducted on-site audits of 64 direct suppliers in Portugal, Poland and Colombia (45 more than in 2024). Of the suppliers audited, nine held social certifications – such as Sedex SMETA, Global G.A.P. and Fairtrade – which, based on our equivalence system, were converted into audit.
Thirty-one suppliers previously classified as "Inadequate" were re-audited, of which seven were reassessed with the "Excellent" level, two as "Very Good" and one as "Good". The other 21 suppliers continue to be monitored by our local teams as they maintained their score of "Inadequate".
5.2.2. Supplier awareness and training
[ESRS 2 MDR-A; ESRS G1-2]
MATERIAL
We regularly hold awareness-raising and training sessions for our suppliers, creating complementary engagement opportunities alongside the visits and audits we carry out throughout the year. These initiatives aim to strengthen the preparedness of our supply chain, making it more resilient and aligned with the practices and expectations of our Companies. These are sessions for sharing best practices and common goals that enable opportunities for improving products and processes to be identified.
As in previous years, in 2025 we held several training sessions covering topics such as food safety and food defence, animal welfare, social and environmental aspects of the supply chain, carbon footprint, packaging ecodesign, the responsible use of pesticides, cultivation techniques and biopesticides, fighting deforestation and related EU regulations, water management, and sustainable and regenerative agriculture.
More than 5,200 representatives from perishables and Private Brand suppliers participated in the sessions that are held throughout the year in Colombia, Slovakia, Poland and Portugal.
Promoting sustainable agriculture
Food distribution, which accounts for more than 98% of our global turnover, relies heavily on agricultural activities, particularly productivity and cultivation practices. The integration of sustainability principles, including regenerative agriculture practices, enhances the resilience of productive areas, reduces environmental impacts, such as soil pollution, and helps preserve ecosystem services, such as pollination.
It was with this vision in mind that we created a sustainable agriculture programme for our fruit, vegetable and flower suppliers in Portugal. This programme includes training initiatives and free access to our Sustainable Agriculture Handbook. Aligned with the principles of the European "Farm to Fork Strategy", the handbook shares good practices in land use, biodiversity preservation, water and energy efficiency, and the proper use of fertilisers and phytopharmaceuticals. It also helps farmers to calculate the sustainability index of their farms and identify opportunities for improvement over time.
In 2025, we evaluated 28 farms in Portugal (14 new assessments and 14 re-assessments). The average sustainability index of the new farms was 3.69 (on a scale of 1 to 5, where 5 is the maximum score). The farms that were reassessed showed a slight improvement, with the average index rising from 3.87 to 3.89.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
Experience shows that the best performance is linked to waste management and crop practices, while energy management and consumption offer the greatest potential for improvement. Since the launch of project, we have involved 217 farms from 110 suppliers, representing around 60% of our Companies' total fruit, vegetable and flower purchases in Portugal. Our goal is to assess at least 60 farms in Portugal over the 2024-2026 period. By the end of 2025, we had already assessed 56 farms.
We also encourage our suppliers to adopt certification systems that ensure sustainable agricultural practices, such as Global G.A.P.. In 2025, more than 95% of the fruit and vegetable products were purchased from suppliers with a Global G.A.P. certification. Efforts are currently underway to ensure certification for all fruit and vegetable products marketed in Poland and Slovakia by the end of 2026.
5.2.3. Engaging with local suppliers
[ESRS 2 MDR-A; ESRS 2 MDR-M; ESRS G1-2]
[GRI 2-6; GRI 204-1]
Establishing and maintaining relationships with local suppliers helps strengthen the regional economy by stimulating business activity in the communities where we operate and promoting job creation.
Geographical proximity to suppliers also helps to streamline the supply chain and enhance operational efficiency. Working with local partners also reduces delivery times and ensure fresher products with longer longevity and higher quality, which translates into direct benefits for consumers and the organisation's overall performance. From an environmental perspective, reducing transport distances helps cut carbon emissions linked to transportation, particularly air and sea freight.
These are the benefits that have motivated us, for over a decade, to maintain our commitment that at least 80% of food purchases by our food distribution companies are made from local suppliers¹⁶². These actions are reinforced annually, prioritising domestic agricultural production in the countries where we operate.
This is the case of Biedronka in Poland, which has maintained a direct purchasing programme supporting small local producers since 2021. Launched with just 60 participants, by 2025 the programme had expanded to include more than 260 active producers. In the year, over 268 million food items were delivered to Biedronka stores, 50% more compared to the approximately 180 million delivered in 2024.
At Ara, of note is the "La placita de Ara" (Ara's little market) initiative, which features an in-store section,
at store front, dedicated to selling fruit and vegetables bought directly from local producers. In 2025, more than 100 producers took part in this initiative, resulting in the sale of around 80,000 tonnes of products sourced from local producers, 11% more that in the previous year.
Our Companies in Portugal have also continued to strengthen their relationship with local producers. Pingo Doce promotes local products on its social media pages, in-store, on packaging and in specialised perishables leaflets. In 2025, the Company purchased more than 16,000 tonnes of apples, mini apples, mini pears, cherries, chestnuts and kiwi fruit, despite a decline in kiwi fruit production due to adverse weather conditions.
All our food distribution Companies also promote local and seasonal products for sale using a range of communication formats, including in-store communication, leaflets, television campaigns, and digital channels. Additionally, we use stickers on Private Brand products to highlight:
- the incorporation of 100% Portuguese raw materials and/or production at Recheio;
Sustainability Statement
Jerónimo Martins | Annual Report 2025
- the origin, with the “100% Nacional” (100% Portuguese) or "National Product" sticker at Pingo Doce, "Polski Produkt" (Polish Product) sticker at Biedronka and "Hecho en Colombia" (Made in Colombia) sticker at Ara.
5.2.4. Supplier payment practices and initiatives
[ESRS 2 MDR-M; ESRS 2 MDR-T; ESRS G1-2; ESRS G1-6]
[GRI 2-6]
With regard to payments to suppliers, all Companies establish terms in line with the applicable legislation in each of the countries where we operate and with industry practices, which consider the financial sustainability of supply chains. In addition, there are specific programmes aimed at smaller suppliers, as detailed below.
In the three countries where we have our main food distribution operations (Portugal, Poland and Colombia), which account for over 98% of the Group's sales volume, we have specific tools in place to ensure efficient invoice processing and to prevent late payments, particularly with regard to SMEs (Small and Medium-sized Enterprises). These tools ensure compliance with the payment terms agreed with each supplier, namely: i) electronic communication (EDI) for receiving invoices and related documents from suppliers; ii) a web portal where suppliers have access to information, including the list of invoices to be paid, with notifications in cases where clarification or action is required so that corrections and/or adjustments can be made quickly to facilitate the payment process.
To provide flexibility in liquidity management to our food distribution suppliers, we offer our smaller food distribution suppliers confirming protocols with financial institutions. These protocols allow suppliers, who so choose, to receive payment before the agreed deadlines, with a cost associated with Jerónimo Martins' credit terms and without affecting their credit rating. By the end of 2025, these programmes were implemented in Portugal, Poland and Colombia, reaching more than 200 suppliers in each country.
Our food distribution banners also have specific programmes that promote shorter payment terms for smaller suppliers.
In Poland, since the pandemic in 2020, Biedronka has reduced the payment period to a maximum of 21 days for producers with a turnover of less than 100 million złoty (around 24 million euros). In 2025, 273 suppliers benefited from this initiative, 13 more than in 2024.
In Portugal, two programmes have been implemented. The first aims to support small and medium-sized producers of perishable goods who are members of the Confederation of Portuguese Farmers (CAP). This measure, which is unique in the Portuguese retail sector, consists of bringing forward the payment deadline to an average of 10 days, instead of the 30 days provided by law for these categories, without any financial costs for the producer. Since 2012, the year in which this prerogative was made available, around 375 suppliers have benefited from this initiative. The second programme establishes a maximum payment period of 30 days without any discount for all small and medium-sized Portuguese companies certified by IAPMEI, the Agency for Competitiveness and Innovation. In 2025, all suppliers identified as certified Portuguese SMEs benefited from this initiative.
In Colombia, Ara has implemented the "Plazos Justos" (Fair Terms) programme to reduce payment terms for smaller suppliers. This initiative is aimed at micro, small and medium-sized companies and guarantees payment in less than 45 days, with the aim of increasing their cash flow and business productivity. In 2025, around 1,290 suppliers participated in this programme.
As mentioned above, in addition to our specific payment programmes for SMEs, our payment terms are agreed with all commercial suppliers and set based on the General Supply Agreement. These terms may vary depending on the type and size of the supplier and/or the category of products supplied. For example, suppliers of fresh produce have shorter payment terms than suppliers of slow-moving non-food products. Payment terms are classified into three categories: i) less than 30 days, ii) between 30 and 60 days, and iii) more than 60 days. In all countries where we operate, the majority of commercial suppliers – more than two-thirds (equivalent to 72% of liabilities) – are paid between 30 and 60 days from the date on which the contractual or statutory payment period begins to be calculated. Information on the proportion of suppliers paid according to the average number of days is included in note 28.2.2. "Liquidity risk", subchapter 3.1. "Consolidated Financial Statements" in chapter 3 "Financial Statements".
Sustainability Statement
Jerónimo Martins | Annual Report 2025
Payments outside this range may apply to specific agreements with suppliers (e.g., as mentioned above) or in cases where additional information may be required before payment can be made (e.g., obtaining confirmation of the supplier's new bank accounts).
During 2025, our Companies were not involved in any legal proceedings relating to late payments to commercial suppliers.
5.2.5. Taxation
[GRI 207-1, GRI 207-2, GRI 207-3, GRI 207-4]
NON-MATERIAL
Tax responsibility is an integral part of our commitment to sustainable and responsible value creation. We act in a way that contributes positively to the communities where we operate, ensuring transparent and ethical tax practices that are aligned with our values, our Code of Conduct, and our Corporate Responsibility strategy. Our tax practices are transparent and ethical and are supported by a well-defined governance framework.
Our approach in this area applies to all entities within the Group's scope of consolidation and is based on four fundamental principles: (i) responsibility and governance, (ii) principles of action, (iii) transparency, and (iv) stakeholder engagement.
i) Responsibility and governance
Tax management is the responsibility of the Corporate Tax Department¹⁶³, supported by two Shared Service Centres – one in Portugal and the other in Poland – and by local Tax Departments or Divisions in the countries where the Group's Companies operate. These structures ensure compliance with tax reporting and filing obligations and are directly connected to the corporate structure. The tax position of the Group's Companies is shared with the Audit Committee each quarter and may cover legislative, administrative and/or judicial matters. The Tax Department reports to the Chief Financial Officer, who is a member of the Jerónimo Martins Group's Managing Committee and who reports directly to the Chief Executive Officer.
Our approach to taxation is based on compliance with the laws and regulations applicable in the countries where we operate, and we therefore consider our appetite for tax risk to be low. Nevertheless, with support from our expert teams and tax advisers, we recognise that different interpretations of tax legislation may sometimes arise between the parties involved. In such cases, we act in the best interests of our stakeholders and may adopt a different interpretation from that of the tax authorities where we consider our position to be duly supported by the law in force.
We have established a set of mechanisms to ensure compliance with our tax obligations, promote the implementation of responsible tax practices, and align our approach with our business principles, sustainability strategy and Code of Conduct, including:
- Tax Control Framework – designed to assess and mitigate tax risks across multiple jurisdictions and tax categories, while ensuring effective coordination between local finance departments and business teams. It also ensures the preparation of tax compliance reports and the implementation of continuous training for teams;
- Whistleblowing and reporting channels¹⁶⁴ – we provide dedicated channels through which internal and external stakeholders can report ethical or compliance concerns, including tax-related matters, notably the Ethics Committee, Employee Assistance Services, Company Customer Support Services, and the Customer Ombudsman;
- Tax technology – we are actively involved in financial (tax) technology through a global approach focused on five pillars: insights, data, automation, risk management, and future readiness. One of the initiatives we highlight is the development of VAT application solutions.
¹⁶³ More information about this department is provided in Chapter 4. "Corporate Governance", Section B – "Governing Bodies and Committees", Subsection II - "Management and Supervision" (Board of Directors), point 21. "Organisational Charts Concerning the Allocation of Powers Between the Various Corporate Boards, Committees and/or Departments Within the Company, Including Information on Delegating Powers, Particularly as Regards the Delegation of the Company's Daily Management", of this Report.
¹⁶⁴ More information about these channels is provided in subchapter 2. "General Disclosures", section 2.3. "Stakeholder engagement and communication channels", subsection 2.3.1 "Mechanisms and channels for raising concerns".
Sustainability Statement
Jerónimo Martins | Annual Report 2025
ii) Principles of action
We maintain a physical presence in all jurisdictions in which we operate and follow internationally recognised standards and best practices, including the guidelines issued by the Organisation for Economic Co-operation and Development (OECD), the Base Erosion and Profit Shifting (BEPS) Action Plan, and relevant guidance from the European Union (EU).
Our tax decision-making and compliance process is based on responsible principles and practices, including:
- we do not operate nor transfer funds to jurisdictions included on the EU blacklist of non-cooperative countries for tax purposes or to low-tax jurisdictions listed in Ordinance No. 150/2004 of 13 February, published by the Portuguese Government, which approves the list of countries, territories and regions with clearly more favourable tax regimes;
- we pay taxes on profits in line with the jurisdictions in which the value is effectively created in the normal course of business;
- our transfer pricing policy complies with the arm's length principle, meaning that all transactions are priced in accordance with market conditions;
- we do not use opaque corporate structures or low-tax jurisdictions to conceal relevant information from the tax authorities;
- we ensure transparency regarding our ownership structure;
- we do not engage in arrangements with employees, customers or suppliers that are solely intended to generate tax benefits inconsistent with the underlying intent of applicable tax rules;
- we ensure full compliance with tax obligations in accordance with local laws and regulations;
- we ensure a reasonable and responsible interpretation of tax legislation, aligned with both the letter and the spirit of the law;
- we request tax rulings only to confirm the appropriate tax treatment, supported by full and transparent disclosure of all relevant facts;
- we use tax incentives where they are aligned with operational objectives, explicitly provided for in law and available on a non-discriminatory basis to all entities that meet the established requirements.
iii) Transparency
Our compliance with tax obligations in the countries where we operate reflects our contribution to the economic and social development of the surrounding communities. We recognise that our total tax contribution, along with that of other private sector operators, makes a relevant contribution to the United Nations Sustainable Development Goals (SDGs).
While the fulfilment of tax obligations is a legal requirement, it merits particular attention given the diversity of taxes, contributions and charges applicable in the various countries in which our subsidiary companies operate. It is therefore essential to ensure that our teams are properly trained and equipped to recognise and address these jurisdiction-specific requirements.
In 2025, the Group paid a total of 1,079 million euros in profits tax, employer social security contributions, taxes and charges on the sale of goods and property ownership, and non-deductible VAT in certain countries, representing an increase of 6.4% compared to 2024. In addition to these taxes and contributions, we are also subject to a range of other taxes and levies arising from the type of activities we carry out in each country, which are often incorporated into the cost of the products or services obtained.
| Breakdown by type of tax (€ million) | 2025 | 2024 | Δ 2025/2024 |
|---|---|---|---|
| Income tax | 247 | 192 | +28.6% |
| Social security and other similar contributions | 447 | 462 | -3.2% |
| Taxes/duties on sales and consumption^{165} | 384 | 359 | +7.0% |
Sustainability Statement
Jerónimo Martins | Annual Report 2025
| Breakdown by type of tax (€ million) | 2025 | 2024 | Δ 2025/2024 |
|---|---|---|---|
| Breakdown by country (€ million) | 2025 | 2024 | Δ 2025/2024 |
| Portugal | 151 | 144 | +4.9% |
| Poland | 890 | 838 | +6.2% |
| Colombia | 33 | 28 | +17.9% |
| Other countries | 5 | 2 | +150.0% |
| Total | 1,079 | 1,014 | +6.4% |
In 2025, our Effective Tax Rate (ETR)¹⁶⁶ amounted to 28.0%, an increase of 4 p.p. compared to 2024, largely as a result of the temporary deferral of certain costs for tax deduction purposes.
As regards tax incentives – understood as measures introduced by governments to stimulate investment, promote economic growth, or stimulate business and economic transformation and modernisation – we adopt a selective approach, prioritising incentives that apply to activities that contribute to positive development in the areas in which we operate. The main tax incentives applied are listed in the table below:
| Benefits | Location | Description |
|---|---|---|
| SIFIDE - Portuguese tax incentive scheme for business R&D | Portugal | Support for initiatives such as: |
| • promoting more sustainable transport solutions in food retail; | ||
| • advanced animal welfare techniques; | ||
| • innovative approaches to improve store efficiency; | ||
| • development of large-scale organic farming techniques. | ||
| RFAI – Investment Support Tax Scheme | Portugal | Creation and modernisation of food service and related spaces, namely cafeteria, restaurant and takeaway areas, in our food retail stores in Portugal. |
| Investment Incentives and Regional Aid | Poland | Logistics and distribution centre projects under the Polish Investment Zone (PIZ). |
| Tax incentives supporting robotisation | Poland | Projects to improve quality and precision and reduce operating costs. |
| ICE – Tax Incentive for Business Capitalisation | Portugal | Support for strengthening the equity of Group Companies that are making significant investments in their infrastructures. |
iv) Stakeholder engagement
We seek to maintain relationships based on mutual trust and candid, transparent dialogue with tax authorities. Aligned with this commitment, we promote constructive dialogue with governments on tax matters and participate in legislative consultations that contribute to the development of sustainable tax frameworks. This approach also applies to other stakeholders, including investors, customers, business partners, employees and local communities.
Regarding our interactions with tax authorities, we provide the information requested, ensuring efficient compliance. Key areas of interaction include:
- In Portugal: Participation in the Large Taxpayers Forum and in sector working groups focused on tax transparency and the implementation of Pillar Two¹⁶⁷. Regular communication with the Large Taxpayers Unit of the Portuguese Tax and Customs Authority (Autoridade Tributária e Aduaneira).
- In Poland: A constructive, transparent and compliance-focused relationship with the Polish tax authorities (Krajowa Administracja Skarbowa). Regular communication through official channels, email and telephone, ensuring timely and accurate responses to requests.
- In Colombia: Transparent, compliance-oriented communication and open channels with the Colombian Tax Administration (Dirección de Impuestos y Aduanas Nacionales – DIAN). Classified
Sustainability Statement
Jerónimo Martins | Annual Report 2025
as a large taxpayer, our Colombian subsidiary is responsible for a range of tax obligations, both direct and on behalf of third parties.
- In Slovakia: A constructive, transparent and compliance-focused relationship with the Slovak tax authorities (Finančná správa Slovenskej republiky), with regular communication primarily through electronic channels, ensuring timely and accurate responses to requests.
As part of our approach, we also participate in several forums and working groups, such as:
- EuroCommerce, the European association representing the retail and wholesale sector, through participation in working groups dedicated to tax matters at European Union level, as well as through meetings with members of the European Commission's Directorate-General for Taxation and Customs Union (DG TAXUD);
- Local retail sector organisations on tax policy and compliance standards, including the Portuguese Association of Distribution Companies (APED), the Polish Organisation of Trade and Distribution (POHiD), and the Colombian National Merchants Federation (Fenalco). These organisations represent the sector in their interactions with the governments of the respective countries;
- National business associations representing the private sector, such as the Confederation of Portuguese Businesses (CIP) and Business Roundtable Portugal (BRP), through participation in working groups focused on taxation and identifying opportunities to simplify administrative and regulatory processes.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
6. Sustainability commitments
[ESRS 2 MDR-T]
The commitments are aligned with the Jerónimo Martins Group's policies. For more information on our policies and the definition of commitments, see section 2. "General disclosures", subsection 2.2. "Governance and strategy" and subsection 2.6. "Our policies" in this subchapter.
6.1. 2024-2026 commitments
6.1.1. Environment
| ESRS topic | Materiality | Commitment | Progress |
|---|---|---|---|
| Climate change | |||
| [ESRS E1-4] | M MATERIAL | Reduce the Group's scopes 1 and 2 emissions, in absolute terms, by at least 10% by 2026, compared to 2021. This commitment is aligned with the science-based target for the near-term submitted by Jerónimo Martins to the Science Based Targets initiative. | In progress. |
| In 2025, the Group's scope 1 and 2 carbon emissions in absolute terms were 18.4% lower than in 2021. | |||
| Climate change | |||
| [ESRS E1-4] | M MATERIAL | Reduce carbon emissions resulting from transporting goods to stores by 5% (in tonnes of CO₂e per pallet transported) by 2026, compared to 2021. | In progress. |
| In 2025, the reduction in carbon emissions resulting from the transport of goods to stores (in tonnes of CO₂e per pallet transported) was 7.7%, compared to 2021. | |||
| Climate change | |||
| [ESRS E1-4] | M MATERIAL | Engage, in the 2024-2026 period, with at least five of the top 100 suppliers in terms of purchased goods in each company, to collaborate on the definition of strategies for the reduction of scope 3 emissions. | In progress. |
| In 2025, 52 of Biedronka's, Pingo Doce, Recheio, Ara, Hebe and JMA's main suppliers were contacted as part of our scope 3 emissions reduction plan. In the period 2024-2025 we have already contacted 72 of the main suppliers. | |||
| Climate change | |||
| [ESRS E1-4] | M MATERIAL | Reduce energy consumption by 10% (per €1,000 of sales) by 2026, compared to 2021. | In progress. |
| In 2025, the reduction in energy consumption, per thousand euros of sales, was 32%, compared to 2021. | |||
| Pollution | |||
| [ESRS E2-3] | NON-MATERIAL | Ensure that the number of locations with environmental certification is at least 70% of the total number of distribution centres and industrial/similar units*. | |
| * Including fresh dough factory, central kitchens, soup factory, Terra Alegre dairy factory and packing units. | In progress. | ||
| In 2025, 65% of distribution centres (DCs) and industrial units had ISO 14001 environmental certification. In Poland, this was renewed for 17 DCs and for the Biedronka soup factory. In Portugal, the fresh dough factory, Terra Alegre, five DCs and the Pingo Doce central kitchens maintained their certification and at JMA, we certified two industrial units. In Colombia, Ara maintained the certification in two CDs. | |||
| Water and marine resources | |||
| [ESRS E3-4] | NON-MATERIAL | Reduce water withdrawal in distribution activities by 10% (per €1,000 of sales), by 2026, compared to 2021. | In progress. |
| In 2024, the reduction in the volume of water withdrawal in distribution activities, per €1,000 of sales, was 24%, compared to 2021. | |||
| Water and marine resources | |||
| [ESRS E3-4] | NON-MATERIAL | Define and implement a mitigation and adaptation plan to improve the efficiency of water use and to manage its scarcity during low precipitation periods in JMA units, publicly disclosing its progress. | In progress. |
| In 2025, as part of the roadmap defined in its Water Management Plan, JMA began monitoring the existing water boreholes at its agri-food production units. |
Sustainability Statement
Jerónimo Martins | Annual Report 2025
| ESRS topic | Materiality | Commitment | Progress |
|---|---|---|---|
| Biodiversity and ecosystems [ESRS E4-4] | NON-MATERIAL | In Colombia, Poland and Portugal support and/or implement, in the 2024-2026 period, at least two nature conservation and biodiversity protection projects, aligned with the Kunmig-Montreal Global Diversity Framework, and disclose its results annually. | In progress. |
| We supported 12 nature conservation projects in 2025 (7 in Portugal, 3 in Poland, 2 in Colombia). | |||
| Biodiversity and ecosystems [ESRS E4-4] | NON-MATERIAL | Contribute to the objectives of the Forest Positive Coalition of Action of The Consumer Goods Forum. The following objectives have been set for our Private Brand and perishable products: | |
| • DCF: By 2025, ensure that palm oil, soy, paper and wood and beef in our Private Brand and perishable products are not associated with either deforestation or conversion of ecosystems (DCF – Deforestation and Conversion Free). | |||
| • Palm oil: | |||
| o Continue to ensure that 100% of palm oil in Portugal and Poland is RSPO certified and progressively extend this commitment to palm oil derivatives. | |||
| o In Colombia, ensure compliance with the Colombian government’s “Acuerdo de Voluntades para la Deforestación Cero en la Cadena de Palma en Colombia” (Voluntary Agreement for Zero Deforestation in the Colombian Palm Oil Chain), guaranteeing that by 2026, the palm oil of Colombian origin used in Private Brands and perishable products is traceable to the farm where it was produced and is not associated with deforestation, and that 100% of palm oil of non-Colombian origin used in Private Brands and perishable products is certified by the RSPO. | |||
| • Soy: By 2025, ensure that 100% of direct and indirect soy is traceable at least to the country of origin and that whenever it comes from an origin where the risk is not negligible, the soy is traced back to the municipality of origin and/or has sustainability certification (e.g., RTRS or Proterra). | |||
| • Paper and timber: Working with suppliers of Private Brand products and perishables to ensure that 95% of the virgin fibres used in our products and 80% of the virgin fibres used in our packaging are certified (FSC® or PEFC) by 2026. | |||
| • Beef: Ensure that 100% of the beef in our Private Brand and perishable products is traceable at least to the country of origin, and that traceability to the farm of origin is guaranteed for all beef sourced from non-negligible risk countries. | In progress. | ||
| • DCF - Deforestation and Conversion Free: | |||
| In 2025, we achieved the following performance in our Private Brand and perishable: | |||
| • Palm oil: 87% | |||
| • Soy: 32% | |||
| • Paper and wood: 95% | |||
| • Beef: 96% | |||
| • Palm Oil: The Companies in Portugal and Poland maintained RSPO certification for 100% of the palm oil used. In Colombia, Ara traced the origin of 94% of the palm oil back to the farm where it was produced. 90% of the palm oil used in Ara’s Private Brand and perishables was produced in Colombia, 41% of which was certified, and 1% of the palm oil not originating from Colombia held RSPO certification. | |||
| • Soy: We mapped the origin – at least to the country of production – of 97% of the total soy present in our supply chains. 72% of the soy with known origin comes from countries with a risk of deforestation, 16% of which was certified. | |||
| • Paper and wood: 94% of the virgin fibres used in our Private Brand products and 83% of those used in our packaging held sustainability certification. | |||
| • Beef: We traced all beef used in Private Brand products and perishables back to at least the country of origin. Only 4% originated from countries with a non-negligible risk. | |||
| Biodiversity and ecosystems [ESRS E4-4] | NON-MATERIAL | By 2026, analyse the sustainability status of fish stocks for at least 80% of fish sales (in kg), from Private Brand and perishable products, and publicly disclose progress. | In progress. |
| In 2025, we analysed more than 80% of the Private Brand and perishables fish sales (in kg) at Ara, Biedronka, Pingo Doce and Recheio. We identified the ten most representative fishing areas and conclude that: i) 52% of the fish sourced from these areas carried no conservation risk; ii) 28% was classified at the lowest conservation-risk level (Vulnerable); iii) around 20% was either |
Sustainability Statement
Jerónimo Martins | Annual Report 2025
| ESRS topic | Materiality | Commitment | Progress |
|---|---|---|---|
| not assessed or had insufficient data regarding its conservation status. | |||
| Biodiversity and ecosystems [ESRS E4-4] | NON-MATERIAL | By 2026, ensure that 100% of wild-caught tuna in our Private Brand and perishable products is traceable to the vessel. | In progress. |
| In 2025, we traced 90% of our Private Brand and perishable tuna consumption back to the vessel level (an increase of 36 p.p. compared with 2024). | |||
| Biodiversity and ecosystems [ESRS E4-4] | NON-MATERIAL | Eliminate, by 2025, the sale of Private Brand fresh eggs from caged hens. | Achieved. |
| In 2025, 98% of the Private Brand fresh eggs sold came from cage-free hens. Pingo Doce achieved this goal in 2019, Biedronka in 2022, and by the end of 2025 Recheio had stopped selling fresh eggs from caged hens. Ara does not include private-label fresh eggs in its assortment. | |||
| Biodiversity and ecosystems [ESRS E4-4] | NON-MATERIAL | By 2026, in Portugal and Poland, ensure that at least 90% of eggs used as an ingredient in Private Brand products are from cage-free hens. | In progress. |
| Em 2025, for the first time, it was possible to monitor the indicator by calculating the tonnes of eggs used as an ingredient. In Poland, since 2022, Biedronka has been using eggs from cage-free hens in 100% of the Private Brand assortment containing egg as an ingredient. Pingo Doce and Recheio closed 2025 at 74% and 61%, respectively. Ara closed the year at 87%. | |||
| Resource use and circular economy [ESRS E5-3] | MATERIAL | Ensure that at least 25% of Private Brand products' packaging is included in the Ecodesign project by 2026, considering the 2023 assortment. | Achieved. |
| In 2025, 633 ecodesign projects for Private Brand product packaging were completed. The cumulative total since 2011 corresponds to 2,980 packaging items developed in accordance with ecodesign strategies, which corresponds to 32.7% of the 2023 assortment. | |||
| With this objective, we focused our efforts on reducing the materials used in our packaging and increasing recycling across the value chain. | |||
| Resource use and circular economy [ESRS E5-3] | MATERIAL | Reduce by 10%, by 2025, the specific consumption of plastic measured in tonnes of plastic packaging per million euros of turnover, compared to 2018. | Achieved. |
| In 2025, the reduction in specific plastic package consumption (tonnes per million euros of sales) was 45%, compared to 2018. | |||
| Resource use and circular economy [ESRS E5-3] | MATERIAL | Increase the content of recycled plastic incorporated in plastic packaging under our responsibility (Private Brand, service packaging, carrier bags and palletising film) to 25% by 2025. | Not achieved. |
| In 2025, the recycled plastic content in plastic packaging was 14.4%, 10.6 p.p. below the target set. | |||
| With this objective, we focused our efforts on reducing the consumption of virgin materials and increasing the use of recycled materials across the value chain. |
Sustainability Statement
Jerónimo Martins | Annual Report 2025
| ESRS type | Materiality | Commitment | Progress |
|---|---|---|---|
| Resource use and circular economy | |||
| [ESRS E5-3] | Ensure an annual waste recovery rate of at least 85% of the volume of waste generated by 2026. | In progress. | |
| In 2025, the waste recovery rate was 86.5% (1.7 p.p. above the target set for the 2024-2026 triennium). With this objective, we focused our operational efforts on increasing recycling across the value chain. | |||
| Resource use and circular economy | |||
| [ESRS E5-3] | Limit annual food waste to 2.5% of total food sales (in tonnes), in the 2024-2026 period. | In progress. | |
| In 2025, food waste was 1.8% of total food sales and wasted volume (in tonnes). | |||
| Resource use and circular economy | |||
| [ESRS E5-3] | Increase by 10% the amount of rescued food in own operations and in the supply-chain, namely through food donations, sales with a discount price of food products reaching the expiry date, recovery of non-graded food from farmers and leftovers from own operations and recovery of wasted food to animal feed and bio processing, by 2026, compared to 2023. | In progress. | |
| In 2025, the amount of rescued food in our own operations and in the supply chain was 41% higher than in 2023. |
Sustainability Statement
Jerónimo Martins | Annual Report 2025
6.1.2. Social
| ESRS topic | Materiality | Commitment | Progress |
|---|---|---|---|
| Own workforce [ESRS S1-5] | MATRIL | Promote respect for human and labour rights, by: | |
| i. ensuring a training module on the Code of Conduct available to 100% of employees; | |||
| ii. ensuring a global training programme on human and labour rights available to 100% of managers; | |||
| iii. implementing an internal global policy and process of prevention and compliance with labour rights, reflecting the Labour Fundamentals Guidelines in place. | In progress | ||
| i. An e-learning training module on the Group's Code of Conduct was launched in Poland, Portugal, Colombia and Slovakia, which is mandatory for all employees. | |||
| ii. The e-learning training module on human and labour rights is ready to be launched in Portugal in the first half of 2026. | |||
| iii. In Portugal, the critical topics to be included in the future process for the prevention of and compliance with labour rights were approved, and a transversal diagnosis covering Portugal was carried out. Colombia has a set of control mechanisms that enable the mapping and monitoring of critical labour matters. In Poland and Slovakia, the definition of the control points to be implemented is ongoing. | |||
| Own workforce [ESRS S1-5] | MATRIL | Strengthen the promotion of gender equality across the Group, by: | |
| i. deploying a global diagnosis of HR practices to identify any gender inequalities that may exist and work on the identified improvement opportunities; | |||
| ii. ensuring a gender pay ratio* variation of +/- 3% compared to the parity ratio (100%), globally and by country; | |||
| iii. ensuring a global training programme on unconscious bias available to 100% of managers. |
- Salary difference between women and men in the Jerónimo Martins Group employee universe, based on comparable realities. It is expressed considering the average salary of women as a percentage of the average salary of men, with 100% being the pay ratio that represents full equality among genders (parity). | In progress.
i. In 2024, a global assessment was carried out focusing on human resources management practices and on indicators for gender representativeness throughout the employee life cycle, with the aim of identifying potential inequalities in the opportunities offered to women and men. Based on the results of this analysis, global and company-level action plans were defined, focused on initiatives to support parenthood.
ii. The gender pay ratio remained stable at 98.6% (0.1 p.p. more than in 2024). We maintained the reporting of the ratio for the three most representative Companies of the Group, the results of which are also in line with the commitment: Biedronka: 98.5% | Pingo Doce: 99.8% | Ara: 97.9%.
iii. In 2025, an e-learning module on discrimination and harassment in the workplace was launched as mandatory training for all managers in Portugal, including content on unconscious bias and how to identify and mitigate it. |
| Own workforce [ESRS S1-5] | MATRIL | Reinforce leadership capabilities in future generations and stimulate knowledge transfer, by:
i. organizing at least four yearly global sessions with senior experts, available to all young talent population;
ii. promoting a global Jerónimo Martins experience for the young talent population, with the definition of a new global trainee policy;
iii. ensuring that 90% of managers take part in at least one leadership development initiative by the end of 2026;
iv. embedding the Group's Values and associated behaviours in people management processes with at least two global processes reviewed and 100% of eligible employees impacted;
v. implementing a mechanism to measure leadership impact in the Group. | In progress.
i. In 2025, three editions of JM Talks took place, sessions for inspiration and knowledge-sharing between experienced and junior leaders of the Group, with 655 participants. In 2026, four additional sessions are planned.
ii. A new global young talent policy has been created and communicated, establishing common guidelines for our key programmes, such as the Trainee Programme, across all countries.
iii. In 2025, 55.9% of our managers participated in at least one leadership development initiative, including management and leadership training, assessment programmes, coaching and mentoring. In 2026, an increase in leadership training offerings is planned
iv. In 2025, the performance appraisal process for managers effectively integrated our Values and the evaluation of behaviours. As part of the onboarding process, a mandatory e-learning module on the Group's Values is included for all employees.
v. We launched the Group-wide employee satisfaction survey in 2025, which included questions related to leadership. The results have been analysed, and their communication and the development of action plans are ongoing. |
Sustainability Statement
Jerónimo Martins | Annual Report 2025
| ESRS topic | Materiality | Commitment | Progress |
|---|---|---|---|
| Own workforce [ESRS S1-5] | M MATERIAL | Strengthen our recognition mechanisms and promote greater transparency about compensation, by: |
i. ensuring at least one recognition mechanism that values behaviours in all Companies (evolving existing ones or implementing new recognition mechanisms), covering 100% of employees by 2026;
ii. making available the total compensation package statement (fixed and variable remuneration and benefits) to 100% of employees by 2026. | In progress.
i. In 2024, the goal setting and performance assessment processes were revised to reflect the evaluation of Values and Behaviours. Accordingly, since 2025, this principle has been formally reflected in the basis for calculating the annual performance bonuses of all eligible employees.
ii. The mapping and consolidation of requirements and the architecture of the total compensation package statement are underway. |
| Own workforce [ESRS S1-5] | O NON-MATERIAL | Increase the number of employees in our workforce at a disadvantaged position in accessing the labour market (people with disabilities and/or impairments, refugees and migrants or people at social risk) and contribute positively to increasing social inclusion awareness within and outside the Group, promoting at least four yearly forums to share good practices in this scope. | In progress.
The number of employees in a disadvantaged position in accessing the labour market* accounted, at the end of 2025, for 6.2% of the Group's population – 1.5 p.p. more than in 2024. In 2025, we ensured 24 best-practice sharing actions, most of them which focused on presenting the Incluir Programme to companies, schools and foundations.
- The criteria considered in each country were: i) Portugal – disability certificate or individuals identified under the Incluir Programme within the pillars of disabilities, migrants and refugees, and social risk; ii) Poland – disability certificate and refugees of Ukrainian nationality; iii) Colombia – disability certificate, refugees of Venezuelan nationality and employees identified under the “Mamas Cabezas de Hogar” programme (the programme was not active during 2025 and its relaunch is planned for 2026). |
| Own workforce [ESRS S1-5] | M MATERIAL | Reinforce our internal development and mobility opportunities, increasing their attractiveness and effectiveness, by:
i. creating personal development plans for at least 95% of eligible managers;
ii. evolving the personal development plan definition process, aligning it with individual and business needs and ensuring close follow-up (from line managers and HR) for managers in the talent pool;
iii. ensuring that 100% of eligible internal vacancies are published and increasing the average number of applications per vacancy;
iv. rolling out a global referral programme. | In progress.
i. In 2025, 91.4% of eligible managers defined personal development plans. A reinforcement initiative is planned for 2026 with teams, with the aim of ensuring the completion of personal development plans.
ii. Since 2024, the personal development plans (PDP) process includes moments dedicated to reflection and monitoring of the degree of execution, during the Get Feedback phase (meetings between the evaluated employee and his or her manager mid-way through the performance cycle, focused on monitoring objectives and discussing mid-term feedback).
iii. In 2025, we ensured the internal posting of 73.7% of eligible vacancies that were published externally, with an average of 3.9 internal applications per vacancy registered (2.6 in 2024).
iv. We are working on defining a global policy and framework for a referral programme, providing common guidelines while allowing adaptation to local needs and/or each Company's context. |
Sustainability Statement
Jerónimo Martins | Annual Report 2025
| ESRS topic | Materiality | Commitment | Progress |
|---|---|---|---|
| Own workforce [ESRS S1-5] | M MATERIAL | Foster safe working conditions, by: | |
| i. investing in certifying at least three new workplaces/Companies following ISO 45001; | |||
| ii. decreasing the current frequency index and severity index* to 12.00 and 0.29, respectively. |
- Number of accidents with loss of working days / total hours worked.
** Number of days lost / total hours worked
To ensure comparability of the results with the defined target and between reporting periods, within the 2024-2026 commitment cycle, and considering that the frequency and severity indexes are not indicators required under the ESRS, the same methodology for determining lost days was maintained, which considers only expected days of work. | In progress.
i. In 2025, the certification of the occupational health and safety management system in Pingo Doce's central kitchens was maintained. In addition, Pingo Doce's logistic units were certified under ISO 45001:2023. The certification of Recheio stores and logistics platform, as well as the operation of Outro Chão and Seaculture (two companies of Jerónimo Martins Agro-Alimentar) are underway.
ii. We reached a frequency index of 10.25 in 2025, a decrease of 1.6 when compared to 2024. A reduction in accidents with lost days was recorded both in Portugal and Poland (by 10.3% and 20.3%, respectively). The severity index was 0.23, a decrease of 0.06 compared to 2024. |
| Own workforce [ESRS S1-5] | M MATERIAL | Promote a flexible and healthy work environment across the Group, by:
i. piloting at least one measure in the scope of new ways of working and/or hiring;
ii. making training in wellbeing available to 100% of managers, giving them tools to identify and manage their own issues and help their team;
iii. ensuring that 100% of employees have access to a structured wellbeing programme;
iv. supporting employees in vulnerable situations due to social and/or family emergencies across the Group, ensuring at least the same level of investment in the Social Emergency Fund, in Portugal, and in “Możesz Liczyć” (You Can Count on Biedronka)*, in Poland.
*The “Możesz Liczyć” (You Can Count on Biedronka) programme has been discontinued, so the investment monitored as part of the commitment made to maintain support for Biedronka employees in vulnerable situations will be equivalent to that of social allowances and loans granted to employees with special conditions, related to housing needs (components that were part of the You Can Count on Biedronka programme until 2023). | In progress.
i. In 2025, in Poland, the Tikrow platform enabled an agile response to temporary work needs in stores (covering 80,903 immediate needs). In Portugal, Pingo Doce continues to develop and test solutions that promote efficiency in schedule management and provide greater predictability of needs at any given time.
ii. We continue to develop a global training tool (Be a Leader for all), aimed at all Group employees, which aims to include wellbeing content. In 2026, an e-learning module covering several wellbeing-related topics will also be launched, aimed at all Group employees.
iii. In Portugal and Poland, 100% of employees have access to at least one wellbeing programme. In Colombia, initiatives are planned to expand the rate of employee coverage.
iv. In 2025, we maintained the support given to employees in vulnerable situations, with an investment of more than 53.6 million euros in internal social responsibility measures, an increase of 5.4% compared to the previous year. Investment in social allowances and loans granted to employees with special conditions at Biedronka was 6.8 million euros. In Portugal, to expand its reach and social impact, the Social Emergency Fund was transferred at the end of 2024 to the Jerónimo Martins Foundation. |
| Affected communities [ESRS S3-5] | M MATERIAL | Monitoring and disclosure of at least 70% (in value) of the social impacts resulting from the annual support offered by all of the Group's Companies, according to the Business for Societal Impact (B4SI) model and the criteria for the financial materiality of the support. | Accomplished.
In 2025, we monitored 92% of our direct support (eligible according to the internal methodology based on the B4SI criteria). The monitoring and disclosure of the impacts from the support we offered according to this model are described in the subchapter 4. "Social information", section 4.2. "Managing social topics", subsection 4.2.2. "Affected communities", point "Impacts on the affected communities". |
| Affected communities [ESRS S3-5] | M MATERIAL | Strengthen the involvement in social projects in all geographies, targeted to children, youngsters and elderly people from vulnerable environments, aiming to directly impact one million people per year, until 2026. | Accomplished.
Based on the B4SI methodology, we estimate that the Group Companies have supported more than 1.6 million people from vulnerable backgrounds, including projects focused on health and healthy eating. At least one Company in Poland, Portugal, and Colombia has implemented or supported one or more projects aimed at these vulnerable populations. |
Sustainability Statement
Jerónimo Martins | Annual Report 2025
| ESRS topic | Materiality | Commitment | Progress |
|---|---|---|---|
| Affected communities [ESRS S3-5] | M MOTRIAL | In Colombia, promote health through food to at least 3,000 vulnerable children, per year, by supporting them with in-kind donations in regions with the highest indicators of malnutrition and food insecurity. | Accomplished. |
| After becoming the most relevant partner of the “Desayunos Saludables” (Healthy Breakfasts) project in 2024, Jerónimo Martins Colombia continued to cooperate with the Asociación de Bancos de Alimentos de Colombia (ABACO). Throughout the year, 5,505 children were supported through the delivery of food covering 25% of their daily nutritional needs. The target was exceeded by more than 80%. | |||
| Affected communities [ESRS S3-5] | M MOTRIAL | In Colombia, ensure that by 2026, 50% of stores donate food and non-food products to nongovernmental organizations, with the aim of supporting vulnerable people. | In progress. |
| In 2025, 22% of our stores in Colombia made at least one donation during the year. Considering the continuous expansion of Ara's store network, reaching 50% of stores donating food surpluses remains a significant challenge. In 2026, we aim to include an additional 120 stores in donation activities, which will allow us to reach 25% of the Company's total stores. | |||
| Affected communities [ESRS S3-5] | M MOTRIAL | In Colombia, ensure an annual support, and until 2026, to more than 1,200 community mothers' houses through food and equipment assistance, while simultaneously following up on nutritional indicators of children under their care, such as anthropometric measures. | In progress. |
| In 2024, a memorandum of understanding was signed with the Colombian Institute of Family Welfare (ICBF), for a period of three years, aiming at supporting community mothers' homes. In 2025, “Rincones de Lectura” (Reading Corners) were delivered to 1,000 community mothers – an initiative that strengthens their pedagogical practices and opens the doors of reading culture to around 13,000 children. In addition, 37,000 measuring tapes were donated to the ICBF to support anthropometric measurements and the nutritional monitoring of children attending community homes. | |||
| Affected communities [ESRS S3-5] | M MOTRIAL | In Colombia, ensure, by 2026, that at least 200 volunteers participate on environmental protection initiatives and livelihood improvement projects for vulnerable people. | Accomplished. |
| In 2025, Ara ensured the participation of 297 volunteers in 12 initiatives across 9 municipalities, focused on improving living conditions for vulnerable people and indigenous communities, promoting nutrition and healthy eating, environmental protection and reforestation, and animal support. In total, these actions benefited 810 people. | |||
| Affected communities [ESRS S3-5] | M MOTRIAL | In Colombia, support more than 60,000 people by 2026 in situation of vulnerable conditions through humanitarian and livelihood programs, namely with food, prioritizing children and regions with the highest poverty rate and higher food insecurity indicators, by ensuring at least two partnerships with NGOs and/or other sector entities. | Accomplished. |
| In 2025, we supported more than 64,000 people through the “Two Million Reasons” programme, especially children and young people, with emphasis on the partnerships established with ABACO, the ICBF in alliance with Fundalectura, and the municipalities of Bogotá and Medellín. Additionally, it is estimated that more than 30,000 people benefited from food surpluses from stores and distribution centres, enabling access to quality meals and contributing to the reduction of food waste. | |||
| Consumers and end-users [ESRS S4-5] | M MOTRIAL | In Biedronka, ensure the extension of product warranty from 2 to 3 years for all electric and other non-electric and non-food products whenever applicable. | In progress. |
| In 2025, we ensured the extension of the product warranty from 2 to 3 years across nine categories of non-food electrical and non-electrical products. Of the 580 products covered, 539 now carry an extended warranty, representing 93% of the scope of this commitment. | |||
| Consumers and end-users [ESRS S4-5] | M MOTRIAL | In all countries, strengthen the offer of food alternatives such as vegan, vegetarian and plant-based, lactose-free, gluten-free or organic. | Accomplished. |
| Progress regarding products with these characteristics in 2025: | |||
| • Poland: 330 references on sale (30 new). | |||
| • Portugal: 1,636 references on sale (163 new). | |||
| • Colombia: 27 references on sale (4 new). |
Sustainability Statement
Jerónimo Martins | Annual Report 2025
| ESRS topic | Materiality | Commitment | Progress |
|---|---|---|---|
| Consumers and end-users | |||
| [ESRS S4-5] | M MOTRIX | In all countries, ensure that products targeted for children* have higher, or at least equal, nutritional profile than the benchmark (or best in class), according to the country of operation. |
- From 3 years of age, with appropriate formats and pictograms on the packaging for these ages. | In progress
At the time of their launch, products may have a nutritional profile considered to be better than the benchmark (or best in class), while, for reasons of competitive dynamics, formulas may be progressively improved by competitors (in the same year or in subsequent years). In 2025, and compared to 2024, progress was as follows): - Private Brand Poland: Of the 169 references for children, 42% had a higher profile than the market (+1 p.p.), 47% had the same profile (-1 p.p.) and 11% had a worse profile (0 p.p.).
- Private Brand Portugal: Out of the 51 references on sale under Pingo Doce and Amanhecer brands, 75% (+2 p.p.) had similar profiles to the benchmark, and 24% (+1 p.p.) had a better profile. Only 2% had a worse profile (-4 p.p.). Of the seven new products intended for children launched in 2025, six had a performance equal to or better than the at the time of launch, and one product, due to its innovative characteristics, did not have any benchmark for comparison.
- Private Brand Colombia: All the six references in this category had a higher nutritional profile than the benchmark. |
| Consumers and end-users
[ESRS S4-5] | M MOTRIX | In Portugal ensure the use of voluntary “Without GMO” labelling for at least 75% of Private Brand food references containing mostly (>50%/net weight) potentially modified ingredients (soy and corn), helping consumers in the decision-making process. | In progress.
The “Without GMO” symbol (or a claim with that information) was present in 65% (-8 p.p. than in 2024) of products containing more than 50% of corn and/or soy in the net weight. |
| Consumers and end-users
[ESRS S4-5] | M MOTRIX | In Portugal, facilitate responsible consumption through voluntary labelling of alcoholic beverages (including wines) for 100% of Private Brand references, in the following areas: - Calorie intake;
- Not recommended for pregnant women;
-
Promotion of responsible driving. | In progress.
93% of the Private Brand alcoholic beverage items carried the full responsible-consumption symbol set. The remaining 7% of items did not include the indication regarding responsible driving. |
| Consumers and end-users
[ESRS S4-5] | M MOTRIX | In Hebe, reinforce the relevance of Private Brand alternatives without ingredients of animal origin, in particular by launching at least 10 new references a year. | Accomplished.
Hebe launched 23 new vegan cosmetic products in 2025, bringing the full vegan range to 174. |
| Consumers and end-users
[ESRS S4-5] | M MOTRIX | In Hebe, reinforce the relevance of “Hebe Naturals” product range, which contain at least 92% natural ingredients in their formula (according to ISO 16128). | Accomplished.
Hebe launched three new Hebe Naturals products containing at least 92% natural ingredients by net weight, increasing* the portfolio of products with these characteristics to 19. -
2024 value was corrected from 29 to 16. |
Sustainability Statement
Jerónimo Martins | Annual Report 2025
| ESRS topic | Materiality | Commitment | Progress |
|---|---|---|---|
| Consumers and end-users | |||
| [ESRS S4-5] | M MOTRIAL | In Portugal, Poland and Colombia, carry out at least one annual programme to promote the principles of the Mediterranean diet or healthy eating habits in geographies with other habits (based on the recommendations from local experts). | In progress. |
| In Portugal, Pingo Doce maintained its commitment to communicating with customers across a variety of channels such as packaging, leaflets, its website and social media, promoting the principles of the Mediterranean diet, the consumption of fresh products (such as fruit and vegetables, fish and meat) and soup. Sabe Bem magazine also remains an important communication vehicle, standing as the most widely read culinary publication in Portugal in 2025. Pingo Doce also invested in high-visibility media, including television, cinema and digital, to publicise the removal of flavour enhancers and artificial colourings from the composition of its Private Brand products, a goal achieved in 2023. In Poland, Biedronka promoted healthier choices through initiatives encouraging the consumption of fruit and vegetables. Themed campaigns focused on Italian and Iberian gastronomy helped bring customers closer to the principles and flavours of the Mediterranean diet. Biedronka also published two digital magazines centred on seasonality and more sustainable lifestyles, making extensive use of media such as leaflets, newspapers and social media posts to share healthier eating habits. Collaboration between the Instytut Matki i Dziecka (Mother and Child Institute) and the Company's quality department resulted in a magazine from Dada, the private brand specialising in products for babies, children and mothers. In Colombia, Aro launched the “La Placita de Ara” initiative, a dedicated space within stores to promote seasonal, fresh fruit and vegetables sourced locally and offered at affordable prices. It also developed initiatives focused on maternal and child nutrition with an educational component, particularly in Bogotá and Medellín. | |||
| Consumers and end-users | |||
| [ESRS S4-5] | M MOTRIAL | In all countries, promote literacy for product labelling. | In progress. |
| The product information voluntarily provided by the Companies is available in the 4. “Social information”, section 4.2. “Managing social topics”, subsection 4.2.3. “Consumers and end-users”, point “Engaging with consumers”, subpoint “Providing information to consumers”, sub-subpoints “Product information” and “Information in other media”, of this chapter. | |||
| Consumers and end-users | |||
| [ESRS S4-5] | M MOTRIAL | In Portugal, ensure the Nutri-Score labelling is applied to 100% of Private Brand food launches. | In progress. |
| All new product launches from Pingo Doce and Recheio in 2025 carried the Nutri-Score label. By the end of the year, this label was present in 866 Pingo Doce products (-1% vs. 2024) and in 270 Recheio products (+37% vs. 2024). | |||
| Consumers and end-users | |||
| [ESRS S4-5] | M MOTRIAL | In Poland, ensure the Nutri-Score labelling is applied on 100% of Private Brand food launches in selected categories. | In progress. |
| In 2025, Biedronka applied the Nutri-Score label to more 272 products, increasing the total number to 815 (50% more than in 2024) and maintaining the number of brands selected for categorization to 41 (including six for the Slovakian market). |
Sustainability Statement
Jerónimo Martins | Annual Report 2025
| ESRS topic | Materiality | Commitment | Progress |
|---|---|---|---|
| Consumers and end-users | |||
| [ESRS S4-5] | ☑ MATRIX | In Colombia, ensure that 100% of Private Brand products do not contain, in their direct ingredients, artificial colorants or flavour enhancers until 2026. | In progress. |
| Regarding artificial colourings: | |||
| • in specialized perishables, we reached 94% products free from artificial colourings (-6 p.p.); | |||
| • in Private Brands, the ratio stood at 99% (+2 p.p.). |
Regarding flavour enhancers:
• in specialized perishables, we reached 56% products (-19 p.p.*) free from flavour enhancers;
• in Private Brands, the ratio stood at 99% (+2 p.p.).
Corrected value versus 2024. |
| Consumers and end-users
[ESRS S4-5] | ☑ MATRIX | In Poland, guarantee the absence of glucose-fructose syrup in at least 90% of Private Brand products by the end of 2026. | In progress.
In Poland, 169 products were considered eligible. Of these, 150 were completed as to the removal of glucose-fructose syrup corresponding to 89% of Private Brand products (+2 p.p.). |
| Consumers and end-users
[ESRS S4-5] | ☑ MATRIX | In Poland, remove soy lecithin in at least 50% of Private Brand products containing that ingredient until the end of 2026. | In progress.
169 products were considered in 2025. Of these, soy lecithin was removed from 48 corresponding to a total of 31% (+3 p.p.).
- Corrected value versus 2024. |
| Consumers and end-users
[ESRS S4-5] | ☑ MATRIX | In Poland and in Portugal, ensure whenever possible, by the end of 2026, that wholegrains are the main ingredient in breakfast cereals (with the exception of corn-based cereals). | In progress.
Our Portuguese Companies have reached the target of having 100% of breakfast cereals containing wholegrains as their main ingredient two years ahead our own deadline. Biedronka’s progress reached 92% of the eligible products (44 references out of 48 in 2024, which was maintained in 2025. |
| Consumers and end-users
[ESRS S4-5] | ☑ MATRIX | In Portugal, guarantee the enrichment of essential minerals and vitamins in the best-selling Private Brand products that aim to complement the main sources of food until the end of 2026. | Accomplished.
Two ranges of Private Brand products were considered for determining the scope of this target: complements for milk (in which micronutrients naturally present in milk, like calcium and vitamin D, need to be reinforced) and for meat (in which protein enrichment for vegetable sources is important). As in 2024, in 2025 we accomplished the target:
• Milk alternatives: 100% of soy, oat, hazelnut, almond and rice beverages, were enriched with micronutrients such as calcium, selenium, magnesium, zinc, omega 3 and fibre, and vitamins like riboflavin (B2), B12 and D. Organic products are out of scope, since by definition they cannot have vitamins or minerals added.
• Meat alternatives: 100% of products were enriched with vegetable protein. |
Sustainability Statement
Jerónimo Martins | Annual Report 2025
| ESRS topic | Materiality | Commitment | Progress |
|---|---|---|---|
| Consumers and end-users | |||
| [ESRS S4-5] | M NATRIAL | Ensure that, by 2026, 100% of our Private Brand food portfolio does not contain acesulfame nor aspartame. | In progress. |
| In 2024, Biedronka focused its efforts on eliminating aspartame from 4 of the 20 eligible products, a level of progress that remained unchanged in 2025. | |||
| In Portugal, the Companies ended the year with 26 products containing aspartame (four fewer than in 2024) and 28 containing acesulfame (four fewer than in 2024). | |||
| Ara ended 2025 with 17 products containing acesulfame (+4 compared to 2024), while none of its products contained aspartame. | |||
| We will continue our efforts to remove aspartame and acesulfame from our Private Brand products. | |||
| * Corrected value versus 2024. | |||
| Consumers and end-users | |||
| [ESRS S4-5] | M NATRIAL | In Portugal and Poland, reinforce the relevance of the offer of Private Brand cosmetic products without ingredients of animal origin, for consumers with specific preferences. | In progress |
| In Portugal, 16 Private Brand vegan cosmetic products were launched to the market, bringing the total to 171* cosmetic products without animal ingredients. | |||
| Biedronka launched 26 references, totaling 330 Private Brand cosmetics without animal ingredients. | |||
| * Corrected value versus 2024. | |||
| Consumers and end-users | |||
| [ESRS S4-5] | M NATRIAL | In Biedronka, ensure that at least 95% of the Private Brand regular assortment of personal hygiene products is microplastic-free. | In progress. |
| At the end of 2025, Biedronka had 379 Private Brand personal care references without microplastics, representing 69% of the range. | |||
| Consumers and end-users | |||
| [ESRS S4-5] | M NATRIAL | In Portugal and Poland, reinforce the relevance of the offer of Private Brand cosmetic products containing at least 90% of natural ingredients in their composition (in line with ISO 16128). | In progress. |
| During 2025, we strengthened our offer of these products: | |||
| • In Portugal, Pingo Doce and Amanhecer ended the year with 138 products, a 3% increase versus 2024*. | |||
| • Biedronka ended the year with 212 references with at least 90% natural ingredients, 44 of which were launched in 2024. | |||
| * Corrected value versus 2024. | |||
| Consumers and end-users | |||
| [ESRS S4-5] | M NATRIAL | In Biedronka develop Private Brand detergents that have, simultaneously, natural fragrances in their ingredients, are preservatives-free and are Ecolabel certified. | In progress. |
| In 2025, no Private Brand detergents were developed with all those characteristics. | |||
| Consumers and end-users | |||
| [ESRS S4-5] | M NATRIAL | In Biedronka, introduce the “Eat fish twice a week” labelling for 100% of fresh fish references in selected Private Brand and specialized perishables’ references by 2026. | Accomplished. |
| In 2025, 100% of the Fresh fish references had the “Eat Fish Twice a Week” label – in a total of 28 references in the market, 27 were launched in 2025. | |||
| Consumers and end-users | |||
| [ESRS S4-5] | M NATRIAL | Seek to ensure, on an annual basis, that the number of recalls of food products with potential risk to public health (level I severity), the cause of which is attributable to the Jerónimo Martins Companies, is zero. In the event of the occurrence of cases of level I severity, and in line with Jerónimo Martins’ Product Quality and Safety Policy, ensure by all available means that the collection of food products in stores and distribution centres is 100% effective. | Accomplished. |
| The Group had 1 level I recall, the cause of which was not attributable to Jerónimo Martins. This figure represented a 75% decrease compared to 2024, a year in which there had already been a 33% decrease compared to 2023, proving a downward trend in this indicator. The effectiveness of the recalling procedure was fully complied with. |
Sustainability Statement
Jerónimo Martins | Annual Report 2025
| ESRS topic | Materiality | Commitment | Progress |
|---|---|---|---|
| Consumers and end-users | |||
| [ESRS S4-5] | MATERIAL | In Poland, maintaining the number of ISO 22000-certified locations (16 distribution centres in 2023) and ensuring that the new distribution centres to be opened in the 2024-2026 period are certified within two years of starting operations. | Accomplished. |
| ISO 22000:2018 certification was maintained for 16 DCs and extended to one more, to a total of 17 Biedronka for the storage and distribution of food products, and at the Biedronka head office for the development of Private Brand food products. | |||
| Consumers and end-users | |||
| [ESRS S4-5] | MATERIAL | Increase sales of Private Brand and/or perishable products and packaging with sustainability certification to at least 15% of the total sales of these product categories by 2026. | In progress. |
| In 2025, the sales of Private Brand and perishable products and/or packaging with sustainability certification accounted for 14.5% (+0.3 p.p. compared with 2024). |
Sustainability Statement
Jerónimo Martins | Annual Report 2025
6.1.3. Business conduc
| ESRS topic | Materiality | Commitment | Progress |
|---|---|---|---|
| Business conduct | |||
| [ESRS G1-2] | Guarantee that at least 80% of the Jerónimo Martins Group’s purchases of food products are sourced from local suppliers. | Accomplished: | |
| In 2025, 92% of food products were purchased from local suppliers. | |||
| Business conduct | |||
| [ESRS G1-2] | Carry out environmental audits to at least 20% of selected Private Brand and perishables suppliers, based on a risk assessment and with a purchase volume greater than one million euros, in the 2024-2026 period. | In progress. | |
| In 2025, 109 suppliers of perishable and Private Brand products were subject to new environmental audits, 34 of which held ISO 14001 certification. In the 2024-2025 period, 138 suppliers were audited according to the selection criteria, representing 12% of the established target. | |||
| Business conduct | |||
| [ESRS G1-2] | In Poland, carry out inspections to 100% of egg farming units from which Private Brand fresh eggs are produced for Biedronka, until the end of 2024. | Accomplished. | |
| The goal had already been achieved in 2024 and, in 2025, all the units of the new fresh eggs suppliers for Biedronka’s Private Brand were also inspected. |
Sustainability Statement
Jerónimo Martins | Annual Report 2025
| ESRS topic | Materiality | Commitment | Progress |
|---|---|---|---|
| Business conduct | |||
| [ESRS G1-2] | In Portugal and Poland, ensure, by 2026, that animal welfare topics are included in the scope of audits to perishable suppliers who manufacture products containing at least 80% animal protein, and publicly disclose the results. | Accomplished. | |
| In Poland, audits with animal welfare related aspects were carried out in slaughterhouses and laying-hen facilities of Biedronka’s suppliers. In the operations in Portugal, animal welfare topics were performed in audits covering primary meat production, slaughterhouses and fresh aquaculture fish production (for suppliers not certified by GlobalG.A.P.). The results of these audits are reported in Chapter 5, “Governance information”, section 5.2, “Business conduct”, subsection 5.2.1, “Supplier selection and monitoring”. | |||
| Business conduct | |||
| [ESRS G1-2] | In Poland, starting from 2024, carry out 100% of fresh fish from aquaculture audits according to the “Fish Welfare” standard. | In progress. | |
| At Biedronka, suppliers in this category were assessed in 2024, with further audits planned throughout 2026. Additionally in Portugal, 100% of Pingo Doce and Recheio’s suppliers were assessed in 2025, according to the “Fish Welfare” standard, developed by the Group. |
Sustainability Statement
Jerónimo Martins | Annual Report 2025
6.2. Long-term commitments
| ESRS topic | Materiality | Commitment | Progress |
|---|---|---|---|
| Climate change | |||
| [ESRS E1-4] | Reduce energy consumption by 15% by 2030 (compared with 2021 levels). | In progress. | |
| In 2025, energy consumption was 17.9% higher than in 2021. | |||
| Climate change | |||
| [ESRS E1-4] | Reduce absolute energy and industry scopes 1 and 2 GHG emissions by 55% by 2033, from a 2021 base year. | In progress. | |
| In 2025, absolute scopes 1 and 2 carbon emissions were 20.4% lower than in 2021. | |||
| Climate change | |||
| [ESRS E1-4] | Reduce absolute energy and industry scope 3 emissions in 33% by 2033, from a 2021 base year. | In progress. | |
| In 2025, absolute scope 3 GHG emissions were 13.4% higher than in 2021. | |||
| Climate change | |||
| [ESRS E1-4] | Reduce absolute forest, land and agriculture (FLAG) scopes 1 and 3 emissions in 39.4% by 2033, from a 2021 base year. | In progress. | |
| In 2025, absolute FLAG scopes 1 and 3 emissions were 1.8% higher than in 2021. | |||
| Climate change | |||
| [ESRS E1-4] | Reach 60% renewable electricity consumption by 2030. | In progress. | |
| In 2025, electricity consumption from renewable sources stood at 51.7%. | |||
| Climate change | |||
| [ESRS E1-4] | Switch to 100% natural or low Global Warming Potential (GWP) refrigerants in Poland and Portugal by 2030 and in Colombia by 2035. | In progress. | |
| In 2025, 64% of stores had central cooling systems and 93% had autonomous equipment with natural refrigerant gases or low global warming potential. With regard of distribution centres and industrial units, 75% had central cooling systems. | |||
| Climate change | |||
| [ESRS E1-4] | Reduce absolute energy and industry scopes 1 and 2 GHG emissions by 90% by 2045, from a 2021 base year. | In progress. | |
| In 2025, absolute scopes 1 and 2 carbon emissions were 20.4% lower than in 2021. | |||
| Climate change | |||
| [ESRS E1-4] | Reduce absolute energy and industry scope 3 emissions in 90% by 2050, from a 2021 base year. | In progress. | |
| In 2025, absolute scope 3 GHG emissions were 13.4% higher than in 2021. | |||
| Climate change | |||
| [ESRS E1-4] | Reduce absolute forest, land and agriculture (FLAG) scopes 1 and 3 emissions in 72% by 2050 from a 2021 base year. | In progress. | |
| In 2025, absolute FLAG scopes 1 and 3 emissions were 1.9% higher than in 2021. | |||
| Climate change | |||
| [ESRS E1-4] | Neutralise residual scopes 1 and 2 GHG emissions through projects that meet strict eligibility criteria, in line with international best practices by 2050. | In progress. | |
| In 2025, within the scope of our Climate Transition Plan, we continued to identify solutions to neutralise emissions in line with international criteria and best practices (e.g., agricultural carbon sequestration practices). | |||
| Biodiversity and ecosystems | |||
| [ESRS E4-4] | Ensure that, by 2030, 100% of virgin fibres used in our Private Brand and perishables products and packaging are certified by | In progress: | |
| In 2024, 92% of the virgin fibres used in our Private Brand and perishables products and packaging had |
Sustainability Statement
Jerónimo Martins | Annual Report 2025
| ESRS topic | Materiality | Commitment | Progress |
|---|---|---|---|
| Consumers and end-users | |||
| [S4-5] | MATERIAL | external and independent bodies, such as FSC® or PEFC. | sustainability certification (FSC® or PEFC). |
| Resource use and circular economy | |||
| [ESRS E5-3] | MATERIAL | By 2030, halve the food waste generated by the activity of our companies (compared to 2016), in line with target 12.3 of the Sustainable Development Goals on responsible consumption and production. | In progress. |
| In 2025, food waste amounted to 19.4 kg per tonne of food sold, 2.9 times above the target (considering the specific value of 13.2 kg of food wasted per tonne of food sold in 2016). |
Sustainability Statement
Jerónimo Martins | Annual Report 2025
7. Reporting frameworks
This report was prepared in accordance with the European Sustainability Reporting Standards (ESRS). This section includes five tables that aim to cross-reference the reported information with the main methodologies and information requests made by our stakeholders: indicators according to the European Sustainability Reporting Standards; GRI Standards; Sustainability Accounting Standards Board; an approximation to the International Financial Reporting Standards Sustainability Series (IFRS-S) and Jerónimo Martins 'performance indicators. Whenever possible a cross-reference is also made between these points, and the Sustainable Development Goals and the Principles of the United Nations Global Compact.
7.1. ESRS – European Sustainability Reporting Standards
[ESRS 2 IRO-2, Appendix B]
Correspondence between ESRS topics and material topics resulting from the double materiality matrix
| ESRS Topic | Disclosure requirement | Material topic | |
|---|---|---|---|
| Environment | E1 - Climate Change | GOV-3 | |
| SBM-3 | |||
| IRO-1 | |||
| E1-1 to E1-9 | • Climate Change | ||
| E5 - Resource Use and Circular Economy | IRO-1 | ||
| E5-1 to E5-6 | • Food waste | ||
| • Packaging redesign for sustainable resources use | |||
| Social | S1 - Own Workforce | SBM-2 and SBM-3 | |
| S1-1 to S1-11 | |||
| S1-13 to S1-17 | • Labour rights and working conditions | ||
| • Employee learning and development | |||
| S3 - Affected Communities | SBM-2 and SBM-3 | ||
| S3-1 to S3-5 | • Engagement and supporting local communities | ||
| S4 - Consumers and end-users | SBM-2 and SBM-3 | ||
| S4-1 to S4-5 | • Product affordability | ||
| • Product safety and quality standards | |||
| • Product and services innovation | |||
| Governance | G1 - Business Conduct | GOV-1 | |
| IRO-1 | |||
| G1-1 and G1-2 | |||
| G1-6 | • Sustainable & responsible criteria in the supply chain |
Sustainability Statement
Jerónimo Martins | Annual Report 2025
ESRS Indicators
| ESRS Topic | Aspect | Disclosure requirement | Evidence | Other Standards |
|---|---|---|---|---|
| ESRS 2 - General disclosures | Basis for preparation | ESRS 2 BP-1 - General basis for preparation of sustainability statements | ☑ | See chapter 1 "The Jerónimo Martins Group", chapter 3 "Financial Statements" and chapter 4 "Corporate Governance", Part I - "Information on Shareholder Structure, Organisation and Corporate Governance". See also subchapter 2. "General disclosures", section 2.1. "Basis of elaboration", of this chapter. |
| GRI 3-1 | ||||
| ESRS 2 BP-2 - Disclosures in relation to specific circumstances | ☑ | See subchapter 2. "General disclosures", section 2.1. "Basis of elaboration", of this chapter. | ||
| For information on changes to sustainability data presented in previous periods see GRI 2-4, section 7.2 "GRI – Global Reporting Initiative" in this subchapter. | ||||
| See also subchapter 3.3. "Disclosures pursuant to Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation)", in this chapter. | GRI 2-4 | |||
| GRI 2-22 | ||||
| GRI 3-2 | ||||
| GRI 3-3 | ||||
| ESRS 2 - General disclosures | Governance | ESRS 2 GOV-1 - The role of the administrative, management and supervisory bodies | ☑ | See chapter 4 "Corporate Governance", Part I - "Information on Shareholder Structure, Organisation and Corporate Governance", sections A "Shareholder Structure", B "Governing Bodies and Committees" and C "Internal Organisation". See also subchapter 2. "General disclosures", section 2.2. "Governance and strategy", of this chapter. See also the channel "Sustainability", page "Our Sustainability Strategy", on the website www.jeronimomartins.com. |
| GRI 2-12 | ||||
| GRI 2-13 | ||||
| GRI 2-14 | ||||
| GRI 2-17 | ||||
| GRI 405-1 | ||||
| ESRS 2 GOV-2 - Information provided to and sustainability matters addressed by the undertaking's administrative, management and supervisory bodies | ☑ | See subchapter 2. "General disclosures", section 2.2. "Governance and strategy", of this chapter. See also the channel "Sustainability", page "Our Sustainability Strategy", on the website www.jeronimomartins.com. | GRI 2-12 | |
| GRI 2-13 | ||||
| GRI 2-16 | ||||
| GRI 2-24 | ||||
| ESRS 2 GOV-3 - Integration of sustainability-related performance in incentive schemes | ☑ | See subchapter 4 "Corporate Governance", Part I - "Information on Shareholder Structure, Organisation and Corporate Governance", section D "Remuneration" and subchapter 2. "General disclosures", section 2.2. "Governance and strategy", of this chapter. | GRI 2-19 | |
| GRI 2-20 | ||||
| ESRS 2 GOV-4 - Statement on due diligence | ☑ | See subchapter 2. "General disclosures", section 2.2. "Governance and strategy", and subchapter 3. "Environmental information", section 3.3. "Disclosures pursuant to Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation)", section 3.3.5. "Minimum safeguards", of this chapter. | ||
| We also use an independent external verification process of limited reliability to ensure that both the reporting is consistent with the methodologies referred to and the reported figures are marked with the following symbol. | ||||
| ESRS 2 GOV-5 - Risk management and internal controls over sustainability reporting | ☑ | See subchapter 2. "General disclosures", section 2.4. "Managing Sustainability Reporting Risks", of this chapter. | GRI 2-14 | |
| Strategy | ESRS 2 SBM-1 - Strategy, business model and value chain | ☑ | See subchapter 2. "General disclosures" of section 2.5. "Management of impacts, risks and opportunities and dual materiality analysis", of this chapter. | |
| See chapter 1 "The Jerónimo Martins Group", chapter 2 "Management Report - Creating Value and Growth", and chapter 4 "Corporate Governance". | GRI 2-6 | |||
| GRI 2-7 | ||||
| GRI 2-22 | ||||
| GRI 3-3 | ||||
| GRI 201-1 | ||||
| ESRS 2 SBM 2 - Interests and views of stakeholders | ☑ | See chapter 4 "Corporate Governance", Part I - "Information on Shareholder Structure, Organisation and Corporate Governance", sections A "Shareholder Structure", B "Governing Bodies and Committees" and C "Internal Organisation". | ||
| See subchapter 2. "General disclosures", section 2.3. "Stakeholder engagement and communication channels" and section 2.5. "Impacts, risks and opportunities management and double materiality assessment", of this chapter. See also the channel "Sustainability", page "Our Sustainability Strategy", on the website www.jeronimomartins.com. | GRI 2-12 | |||
| GRI 2-29 | ||||
| ESRS E1 - Climate Change | Governance | ESRS 2 GOV-3° - Integration of sustainability-related performance in incentive schemes | ☑ | See subchapter 3. "Environmental information", section 3.2. "Managing environmental topics", subsection 3.2.1. "Climate change", point "Managing climate-related risks and opportunities", subpoint "Governance", of this chapter. |
Sustainability Statement
Jerónimo Martins | Annual Report 2025
| ESRS Topic | Aspect | Disclosure requirement | Evidence | Other Standards |
|---|---|---|---|---|
| ESRS E1 - Climate Change | Strategy | E1-1° - Transition plan for climate change mitigation | See subchapter 3. “Environmental information”, section 3.2. “Managing environmental topics”, subsection 3.2.1. “Climate change”, point “Our climate transition plan”, of this chapter. See also Climate Transition Plan. | |
| ESRS 2 SBM-3° - Material impacts, risks and opportunities and their interaction with strategy and business model | See subchapter 3. “Environmental information”, section 3.2. “Managing environmental topics, subsection 3.2.1. “Climate change”, point “Managing climate-related risks and opportunities”, subpoints “Managing climate-related risks and opportunities” and “Identifying risks and opportunities”, and point “Our climate transition plan”, of this chapter. See also our Climate Transition Plan. | |||
| Impact, risk and opportunity management | ESRS 2 IRO-1° - Description of the processes to identify and assess material climate related impacts, risks and opportunities | See subchapter 3. “Environmental information”, section 3.2. “Managing environmental topics, subsection 3.2.1. “Climate change”, point “Managing climate-related risks and opportunities”, subpoint “Identifying risks and opportunities”, of this chapter. See also Climate Transition Plan. | ||
| E1-2° - Policies related to climate change mitigation and adaptation | See subchapter 3. “Environmental information”, section 3.1. “Our environmental-related policies” and section 3.2. “Managing environmental topics”, subsection 3.2.1. “Climate change”, point “Managing climate-related risks and opportunities”, subpoint “Our strategy”, of this chapter. See also Climate Transition Plan. | GRI 3-3 | ||
| E1-3° - Actions and resources in relation to climate change policies | See subchapter 3. “Environmental information”, section 3.2. “Managing environmental topics, subsection 3.2.1. “Climate change”, point “Managing climate-related risks and opportunities”, subpoints “Our strategy” and “Identifying risks and opportunities”, and points “Carbon footprint” and “Our actions to reduce carbon emissions”, of this chapter. See also Climate Transition Plan. See subchapter 8. “Annex”, Appendix 3 - Total GHG emissions disaggregated by Scopes 1 and 2 and significant Scope 3”. | GRI 3-3 | ||
| GRI 305-5 | ||||
| Metrics and targets | E1-4° - Targets related to climate change mitigation and adaptation | The greenhouse gas (GHG) emissions reduction targets use 2021 as the base year. The base year used to monitor progress against the GHG emissions reduction targets was selected because it includes the activities of the Companies and the operational boundary considered in the carbon footprint calculation. The base-year value was established using consolidated data and methodologies consistent with the reported emissions inventory, and no extraordinary external factors were identified that could compromise its representativeness for monitoring performance over time. |
See subchapter 3. “Environmental information”, section 3.2. “Managing environmental topics, subsection 3.2.1. “Climate change” and subchapter 6. “Sustainability Commitments”, section 6.1. “2024-2026 Commitments” and section 6.2. “Long-term commitments”, of this chapter.
See subchapter 8. “Annex”, Appendix 3 - Total GHG emissions disaggregated by Scopes 1 and 2 and significant Scope 3”. | GRI 3-3
GRI 305-1
GRI 305-2
GRI 305-3
GRI 305-5 |
| | | E1-5° - Energy consumption and mix | See subchapter 3. “Environmental information”, section 3.2. “Managing environmental topics”, subsection 3.2.1. “Climate change”, point “Energy consumption management”, of this chapter. | GRI 302-1
GRI 302-3 |
| ESRS E1 - Climate Change | Metrics and targets | E1-6° - Gross Scopes 1, 2, 3 and Total GHG emissions | See subchapter 3. “Environmental information”, section 3.2. “Managing environmental topics”, subsection 3.2.1. “Climate change”, point “Carbon footprint”, of this chapter. See subchapter 8. “Annex”, Appendix 3 - Total GHG emissions disaggregated by Scopes 1 and 2 and significant Scope 3”. | GRI 201-1
GRI 305-1
GRI 305-2
GRI 305-3
GRI 305-4 |
| | | E1-7° - GHG removals and GHG mitigation projects financed through carbon credits | See subchapter 3. “Environmental information”, section 3.2. “Managing environmental topics”, subsection 3.2.1. “Climate change”, point “Managing climate-related risks and opportunities”, subpoint “Our strategy”, and point “Carbon footprint”, of this chapter.
Note: The Group Companies have not acquired carbon credits to offset their scope 1, 2 or 3 emissions, nor have they implemented removal or storage projects in their operations or value chain. | GRI 305 |
| | | E1-8° - Internal carbon pricing | The use of an internal carbon price aims to promote the reduction of emissions related to fuel consumption, both in our own operations (Scope 1 emissions) and across the supply chain (Scope 3 emissions), through energy efficiency and other low-carbon measures. Examples include: (i) investment in low-fuel-consumption passenger vehicles for our own fleet; (ii) integrating fuel efficiency of freight vehicles as a criterion for selecting outsourced transportation of | - |
Sustainability Statement
Jerónimo Martins | Annual Report 2025
| ESRS Topic | Aspect | Disclosure requirement | Evidence | Other Standards |
|---|---|---|---|---|
| goods between our distribution centres and more than 6,400 stores in Portugal, Poland, and Colombia; (iii) fuel substitution through the use of natural gas. In addition to assessing the impacts on fuel costs and emissions reductions, the use of an internal carbon price enables the Group to anticipate the impact of carbon-related tax legislation, both in direct operations and in outsourced activities, where fuel prices have an indirect impact on the Companies' costs. | ||||
| We apply a shadow price as our internal carbon price, which is updated annually in line with changes to carbon tax rates in Portugal and Colombia. This price is calculated based on a weighted average of carbon tax prices in Portugal (€67.40/t CO₂) and Colombia (€5.99/t CO₂) for the reporting year. Since the carbon tax currently in force in Poland remains very low (€0.10/t CO₂), it is not considered in our internal carbon price. The internal carbon price for 2025 was €41.74/t CO₂. | ||||
| The internal carbon price covered Scope 1 GHG emissions associated with fuel consumption, totalling B2,475 t CO₂e (34.0% of Scope 1 GHG emissions), and Scope 3 emissions associated with fuel- and energy-related activities (15,748 t CO₂e) and upstream transport and distribution (270,930 t CO₂e), corresponding to 1% of total Scope 3 emissions. | ||||
| As at the reporting date, this internal carbon price is used exclusively as a decision-support tool for energy efficiency initiatives, fleet and logistics management, and other decarbonisation measures. As such, a degree of misalignment may exist with the assumptions considered in the financial statements. | ||||
| See subchapter 3. “Environmental information”, section 3.2. “Managing environmental topics”, subsection 3.2.1. “Climate change”, point “Carbon pricing”, of this chapter. | GRI 201-2 | |||
| E1-9™ - Anticipated financial effects from material physical and transition risks and potential climate-related opportunities | See subchapter 3. “Environmental information”, section 3.2. “Managing environmental topics”, subsection 3.2.1. “Climate change”, point “Managing climate-related risks and opportunities”, subpoint “Managing climate-related risks and opportunities” and “Identifying risks and opportunities”, of this chapter. |
Sustainability Statement
Jerónimo Martins | Annual Report 2025
| ESRS Topic | Aspect | Disclosure requirement | Evidence | Other Standards |
|---|---|---|---|---|
| ESRS E2 - Pollution | Impact, risk and opportunity management | ESRS 2 IRO-1 Description of the processes to identify and assess material pollution-related impacts, risks and opportunities | This topic was not identified as material, nonetheless it is partially reported. See subchapter 3. “Environmental information”, section 3.2. “Managing environmental topics”, subsection 3.2.5. “Pollution”, of this chapter. | |
| E2-1 – Policies related to pollution | This topic was not identified as material, nonetheless it is partially reported. See subchapter 3. “Environmental information”, section 3.2. “Managing environmental topics”, subsection 3.2.5. “Pollution”, of this chapter. See webpage “Our sustainability policies” page on our website to view the Environmental Policy and the Sustainable Sourcing Policy. | - | ||
| E2-2 – Actions and resources related to pollution | This topic was not identified as material, nonetheless it is partially reported. See subchapter 3. “Environmental information”, section 3.2. “Managing environmental topics”, subsection 3.2.5. “Pollution”, of this chapter. | |||
| Metrics and targets | E2-3 – Targets related to pollution | This topic was not identified as material, nonetheless it is partially reported. See subchapter 3. “Environmental information”, section 3.2. “Managing environmental topics”, subsection 3.2.5. “Pollution”, of this chapter. | GRI 303-2 | |
| E2-4 – Pollution of air, water and soil | This topic was not identified as material, nonetheless it is partially reported. See subchapter 3. “Environmental information”, section 3.2. “Managing environmental topics”, subsection 3.2.5. “Pollution”, of this chapter. | GRI 2-27 | ||
| GRI 305-7 | ||||
| E2-5 – Substances of concern and substances of very high concern | This topic was not identified as material, nonetheless it is partially reported. See subchapter 3. “Environmental information”, section 3.2. “Managing environmental topics”, subsection 3.2.5. “Pollution”, of this chapter. | |||
| E2-6 – Anticipated financial effects from pollution-related impacts, risks and opportunities | This topic was not identified as material, nonetheless it is partially reported. See subchapter 3. “Environmental information”, section 3.2. “Managing environmental topics of this chapter | |||
| ESRS E3 – Water and marine resources | Impact, risk and opportunity management | ESRS 2 IRO 1 - Description of the processes to identify and assess material water and marine resources-related impacts, risks and opportunities | This topic was not identified as material. | GRI 303-1 |
| E3-1 – Policies related to water and marine resources | This topic was not identified as material. | |||
| E3-2 – Actions and resources related to water and marine resources | This topic was not identified as material, nonetheless it is partially reported. See subchapter 3. “Environmental information”, section 3.2. “Managing environmental topics”, subsection 3.2.3. “Water and marine resources”, of this chapter. | GRI 303-1 | ||
| Metrics and targets | E3-3 – Targets related to water and marine resources | This topic was not identified as material, nonetheless it is partially reported. See subchapter 3. “Environmental information”, section 3.2. “Managing environmental topics”, subsection 3.2.3. “Water and marine resources”, point “Water consumption” and subchapter 6. “Sustainability Commitments”, section 6.1. “Commitments 2024-2026”, of this chapter. | GRI 303-1 | |
| E3-4 – Water consumption | This topic was not identified as material, nonetheless it is partially reported. See subchapter 3. “Environmental information”, section 3.2. “Managing environmental topics”, subsection 3.2.3. “Water and marine resources”, point “Water consumption” and subchapter 6. “Sustainability Commitments”, section 6.1. “Commitments 2024-2026”, of this chapter | GRI 303-3 | ||
| GRI 303-4 | ||||
| GRI 303-5 | ||||
| E3-5 – Anticipated financial effects from water and marine resources-related impacts, risks and opportunities | This topic was not identified as material, nonetheless it is partially reported. See subchapter 3. “Environmental information”, section 3.2. “Managing environmental topics” of this chapter | |||
| ESRS E4 – Biodiversity and ecosystems | Strategy | E4-1 – Transition plan and consideration of biodiversity and ecosystems in strategy and business model | This topic was not identified as material, nonetheless it is partially reported. See subchapter 3. “Environmental information”, section 3.2. “Managing environmental topics”, subsection 3.2.4. “Biodiversity and ecosystems”, of this chapter. | |
| ESRS 2 SBM-3 – Material impacts, risks and opportunities and their interaction with strategy and business model | This topic was not identified as material, nonetheless it is partially reported. See subchapter 3. “Environmental information”, section 3.2. “Managing environmental topics”, subsection 3.2.4. “Biodiversity and ecosystems” and point “Management of biodiversity-related risks and opportunities” of this chapter. | GRI 101-4 |
Sustainability Statement
Jerónimo Martins | Annual Report 2025
| ESRS Topic | Aspect | Disclosure requirement | Evidence | Other Standards |
|---|---|---|---|---|
| ESRS E5 - Resource use and circular economy | Impact, risk and opportunity management | ESRS 2 IRO-1- Description of processes to identify and assess material biodiversity and ecosystem-related impacts, risks and opportunities | This topic was not identified as material, nonetheless it is partially reported. See subchapter 3. "Environmental information", section 3.2. "Managing environmental topics", subsection 3.2.4. "Biodiversity and ecosystems, point "Managing climate-related risks and opportunities" of this chapter. | GRI 101-4 |
| E4-2 - Policies related to biodiversity and ecosystems | This topic was not identified as material, nonetheless it is partially reported. See subchapter 3. "Environmental information", section 3.2. "Managing environmental topics", subsection 3.2.4. "Biodiversity and ecosystems, points "Initiatives to reduce impacts and protect biodiversity" of this chapter. | GRI 101-1 | ||
| E4-3 - Actions and resources related to biodiversity and ecosystems | This topic was not identified as material, nonetheless it is partially reported. See subchapter 3. "Environmental information", section 3.2. "Managing environmental topics", subsection 3.2.4. "Biodiversity and ecosystems, points "Initiatives to reduce impacts and protect biodiversity", "Fighting deforestation" and "Sustainable fishing strategy" of this chapter. | GRI 101-2 | ||
| E4-4 - Targets related to biodiversity and ecosystems | This topic was not identified as material, nonetheless it is partially reported. See subchapter 3. "Environmental information", section 3.2. "Managing environmental topics", subsection 3.2.4. "Biodiversity and ecosystems", point "Fighting deforestation", "Sustainable fishing strategy" and subchapter 6. "Sustainability commitments", of this chapter. | GRI 101-2 | ||
| Impact, risk and opportunity management | ESRS 2 IRO-1^{o} - Description of the processes to identify and assess material resource use and circular economy related impacts, risks and opportunities | This topic was not identified as material, nonetheless it is partially reported. See subchapter 3. "Environmental information", section 3.2. "Managing environmental topics", subsection 3.2.4. "Biodiversity and ecosystems", point "Fighting deforestation", "Sustainable fishing strategy" and "Support for biodiversity protection and ecosystem regeneration projects", of this chapter. | GRI 101-2 | |
| E5-1^{o} - Policies related to resource use and circular economy | See subchapter 3. "Environmental information", section 3.1. "Environment-related policies", of this chapter. | |||
| E5-2^{o} - Actions and resources related to resource use and circular economy | See subchapter 3. "Environmental information", section 3.2. "Managing environmental topics", subsection 3.2.2. "Resources use and circular economy", points "Managing circular economy-related risks and opportunities" and "Actions to promote circular economy", of this chapter. | GRI 3-3 | ||
| GRI 306-1 | ||||
| GRI 306-2 | ||||
| Metrics and targets | E5-3^{o} - Targets related to resource use and circular economy | See subchapter 2. "General disclosures", section 2.7. "Commitments", of this chapter. | ||
| See subchapter 3. "Environmental information", section 3.2. "Managing environmental topics", subsection 3.2.2. "Resources use and circular economy", point "Materials used and resource outflows" and subchapter 6. "Sustainability Commitments", of this chapter. | GRI 3-3 | |||
| E5-4^{o} - Resource inflows | This topic was not identified as material according to the updated dual materiality matrix for the 2025 report. The material topic is related to product packaging. However, Jerónimo Martins Group discloses information on the materials used in its packaging and other consumption. | |||
| See subchapter 3. "Environmental information", section 3.2. "Managing environmental topics", subsection 3.2.2. "Resources use and circular economy", point "Materials used and resource outflows", subpoint "Waste management" and point "Actions to promote a circular economy", subpoint "Waste recovery from operations", of this chapter. | GRI 301-1 | |||
| GRI 301-2 | ||||
| GRI 306-1 |
Sustainability Statement
Jerónimo Martins | Annual Report 2025
| ESRS Topic | Aspect | Disclosure requirement | Evidence | Other Standards |
|---|---|---|---|---|
| E5-5™ - Resource outflows | See subchapter 3. “Environmental information”, section 3.2. “Managing environmental topics”, subsection 3.2.2. “Resources use and circular economy”, point “Materials used and resource outflows”, subpoint “Waste management” and point “Actions to promote a circular economy”, subpoint “Waste recovery from operations”, of this chapter. |
In the food sector, “durability” corresponds to the product shelf life, established in accordance with legal requirements, food safety standards, and microbiological testing.
Our waste streams are associated with the waste generated in our operations, namely packaging waste, food preparation waste, and operational waste.
The information used for data calculation is based on the EWC code (European Waste Catalogue). In the case of Ara, the Company has voluntarily adopted these codes. Where information is unavailable, the data is estimated in accordance with section 2.1 “Basis for preparation”, subchapter 2. “General Disclosures”.
All waste is treated by Waste Management Operators outside our facilities.
The table below display the breakdown of hazardous and non-hazardous waste by destination for 2025 and 2024.
Percentage of non-recovered waste (2025): 13.5% of total waste.
Percentage of non-recycled waste (2025): 92.5% of total waste.
Percentage of non-recovered waste (2024): 15.2% of total waste.
Percentage of non-recycled waste (2024): 92.5% of total waste.
Jerónimo Martins Group does not generate radioactive waste in its operations in any of the years reported. | GRI 306-2
GRI 306-3
GRI 306-4
GRI 306-5 |
| ESRS Topic | Aspect | Disclosure requirement | Evidence | Other Standards |
| --- | --- | --- | --- | --- |
| ESRS E5 - Resource use and circular economy | Metrics and targets | E5-6™ - Anticipated financial effects from resource use and circular economy-related risks and opportunities | See subchapter 3. “Environmental information”, section 3.2. “Managing environmental topics”, subsection 3.2.2. “Resources use and circular economy”, points “Managing circular economy-related risks and opportunities “and “Materials used and resource outflows”. See also subchapter 6. “Sustainability Commitments”, of this chapter. | |
Sustainability Statement
Jerónimo Martins | Annual Report 2025
| ESRS Topic | Aspect | Disclosure requirement | Evidence | Other Standards |
|---|---|---|---|---|
| The Group will take due diligence to meet the requirements of this indicator within the stipulated phase-in period. | ||||
| ESRS S1- Own workforce | Strategy | ESRS 2 SBM-2™ – Interests and views of stakeholders | See subchapter 2. “General disclosures”, section 2.3. “Stakeholder engagement and communication channels”, of this chapter | |
| ESRS 2 SBM-3™ – Material impacts, risks and opportunities and their interaction with strategy and business model | See subchapter 2. “General disclosures”, section 2.3. “Stakeholder engagement and communication channels”, subsection 2.5. “Impacts, risks and opportunities management and double materiality assessment” and subchapter 4. “Social information”, section 4.2. “Managing social topics”, subsection 4.2.1 “Own workforce, of this chapter. | GRI 3-3 | ||
| GRI 408-1 | ||||
| GRI 409-1 | ||||
| ESRS S1- Own workforce | Impact, risk and opportunity management | S1-1° – Policies related to own workforce | See subchapter 4. “Social Information”, section 4.1. “Our social-related policies”, subsection 4.1.1. “Own workforce”, of this chapter. | GRI 2-23 |
| GRI 2-25 | ||||
| GRI 2-29 | ||||
| GRI 3-3 | ||||
| S1-2° – Processes for engaging with own workers and workers’ representatives about impacts | See subchapter 4. “Social Information”, section 4.2. “Managing social topics”, subsection 4.2.1. “Own workforce”, point “Learning and skills development”, subpoint “Personal empowerment”, of this chapter. | GRI 2-12 | ||
| GRI 2-29 | ||||
| GRI 2-30 | ||||
| GRI 3-3 | ||||
| S1-3° – Processes to remediate negative impacts and channels for own workers to raise concerns | See subchapter 4. “Social Information”, section 4.2. “Managing social topics”, subsection 4.2.1. “Own workforce”, point “Ethics and compliance”, of this chapter. | GRI 2-25 | ||
| GRI 3-3 | ||||
| S1-4° – Taking action on material impacts on own workforce, and approaches to mitigating material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions | See subchapter 4. “Social Information”, section 4.2. “Managing social topics”, subsection 4.2.1. “Own workforce”, of this chapter. | GRI 2-24 | ||
| GRI 3-3 | ||||
| GRI 203-2 | ||||
| Metrics and targets | S1-5° – Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities | See subchapter 6. “Sustainability commitments”, section 6.1. “Commitments 2024-2026”, of this chapter. | GRI 3-3 | |
| S1-6° – Characteristics of the undertaking’s employees | See subchapter 4. “Social Information”, section 4.2. “Managing social topics”, subsection 4.2.1. “Own workforce”, point “Our employees”, of this chapter. | GRI 2-7 | ||
| GRI 401-1 | ||||
| ESRS S1- Own workforce | Metrics and targets | S1-7° – Characteristics of non-employee workers in the undertaking’s own workforce | See subchapter 4. “Social Information”, section 4.2. “Managing social topics”, subsection 4.2.1. “Own workforce”, point “Workers who are not employees”, of this chapter. | GRI 2-8 |
| S1-8° – Collective bargaining coverage and social dialogue | In Portugal, only a residual number of employees are not covered by a collective bargaining agreement. In the remaining countries where the Group operates, there are no collective bargaining instruments applicable to our companies; working conditions and the way in which employment contracts are performed are regulated by the respective national legal systems — which internally govern these matters — as well as by the internal, local and global policies in force within our Group. Collective bargaining covers 98.1% of employees in Portugal, corresponding to 23.5% of the Group’s total workforce. Our internal policies are fully aligned with international best labour practices, particularly with the Fundamental Conventions of the International Labour Organization (ILO). In Portugal, we actively participate in social dialogue through sectoral employers’ associations, such as APED – Associação Portuguesa de Empresas de Distribuição, and cross-industry associations such as the CIP – Confederação Empresarial de Portugal. We also contribute to sectoral social dialogue at European level promoted by the European Commission through our membership of EuroCommerce. See subchapter 4. “Social Information”, section 4.2. “Managing social topics”, subsection 4.2.1. “Own workforce”, point “Ethics and compliance”, of this chapter. | GRI 2-30 |
Sustainability Statement
Jerónimo Martins | Annual Report 2025
| Collective Bargaining Coverage | Social Dialogue | ||
|---|---|---|---|
| Employees – EEA* | Employees – Non-EEA* | Workplace representation (EEA only) | |
| 0% – 19% | Poland** | Colombia** | - |
| 20% – 39% | - | - | - |
| 40% – 59% | - | - | - |
| 60% – 79% | - | - | - |
| 80% – 100% | Portugal | - | Portugal and Poland |
- EEA – European Economic Area.
** In Poland and Colombia there are no collective regulation instruments applicable to the Group's companies.
| ESRS Topic | Aspect | Disclosure requirement | Evidence | Other Standards | |
|---|---|---|---|---|---|
| ESRS S1- Own workforce | S1-9° — Diversity metrics | ☑ | See subchapter 4. “Social Information”, section 4.2. “Managing social topics”, subsection 4.2.1. “Own workforce”, point “Diversity and inclusion” of this chapter. | GRI 405-1 | |
| Metrics and targets | S1-10° - Adequate wages | ☑ | See subchapter 4. “Social Information”, section 4.2. “Managing social topics”, subsection 4.2.1. “Own workforce”, point “Compensation and benefits”, of this chapter. | GRI 202-1 | |
| S1-11° - Social protection | ☑ | See subchapter 4. “Social Information”, section 4.2. “Managing social topics”, subsection 4.2.1. “Own workforce”, point “Support to employees and their families”, of this chapter. | GRI 401-2 | ||
| S1-12 – Persons with disabilities | ☑ | This disclosure requirement was not identified as a material, nonetheless, we provide information on our actions in subchapter 4. “Social Information”, section 4.2. “Managing social topics”, subsection 4.2.1. “Own workforce”, point “Diversity and inclusion”, of this chapter. | |||
| S1-13° - Training and skills development metrics | ☑ | See subchapter 4. “Social Information”, section 4.2. “Managing social topics”, subsection 4.2.1. “Own workforce”, point “Training and skills development”, subpoint “Training”, of this chapter. | GRI 404-1 | ||
| GRI 404-3 | |||||
| Average hours of training per employee* | |||||
| --- | --- | --- | --- | --- | --- |
| 2025 | 2024 | ||||
| Women | Men | Total | Women | Men | |
| Group | 63 | 75 | 66 | 63 | 68 |
| Strategic | 21 | 23 | 22 | 33 | 14 |
| Managerial | 34 | 32 | 33 | 34 | 35 |
| Operational | 63 | 77 | 67 | 63 | 70 |
- Hours of training per employee – quotient of the volume of training by the total number of employees.
| ESRS Topic | Aspect | Disclosure requirement | Evidence | Other Standards | |
|---|---|---|---|---|---|
| ESRS S1- Own workforce | Metrics and targets | S1-14° – Health and safety Metrics | ☑ | See subchapter 4. “Social Information”, section 4.2. “Managing social topics”, subsection 4.2.1. “Own workforce”, point “Health and safety at work”, of this chapter. | |
| The Group will take due diligence to comply with the requirements of this indicator, particularly with regard to worker who are not employees and workers in the value chain. | GRI 403-8 | ||||
| GRI 403-9 | |||||
| GRI 403-10 | |||||
| S1-15° – Work-life balance Metrics | ☑ | See table below and subchapter 4. “Social Information”, section 4.2. “Managing social topics”, subsection 4.2.1. “Own workforce”, point “Work-life balance” of this chapter. | GRI 401-3 | ||
| GRI 403-6 |
Sustainability Statement
Jerónimo Martins | Annual Report 2025
| Parental leave* | 2025 | 2024 | ||||
|---|---|---|---|---|---|---|
| Women | Men | Total | Women | Men | Total | |
| Employees entitled to parental leave | 111,710 | 35,999 | 147,709 | 106,326 | 33,532 | 139,858 |
| Employees who have taken parental leave | 3,247 | 1,068 | 4,315 | 3,829 | 1,142 | 4,971 |
| Employees who returned from parental leave | 1,766 | 942 | 2,708 | 1,985 | 1,040 | 3,025 |
| Employees who returned from parental leave and who remained in the Group 12 months after returning | 1,721 | 834 | 2,555 | 2,391 | 778 | 3,169 |
| Return to work rate ** | 54.4% | 88.2% | 62.8% | 51.8% | 91.1% | 60.9% |
| Rate of employees still on parental leave *** | 34.9% | 10.0% | 28.8% | 33.6% | 8.0% | 27.7% |
| Retention rate *** | 86.7% | 80.2% | 84.5% | 83.5% | 74.4% | 81.0% |
- Employees entitled to parental leave were 100%, from which 2.9% took parental leave (women: 2.9%; men: 3.0%).
** The return-to-work rate is the percentage of employees who returned from parental leave based on employees who took parental leave during the period.
*** The rate of employees who are still on parental leave corresponds to the percentage of employees who have not yet returned from leave. based on employees who have taken parental leave in the period.
*** The retention rate corresponds to the percentage of employees who returned from parental leave in 2025 and who remain working in the Group 12 months later.
| ESRS Topic | Aspect | Disclosure requirement | Evidence | Other Standards |
|---|---|---|---|---|
| ESRS S1- Own workforce | Metrics and targets | S1-16 “ – Compensation metrics (pay gap and total compensation) | See subchapter 4. “Social Information”, section 4.2. “Managing social topics”, subsection 4.2.1. “Own workforce”, point “Diversity and inclusion” of this chapter. Concerning the ratio between the remuneration of the highest paid individual and the median remuneration of employees, due to the complexity in standardizing salary information caused by the geographic dispersion of the Group, the immediate incomparability of functions in different countries and the dissimilarity of remuneration concepts in the several Group Companies, it is fundamental to find a base to calculate this indicator that prevents it from being misleading. The Group is taking all due diligences to fulfil the requirements of this ratio, guaranteeing the quality of the information disclosed. | GRI 2-21 |
| GRI 405-2 | ||||
| S1-17 “ – Incidents, complaints and severe human rights impact | Nevertheless, it is partially reported. See subchapter 4. “Social Information”, section 4.2. “Managing social topics”, subsection 4.2.1. “Own workforce”, point “Ethics and compliance” of this chapter. | GRI 2-25 | ||
| GRI 2-27 | ||||
| GRI 406-1 | ||||
| ESRS S2 - Workers in the value chain | Strategy | ESRS 2 SBM-2- Interests and views of stakeholders | This topic was not identified as a material topic. In any case, it is partially reported. See subchapter 4. “Social information”, section 4.2. “Managing social topics”, subsection 4.2.4. “Workers in the value chain”, of this chapter. | |
| ESRS S2 - Workers in the value chain | Metrics and targets | ESRS 2 SBM-3- Material impacts, risks and opportunities and their interaction with strategy and business model | This topic was not identified as a material topic. In any case, it is partially reported, see subchapter 4. “Social information”, section 4.2. “Managing social topics”, subsection 4.2.4. “Workers in the value chain”, of this chapter. | GRI 408-1 |
| ESRS S2 - Workers in the value chain | Impact, risk and opportunity management | S2-1 – Policies related to value chain workers | This topic was not identified as a material topic. In any case, it is partially reported. See subchapter 4. “Social Information”, section 4.1. “Our social-related policies”, subsection 4.1.4. “Workers in the value chain” of this chapter. | GRI 2-23 |
| GRI 2-24 | ||||
| GRI 2-25 | ||||
| GRI 2-29 | ||||
| S2-2 – Processes for engaging with value chain workers about impacts | This topic was not identified as a material topic. In any case, it is partially reported. See subchapter 4. “Social Information”, section 4.2. “Managing social topics”, subsection 4.2.4. “Workers in the value chain”, “Responsible labour management in the value chain” and “Sustainability certification” of this chapter | GRI 2-12 | ||
| GRI 2-29 | ||||
| Impact, risk and opportunity management | S2-3 – Processes to remediate negative impacts and channels for value chain workers to raise concerns | This topic was not identified as a material topic. In any case, it is partially reported. See subchapter 2. “General disclosures”, section 2.3. “Stakeholder engagement and communication channels”, and subchapter 3. “Environmental information”, section 3.3. “Disclosures pursuant to Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation)”, subsection 3.3.5. “Minimum safeguards”, of this chapter. | GRI 2-25 | |
| GRI 2-29 |
Sustainability Statement
Jerónimo Martins | Annual Report 2025
| ESRS Topic | Aspect | Disclosure requirement | Evidence | Other Standards |
|---|---|---|---|---|
| ESRS S2 - Workers in the value chain | S2-4 – Taking action on material impacts on value chain workers, and approaches to managing material risks and pursuing material opportunities related to value chain workers and effectiveness of those action | This topic was not identified as a material topic. In any case, it is partially reported. See subchapter 4. "Social Information", section 4.2. "Managing social topics", subsection 4.2.4. "Workers in the value chain", "Responsible labour management in the value chain" and "Sustainability certification" of this chapter. | GRI 2-24 | |
| GRI 2-25 | ||||
| GRI 203-2 | ||||
| GRI 204-1 | ||||
| Metrics and targets | S2-5 – Targets related to managing material negative impacts, advancing positive impacts and managing material risks and opportunities | This topic was not identified as a material topic. In any case, it is partially reported. See subchapter 4. "Social information", section 4.2. "Managing social topics", subsection 4.2.4. "Workers in the value chain", of this chapter. | ||
| ESRS S3 - Affected Communities | Strategy | ESRS 2 SBM-2™ – Interests and views of stakeholders | See subchapter 2. "General disclosures", section 2.3. "Stakeholder engagement and communication channels", of this chapter. | |
| ESRS 2 SBM-3™ Material Impacts, risks and opportunities and their interaction with strategy and business model | See subchapter 4. "Social information", section 4.2. "Managing social topics", subsection 4.2.2. "Affected communities" and subchapter 3. "Environmental information", section 3.3. "Disclosures pursuant to Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation)", of this chapter. | |||
| The risk management mechanisms are described in chapter 4. "Corporate Governance", Part I – "Information on Shareholder Structure, Organization and Corporate Governance", section C "Internal Organization", subsection III – "Internal Control and Risk Management", 53. "Identification and Description of the Main Types of Risks (Economic, Financial, and Legal) to which the Company is Exposed in the Course of its Activity". | GRI 3-3 | |||
| GRI 413-2 | ||||
| ESRS S3 - Affected Communities | Impact. risk and opportunity management | S3-1™ - Policies related to affected communities | See subchapter 4. "Social Information", section 4.1. "Our social-related policies", subsection 4.1.2. "Affected communities", of this chapter. | GRI 2-23 |
| GRI 2-29 | ||||
| GRI 3-3 | ||||
| S3-2™ - Processes for engaging with affected communities about impacts | See subchapter 4. "Social Information", 4.2. Managing social topics", subsection 4.2.2. "Affected communities", point "How we dialogue with affected communities", of this chapter. | GRI 2-12 | ||
| GRI 2-29 | ||||
| GRI 3-3 | ||||
| ESRS S3- Affected Communities | Impact. risk and opportunity management | S3-3™ - Processes to remediate negative impacts and channels for affected communities to raise concerns | See subchapter 2. "General disclosures", section 2.3. "Stakeholder engagement and communication channels", and subchapter 3. "Environmental information", section 3.3. "Disclosures pursuant to Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation)", subsection 3.3.5. "Minimum safeguards", of this chapter. | GRI 2-25 |
| S3-4™ - Taking action on material impacts on affected communities, and approaches to managing material risks and pursuing material opportunities related to affected communities and effectiveness of those actions | See subchapter 4. "Social Information", section 4.2. "Managing social topics", subsection 4.2.2. "Affected communities", points "Direct support for affected communities", "Programmes and projects to engage and support affected communities", point "Indirect support for affected communities" and subchapter 3. "Environmental information", section 3.3. "Disclosures pursuant to Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation)", subsection 3.3.5 "Minimum safeguards" of this chapter. | |||
| The risk management mechanisms are described in Chapter 4 "Corporate Governance", Part I – "Information on Shareholder Structure, Organization, and Corporate Governance." Section C "Internal Organization", Subsection III – "Internal Control and Risk Management", 53. "Identification and Description of the Main Types of Risks (Economic, Financial, and Legal)" to which the Company is Exposed in the Course of its Activity. | GRI 2-24 | |||
| GRI 3-3 | ||||
| GRI 203-2 | ||||
| GRI 413-1 | ||||
| ESRS S3- Affected Communities | Metrics and targets | S3-5™ – Targets related to managing material negative impacts, advancing positive impacts and managing material risks and opportunities | See subchapter 6. "Sustainability commitments", section 6.1. "Commitments 2024-2026", of this chapter. | GRI 3-3 |
| ESRS S4- Consumers and end-users | Strategy | ESRS 2 SBM-2™ – Interests and views of stakeholders | See subchapter 2. "General disclosures", section 2.3. "Stakeholder engagement and communication channels", of this chapter. |
Sustainability Statement
Jerónimo Martins | Annual Report 2025
| ESRS Topic | Aspect | Disclosure requirement | Evidence | Other Standards |
|---|---|---|---|---|
| ESRS S4- Consumers and end-users | ESRS 2 SBM-3™ – Material impacts, risks and opportunities and their interaction with the strategy and business model | See subchapter 4. "Social information", section 4.2. "Managing social topics", subsection 4.2.3. "Consumers and end-users", subchapter 3. "Environmental information", section 3.3. "Disclosures pursuant to Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation)", subsection 3.3.5 "Minimum safeguards" of this chapter. The risk management mechanisms are described in chapter 4. "Corporate Governance", Part I – "Information on Shareholder Structure. Organization. and Corporate Governance", section C "Internal Organization", subsection III – "Internal Control and Risk Management", 53. "Identification and Description of the Main Types of Risks (Economic. Financial. and Legal)" to which the Company is Exposed in the Course of its Activity. | GRI 3-3 | |
| Impact. risk and opportunity management | S4-1™ – Policies related to consumers and end-users | See subchapter 4. "Social Information", section 4.1. "Our social-related policies", subsection 4.1.3. "Consumers and end-users", of this chapter. | GRI 2-23 | |
| GRI 2-25 | ||||
| GRI 2-29 | ||||
| ESRS S4- Consumers and end-users | Impact. risk and opportunity management | S4-2™ – Processes for engaging with consumers and end-users about impacts | See subchapter 4. "Social Information", section 4.2 "Managing social topics", subsection 4.2.3. "Consumers and end-users", point "Engaging with consumers", of this chapter. | GRI 2-12 |
| GRI 2-29 | ||||
| GRI 3-3 | ||||
| S4-3™ – Processes to remediate negative impacts and channels for consumers and end-users to raise concerns | See subchapter 2. "General disclosures", section 2.3. "Stakeholder engagement and communication channels" and subchapter 3. "Environmental information", section 3.3. "Disclosures pursuant to Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation)", subsection 3.3.5 "Minimum Safeguards" and subchapter 4. "Social Information", section 4.2. "Managing social topics", subsection 4.2.3. "Consumers and end-users", point "Remediating impacts and channels for consumers to raise concerns", of this chapter. | GRI 2-25 | ||
| GRI 3-3 | ||||
| ESRS S4- Consumers and end-users | Impact. risk and opportunity management | 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 | See subchapter 3. "Environmental information", section 3.3. "Disclosures pursuant to Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation)", subsection 3.3.5 "Minimum Safeguards", 4. subchapter "Social Information", section 4.2. "Managing social topics", subsection 4.2.3. "Consumers and end-users", point "Actions towards our consumers", of this chapter. The risk management mechanisms are described in Chapter 4. "Corporate Governance", Part I – "Information on Shareholder Structure. Organization. and Corporate Governance." Section C "Internal Organization", Subsection III – "Internal Control and Risk Management", 53. "Identification and Description of the Main Types of Risks (Economic. Financial. and Legal)" to which the Company is Exposed in the Course of its Activity. | GRI 2-24 |
| GRI 2-25 | ||||
| GRI 3-3 | ||||
| GRI 203-2 | ||||
| Metrics and targets | S4-5™ – Targets related to managing material negative impacts. advancing positive impacts. and managing material risks and opportunities | See subchapter 6. "Sustainability commitments", section 6.1. "Commitments 2024-2026", of this chapter. | GRI 3-3 | |
| ESRS G1- Business Conduct | Governance | ESRS 2 GOV-1™ – The role of the administrative. supervisory and management bodies | See subchapter 2."General disclosures", section 2.2. "Governance and strategy". See chapter 4 "Corporate Governance", Part I - "Information on Shareholder Structure, Organisation and Corporate Governance", sections A "Shareholder Structure", B "Governing Bodies and Committees" and C "Internal Organisation". | GRI 2-9 |
| GRI 2-12 | ||||
| ESRS G1- Business Conduct | Impact. risk and opportunity management | ESRS 2 IRO-1™ – Description of the processes to identify and assess material impacts. risks and opportunities | See subchapter 2. "General disclosures", section 2.5. "Impacts, risks and opportunities management and double materiality assessment", of this chapter. See subchapter 5. "Governance information", section 5.2. "Business conduct", of this chapter. | GRI 2-23 |
| GRI 2-24 | ||||
| GRI 2-25 | ||||
| GRI 2-26 | ||||
| G1-1™ – Corporate culture and Business conduct policies and corporate culture | chapter 4 "Corporate Governance", Part I - "Information on Shareholder Structure, Organisation and Corporate Governance", C "Internal Organisation". Subchapter 2 "General Disclosures", section 2.2 "Governance and strategy"; section 2.3 "Stakeholder engagement and communication channels"; section 2.6 "Our policies", in this chapter. | GRI 2-16 | ||
| GRI 2-23 | ||||
| GRI 2-24 | ||||
| GRI 2-26 | ||||
| GRI 3-3 | ||||
| GRI 205-1 | ||||
| GRI 205-2 |
Sustainability Statement
Jerónimo Martins | Annual Report 2025
| ESRS Topic | Aspect | Disclosure requirement | Evidence | Other Standards |
|---|---|---|---|---|
| See subchapter 3 “Environmental information”, section 3.2 “How we manage environmental topics”, subsection 3.2.4 “Biodiversity and ecosystems”, point “Animal welfare”; section 3.3 “Disclosures under Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation)”, subsection 3.3.5 “Minimum safeguards”, in this chapter. See also subchapter 5 “Governance Information”, section 5.1 “Our business conduct policies”, in this chapter. | ||||
| G1-2^{30} – Management of relationships with suppliers | See Chapter 5 “Sustainability Statement”, subchapter 2 “General disclosures”, section 2.5 “Management of impacts, risks and opportunities and double materiality assessment”; subchapter 4 “Social information”, section 4.2 “How we manage social topics”, subsection 4.2.4 “Workers in the value chain”. See also subchapter 5 “Governance Information”, section 5.2 “Business conduct”, in this chapter. | GRI 3-3 | ||
| GRI 204-1 | ||||
| GRI 308-1 | ||||
| GRI 414-1 | ||||
| ESRS G1- Business Conduct | Impact, risk and opportunity management | G1-3 – Prevention and detection of corruption and bribery | This disclosure requirement was not identified as material, nonetheless it is partially reported. See subchapter 2. “General disclosures” of section 2.2. “Governance and strategy” and subchapter 3. “Environmental information”, section 3.3 “Disclosures pursuant to Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation)”, subsection 3.3.5 ‘Minimum safeguards’, of this chapter. See chapter 4 “Corporate Governance”, Part I - “Information on Shareholder Structure, Organisation and Corporate Governance”, sections A “Shareholder Structure”, B “Governing Bodies and Committees”, C “Internal Organisation” and section E “Related Party Transactions”. | GRI 2-13 |
| GRI 2-26 | ||||
| GRI 205-1 | ||||
| GRI 205-2 | ||||
| Metrics and targets | G1-4 – Confirmed incidents of corruption or bribery | This disclosure requirement was not identified as material, nonetheless it is partially reported. For information on these matters, see the reports on indicators GRI 2-27 e GRI 206-1. See the Anti-Corruption Policy, the Plan for the Prevention of Risks of Corruption and Related Offences (a document that identifies and classifies the company's main and potential risks in terms of corruption, considering the likelihood of occurrence and the impact of the risks identified, and lists the prevention and mitigation measures that the company has adopted to minimise the likelihood of occurrence and the foreseeable impact, in compliance with its regulatory compliance programme) published in 2022, and the Annual Implementation Report for this plan, published in 2024, available on our website. We are improving our reporting processes in order to respond to socio-economic compliance indicators. | GRI 2-27 | |
| GRI 206-1 | ||||
| G1-5 – Political influence and lobbying activities | This disclosure requirement was not identified as material. Nonetheless, Jerónimo Martins Group companies do not support political parties or their representatives, nor do they contribute financially to groups that may support party interests. See Code of Conduct available on our website. | GRI 2-9 | ||
| GRI 415-1 | ||||
| G1-6^{30} – Payment practices | See subchapter 5. “Governance information”, section 5.2. “Business conduct”, 5.2.4. “Supplier payment practices and initiatives”, of this chapter See also Chapter 3 “Financial Statements”, subchapter 3.1 “Consolidated Financial Statements”, note 28.2.2 “Liquidity risk”. |
30 - Material requirement.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
7.2. GRI (Global Reporting Initiative)
SUMMARY OF CONTENT GRI: Statement of use: Jerónimo Martins reports in accordance with the GRI Standards for the period between January 1 and December 31. 2025; GRI 1 used: GRI 1: Fundamentals 2021; GRI Sector Standard(s) applied: GRI Sector Standard(s) were not used.
| GRI Standard | Description | Evidence | Other Standards |
|---|---|---|---|
| GENERAL DISCLOSURES | |||
| 2-1 | Organizational details. | Jerónimo Martins, SGPS, S.A. | |
| Rua Actor António Silva n. °7, 1649-033 Lisboa, Portugal. | |||
| Refer to chapter 1 “The Jerónimo Martins Group”. | --- | ||
| 2-2 | Entities included in the organization's sustainability reporting. | See chapter 1 “The Jerónimo Martins Group”, chapter 3 “Financial Statements” and chapter 4 “Corporate Governance”, Part I – “Information on Shareholder Structure. Organisation and Corporate Governance”. | ESRS 2 BP-1 |
| 2-3 | Reporting Period, frequency and contact point. | This Jerónimo Martins Group Report covers the period from 1st January to 31st December 2024. The Sustainability Statement (included in the Annual Report) is annual. Contact point is: [email protected]. | --- |
| 2-4 | Restatements of information. | In the 2024 Annual Report, subchapter 6. “Sustainability Commitments”, section 6.1 “Commitments 2024-2026”, subsection 6.1.2 “Social”, regarding the commitment “In Hebe, reinforce the relevance of “Hebe Naturals” product range, which contain at least 92% natural ingredients in their formula (according to ISO 16128).”, where it reads “Hebe launched 16 Hebe Naturals products containing at least 92% natural ingredients by net weight, bringing the portfolio of products with these characteristics to 29.” It should be read “Hebe launched 16 Hebe Naturals products containing at least 92% natural ingredients by net weight”; | |
| In the 2024 Annual Report, subchapter 6. “Sustainability Commitments”, section 6.1 “Commitments 2024-2026”, subsection 6.1.2 “Social”, regarding the commitment “In Colombia, ensure that 100% of Private Brand products do not contain, in their direct ingredients, artificial colorants or flavour enhancers until 2026.”, where it reads “Regarding flavour enhancers: • in specialized perishables, we reached 100% products free from artificial colourings already in 2023;”, it should be read “Regarding flavour enhancers: • in specialized perishables, we reached 75% products free from flavour enhancers;”; | |||
| In the 2024 Annual Report, subchapter 6. “Sustainability Commitments”, section 6.1 “Commitments 2024-2026”, subsection 6.1.2 “Social”, regarding the commitment “Ensure that, by 2026, 100% of our Private Brand food portfolio does not contain acesulfame nor aspartame.”, it should not be considered the progress reported as it refers to another commitment. Instead, it should be read “We have redefined our commitment to make it clearer: Ensure that, by 2026, 100% of our Private Brand food portfolio does not contain acesulfame nor aspartame. The progress achieved so far is as follows: - Poland: Regarding aspartame, out of the 20 eligible products, this ingredient has been removed from 4. We will continue our efforts to eliminate both aspartame and acesulfame from our Private Brand products; - Portugal: We ended the year with 30 products containing aspartame and 29 containing acesulfame; - Colombia: Ara ended 2024 with 13 products containing acesulfame, and no products currently contain aspartame; | |||
| In the 2024 Annual Report, subchapter 6. “Sustainability Commitments”, section 6.1 “Commitments 2024-2026”, subsection 6.1.2 “Social”, regarding the commitment “In Portugal and Poland, reinforce the relevance of the offer of Private Brand cosmetic products without ingredients of animal origin, for consumers with specific preferences.”, where it reads “In Portugal, Pingo Doce and Amanhecer ended the year with 29 new Private Brand cosmetic products on the market, bringing the total to 158.”, it should be read “In Portugal, Pingo Doce and Amanhecer ended the year with 30 new Private Brand cosmetic products without ingredients of animal origin on the market, bringing the total to 155.”; | |||
| In the 2024 Annual Report, subchapter 6. “Sustainability Commitments”, section 6.1 “Commitments 2024-2026”, subsection 6.1.2 “Social”, regarding the commitment “In Portugal and Poland, reinforce the relevance of the offer of Private Brand cosmetic products containing at least 90% of natural ingredients in their composition (in line with ISO 16128).”, where it reads “In Portugal, Pingo Doce and Amanhecer ended the year with 135 products, 38 of which were launched during the year.”, it should be read “In Portugal, Pingo Doce and Amanhecer ended the year with 134 products, 30 of which were launched during the year. | |||
| In the 2025 Annual Report, it was necessary to review certain values related to the carbon footprint due to an update of the calculations for the Hebe, Hussel, and Jeronymo companies. Thus, regarding the absolute value (Scopes 1 and 2), where it reads “782,610” in the 2024 Annual Report (Chapter 5 “Corporate Responsibility in Value Creation”, Subchapter 3 “Respecting the Environment”, Section 3.1 “Combating Climate Change”, Subsection 3.1.2 “Carbon Footprint”), it should read “784,418”. Concerning the carbon footprint (Scope 1), where it reads “203,619”, it should read “204,133”; regarding the carbon footprint (Scope 2 – indirect impacts), where it reads “578,991”, it should read “580,286”; and finally, for the carbon footprint (Scope 3 – other indirect impacts), where it reads “32,763,786”, it should read “33,179,124”, resulting from corrections to categories C1 and C6. All corrected 2024 figures are duly marked in the current report. | |||
| In the 2025 Annual Report, in Chapter 5 “Corporate Responsibility in Value Creation”, Subchapter 3 “Respecting the Environment”, Section 3.4 “Promoting a Circular |
Sustainability Statement
Jerónimo Martins | Annual Report 2025
| GRI Standard | Description | Evidence | Other Standards |
|---|---|---|---|
| Economy", Subsection 3.4.2 "Materials Consumed and Reduction Initiatives", the value listed in the table "Reusable Solutions for Customer Shopping Transport" for Ara was revised, and where it reads "204", it should read "955". Thus, the total value for the Jerónimo Martins Group changes from "9,064" to "9,815". All corrected 2024 figures are duly marked in the current report. | |||
| • In the 2024 Annual Report, in subchapter 4. "Social Information", section 4.2. "Managing social topics", subsection 4.2.1 "Own Workforce", under "Training and skills development", subpoint "Training", the value referring to the total number of training actions in 2024 was revised following an update to the criteria considered. Accordingly, the value for Poland "445,658" should read "139,463", and consequently the Group value "515,355" should read "209,160". This value has been corrected and duly indicated in this Sustainability Statement. | |||
| • In the 2024 Annual Report, it was necessary to revise certain values relating to investment in Internal Social Responsibility (ISR) by area of intervention. Accordingly, in subchapter 4. "Social Information", section 4.2. "Managing social topics", subsection 4.2.1 "Own Workforce", under "Support to employees and their families", where the value "45.8" referring to investment in Family Support is stated, it should read "48.2", which consequently impacts the total investment in internal social responsibility measures, where "48.4" should read "50.8". This value is also presented in subchapter 6. "Sustainability Commitments", section 6.1 "Commitments 2024–2026", subsection "6.1.2 Social" of the 2024 Annual Report. This value has been corrected and duly indicated in this Sustainability Statement. | |||
| • In the 2024 Annual Report, in subchapter 4. "Social Information", section 4.2. "Managing social topics", subsection 4.2.1 "Own Workforce", under "Health and Safety at work", for the indicator "number of days lost due to injuries", the reported value "2,609" should read "73,933." | |||
| 2-5 | External assurance | ☑ The information contained and marked in this table with "☑" has been verified by an external third party: PricewaterhouseCoopers & Associados, SROC, S.A. The verification process report can be consulted at the end of chapter 5 "Sustainability Statement". | |
| 2-6 | Activities. value chain and other business relationships. | ☑ See chapter 1 "The Jerónimo Martins Group", chapter 3 "Financial Statements". Subchapter 5. "Governance information", section 5.2. "Business conduct", of this chapter. and to channel "Responsibility", and page "Our Responsibility Strategy" on the website https://www.jeronimomartins.com/en/. | ESRS 2 SBM-1 |
| 2-7 | Employees. | ☑ See subchapter 4. "Social information", section 4.2. "Managing social topics", subsection 4.2.1. "Own workforce", point "Our employees", of this chapter. | UNGC 6 |
| SDG 8 e 10 | |||
| ESRS 2 SBM-1 | |||
| ESRS S1-6 | |||
| 2-8 | Workers who are not employees. | ☑ See subchapter 4. "Social information", section 4.2. "Managing social topics", subsection 4.2.1. "Own workforce", point "Workers who are not employees", of this chapter. | UNGC 6 |
| SDG 8 | |||
| ESRS S1-7 | |||
| 2-9 | Governance structure and composition. | ☑ See chapter 4. "Corporate Governance", Part I – "Information on Shareholder Structure, Organisation and Corporate Governance". | SDG 5 e 16 |
| ESRS 2 GOV-1 | |||
| ESRS G1-5 | |||
| 2-10 | Nomination and selection of the highest governance body. | ☑ See chapter 4. "Corporate Governance", Part I – "Information on Shareholder Structure, Organisation and Corporate Governance", section A "Shareholder Structure" and B "Corporate Bodies and Committees". | SDG 5 e 16 |
| 2-11 | Chair of the highest governance body. | ☑ | SDG 5 e 16 |
| 2-12 | Role of the highest governance body in overseeing the management of impacts. | ☑ See chapter 4. "Corporate Governance", Part I – "Information on Shareholder Structure, Organisation and Corporate Governance", section A "Shareholder Structure", B "Corporate Bodies and Committees" and C "Internal Organisation". See subchapter 2. "General disclosures", of this chapter. See also page "Our sustainability strategy", on the website https://www.jeronimomartins.com/en/. | SDG 16 |
| ESRS 2 GOV-1 | |||
| ESRS 2 GOV-2 | |||
| ESRS 2 SBM-2 | |||
| ESRS S1-2 | |||
| ESRS S2-2 | |||
| ESRS 3-2 | |||
| ESRS 4-2 | |||
| 2-13 | Delegation of responsibility for managing impacts. | ☑ See chapter 4. "Corporate Governance", Part I – "Information on Shareholder Structure, Organisation and Corporate Governance", section A "Shareholder Structure", B "Corporate Bodies and Committees" and C "Internal Organisation". | ESRS 2 GOV-1 |
| ESRS 2 GOV-2 | |||
| ESRS G1-3 | |||
| 2-14 | Role of the highest governance body in sustainability reporting. | ☑ The approval of the Corporate Responsibility Report, included in the Annual Report, is a responsibility of the Shareholders' General Meeting. | ESRS 2 GOV-1 |
| ESRS 2 GOV-5 | |||
| 2-15 | Conflicts of interest. | ☑ See channel "Sustainability", page "Corporate Responsibility Publications" to consult the Jerónimo Martins Code of Conduct and Code of Conduct for Suppliers on the website https://www.jeronimomartins.com/en/. See channel "Investors", page "Corporate | SDG 16 |
Sustainability Statement
Jerónimo Martins | Annual Report 2025
| GRI Standard | Description | Evidence | Other Standards |
|---|---|---|---|
| Governance", subpage "Specialised Committees" on the website https://www.jeronimomartins.com/en/. The Anti-Corruption Policy and the Plan for the Prevention of Risks of Corruption and Related Infractions (a document that identifies and classifies the main and potential risks of the company in terms of corruption, considering the probability of occurrence and the impact of the identified risks, and lists the prevention and mitigation measures that the company adopted to minimize the probability of occurrence and the predictable impact, in compliance with its regulatory compliance program) published in 2022 and revised in 2025, and the annual report on the implementation of the plan, published in 2025, documents available for consultation in the 'Sustainability' channel, "Governance" page, 'Business Conduct' subpage, at https://www.jeronimomartins.com/en/. | |||
| 2-16 | Communication of critical concerns. | Refer to chapter 4. "Corporate Governance", Part I – "Information on Shareholder Structure, Organisation and Corporate Governance". | ESRS 2 GOV-2 |
| ESRS G1-1 | |||
| 2-17 | Collective knowledge of the highest governance body. | The Group carries out activities (e.g. internal and external training sessions, Sustainability Conference, internal newsletters and progress reports) that enable its management bodies to become more aware of sustainability topics. Additionally, in 2019 Sustainability Committees were created for all our Food Retail. Specialized Retail and Agribusiness Companies, with 19 meetings taking place in 2025. Refer to chapter 5. "Sustainability Statement" and chapter 4. "Corporate Governance", Part I – "Information on Shareholder Structure, Organisation and Corporate Governance", section B "Corporate Bodies and Committees", subsection II "Management and Supervision (Board of Directors)". | ESRS 2 GOV-1 |
| 2-18 | Evaluation of the performance of the highest governance body. | See chapter 4. "Corporate Governance", Part I – "Information on Shareholder Structure, Organisation and Corporate Governance", section D "Remuneration". | |
| 2-19 | Remuneration policies. | See chapter 4 "Corporate Governance", Part I – "Information on Shareholder Structure, Organisation and Corporate Governance", section D "Remuneration". | ESRS 2 GOV-3 |
| 2-20 | Process to determine remuneration. | SOG 16 | |
| ESRS 2 GOV-3 | |||
| 2-21 | Annual total compensation ratio. | Due to the complexity in standardizing salary information caused by geographic dispersion, the immediate incomparability of functions in different countries and the dissimilarity of remuneration concepts in the several Group Companies, it is fundamental to assure the quality of information before disclosing this indicator. The Group will take due diligence to fulfil the requirements of this indicator, as far as possible, by the next reporting period. | ESRS S1-16 |
| 2-22 | Statement on sustainable development strategy. | See "Message from the Chairman". | ESRS 2 BP-2 |
| ESRS 2 SBM-1 | |||
| 2-23 | Policy commitments. | See subchapter 2. "General disclosures", sections 2.3. "Stakeholder engagement and communication channels", 2.5. "Impacts, risks and opportunities management and double materiality assessment" and 2.6. "Our policies", of this chapter. See also subchapter 6. "Sustainability commitments", of this chapter. | UNGC 1-10 |
| SDG 16 | |||
| ESRS 2 GOV-2 | |||
| ESRS 2 IRO-1 | |||
| ESRS S1-1 | |||
| ESRS S1-3 | |||
| ESRS S1-4 | |||
| ESRS S1-17 | |||
| ESRS S2-1 | |||
| ESRS S2-3 | |||
| ESRS S2-4 | |||
| ESRS S3-1 | |||
| ESRS S3-3 | |||
| ESRS S3-4 | |||
| ESRS S4-1 | |||
| ESRS S4-4 | |||
| ESRS G1-1 | |||
| ESRS G1-3 | |||
| 2-24 | Embedding policy commitments. | ||
| 2-25 | Processes to remediate negative impacts. | ||
| 2-26 | Mechanisms for seeking advice and raising concerns. | ||
| 2-27 | Compliance with laws and regulations | Information on contingent liabilities associated with proceedings considered material, as defined in indicator GRI 206-1, is described in note 23. "Contingencies, contingent assets and contingent liabilities", in chapter 3 "Financial Statements". In addition, we are improving our reporting processes in order to address the other requirements of this indicator. | ESRS E2-4 |
| ESRS S1-17 | |||
| ESRS G1-4 | |||
| 2-28 | Membership associations. | See channel "About Us", page "Organisations to which we belong" and channel "Sustainability", page "Our sustainability strategy", subpage "Organisations to which we belong" on the website https://www.jeronimomartins.com/en/ | --- |
| 2-29 | Approach to stakeholder engagement. | See subchapter 2. "General disclosures", section 2.3. "Stakeholder engagement and communication channels" and 2.5. "Impacts, risks and opportunities management and double materiality assessment", of this chapter. See channel "Sustainability", page "Our sustainability strategy", subpage "Stakeholder engagement" on the website https://www.jeronimomartins.com/en/ | ESRS SBM 2-3 |
| ESRS 2 SBM-2 | |||
| 2-30 | Collective bargaining agreements. | In Portugal, only a residual number of employees are not covered by a collective bargaining agreement. In Poland, Slovakia, Czechia and Colombia, where there are no collective bargaining instruments applicable to our Companies, working conditions and the way in which employment contracts are performed are regulated by the respective national legal | UNGC 3 |
| SDG 8 | |||
| ESRS S1-1 | |||
| ESRS S1-8 |
Sustainability Statement
Jerónimo Martins | Annual Report 2025
systems (which govern these matters internally) and by the internal, local and global policies in force within our Group.
Collective bargaining covers 98.1% of employees in Portugal, corresponding to 23.5% of the Group's total workforce. Our internal policies are aligned with international best labour practices, particularly with regard to the Fundamental Conventions of the International Labour Organization.
See subchapter 4. "Social information", section 4.2. "Managing social topics", subsection 4.2.1. "Own workforce", point "Ethics and compliance", of this chapter.
| MATERIAL ASPECTS | ||||
|---|---|---|---|---|
| 3-1 | Process to determine material topics. | ☑ | See subchapter 2. "General disclosures", section 2.3. "Stakeholder engagement and communication channels" and 2.5. "Impacts, risks and opportunities management and double materiality assessment", of this chapter. | ESRS 2 BP-1 |
| 3-2 | List of material topics. | ☑ | See subchapter 2. "General disclosures", section 2.3. "Stakeholder engagement and communication channels" and 2.5 "Impacts, risks and opportunities management and double materiality assessment", of this chapter. | ESRS 2 BP-2 |
| 3-3 | Management of material topics. | ☑ | See subchapter 2. "General disclosures", section 2.3. "Stakeholder engagement and communication channels" and 2.5. "Impacts, risks and opportunities management and double materiality assessment", of this chapter. | ESRS 2 SP-2 |
| ESRS 2 SBM-1 | ||||
| ECONOMIC PERFORMANCE | ||||
| 201-1 | Direct economic value generated and distributed. | Refer to chapter 3 "Financial Statements" and indicator 203-1. | SDG 8 and 9 | |
| ESRS 2 SBM-1 | ||||
| 201-2^{n} | Financial implications and other risks and opportunities due to climate change. | ☑ | Refer to chapter 4. "Corporate Governance", Part I – "Information on Shareholder Structure. Organisation and Corporate Governance", section C "Internal Organisation", subsection III – "Internal Control and Risk Management", 53. "Details and Description of the Major Economic, Financial and Legal Risks to which the Company is Exposed in Pursuing Its Business Activity" and subchapter 3. "Environmental information", section 3.2. "Managing environmental topics", subsection 3.2.1. "Climate Change", of this chapter. | UNGC 7 |
| SDG 13 | ||||
| 201-3 | Defined benefit plan obligations and other retirement plans. | ☑ | Refer to chapter 3 "Financial Statements" and chapter 4 "Corporate Governance", Part I – "Information on Shareholder Structure, Organisation and Corporate Governance", section D "Remuneration". | --- |
| 201-4 | Financial assistance received from government. | In Poland, Jeronimo Martins Polska benefited from tax incentive measures related to robotisation, amounting to EUR 26,541.97 (PLN 112,530), and from research and development incentives, resulting from the correction of the tax return for the 2023 fiscal year, in the amount of EUR 773,810.41 (PLN 3,280,724).* | ||
| * Average exchange rate in 2025: 1 EUR = 4.2397 PLN. |
In Slovakia, Jeronimo Martins Slovensko did not receive financial support from governmental entities.
In Portugal, the benefits granted by official entities, in the form of tax credits, aimed to compensate investments made under the SIFIDE II programme – the Tax Incentive System for Business Research & Development. This programme consists of a deduction from corporate income tax, corresponding to part of the expenses incurred with personnel costs, operating expenses, outsourced Innovation and Development (R&D) activities, and the acquisition of fixed assets supporting R&D activities, all of which are certified by an external and independent entity. In this context, the relevant indicators are as follows:
• Tax credit requested under SIFIDE II, referring to the 2025 fiscal year: the 10 Jerónimo Martins Group Companies that submitted applications to this programme referring to the 2024 fiscal year [JMR – Prestação de Serviços para a Distribuição, S.A. ("JMR"), Jerónimo Martins Serviços, S.A. ("JMS"), Seaculture Aquicultura, S.A. ("Seaculture"), Terra Alegre Lacticínios, S.A. ("TAL"), Best Farmer – Actividades Agro-Pecuárias, S.A. ("Best Farmer"), Jerónimo Martins Agro-Alimentar, S.A. ("JMA"), Jerónimo Martins, SGPS, S.A. ("JMH"), Outro Chão Agricultura Biológica, Lda. ("Outro Chão"), Recheio – Cash & Carry, S.A. ("Recheio") and Pingo Doce, S.A. ("Pingo Doce")] requested a potential tax credit amount of EUR 4,029,785.
• Total R&D investment in 2025: based on the amounts reported under IPCTN24 – the National Scientific and Technological Potential Survey – by the Jerónimo Martins Group Companies (JMR, JMS, Seaculture, TAL, Best Farmer, JMA, JMH, Outro Chão, Recheio and Pingo Doce), the total reported amount corresponds to EUR 9,783,293.
In Colombia, our operations did not benefit from financial incentives (in the form of benefits, tax exemptions or credits) granted by official entities. | UNGC 1-10
SDG 8, 9, 12 and 17 |
| MARKET PRESENCE | | | | |
| --- | --- | --- | --- | --- |
| 202-1^{n} | Ratios of standard entry level wage by gender compared to local minimum wage. | ☑ | Regarding workers who are not employees, we do not have consolidated information that allows us to assess whether the type of functions performed are subject to minimum wage rules.
See subchapter 4. "Social information", section 4.2. "Managing social topics", subsection 4.2.1. "Own workforce", point "Compensation and benefits", of this chapter. | UNGC 6
SDG 1, 5 and 8
ESRS 51-10 |
Sustainability Statement
Jerónimo Martins | Annual Report 2025
| Rates of standard entry level wage compared to local minimum wage* | ||||
|---|---|---|---|---|
| 2025 | 2024 | |||
| Women | Men | Women | Men | |
| Portugal | 101.1% | 101.1% | 101.2% | 101.2% |
| Poland | 100.1% | 100.1% | 100.0% | 100.0% |
| Colombia | 100.0% | 100.0% | 100.0% | 100.0% |
| Slovakia | 107.3% | 107.3% | - | - |
*The lowest salaries of the companies with the highest representation in each country are considered. i.e. Pingo Doce (Portugal), Biedronka (Poland and Slovakia) and Ara (Colombia).
| ORI Standard | Description | Evidence | Other Standards |
|---|---|---|---|
| 202-2^{10} | Proportion of senior management hired from the local community. | See table below. | UNGC 6 |
| SDG 8 | |||
| Proportion of senior management hired from the local community* | |||
| --- | --- | --- | |
| 2025 | 2024 | ||
| Group | 85.3% | 81.6% | |
| Portugal | 93.3% | 90.7% | |
| Poland | 78.7% | 76.1% | |
| Colombia | 75.0% | 66.7% | |
| Slovakia | **28.6% | **28.6% | |
| Czechia | *** | *** | |
| Morocco | *** | - |
- For the calculation of this percentage, employees who are part of the strategic functional level are considered. Hiring people whose nationality is the same as the country where the employee works is considered local.
** As part of the Group's expansion into Slovakia, and Biedronka's knowledge sharing in Poland with the new country, the majority of employees at the strategic functional level are Polish.
*** There are no employees of the strategic functional level in Czechia and Morocco.
| ORI Standard | Description | Evidence | Other Standards |
|---|---|---|---|
| INDIRECT ECONOMIC IMPACTS | |||
| 203-1^{10} | Infrastructure investments and services supported. | See subchapter 4. "Social information", 4.2. "Managing social topics", subsection 4.2.2. "Affected communities, points "Direct support for affected communities", "Programmes and projects to engage and support affected communities" and "Indirect support for affected communities", of this chapter. | SDG 5, 9 and 11 |
| ESRS S3-4 | |||
| 203-2^{10} | Significant indirect economic impacts. | SDG 1, 3 and 8 | |
| ESRS S3 | |||
| PROCUREMENT PRACTICES | |||
| 204-1^{10} | Proportion of spending on local suppliers. | By 2025, 93% of the Group's total purchases were purchased from local suppliers. See subchapter 5. "Governance information", section 5.2. "Business conduct", subsection 5.2.1. "Selection and monitoring of suppliers" and 5.2.3. "Engaging with local suppliers", of this chapter. | SDG 8 |
| ANTI-CORRUPTION | |||
| 205-1^{10} | Operations assessed for risks related to corruption. | Refer to chapter 4 "Corporate Governance", Part I – "Information on Shareholder Structure. Organisation and Corporate Governance", section C "Internal Organisation" and section E "Related Party Transactions". | |
| See subchapter 2. "General disclosures", section 2.6. "Our policies", and subchapter 3. "Environmental information", section 3.3 "Disclosures pursuant to Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation)", subsection 3.3.5 "Minimum safeguards", and subchapter 5. "Governance information", section 5.2 "Business conduct", subsection 5.2.1 "Selection and monitoring of suppliers", of this chapter. | |||
| Our Plan for the Prevention of Corruption Risks and Related Offences (a document that identifies and classifies the Company's main and potential risks in terms of corruption, considering the likelihood of occurrence and the impact of the risks identified, and lists the prevention and mitigation measures that the company has adopted to minimise the likelihood of occurrence and the foreseeable impact, in compliance with its regulatory compliance programme) published in 2022 and revised in 2025, and the Annual Report on the Implementation of this plan, published in 2025, documents available for consultation "Sustainability", page "Governance", subpage "Business conduct" at https://www.jeronimomartins.com/en. In addition, in 2023 we approved the Integrity Due Diligence Procedure, as an autonomous internal document aimed at assessing risks related | UNGC 10 | ||
| SDG 16 |
Sustainability Statement
Jerónimo Martins | Annual Report 2025
to corruption in the supply chain. Risk assessment in the supply chain is also assessed through social audits whose criteria include this issue.
| Communication about Anti-Corruption Policy | ||||
|---|---|---|---|---|
| 2025 | 2024 | |||
| Total | % | Total | % | |
| Group | 142,420 | 96.4% | 42,477 | 30.4% |
| Portugal | 35,326 | 99.9% | 35,454 | *100.1% |
| Poland | 89,199 | 96.6% | 4,711 | 5.3% |
| Colombia | 17,895 | 92.0% | 2,252 | 14.1% |
| Slovakia | 0 | 0.0% | 60 | 33.7% |
*In 2024, the average headcount in Portugal was higher than the headcount recorded on 31/12/2024 (35,433 employees).
| Call Standard | Description | Evidence | Other Standards |
|---|---|---|---|
| ANTI-COMPETITIVE BEHAVIOUR | |||
| 206-1 | Legal actions for anticompetitive Behavior, Antitrust, and monopoly practices. | See chapter 3. "Financial Statements", subchapter 3.1. "Consolidated Financial Statements", point 23. "Contingencies, contingent assets and contingent liabilities" for a description of major legal proceedings (amounted higher than 5 million euros) pending resolution, for which the Board of Directors, supported by the opinion of its lawyers and tax advisors, considers that there is enough ground for its appeal in court. In addition, we are improving our reporting processes in order to address the other requirements of this indicator. | --- |
| TAX | |||
| 207-1 | Approach to tax | See subchapter 5. "Governance information", section 5.2. "Bussiness conduct", subsection 5.2.5. "Taxation", of this chapter. See also chapter 4. "Corporate Governance", Section B - "Governing Bodies and Committees", Subsection II - "Management and Supervision" (Board of Directors), point 21. "Organisational Charts Concerning the Allocation of Powers Between the Various Corporate Boards, Committees and/or Departments Within the Company, Including Information on Delegating Powers, Particularly as Regards the Delegation of the Company's Daily Management", of this Report. | UNGC 10 SDG 8, 16, 17 |
| 207-2 | Tax governance, control, and risk management | See subchapter 2. "General Disclosures", section 2.3. "Stakeholder engagement and communication channels", subsection 2.3.1 "Mechanisms and channels for raising concerns" and subchapter 5. "Governance information", section 5.2. "Bussiness conduct", subsection 5.2.5. "Taxation", of this chapter. See also chapter 4. "Corporate Governance", Section B - "Governing Bodies and Committees", Subsection II - "Management and Supervision" (Board of Directors), point 21. "Organisational Charts Concerning the Allocation of Powers Between the Various Corporate Boards, Committees and/or Departments Within the Company, Including Information on Delegating Powers, Particularly as Regards the Delegation of the Company's Daily Management", of this Report. | UNGC 10 SDG 8, 16, 17 |
| 207-3 | Stakeholder engagement and management of concerns related to tax | See subchapter 2. "General Disclosures", section 2.3. "Stakeholder engagement and communication channels", subsection 2.3.1 "Mechanisms and channels for raising concerns" and subchapter 5. "Governance information", section 5.2. "Bussiness conduct", subsection 5.2.5. "Taxation", of this chapter. | UNGC 10 SDG 8, 16, 17 |
| 207-4 | Country-by-country reporting | Indicator partially reported in subchapter 5. "Governance information", section 5.2. "Bussiness conduct", subsection 5.2.5. "Taxation", point "Transparency", of this chapter. | UNGC 10 SDG 8, 16, 17 |
| MATERIALS | |||
| 301-1* | Materials used by weight or volume. | Renewable materials (2025): 240,917 t (43.0%) | |
| Non-renewable materials (2025): 319,792 t (57.0%) | |||
| Renewable materials (2024): 232,053 t (43.2%) | |||
| Non-renewable materials (2024): 305,610 t (56.8%) | |||
| Variation (2025 vs 2024): | |||
| Renewable materials: +3.8% | |||
| Non-renewable materials: +4.6% | UNGC 7 and 8 SDG 8 and 12 ESRS E5-4 |
Sustainability Statement
Jerónimo Martins | Annual Report 2025
See subchapter 3. "Environmental information", section 3.2. "Managing environmental topics", subsection 3.2.2. "Resources use and circular economy", point "Materials used and resource outflows", of this chapter
UNGC 7 and 8
SDG 8 and 12
ESRS E5-4
301-2°
Recycled input materials used.
☑
See subchapter 3. "Environmental information", section 3.2. "Managing environmental topics", subsection 3.2.2. "Resources use and circular economy", point "Materials used and resource outflows", of this chapter
301-3°
Reclaimed products and their packaging materials.
This aspect was considered non-material. Nevertheless, the Group promotes the collection of waste from customers in its stores, sending it for recovery.
See subchapter 3. "Environmental information", section 3.2. "Managing environmental topics", subsection 3.2.2. "Resources use and circular economy", point "Materials used and resource outflows".
ENERGY
302-1°
Energy consumption within the organization.
☑
See subchapter 3. "Environmental information", section 3.2. "Managing environmental topics", subsection 3.2.1. "Climate change", point "Energy consumption management". See table below.
All fuels used by the Jerónimo Martins Companies are from non-renewable sources.
UNGC 7, 8 and 9
SDG 7, 8, 12 and 13
| Total consumption (GJ) | 2025 | *2024 | Δ 2025/2024 |
|---|---|---|---|
| Energy consumption by type | 8,378,920 | 7,953,837 | +5.3% |
| Electricity** | 6,843,159 | 6,808,521 | +0.5% |
| Fuels | 1,285,623 | 1,017,993 | +26.3% |
| Heating** | 250,138 | 127,323 | +96.5% |
| Renewable energy | 4,345,895 | 4,253,082 | +2.2% |
| Electricity | 4,309,625 | 4,234,747 | +1.8% |
| Heating | 36,270 | 18,335 | +97.8% |
- Value corrected following an update to the calculations
- It includes renewable energy generation for self-consumption, Guarantees of Origin, Renewable Power Purchase Agreements and the percentage of renewable energy in each energy supplier's energy mix.
| SR/Standard | Description | Evidence | Other Standards | |
|---|---|---|---|---|
| 302-2° | Energy consumption outside of the organization. | This indicator is presented in the form of CO2e as part of the calculation of the Group's carbon footprint – scope 3 emissions for all categories according to the GHG Protocol – Corporate Value Chain methodology. There are currently no conversion factors available to convert the units used in the Scope 3 categories into GJ. | ||
| See subchapter 3. "Environmental information", section 3.2. "Managing environmental topics", subsection 3.2.1. "Climate Change", point "Carbon footprint", of this chapter. | UNGC 7 and 8 | |||
| SDG 7, 8, 12 and 13 | ||||
| 302-3° | Energy intensity. | ☑ | Em 2025, the intensity indicator was 0.233 GJ/000 euros in sales, representing less 2.1% comparing to 2021. In 2024, the intensity indicator was 0.238 GJ/000 euros in sales. | |
| See subchapter 3. "Environmental information", section 3.2. "Managing environmental topics", subsection 3.2.1. "Climate Change", point "Energy consumption management", of this chapter. | ||||
| The conversion factor from kWh to GJ from the International System of Units was used in order to meet the requirements of this indicator. | UNGC 8 | |||
| SDG 7, 8, 12 and 13 | ||||
| 302-4° | Reduction of energy consumption. | ☑ | See subchapter 3. "Environmental information", section 3.2. "Managing environmental topics", subsection 3.2.1. "Climate Change", point "Energy consumption management", of this chapter. | UNGC 8 and 9 |
| SDG 7, 8, 12 and 13 | ||||
| 302-5° | Reductions in energy requirements of products and services. | ☑ | See subchapter 3. "Environmental information", section 3.2. "Managing environmental topics", subsection 3.2.1. "Climate Change", point "Energy consumption management", of this chapter. | UNGC 8 and 9 |
| SDG 7, 8, 12 and 13 | ||||
| WATER | ||||
| 303-1 (2018) | Interactions with water as a shared resource. | ☑ | See subchapter 3. "Environmental information", section 3.2. "Managing environmental topics", subsection 3.2.3. "Water and marine resources", point "Water consumption" of this chapter. | UNGC 7 and 8 |
| SDG 6 and 12 | ||||
| 303-2 (2018) | Management of water discharge related impacts. | ☑ | UNGC 8 | |
| SDG 6 | ||||
| 303-3 (2018) | Water withdrawal. | ☑ | See tables below. | UNGC 8 |
| SDG 6 and 12 | ||||
| 303-4 (2018) | Water discharge. | ☑ | UNGC 8 | |
| SDG 6 | ||||
| 303-5 (2018) | Water consumption. | ☑ | UNGC 7 and 8 | |
| SDG 6 |
Sustainability Statement
Jerónimo Martins | Annual Report 2025
| Total consumption (megalitres/million euros in sales) | 2025 | 2024 | Δ 2025/2024 |
|---|---|---|---|
| Overall specific value | 0.230 | 0.189 | +21.2% |
| Specific value (Distribution) | 0.102 | 0.102 | +0.0% |
| Specific value (Agribusiness) | 27.284 | 20.386 | +33.8% |
| Total withdrawal (megalitres) | 2025 | 2024 | Δ 2025/2024 |
| --- | --- | --- | --- |
| Water withdrawal by source** | 8,265.1 | 6,326.6 | +30.6% |
| Municipal and private supply system | 7,595.8 | 6,014.0 | +26.3% |
| Groundwater | 533.7 | 294.0 | +81.5% |
| Surface water (including rainwater) | 135.6 | 18.5 | +633.0% |
- The total volume captured corresponds to fresh water.
| Recycled water (megalitres) | 2025 | 2024 | Δ 2025/2024 |
|---|---|---|---|
| Total recycled water* | 3.3 | 2.8 | +17.9% |
- Only Ara.
| Total wastewater (megalitres) | 2025 | 2024 | Δ 2025/2024 |
|---|---|---|---|
| Wastewater disposal by type of destination* | 3,155.3 | 2,936.4 | +7.5% |
| Municipal Sewage | 3,088.4 | 2,883.4 | +7.5% |
| Environment | 56.9 | 52.9 | +7.6% |
- It is estimated that fresh water represents less than 0.5% of the rejected volume.
| Total water consumption (megalitros) | 2025 | 2024 | Δ 2025/2024 |
|---|---|---|---|
| Water consumption by business unit | 5,109.8 | 3,390.2 | +50.7% |
| VIII. Standard | Description | Evidence | Other Standards |
| --- | --- | --- | --- |
| BIODIVERSITY | |||
| 101-1 | Policies to halt and reverse biodiversity loss | This indicator is partially reported in subchapter 5. "Governance information", section 5.1. "Our business conduct policies", and subchapter 6. "Sustainability commitments", of this chapter. | UNGC 8 |
| SDG 6, 14 and 15 | |||
| 101-2 | Management of biodiversity impacts | This indicator is partially reported in subchapter 3. "Environmental information", section 3.2. "Managing environmental topics", subsection 3.2.4. "Biodiversity and ecosystems", points "Initiatives to reduce impacts and protect biodiversity", "Fighting deforestation" and "Sustainable fishing strategy", of this chapter. See also, for additional conservation measures, subchapter 3. "Environmental information", section 3.2. "Managing environmental topics", subsection 3.2.4. "Biodiversity and ecosystems", point "Support for biodiversity protection and ecosystem regeneration projects", of this chapter. | UNGC 8 |
| SDG 6, 14 and 15 | |||
| 101-3 | Access and benefit-sharing | This indicator is partially reported in subchapter 3. "Environmental information", section 3.2. "Managing environmental topics", subsection 3.2.4. "Biodiversity and ecosystems". | UNGC 8 |
| SDG 6, 14 and 15 | |||
| 101-4 | Identification of biodiversity impacts | This indicator is partially reported in subchapter 3. "Environmental information", section 3.2. "Managing environmental topics", subsection 3.2.4. "Biodiversity and ecosystems", point "Management of biodiversity-related risks and opportunities", subpoint "Impacts and dependencies" and points "Fighting deforestation" and "Sustainable fishing strategy", of this chapter. | UNGC 8 |
| SDG 6, 14 and 15 | |||
| 101-5 | Locations with biodiversity impacts | This indicator is partially reported in subchapter 3. "Environmental information", section 3.2. "Managing environmental topics", subsection 3.2.4. "Biodiversity and ecosystems", point "Management of biodiversity-related risks and opportunities", subpoint "Activities located in areas important for biodiversity", of this chapter. | UNGC 8 |
| SDG 6, 14 and 15 | |||
| 101-6 | Direct drivers of biodiversity loss | This indicator is partially reported in subchapter 3. "Environmental information", section 3.2. "Managing environmental topics", subsection 3.2.1. "Climate Change", point "Carbon footprint", subsection 3.2.3. "Water and marine resources", point "Water consumption", subsection 3.2.4. "Biodiversity and Ecosystems", point "Sustainable fishing strategy" and subsection 3.2.5. "Pollution", of this chapter. | UNGC 8 |
| SDG 6, 13, 14 and 15 | |||
| 101-7 | Changes to the state of biodiversity | This indicator is partially reported in subchapter 3. "Environmental information", section 3.2. "Managing environmental topics", subsection 3.2.4. "Biodiversity and ecosystems". | UNGC 8 |
| SDG 6, 14 and 15 | |||
| 101-8 | Ecosystem services | This indicator is partially reported in subchapter 3. "Environmental information", section 3.2. "Managing environmental topics", subsection 3.2.4. "Biodiversity and ecosystems". | UNGC 8 |
| SDG 6, 14 and 15 | |||
| EMISSIONS | |||
| 305-1" | Direct (Scope 1) GHG emissions. | All consumption is calculated considering greenhouse gases, and therefore includes, whenever applicable, CO₂, N₂O, CH₄, HFCs or others. | |
| See subchapter 3. "Environmental information", section 3.2. "Managing environmental topics", subsection 3.2.1. "Climate change", point "Carbon footprint", of this chapter. | UNGC 7 e 8 | ||
| SDG 3, 12, 13, 14 e 15 | |||
| 305-2" | Energy indirect (Scope 2) GHG emissions. | UNGC 7 e 8 | |
| SDG 3, 12, 13, 14 e 15 | |||
| 305-3" | Other indirect (Scope 3) GHG emissions. | UNGC 7 and 8 | |
| SDG 3, 12, 13, 14 and 15 |
Sustainability Statement
Jerónimo Martins | Annual Report 2025
| GHI Standard | Description | Evidence | Other Standards |
|---|---|---|---|
| 305-4^{10} | GHG emissions intensity. | ☑ | UNGC 8 |
| SDG 13.14 and 15 | |||
| 305-5^{10} | Reduction of GHG emissions. | ☑ | UNGC 8 and 9 |
| SDG 13.14 e 15 | |||
| 305-6^{10} | Emissions of ozone depleting substances (ODS). | ☑ | This aspect is not material. However, in 2025 there was no CFC-11 eq emission. |
| 305-7^{10} | Nitrogen oxides (NOX), sulphur oxides (SOX), and other significant air emissions. | ☑ | The quantities are emitted by the combustion of fossil fuels (use of on-site fuel for equipment operation, emergency generators and heating, as well as light vehicle fleet): |
| • NO_{x} = 119,4 tonnes (-1.5% face to 2024); | |||
| • SO_{x} = 27.2 tonnes (+22.0% face to 2024). | |||
| For the calculation of air emissions, the emission factors from the European Environment Agency (Air Pollutant Emission Inventory Guidebook) were used. | |||
| WASTE | |||
| 306-1^{10} (2020) | Waste generation and significant waste-related impacts. | ☑ | See subchapter 3. "Environmental information", section 3.2. "Managing environmental topics", subsection 3.2.2. "Resource use and circular economy", point "Managing circular economy-related impacts, risks and opportunities", and point "Actions to promote a circular economy", subpoints "Waste recovery from operations" and "Customer waste recovery", of this chapter. of this chapter. |
| 306-2^{10} (2020) | Management of significant waste-related impacts. | ☑ | See section 7.1. ESRS – European Sustainability Reporting Standards (indicator E5-5m – Resource Outflows). |
| 306-3^{10} (2020) | Waste generated. | ☑ | See topics", subsection 3.2.2. "Resource use and circular economy", point "Materials used and resource outflows", subpoint "Waste management subchapter 3. "Environmental information", section 3.2. "Managing environmental" and point "Actions to promote a circular economy", subpoints "Waste recovery from operations" and "Customer waste recovery", of this chapter. See section 7.1 of the ESRS – European Sustainability Reporting Standards (indicator E5-5^{m} – Resource outflows). |
| 306-4^{10} (2020) | Waste diverted from disposal. | ☑ | |
| 306-5^{10} (2020) | Waste directed to disposal. | ☑ | |
| SUPPLIER ENVIRONMENTAL ASSESSMENT | |||
| 308-1^{10} | New suppliers that were screened using environmental criteria. | ☑ | In 2025, the Group approved 122 new suppliers, 100% of which were also assessed in the environmental component. See subchapter 5. 'Governance information', Section 5.2 'Business conduct', Section 5.2.1. "Selection and monitoring of suppliers", section "Environmental audits" of this chapter. |
| 308-2^{10} | Negative environmental impacts in the supply chain and actions taken. | ☑ | See sub-chapter 5. "Governance information", section 5.2. "Business conduct", of this chapter. |
| EMPREGO | |||
| 401-1^{10} | New employee hires and employee turnover. | ☑ | The turnover rate was 29.2% in 2025. Compared to 2024, there was a slight increase of 1.3 p.p. in Portugal and 7.0 p.p. in Colombia, and a decrease of 1.8 p.p. in Poland. Our analysis focuses on two types of turnover: involuntary and voluntary (from the employee's perspective). The former results mainly from the seasonality to which the business is subject, requiring Companies to adjust their workforce during periods such as Christmas, Easter or Summer, as well as from necessary adjustments related to below-expected performance. On the other hand, there are several reasons that may lead employees to voluntarily leave our Group, which may be related to the opportunity of a new position or the need for change due to professional or personal reasons. Voluntary departures are the main drivers of the turnover rate, particularly among employees aged 30 or under. To understand the reasons for turnover and act preventively to mitigate them, we conduct exit interviews. In addition, this indicator is monitored by the Risk Committee. |
| See the tables below and the subchapter 4. "Social information", section 4.2. "Managing social topics", subsection 4.2.1. "Own workforce", point "Our employees", of this chapter. |
New employee hires
| 2025 | New employee hires | |||||
|---|---|---|---|---|---|---|
| Age | Gender | Total | ||||
| <30 | 30-50 | >50 | Women | Men | ||
| Group | 27,176 | 21,583 | 2,235 | 34,005 | 16,989 | 50,994 |
| Portugal | 7,697 | 4,193 | 570 | 6,681 | 5,779 | 12,460 |
| Poland | 10,334 | 11,961 | 1,613 | 19,070 | 4,838 | 23,908 |
| Colombia | 8,913 | 5,173 | 16 | 7,885 | 6,217 | 14,102 |
| Slovakia | 196 | 235 | 31 | 331 | 131 | 462 |
| Czechia | 25 | 6 | 3 | 33 | 1 | 34 |
| Morocco | 11 | 15 | 2 | 5 | 23 | 28 |
Sustainability Statement
Jerónimo Martins | Annual Report 2025
| 2024 | New employee hires | |||||
|---|---|---|---|---|---|---|
| Age | Gender | Total | ||||
| <30 | 30-50 | >50 | Women | Men | ||
| Group | 24,208 | 19,612 | 1,847 | 31,594 | 14,073 | 45,667 |
| Portugal | 7,177 | 4,032 | 510 | 6,511 | 5,208 | 11,719 |
| Poland | 10,768 | 11,944 | 1,317 | 19,722 | 4,307 | 24,029 |
| Colombia | 6,194 | 3,518 | 7 | 5,226 | 4,493 | 9,719 |
| Slovakia | 40 | 99 | 7 | 81 | 65 | 146 |
| Czechia | 29 | 19 | 6 | 54 | 0 | 54 |
| 2025 | Rate of new employee hires* | |||||
| --- | --- | --- | --- | --- | --- | --- |
| Age | Gender | Total | ||||
| <30 | 30-50 | >50 | Women | Men | ||
| Group | 70.9% | 23.9% | 11.7% | 30.4% | 47.2% | 34.5% |
| Portugal | 82.7% | 22.2% | 8.0% | 29.7% | 44.8% | 35.2% |
| Poland | 52.8% | 19.7% | 13.6% | 24.4% | 34.6% | 25.9% |
| Colombia | 96.6% | 50.9% | 23.2% | 74.6% | 69.9% | 72.5% |
| Slovakia | 113.3% | 84.8% | 91.2% | 102.2% | 81.9% | 95.5% |
| Czechia | 89.3% | 27.3% | 100.0% | 63.5% | 100.0% | 64.2% |
| Morocco | 68.8% | 40.5% | 66.7% | 45.5% | 51.1% | 50.0% |
- Rate of new employee hires (per segment) = total number of new employee hires during the year/total number of employees at the end of the period.
| 2024 | Rate of new employee hires* | |||||
|---|---|---|---|---|---|---|
| Age | Gender | Total | ||||
| <30 | 30-50 | >50 | Women | Men | ||
| Group | 66.2% | 22.7% | 10.9% | 29.7% | 42.0% | 32.7% |
| Portugal | 75.1% | 21.0% | 7.6% | 28.6% | 41.0% | 33.1% |
| Poland | 55.8% | 20.3% | 12.8% | 26.2% | 33.0% | 27.2% |
| Colombia | 81.1% | 42.7% | 15.9% | 63.6% | 58.3% | 61.1% |
| Slovakia | 87.0% | 80.5% | 77.8% | 77.9% | 87.8% | 82.0% |
| Czechia | 116.0% | 100.0% | 150.0% | 114.9% | 0.0% | 112.5% |
- Rate of new employee hires (per segment) = total number of new employee hires during the year/total number of employees at the end of the period.
Employee turnover
| 2025 | Termination of labour contract | |||||
|---|---|---|---|---|---|---|
| Age | Gender | Total | ||||
| <30 | 30-50 | >50 | Women | Men | ||
| Group | 21,128 | 19,173 | 2,767 | 28,548 | 14,520 | 43,068 |
| Portugal | 7,010 | 4,594 | 876 | 6,917 | 5,563 | 12,480 |
| Poland | 7,768 | 10,238 | 1,859 | 15,982 | 3,883 | 19,865 |
| Colombia | 6,260 | 4,246 | 16 | 5,505 | 5,017 | 10,522 |
| Slovakia | 58 | 80 | 12 | 107 | 43 | 150 |
| Czechia | 23 | 6 | 4 | 32 | 1 | 33 |
| Morocco | 9 | 9 | 0 | 5 | 13 | 18 |
| 2024 | Termination of labour contract | |||||
| --- | --- | --- | --- | --- | --- | --- |
| Age | Gender | Total | ||||
| <30 | 30-50 | >50 | Women | Men | ||
| Group | 19,676 | 18,133 | 2,327 | 27,279 | 12,857 | 40,136 |
| Portugal | 7,028 | 4,158 | 849 | 6,716 | 5,319 | 12,035 |
| Poland | 8,292 | 10,798 | 1,468 | 16,791 | 3,767 | 20,558 |
| Colombia | 4,322 | 3,169 | 7 | 3,729 | 3,769 | 7,498 |
| Slovakia | 1 | 2 | 1 | 2 | 2 | 4 |
| Czechia | 33 | 6 | 2 | 41 | 0 | 41 |
| 2025 | Rate of employee turnover* | |||||
| --- | --- | --- | --- | --- | --- | --- |
| Age | Gender | Total | ||||
| <30 | 30-50 | >50 | Women | Men | ||
| Group | 55.1% | 21.2% | 14.5% | 25.6% | 40.3% | 29.2% |
| Portugal | 75.4% | 24.3% | 12.3% | 30.8% | 43.1% | 35.3% |
| Poland | 39.7% | 16.8% | 15.7% | 20.4% | 27.7% | 21.5% |
| Colombia | 67.8% | 41.8% | 23.2% | 52.1% | 56.4% | 54.1% |
| Slovakia | 33.5% | 28.9% | 35.3% | 33.0% | 26.9% | 31.0% |
| Czechia | 82.1% | 27.3% | 133.3% | 61.5% | 100.0% | 62.3% |
| Morocco | 56.3% | 24.3% | 0.0% | 45.5% | 28.9% | 32.1% |
- Rate of employee turnover (per segment) = total number of employees leaving during the year/total number of employees at the end of the period.
| 2024 | Rate of employee turnover* | |||||
|---|---|---|---|---|---|---|
| Age | Gender | Total | ||||
| <30 | 30-50 | >50 | Women | Men | ||
| Group | 53.8% | 21.0% | 13.7% | 25.7% | 38.3% | 28.7% |
Sustainability Statement
Jerónimo Martins | Annual Report 2025
| 2024 | Rate of employee turnover* | |||||
|---|---|---|---|---|---|---|
| Age | Gender | Total | ||||
| <30 | 30-50 | >50 | Women | Men | ||
| Portugal | 73.6% | 21.7% | 12.7% | 29.5% | 41.9% | 34.0% |
| Poland | 42.9% | 18.4% | 14.3% | 22.3% | 28.9% | 23.3% |
| Colombia | 56.6% | 38.5% | 15.9% | 45.4% | 48.9% | 47.1% |
| Slovakia | 2.2% | 1.6% | 11.1% | 1.9% | 2.7% | 2.2% |
| Czechia | 132.0% | 31.6% | 50.0% | 87.2% | 0.0% | 85.4% |
- Rate of employee turnover (per segment) = total number of employees leaving during the year/total number of employees at the end of the period.
| GRI Standard | Description | Evidence | Other Standards |
|---|---|---|---|
| 401-2° | Benefits provided to full-time employees that are not provided to temporary or part-time employees. | See subchapter 4. “Social information”, section 4.2. “Managing social topics”, subsection 4.2.1. “Own workforce”, point “Compensation and benefits”, of this chapter. | UNGC 6 |
| SDG 3, 5 and 8 | |||
| 401-3° | Parental leave. | See the table below and subchapter 4. “Social information”, section 4.2. “Managing social topics”, subsection 4.2.1. “Own workforce”, point “Work-life balance”, of this chapter. | UNGC 6 |
| SDG 5 and 8 | |||
| ESRS S1-15 | |||
| Parental leave* | 2025 | ||
| --- | --- | --- | --- |
| Women | Men | Total | |
| Employees entitled to parental leave | 111,710 | 35,999 | 147,709 |
| Employees who have taken parental leave | 3,247 | 1,068 | 4,315 |
| Employees who returned from parental leave | 1,766 | 942 | 2,708 |
| Employees who returned from parental leave and who remained in the Group 12 months after returning | 1,721 | 834 | 2,555 |
| Return to work rate ** | 54.4% | 88.2% | 62.8% |
| Rate of employees still on parental leave *** | 34.9% | 10.0% | 28.8% |
| Retention rate *** | 86.7% | 80.2% | 84.5% |
- Employees entitled to parental leave were 100%, from which 2.9% took parental leave (women: 2.9%; men: 3.0%).
** The return-to-work rate is the percentage of employees who returned from parental leave based on employees who took parental leave during the period.
*** The rate of employees who are still on parental leave corresponds to the percentage of employees who have not yet returned from leave. based on employees who have taken parental leave in the period.
*** The retention rate corresponds to the percentage of employees who returned from parental leave in 2025 and who remain working in the Group 12 months later.
| GRI Standard | Description | Evidence | Other Standards |
|---|---|---|---|
| LABOUR/MANAGEMENT RELATIONS | |||
| 402-1° | Minimum notice periods regarding operational changes. | The Jerónimo Martins Group follows the notice periods established by law with regard to changes of an operational nature. All collective labour agreements that exist in Portugal have a clause referring to termination (termination at the will of one of the parties) and a review process, with rules that stipulate, as the case may be. deadlines and procedures for each figure. In any case, this issue is covered by the Portuguese Labour Code that regulates these realities. | UNGC 3 |
| SDG 8 | |||
| OCCUPATIONAL HEALTH AND SAFETY | |||
| 403-1° (2018) | Occupational health and safety management system. | See subchapter 4. “Social information”, section 4.2. “Managing social topics”, subsection 4.2.1. “Own workforce”, point “Health and safety at work”, of this chapter. | ESRS 2 SBM-3 |
| 403-2° (2018) | Hazard identification. risk assessment. and incident investigation. | See subchapter 4. “Social information”, section 4.2. “Managing social topics”, subsection 4.2.1. “Own workforce”, point “Health and safety at work”, of this chapter. | ESRS 2 SBM-3 |
| 403-3° (2018) | Occupational health services. | SDG 8 | |
| ESRS S1-1 | |||
| 403-4° (2018) | Worker participation. consultation and communication on | SDG 8 and 16 | |
| ESRS S1-2 |
Sustainability Statement
Jerónimo Martins | Annual Report 2025
| GRI Standard | Description | Evidence | Other Standards |
|---|---|---|---|
| occupational health and safety. | |||
| 403-5° (2018) | Worker training on occupational health and safety. | ☑ | SDG 8 |
| 403-6° (2018) | Promotion of worker health. | ☑ | SDG 3 |
| 403-7° (2018) | Prevention and mitigation of occupational health and safety impacts directly linked to commercial relations. | See subchapter 2. “General Disclosures”, section 2.6. “Our policies”, subchapter 3. “Environmental information”, section 3.3. “Disclosures pursuant to Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation)”, subsection 3.3.5 “Minimum Safeguards”, and subchapter 5. “Governance information”, section 5.2 “Business Conduct”, subsection 5.2.1. “Selection and monitoring suppliers”, of this chapter. | SDG 8 and 16 |
| ESRS 52-3 | |||
| 403-8° (2018) | Workers covered by an occupational health and safety management system. | ☑ | The information presented refers to the occupational health and safety management systems implemented at Biedronka (ISO 45001:2018), Terra Alegre (ISO 45001:2019), the central kitchens of Meal Solutions (ISO 45001:2023), and distribution centres of Pingo Doce: Azambuja, Vila do Conde, Algoz, Alfena, Alcochete and Vila Nova da Rainha (ISO 45001:2023). Within this scope, 91,097 employees are considered (88,253 at Biedronka, 2,094 at Pingo Doce’s distribution centres, 146 at Terra Alegre and 604 at Meal Solutions) and 19,676 non-employees (19,674 at Biedronka and 2 at Terra Alegre). |
| As a rule, all employees are covered by the system. External audits only include a sample of the total number of employees and non-employees and, in 2025, covered 26.3% of the population. Employees and non-employees are also covered by the occupational health and safety systems of the respective countries, in accordance with local legislation. | |||
| See subchapter 4. “Social information”, section 4.2. “Managing social topics”, subsection 4.2.1. “Own workforce”, point “Health and safety at work” of this chapter. | |||
| GRI Standard | Description | Evidence | Other Standards |
| --- | --- | --- | --- |
| 403-9° (2018) | Work-related injuries. | ☑ | In 2025, there were 4,499 accidents at work across the Group, and 39 that had a serious consequence. Compared to the previous year, this represents a 4.6% increase in total accidents, but a 20.4% reduction in serious cases. The difference between genders is due to the greater presence of women in the workforce. |
| The rate of recordable work-related injuries, which measures the ratio between the number of accidents and the hours worked, showed a reduction of 1.9% despite the increase in the absolute number of accidents. This means that, even with a 5.6% increase in the workforce and a 6.6% increase in hours worked, there were proportionally fewer accidents. The rate of high-consequence work-related injuries improved by 25.4%, a reduction greater than that observed in the absolute number of this typology | |||
| Most accidents: | |||
| • in Portugal led to trauma and contusions; | |||
| • in Poland resulted in wounds and other superficial injuries, as well as limb injuries such as fractures, sprains, strains, ruptures and dislocations; | |||
| • in Colombia led to contusions, musculoskeletal problems (e.g. contractures, muscle spasms and lower back pain) and wounds. | |||
| Most accidents are related to falls, physical exertion, inappropriate handling of equipment, risky behaviour, residue or wet floors and the handling of cutting instruments. The main hazards and causes of accidents are mostly determined through the analysis of the accidents that have occurred and, to mitigate them, we continuously implement training and awareness programs focused on the most common hazards (e.g., handling of equipment and handling of loads in stores/distribution centres, for operations, and good road practices for employees of central structures). The identified hazards are also being gradually eliminated through the refurbishment of existing stores and the opening of new ones. | |||
| Accidents involving non-employees were recorded in the three main geographies, totalling 320 accidents (3 in Portugal, 105 in Poland and 212 in Colombia), whose main causes and associated hazards are similar to those recorded for employees. No fatalities were recorded across the Group in 2025. We continue to improve our information systems to ensure that we report the full set of information required by this indicator. | |||
| See the tables below and the subchapter 4. “Social information”, section 4.2. “Managing social topics”, subsection 4.2.1. “Own workforce”, point “Health and safety at work”, of this chapter. | |||
| 2025 | Work-related injuries - employees | ||
| --- | --- | --- | --- |
| Gender | Total | ||
| Women | Men | ||
| Fatalities | 0 | 0 | 0 |
| High-consequence work-related injuries* | 28 | 11 | 39 |
| Recordable work-related injuries | 3,092 | 1,407 | 4,499 |
| Total hours worked | 170,278,763 | 64,150,797 | 234,429,560 |
Sustainability Statement
Jerónimo Martins | Annual Report 2025
| Rate of high-consequence work related injuries** | 0.16 | 0.17 | 0.17 |
|---|---|---|---|
| Rate of recordable work-related injuries*** | 18.16 | 21.93 | 19.19 |
| 2025 | Work-related injuries - workers who are not employees | ||
| --- | --- | ||
| Total | |||
| Fatalities | 0 | ||
| High-consequence work-related injuries* | 0 | ||
| Recordable work-related injuries | 320 |
- High-consequence work-related injuries are considered to be those resulting in an employee absence of more than 180 days.
** Rate of high-consequence work-related injuries (except deaths) = (Number of workplace accidents with serious consequences (except deaths)/Total hours worked) x 10⁶. As for the data reported in the 2024 Annual Report on accidents with serious consequences (49 accidents in the Group), since absences of more than 180 days can only be calculated as of 30 June 2025, these should be corrected. There were further 42 accidents that resulted in employees being absent for more than 180 days (20 in Portugal and 22 in Poland), which extended into 2025. So, in total, there were 91 high-consequence work-related injuries in 2024.
*** Rate of recordable work-related injuries = (Number of workplace accidents that must be reported/Total hours worked) x 10⁶. Following the adoption of the reporting standards (ESRS) introduced by the CSRD, and in order to respond to data requirement S1-14, the accidents considered for the calculation of this indicator are now those resulting in death, days of absence from work, limited work or transfer to another job, medical treatment beyond first aid or loss of consciousness.
| 2024 | Work-related injuries - employees | ||
|---|---|---|---|
| Gender | Total | ||
| Women | Men | ||
| Fatalities | 0 | 1 | 1 |
| High-consequence work-related injuries* | 40 | 9 | 49 |
| Recordable work-related injuries | 3,023 | 1,277 | 4,300 |
| Total hours worked | 160,749,695 | 59,081,353 | 219,831,048 |
| Rate of high-consequence work related injuries** | 0.25 | 0.15 | 0.22 |
| Rate of recordable work-related injuries*** | 18.81 | 21.61 | 19.56 |
| 2024 | Work-related injuries - workers who are not employees | ||
| --- | --- | ||
| Total | |||
| Fatalities | 2 | ||
| High-consequence work-related injuries* | 0 | ||
| Recordable work-related injuries | 219 |
- High-consequence work-related injuries are considered to be those resulting in an employee absence of more than 180 days.
** Rate of high-consequence work-related injuries (except deaths) = (Number of workplace accidents with serious consequences (except deaths)/Total hours worked) x 106. As for the data reported in the 2023 Annual Report on accidents with serious consequences (34 accidents in the Group), since absences of more than 180 days can only be calculated as of 30 June 2024, these should be corrected. There were further 41 accidents that resulted in employees being absent for more than 180 days (13 in Portugal and 28 in Poland), which extended into 2024. So, in total, there were 75 high-consequence work-related injuries in 2023.
*** Rate of recordable work-related injuries = (Number of workplace accidents that must be reported/Total hours worked) x 106. Following the adoption of the reporting standards (ESRS) introduced by the CSRD, and in order to respond to data requirement S1-14, the accidents considered for the calculation of this indicator are now those resulting in death, days of absence from work, limited work or transfer to another job, medical treatment beyond first aid or loss of consciousness.
| GHI Standard | Description | Evidence | Other Standards |
|---|---|---|---|
| 403-10 = (2018) | Work-related ill health. | In 2025, 202 cases of occupational diseases were recorded, corresponding to an increase of 72.6% compared to 2024. The difference between genders is due to the greater presence of women in the workforce. | |
| The main occupational diseases recorded were tendinitis (inflammation of the tendons), epicondylitis (inflammation of the elbow), periarthritis (inflammation of the shoulder), paralysis, carpal tunnel syndrome, lower back pain, among other chronic musculoskeletal disorders. | |||
| The main causes of occupational diseases are related to repetitive movements and overload on tendon sheaths, combined with a high work pace involving varied and manual loads. To mitigate these hazards, the Companies have improved their machinery and equipment fleet, upgraded and ensured the maintenance of workplace infrastructures, reinforced awareness and specific occupational health and safety (OHS) training on the identification of hazards and risks related to the activities carried out in the workplace, and improved task organisation and the adjustment of working schedules. | |||
| We continue to improve our information systems to ensure that we report the full set of information required by this indicator. | |||
| See the tables below and subchapter 4. "Social information", section 4.2. "Managing social topics", subsection 4.2.1. "Own workforce", point "Health and safety at work" of this chapter. | SDG 3, 8 and 16 | ||
| 2025 | Work-related ill health* | ||
| --- | --- | --- | --- |
| Gender | Total | ||
| Women | Men | ||
| Fatalities | 0 | 0 | 0 |
| Recordable work-related ill health | 163 | 39 | 202 |
- We are improving our reporting processes to ensure we report this indicator for workers who are not employees
Sustainability Statement
Jerónimo Martins | Annual Report 2025
| 2024 | Work-related ill health | ||
|---|---|---|---|
| Gender | Total | ||
| Women | Women | ||
| Fatalities | 0 | 0 | 0 |
| Recordable work-related ill health | 110 | 7 | 117 |
| GRI Standard | Description | Evidence | Other Standards |
| --- | --- | --- | --- |
| TRAINING AND EDUCATION | |||
| 404-1° | Average hours of training per year per employee. | ☑ The average number of training hours for men is slightly higher than for women because some roles at the operational functional level, such as those in the butcher or logistics sections, due to their specific nature require a greater number of training hours and are currently held by more men. | |
| The operational functional level also records the highest number of training hours, which is partly explained by it being the category with the highest turnover, requiring greater training needs during anboarding as well as in mandatory topics such as occupational health and safety. | |||
| See the table below and subchapter 4. “Social information”, section 4.2. “Managing social topics”, subsection 4.2.1. “Own workforce”, point “Training and skills development”, subpoint “Training” of this chapter. | UNGC 6 | ||
| SDG 4, 5, 8 and 10 | |||
| ESRS S1-13 | |||
| 2025 | Average hours of training | ||
| --- | --- | --- | --- |
| Gender | Total | ||
| Women | Men | ||
| Group | 63 | 75 | 66 |
| Strategic | 21 | 23 | 22 |
| Managerial | 34 | 32 | 33 |
| Operational | 63 | 77 | 67 |
| 2024 | Average hours of training | ||
| --- | --- | --- | --- |
| Gender | Total | ||
| Women | Men | ||
| Group | 63 | 68 | 64 |
| Strategic | 33 | 14 | 20 |
| Managerial | 34 | 35 | 35 |
| Operational | 63 | 70 | 65 |
| GRI Standard | Description | Evidence | |
| --- | --- | --- | --- |
| 404-2° | Programs for upgrading employee skills and transition assistance programs. | ☑ | See subchapter 4. “Social information”, section 4.2. “Managing social topics”, subsection 4.2.1. “Own workforce”, point “Training and skills development”, of this chapter. |
| 404-3° | Percentage of employees receiving regular performance and career development reviews. | ☑ | See subchapter 4. “Social information”, section 4.2. “Managing social topics”, subsection 4.2.1. “Own workforce”, point “Training and skills development”, subpoint “Leadership development”, of this chapter. |
| Only employees eligible for performance evaluation were considered, in accordance with the Performance Evaluation Policies in force at the Corporate level and in each of the Companies. | UNGC 6 | ||
| SDG 5, 8 and 10 | |||
| ESRS S1-13 | |||
| DIVERSITY AND EQUAL OPPORTUNITY | |||
| 405-1° | Diversity of governance bodies and employees. | ☑ | See the table below and subchapter 4. “Social Information”, section 4.2. “Managing social topics”, subsection 4.2.1. “Own workforce”, point “Diversity and Inclusion”, of this chapter. |
| See subchapter 4. “Social information”, section 4.2. “Managing social topics”, subsection 4.2.1. “Own workforce”, points “Our employees” and “Diversity and inclusion”, of this chapter. 25% of the members of the Group’s Managing Committee were women. | |||
| Additionally, refer to chapter 1 “The Jerónimo Martins Group”, subchapter 1. “Profile and Structure”, section 1.3. “Statutory Bodies and Structure”, subsection 1.3.1. “Statutory Bodies”, and chapter 4 “Corporate Governance”, Part I – “Information on Shareholder Structure, Organisation and Corporate Governance”, section B “Corporate Bodies and Committees”, subsection II “Management and Supervision (Board of Directors)”, 17. “Composition of the Board of Directors, With Details of the Articles of Association’s Minimum and Maximum Number of Members, Duration of Term of Office, Number of Effective Members, Date When First Appointed and End of the Term of Office of Each Member”. | UNGC 6 | ||
| SDG 5 and 8 | |||
| ESRS S1-9 |
Sustainability Statement
Jerónimo Martins | Annual Report 2025
| 2025 | Age | Gender | |||
|---|---|---|---|---|---|
| <30 | 30-50 | >50 | Women | Men | |
| Group | 26.0% | 61.1% | 12.9% | 75.6% | 24.4% |
| Portugal | 26.3% | 53.5% | 20.2% | 63.5% | 36.5% |
| Poland | 21.2% | 66.0% | 12.8% | 84.8% | 15.2% |
| Colombia | 47.4% | 52.2% | 0.4% | 54.3% | 45.7% |
| Slovakia | 35.8% | 57.2% | 7.0% | 66.9% | 33.1% |
| Czechia | 52.8% | 41.5% | 5.7% | 98.1% | 1.9% |
| Marrocco | 28.6% | 66.0% | 5.4% | 19.6% | 80.4% |
| Functional Level | |||||
| Strategic | 0.5% | 57.3% | 42.2% | 32.8% | 67.2% |
| Managerial | 7.3% | 79.3% | 13.4% | 53.2% | 46.8% |
| Operational | 26.5% | 60.6% | 12.9% | 76.3% | 23.7% |
| 2024 | Age | Gender | |||
| --- | --- | --- | --- | --- | --- |
| <30 | 30-50 | >50 | Women | Men | |
| Group | 26.1% | 61.7% | 12.2% | 76.0% | 24.0% |
| Portugal | 27.0% | 54.1% | 18.9% | 64.1% | 35.9% |
| Poland | 21.9% | 66.5% | 11.6% | 85.2% | 14.8% |
| Colombia | 48.0% | 51.7% | 0.3% | 51.6% | 48.4% |
| Slovakia | 25.8% | 69.1% | 5.1% | 58.4% | 41.6% |
| Czechia | 52.1% | 39.6% | 8.3% | 97.9% | 2.1% |
| Functional Level | |||||
| Strategic | 1.0% | 57.7% | 41.3% | 30.8% | 69.2% |
| Managerial | 7.1% | 81.1% | 11.8% | 52.9% | 47.1% |
| Operational | 26.7% | 61.2% | 12.1% | 76.7% | 23.3% |
| ORI Standard | Description | Evidence | Other Standards | ||
| --- | --- | --- | --- | --- | |
| 405-2° | Ratio of basic salary and remuneration of women to men. | ☑ | See subchapter 4. “Social information”, section 4.2. “Managing social topics”, subsection 4.2.1. “Own workforce”, points “Our employees” and “Diversity and inclusion”, of this chapter. | UNGC 6 | |
| SDG 5, 8 and 10 | |||||
| ESRS S1-16 | |||||
| NON-DISCRIMINATION | |||||
| 406-1° | Incidents of discrimination and corrective actions taken | ☑ | See subchapter 4. “Social information”, section 4.1. “Our social policies”, subsection 4.1.3. “Consumers and end-users”; section 4.2. “Managing social topics”, subsection 4.2.1. “Own workforce”, points “Our employees” and “Ethics and compliance”; and subsection 4.2.2. “Affected communities”, point “Impacts on the affected communities”, of this chapter. | UNGC 6 | |
| SDG 5 and 8 | |||||
| ESRS S1-17 | |||||
| FREEDOM OF ASSOCIATION AND COLLECTIVE BARGAINING | |||||
| 407-1° | Operations and suppliers in which the right to freedom of association and collective bargaining may be at risk. | See subchapter 4. “Social information”, section 4.2. “Managing social topics”, subsection 4.2.1. “Own workforce”, points “Our employees” and “Ethics and compliance”, and subsection 4.2.4. “Workers in the value chain”, points “Responsible labour management in the value chain” and “Sustainability certification”, of this chapter. | UNGC 3 | ||
| SDG 8 | |||||
| CHILD LABOUR | |||||
| 408-1° | Operations and suppliers at significant risk for incidents of child labour. | See subchapter 4. “Social information”, section 4.2. “Managing social topics”, subsection 4.2.1. “Own workforce”, points “Our employees” and “Ethics and compliance”, and subsection 4.2.4. “Workers in the value chain”, point “Responsible labour management in the value chain” and point “Sustainability certification”, of this chapter. | UNGC 5 | ||
| SDG 8 and 16 | |||||
| FORCED OR COMPULSORY LABOUR | |||||
| 409-1° | Operations and suppliers at significant risk for incidents of forced or compulsory labour. | See subchapter 4. “Social information”, section 4.2. “Managing social topics”, subsection 4.2.1. “Own workforce”, points “Our employees” and “Ethics and compliance”, and subsection 4.2.4. “Workers in the value chain”, points “Responsible labour management in the value chain” and “Sustainability certification”, of this chapter. | UNGC 4 | ||
| SDG 8 |
SECURITY
Sustainability Statement
Jerónimo Martins | Annual Report 2025
| GRI Standard | Description | Evidence | Other Standards |
|---|---|---|---|
| 410-1 | Security personnel trained in human rights policies or procedures. | We continue to improve our systems to ensure that we report the information requested by the indicator. | UNGC 1 |
| SDG 16 | |||
| LOCAL COMMUNITIES | |||
| 413-1^{19} | Operations with local community engagement, impact assessments, and development programs. | See subchapter 4. "Social information", section 4.2. "Managing social topics", subsection 4.2.2. "Affected communities", point "How we dialogue with affected communities", of this chapter. | UNGC 1 |
| SDG 1 and 2 | |||
| SUPPLIER SOCIAL ASSESSMENT | |||
| 414-1^{19} | New suppliers that were screened using social criteria. | In 2025, the Group worked with 314 new Private Brand and perishables suppliers, 80% of whom underwent a selection audit that included components related to labour practices (e.g., availability and use of appropriate clothing, hand-washing equipment, rules of conduct and personal hygiene, existence and conditions of social areas, changing rooms and sanitary facilities for employees, and the control of adequate training for job functions). The remaining suppliers presented certifications that exempted them from the selection audit. See subchapter 5. "Governance information", section 5.2. "Business conduct", subsection 5.2.1. "Selection and monitoring suppliers", of this chapter. | UNGC 2 |
| SDG 5, 8 and 16 | |||
| 414-2^{19} | Negative social impacts in the supply chain and actions taken. | See subchapter 4. "Social information", section 4.2. "Managing social topics", subsection 4.2.2 "Affected communities", point "Impacts on the affected communities"; subsection 4.2.4. "Workers in the value chain", points "Responsible labour management in the value chain" and "Sustainability certification"; and subchapter 5. "Governance information", section 5.2. "Business conduct", subsection 5.2.1. "Selection and monitoring suppliers", of this chapter. | UNGC 2 |
| SDG 5, 8 and 16 | |||
| PUBLIC POLICIES | |||
| 415-1 | Political contributions. | The companies of the Jerónimo Martins Group do not support political parties or their representatives. nor financially contribute to groups that may support partisan interests. See the "Sustainability" channel, "Governance" page, "Business conduct" subpage to consult the Code of Conduct on the website www.jeronimomartins.com. | UNGC 10 |
| SDG 16 | |||
| CUSTOMER HEALTH AND SAFETY | |||
| 416-1^{19} | Assessment of the health and safety impacts of product and service categories. | See subchapter 4. "Social information", section 4.2. "Managing social topics", subsection 4.2.3. "Consumers and end-users", point "Actions towards our consumers" and subpoint "Product quality and safety", and subchapter 5. "Governance information", section 5.2. "Business conduct", subsection 5.2.1. "Selection and monitoring suppliers", of this chapter. | UNGC 1 and 2 |
| SDG 3, 9 and 12 | |||
| 416-2^{19} | Incidents of noncompliance concerning the health and safety impacts of products and services. | Incidents related to product recall (recalls and withdrawals) can be found in subchapter 4. "Social information", section 4.2. "Managing social topics", subsection 4.2.3. "Consumers and end-users", point "Actions towards our consumers", subpoint "Product quality and safety" and sub-subpoint "Food recalls and withdrawals", of this chapter. In addition, we are improving our reporting processes in order to address the other requirements of this indicator. Information about contingent liabilities considered to be material, as defined in indicator GRI 206-1 of this table, is described in note 23. "Contingencies, contingent assets and contingent liabilities" in chapter 3 "Financial Statements". | SDG 16 |
| MARKETING AND LABELING | |||
| 417-1^{19} | Requirements for product and service information and labelling. | See subchapter 4. "Social information", section 4.2. "Managing social topics", subsection 4.2.3. "Consumers and end-users", point "Engaging with consumers", subpoint "Providing information to consumers" and sub-subpoint "Product information"; and point "Actions towards our consumers", subpoint "Product innovation" and sub-subpoint "Certified ingredients, products and packaging". | SDG 12 |
| 417-2^{19} | Incidents of noncompliance concerning product and service information and labelling. | Incidents related to product recall (recalls and withdrawals) can be found in subchapter 4. "Social information", section 4.2. "Managing social topics", subsection 4.2.3. "Consumers and end-users", point "Actions towards our consumers", subpoint "Product quality and safety" and sub-subpoint "Food recalls and withdrawals". In addition, we are improving our reporting processes in order to address the other requirements of this indicator. Information about contingent liabilities considered to be material, as defined in indicator GRI 206-1 of this table, is described in note 23. "Contingencies, contingent assets and contingent liabilities" in chapter 3 "Financial Statements". | UNGC 1, 2, 7, 8, 9 and 10 |
| SDG 8,12 and 16 | |||
| ESRS S4 |
Sustainability Statement
Jerónimo Martins | Annual Report 2025
| GRI Standard | Description | Evidence | Other Standards | |
|---|---|---|---|---|
| 417-3 | Incidents of noncompliance concerning marketing communications. | ☑ | Information about contingent liabilities considered to be material, as defined in indicator GRI 206-1 of this table, is described in note 23. “Contingencies, contingent assets and contingent liabilities” in chapter 3 “Financial Statements”. In addition, we are improving our reporting processes in order to address the other requirements of this indicator. | UNGC 1, 2, 7, 8, 9 and 10 |
| SDG 8,12 and 16 | ||||
| ESRS S4 |
The table of indicators above follows the methodology of the Global Reporting Initiative (GRI) Standards. Unless otherwise Stated, indicators are reported in accordance with the 2021 version of the GRI Standards.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
7.3. SASB – Sustainability Accounting Standards Board
| SASB indicator | Description | Evidence | Other Standards |
|---|---|---|---|
| FB-FR-110a.1 | Fleet fuel consumed, percentage renewable. | ☑ In the calculation methodology, we consider the lower heating value (LHV) for the conversion to GJ. Fleet fuel consumption: 315,047 GJ Percentage of renewable-origin fuel: 0% See subchapter 3. "Environmental information", section 3.2. "Managing environmental topics", subsection 3.2.1. "Climate change", of this chapter. | UNGC 7 and 8 GRI 302-1 GRI 302-2 SDG 7, 8, 12 and 13 |
| FB-FR-110b.1 | Gross global scope 1 emissions from refrigerants. | ☑ Given the nature of the business, the indicator is reported in COxe. See subchapter 3. "Environmental information", section 3.2. "Managing environmental topics", subsection 3.2.1. "Climate change", point "Carbon Footprint", of this chapter. | UNGC 7 and 8 GRI 305-1 SDG 3, 12, 13, 14 and 15 |
| FB-FR-110b.2 | Percentage of refrigerants consumed with zero ozone depleting potential. | ☑ In 2025, there were no emissions of CFC-11 eq. (100%). | UNGC 7 and 8 GRI 305-6 SDG 3 and 12 |
| FB-FR-110b.3 | Average refrigerant emissions rate | ☑ In 2025, 97.799 tonnes of COxe from refrigerant gases were emitted. In 2025, it is not possible to calculate the average refrigerant gas emission rate. We are working internally to improve our inventory and proceed with calculating the average refrigerant gas emission rate. | |
| FB-FR-130a.1 | 1) Energy consumed. (2) percentage grid electricity. (3) percentage renewable. | ☑ In the calculation methodology, we consider the lower heating value (LHV) for the conversion to GJ. Given the nature of the business, the information is reported in an aggregated manner, and the breakdown presented is by energy source. See subchapter 3. "Environmental information", section 3.2. "Managing environmental topics", subsection 3.2.1. "Climate change", point "Energy consumption management", of this chapter. | UNGC 7, 8 and 9 GRI 302-1 GRI 302-2 SDG 7, 8, 12 and 13 |
| FB-FR-150a.1 | Amount of food waste generated, percentage diverted from the waste stream. | ☑ See subchapter 3. "Environmental information", section 3.2. "Managing environmental topics", subsection 3.2.2. "Resource use and circular economy", point "Actions to promote a circular economy", subpoint "Fighting food waste", of this chapter. See also subchapter 6. "Sustainability commitments", section 6.1. "Commitments 2024-2026", of this chapter. Given the nature of the business, the indicator is reported as a percentage and in kg/tonnes. | SDG 2, 12 and 13 |
| FB-FR-230a.2 | Description of approach to identifying and addressing data security risks. | ☑ Refer to chapter 4 "Corporate Governance", Part I – "Information on Shareholder Structure, Organisation and Corporate Governance", section B "Corporate Bodies and Committees", subsection II "Management and Supervision (Board of Directors)", 21. "Organisational Charts Concerning the Allocation of Powers Between the Various Corporate Boards, Committees and/or Departments Within the Company, including Information on Delegating Powers, particularly as Regards the Delegation of the Company's Daily Management", and section C "Internal Organisation", subsection III "Internal Control and Risk Management", 53. "Details and Description of the Major Economic, Financial and Legal Risks to which the Company is Exposed in Pursuing Its Business Activity". | UNGC 1, 2, 6 and 10 GRI 2-12, 2-13, 3-3 and 418-1 SDG 9, 16 and 17 |
| FB-FR-250a.2 | Number of recalls. | ☑ See subchapter 4. "Social information", section 4.2. "Managing social topics", subsection 4.2.3. "Consumers and end-users", point "Actions towards our consumers", subpoint "Product quality and safety", sub-subpoint "Food recalls and withdrawals", of this chapter. | GRI 416-2 SDG 3 and 12 |
| Number of units recalled and percentage of units recalled that are Private Brand products. | |||
| FB-FR-260a.2 | Description of the process to identify and manage products and ingredients related to nutritional and health concerns among consumers. | ☑ See subchapter 4. "Social information", section 4.2. "Managing social topics", subsection 4.2.3. "Consumers and end-users", point "Actions towards our consumers", subpoint "Product quality and safety", sub-subpoint "Food recalls and withdrawals", of this chapter. We do not disclose the units corresponding to each recall/withdrawal issued for Private Label products, nor the corresponding percentage. | GRI 416-2 SDG 3 and 12 |
| FB-FR-270a.1 | Number of incidents of non-compliance with industry or regulatory labelling or marketing codes | ☑ The Group reports on the number of recalls and withdrawals incidents issued during the year in question for Private Label and perishable products –for more information, see subchapter 4. "Social information", section 4.2. "Managing social topics", subsection 4.2.3. "Consumers and end-users", point "Actions towards our consumers", sub-point "product quality and safety", sub-subpoint "Food recalls and withdrawals", and subpoint "Product innovation", sub-subpoint "Certified ingredients, products and packaging". | UNGC 1,2 and 10 GRI 2-27, 417-2 and 417-3 SDG 12 and 16 |
Sustainability Statement
Jerónimo Martins | Annual Report 2025
| SASR Indicator | Description | Evidence | Other Standards |
|---|---|---|---|
| Information on contingent liabilities associated with proceedings considered material, as defined in indicator GRI 206-1, is described in note 23. "Contingencies, contingent assets and contingent liabilities", in chapter 3 "Financial Statements". | |||
| FB-FR-270a.2 | Total amount of monetary losses as a result of legal proceedings associated with marketing or labelling practices | ☑ Information on contingent liabilities associated with proceedings considered material, as defined in indicator GRI 206-1, is described in note 23. "Contingencies, contingent assets and contingent liabilities", in chapter 3 "Financial Statements". | UNGC 7 and 10 |
| GRI 206-1, 417-2 and 417-3 | |||
| SDG 12 and 16 | |||
| FB-FR-310a.2 | Percentage of active workforce covered under collective bargaining agreements. | ☑ See subchapter 4. "Social information", section 4.2. "Managing social topics", subsection 4.2.1. "Own workforce", point "Our employees" and point "Ethics and compliance", of this chapter. | UNGC 3 |
| GRI 2-30 | |||
| SDG 8 | |||
| ESRS 51-8 | |||
| FB-FR-430a.1 | Revenue from products third-party certified to environmental or social sustainability sourcing standards. | ☑ See subchapter 4. "Social information", section 4.2. "Managing social topics", subsection 4.2.3. "Consumers and end-users", point "Actions towards our consumers" and subchapter 6. "Sustainability commitments", section 6.1. "Commitments 2024-2026", of this chapter. Given the nature of the business, this indicator is reported as the proportion of sales of products with external sustainability certification relative to the total sales of Private Label and perishable products. | SDG 12 |
| FB-FR-430a.2 | Percentage of revenue from eggs originated from a cage-free environment. | ☑ See subchapter 3. "Environmental information", section 3.2. "Managing environmental topics", subsection 3.2.4. "Biodiversity and ecosystems", point "Animal welfare", of this chapter. | SDG 12 and 15 |
| Percentage of revenue from pork produced without the use of gestation crates. | Not applicable. | ||
| FB-FR-430a.3 | Description of strategy to manage environmental and social risks within the supply chain, including animal welfare. | ☑ See subchapter 3. "Environmental information", section 3.2. "Managing environmental topics", subsection 3.2.4. "Biodiversity and ecosystems", point "Animal welfare"; see subchapter 4. "Social information", section 4.2. "Managing social topics", subsection 4.2.4. "Workers in the value chain", point "Responsible labour management in the value chain"; and see subchapter 5. "Governance information", section 5.2 "Business conduct", subsection 5.2.1. "Selection and monitoring of suppliers", points "Food safety and quality audits" and "Social audits", of this chapter. | UNGC 7 |
| GRI 3-3 | |||
| SDG 12 and 15 | |||
| FB-FR-430a.4 | Discussion of strategies to reduce the environmental impact of packaging. | ☑ See subchapter 3. "Environmental information", section 3.2. "Managing environmental topics", subsection 3.2.2. "Resource use and circular economy" and subchapter 6. "Sustainability commitments", section 6.1. "Commitments 2024-2026", of this chapter. | UNGC 7 and 8 |
| GRI 3-3 | |||
| UNGC 7 and 8 | |||
| GRI 3-3 | |||
| GRI 301-1 | |||
| SDG 8 and 12 | |||
| FB-FR-000.A | Number of (1) retail locations and (2) distribution centres. | ☑ (1) This information is regularly disclosed in the Group's result releases in the corporate website, under the "Investors" area, page Market Releases. | --- |
| FB-FR-000.B | Total area of (1) retail space and (2) distribution centres. | ☑ (2) See subchapter 6. "Sustainability commitments", section 6.1. "Commitments 2024-2026", of this chapter. | --- |
| FB-FR-000.C | Number of vehicles in commercial fleet. | ☑ In 2025, the Jerónimo Martins Group's fleet was composed of 5,283 vehicles of various types, namely diesel, petrol, hybrid, and plug-in hybrid. | |
| See subchapter 3. "Environmental information", section 3.2. "Managing environmental topics", subsection 3.2.1. "Climate change", of this chapter. | --- |
Sustainability Statement
Jerónimo Martins | Annual Report 2025
7.4. IFRS-S – International Financial Reporting Standards - Sustainability Series
IFRS S1 - General Requirements for Disclosure of Sustainability-related Financial Information
| IFRS S1 | Evidence | Other standards |
|---|---|---|
| GOVERNANCE | For more information see subchapter 2. “General disclosures”, section 2.2. “Governance and strategy” and section 2.4 “Managing sustainability reporting risks”, of this chapter. | ESRS 2 GOV 1; ESRS 2 GOV 2; ESRS 2 GOV 3; and ESRS 2 GOV 4. |
| STRATEGY | See subchapter 2. “General disclosures”, section 2.5. “Impacts, risks and opportunities and double materiality assessment”; subchapter 3. “Environmental information”, section 3.2. “Managing environmental topics”, subsection 3.2.1. “Climate Change”, point “Managing climate-related risks and opportunities”, subpoints “Managing climate-related risks and opportunities”, and “Identifying risks and opportunities”, and point “Our climate transition plan”, subsection 3.2.4. “Biodiversity and ecosystems”, section 3.3. “Disclosures pursuant to Article 8 of Regulation (EU) 2020/BS2 (Taxonomy Regulation)”, subsection “3.3.5. Minimum safeguards”, of this chapter. | |
| See also our Climate Transition Plan. | ||
| See also subchapter 4. “Social information”, section 4.2. “Managing social topics”, subsection 4.2.1. “Own workforce”, subsection 4.2.2. “Affected communities”, subsection 4.2.3. “Consumers and end users”, and subsection 4.2.4 “Workers in the value chain”; and subchapter 5. “Governance information”, section 5.2. “Business conduct”. | ESRS 2 SBM-1; ESRS 2 SBM-2; and ESRS 2 SBM-3 | |
| RISK MANAGEMENT | See subchapter 2. “General disclosures”, section 2.2. “Governance and strategy”, sections 2.4 “Managing sustainability reporting risks”, 2.5 “Impacts, risks and opportunities and double materiality assessment”; subchapter 3. “Environmental information”, section 3.2. “Managing environmental topics”, subsection 3.2.1. “Climate Change”, point “Managing climate-related risks and opportunities”, subpoint “Identifying risks and opportunities”, and section 3.2.2. “Resource use and circular economy”, point “Managing circular economy-related risks and opportunities”, and subsection 3.2.3 “Water and marine resources”, subsection 3.2.4. “Biodiversity and ecosystems”, 3.2.5. “Pollution”; and subchapter 5. “Governance information”, section 5.2. “Business Conduct”, of this chapter. | |
| The risk management mechanisms are described in chapter 4 “Corporate Governance”, Part I – “Information on Shareholder Structure, Organisation and Corporate Governance”, section C “Internal Organisation”, subsection III – “Internal Control and Risk Management”, 53. “Identification and Description of the Main Types of Risks (Economic, Financial and Legal) to which the Company is Exposed in the Course of Business”. | ESRS 2 GOV-5 | |
| ESRS 2 IRO-1 and ESRS 2 IRO-2 | ||
| METRICS AND TARGETS | See subchapter 3. “Environmental information”, section 3.2. “Managing environmental topics”, subsection 3.2.1. “Climate Change”, subsection 3.2.2. “Resource use and circular economy”, subsection 3.2.3 “Water and marine resources”, 3.2.4. “Biodiversity and ecosystems”, 3.2.5. “Pollution”; subchapter 4. “Social information”, section 4.2. “Managing social topics”, subsection 4.2.1. “Own workforce”, subchapter 5. “Governance information”, section 5.2. “Business Conduct”, subsection 5.2.4 “Supplier payment practices and initiatives”, and subchapter 6. “Sustainability commitments”, section 6.1. “Commitments 2024-2026”, of this chapter. | ESRS 2 MDR-M; ESRS 2 MDR-T; ESRS E1-4 a ESRS E1-9; ESRS E2-3 a ESRS E2-6; ESRS E3-3 a ESRS E3-5; ESRS E4-4 a ESRS E4-6; ESRS E5-3 a ESRS E5-5; ESRS S1-5 to S1-17; ESRS S2-5; ESRS S3-5; ESRS S4-5; and ESRS G1-6. |
| MATERIALITY | See subchapter 2. “General disclosures”, 2.5 “Impacts, risks and opportunities and double materiality assessment”, of this chapter. | ESRS 2 SBM-2; ESRS 2 SBM-3; ESRS 2 IRO-1; and ESRS 2 IRO-2 |
IFRS S2 - Climate-related Disclosures
| IFRS S2 | Evidence | Other standards | |
|---|---|---|---|
| GOVERNANCE | ☑ | For more information see subchapter 3. “Environmental information”, section 3.2. “Managing environmental topics”, subsection 3.2.1. “Climate Change”, point “Managing climate-related risks and opportunities”, subpoint “Governance”, of this chapter. | ESRS 2 SBM-3; ESRS 2 GOV-3; ESRS E1-1; E1-2 |
| STRATEGY | ☑ | For more information see subchapter 3. “Environmental information”, section 3.2. “Managing environmental topics”, subsection 3.2.1. “Climate Change”, point “Managing climate-related risks and opportunities”, subpoint “Our strategy” and “Identifying risks and opportunities”, and points “Our climate transition plan”, “Carbon footprint” and “Our actions to reduce carbon emissions”, of this chapter. See also our Climate Transition Plan, available in our website. | ESRS 2 SBM-3; ESRS 2 MDR-A |
| ESRS E1-1; ESRS E1-2; ESRS E1-3; ESRS 2 IRO-1 |
Sustainability Statement
Jerónimo Martins | Annual Report 2025
| IFRS S2 | Evidence | Other standards | |
|---|---|---|---|
| RISK MANAGEMENT | ☑ | For more information see subchapter 3. “Environmental information”, section 3.2. “Managing environmental topics”, subsection 3.2.1. “Climate Change”, point “Managing climate-related risks and opportunities”, subpoints “Our strategy” and “Identifying risks and opportunities”, and points “Carbon footprint” and “Our actions to reduce carbon emissions”, of this chapter. See also our Climate Transition Plan, available in our website. | ESRS E1-2; ESRS E1-3; ESRS 2 IRO-1 |
| METRICS AND TARGETS | ☑ | For more information see subchapter 3. “Environmental information”, section 3.2. “Managing environmental topics”, subsection 3.2.1. “Climate change”, section 3.3. “Disclosures pursuant to Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation)”, subchapter 6. “Sustainability commitments” and subchapter 7. “Reporting frameworks”, section 7.3. “SASB - Sustainability Accounting Standards Board”, of this chapter. See also our Climate Transition Plan, available in our website. | ESRS E1-4 to ESRS E1-9 |
Sustainability Statement
Jerónimo Martins | Annual Report 2025
7.5. Jerónimo Martins Performance Indicators
| Description | Evidence | Other standards | |
|---|---|---|---|
| ENVIRONMENT | |||
| Number of locations with environmental certification for at least 70% of all distribution centres and industrial units (fresh pasta factory, central kitchens, soup factory, Terra Alegre dairy factory and packaging units), by 2026. | ☑ | See subchapter 3. "Environmental information", section 3.2. "Managing environmental topics", subsection 3.2.5 "Pollution" and subchapter 6. "Sustainability commitments", section 6.1. "Commitments 2024-2026", of this chapter. | UNGC 8 |
| SDG 7, 12 and 13 | |||
| Reduce energy consumption by 10% (in GJ per 1.000€ of sales) by 2026, compared to 2021. | ☑ | See subchapter 3. "Environmental information", section 3.2. "Managing environmental topics", subsection 3.2.1. "Climate change", point "Energy consumption management", and subchapter 6. "Sustainability commitments", section 6.1. "Commitments 2024-2026", of this chapter. | UNGC 7 |
| SDG 7, 12 and 13 | |||
| Reduce water withdrawal in Distribution activities by 10% (per 1.000€ of sales), by 2026, compared to 2021. | ☑ | See subchapter 3. "Environmental information", section 3.2. "Managing environmental topics", subsection 3.2.3 "Water and marine resources", point "Water consumption", and subchapter 6. "Sustainability commitments", section 6.1. "Commitments 2024-2026" of this chapter. | UNGC 7 |
| SDG 7, 12, 13 and 14 | |||
| Reduce carbon emissions resulting from transporting goods to stores by 5% (in tonnes of CO₂e per pallet transported) by 2026, compared to 2021. | ☑ | See subchapter 3. "Environmental information", section 3.2. "Managing environmental topics", subsection 3.2.1. "Climate change", point "Carbon footprint", and subchapter 6. "Sustainability commitments", section 6.1. "Commitments 2024-2026" of this chapter. | UNGC 7 |
| SDG 7, 12 and 13 | |||
| Percentage of non-renewable energy consumed and produced. | ☑ | Of the energy consumed by Jerónimo Martins Companies operations. 48% comes from non-renewable sources. See subchapter 3. "Environmental information", section 3.2. "Managing environmental topics", subsection 3.2.1. "Climate change", point "Energy consumption management", and subchapter 6. "Sustainability commitments", section 6.2. "Commitments 2024-2026" of this chapter. | UNGC 7, 8 and 9 |
| SDG 7, 8, 12 and 13 | |||
| Reduce the Group's scopes 1 and 2 emissions. in absolute terms, by at least 10% by 2026, compared to 2021. This commitment is aligned with the science-based target for the near-term submitted by Jerónimo Martins to the Science Based Targets Initiative. | ☑ | See subchapter 3. "Environmental information", section 3.2. "Managing environmental topics", subsection 3.2.1. "Climate change" and subchapter 6. "Sustainability commitments", section 6.1. "Commitments 2024-2026", of this chapter. | UNGC 7 |
| SDG 7, 12 and 13 | |||
| Reach 60% renewable electricity consumption by 2030. | ☑ | See subchapter 3. "Environmental information", section 3.2. "Managing environmental topics", subsection 3.2.1. "Climate change", point "Carbon footprint", and subchapter 6. "Sustainability commitments", section 6.2. "Long-term commitments", of this chapter. | UNGC 7 |
| SDG 7, 12 and 13 | |||
| Reduce absolute GHG emissions (scopes 1 and 2) in 55% by 2033, compared to 2021. Target validated by the Science Based Targets Initiative. | ☑ | See subchapter 3. "Environmental information", section 3.2. "Managing environmental topics", subsection 3.2.1. "Climate change", point "Carbon footprint", and subchapter 6. "Sustainability commitments", section 6.1. "Commitments 2024-2026", of this chapter. | UNGC 7 |
| SDG 7, 12 and 13 | |||
| Reduce absolute energy and industry scope 3 emissions in 33% by 2033, compared to 2021. Target validated by the Science Based Targets Initiative. | ☑ | See subchapter 3. "Environmental information", section 3.2. "Managing environmental issues", subsection 3.2.1. "Climate change", point "Carbon footprint", and subchapter 6. "Sustainability commitments", section 6.2 "Long-term commitments", of this chapter. | UNGC 7 |
| SDG 7, 12 and 13 | |||
| Reduce absolute Forest, Land and Agriculture emissions (scopes 1 and 3) in 39% by 2033, compared to 2021. | ☑ | See subchapter 3. "Environmental information", section 3.2. "Managing environmental issues", subsection 3.2.1. "Climate change", point "Carbon footprint", and subchapter 6. "Sustainability commitments", section 6.2 "Long-term commitments", of this chapter. | UNGC 7 |
| SDG 7, 12 and 13 | |||
| Engage, in the period 2024-2026, with at least 5 of the top 100 suppliers in terms of purchased goods in each company, to collaborate on the definition of strategies for the reduction of scope 3 emissions. | ☑ | See subchapter 3. "Environmental information", section 3.2. "Managing environmental topics", subsection 3.2.1 "Climate change", point "Managing climate-related risks and opportunities", sub-point "Collaboration with suppliers" of this chapter. See chapter 6. "Sustainability commitments", section 6.1. "Commitments 2024-2026", of this chapter. | UNGC 7 |
| SDG 7, 12 and 13 | |||
| Percentage of establishment that use low Global Warming Potential (GWP) gases or natural refrigerants in our refrigeration systems. | ☑ | See subchapter 3. "Environmental information", section 3.2. "Managing environmental topics", subsection 3.2.1 "Climate change", point "Our actions to reduce carbon emissions", sub-point "Management of refrigerant gases" of this chapter. | UNGC 7 |
| SDG 7, 12 and 13 | |||
| Define and implement a mitigation and adaptation plan to improve the efficiency of water use and to manage its scarcity during low precipitation periods in JMA units, publicly disclosing its progress. | ☑ | See subchapter 6. "Sustainability commitments", section 6.1. "Commitments 2024-2026", of this chapter. | UNGC 7 |
| SDG 7, 12, 13 and 14 | |||
| In Colombia, Poland and Portugal support and/or implement, in the period 2024-2026, at least two nature conservation and biodiversity | ☑ | See subchapter 6. "Sustainability commitments", section 6.1. "Commitments 2024-2026", of this chapter. | UNGC 8 |
| SDG 14, 15 and 17 |
Sustainability Statement
Jerónimo Martins | Annual Report 2025
| Description | Evidence | Other standards |
|---|---|---|
| protection projects, aligned with the Kunmig-Montreal Global Diversity Framework, and disclose its results annually. | ||
| Quantity of avoided materials and other environmental benefits of packaging eco-design. | See subchapter 3. "Environmental information", section 3.2. "Managing environmental topics", subsection 3.2.2. "Resource use and circular economy", point "Materials used and resource outflows" and subchapter 6. "Sustainability commitments", section 6.1. "Commitments 2024-2026", of this chapter. | SDG 12 and 13 |
| Ensure that at least 25% of Private Brand products' packaging is included in the Ecodesign project by 2026. considering the 2023 assortment. | SDG 12 and 13 | |
| Calculation of the amount of plastic in Private Brand packaging and other single-use plastics. | See subchapter 3. "Environmental information", section 3.2. "Managing environmental topics", subsection 3.2.2. "Resource use and circular economy", point "Materials used and resource outflows" and subchapter 6. "Sustainability commitments", section 6.1. "Commitments 2024-2026", of this chapter. | SDG 12 and 13 |
| Incorporate at least 25% of recycled plastic in packaging under our responsibility (private brand, service packaging, shopping bags, and pallet wrapping film) by 2025. | See subchapter 3. "Environmental information", section 3.2. "Managing environmental topics", subsection 3.2.2. "Resource use and circular economy", point "Materials consumed and resource outflows", and subchapter 6. "Sustainability commitments", section 6.1. "Commitments 2024-2026", of this chapter. | SDG 12 and 13 |
| Reduce specific plastic consumption by 10% (measured in tonnes of plastic packaging for every million euros in sales) by 2025, compared to 2018. | See subchapter 3. "Environmental information", section 3.2. "Managing environmental topics", subsection 3.2.2. "Resource use and circular economy", point "Materials consumed and resource outflows" and subchapter 6. "Sustainability commitments", section 6.1. "Commitments 2024-2026", of this chapter. | SDG 12 and 13 |
| Reduce by 15% the use of virgin plastic in Private Brand packaging, service packs, wrapping film and check-out bags compared to 2018. | See subchapter 3. "Environmental information", section 3.2. "Managing environmental topics", subsection 3.2.2. "Resource use and circular economy", point "Materials consumed and resource outflows" and subchapter 6. "Sustainability commitments", section 6.1. "Commitments 2024-2026", of this chapter. | SDG 12 and 13 |
| Percentage of Private Brand plastic packaging that is 100% reusable or recyclable. | See subchapter 3. "Environmental information", section 3.2. "Managing environmental topics", subsection 3.2.2. "Resource use and circular economy", point "Materials consumed and resource outflows" and subchapter 6. "Sustainability commitments", section 6.1. "Commitments 2024-2026", of this chapter. | SDG 12 and 13 |
| Percentage of Private Brand plastic packaging designed for recycling. | See subchapter 3. "Environmental information", section 3.2. "Managing environmental topics", subsection 3.2.2. "Resource use and circular economy", point "Materials consumed and resource outflows" and subchapter 6. "Sustainability commitments", section 6.1. "Commitments 2024-2026", of this chapter. | SDG 12 and 13 |
| Ensure an annual waste recovery rate of at least 85% of the volume of waste generated by 2026. | See subchapter 3. "Environmental information", section 3.2. "Managing environmental topics", subsection 3.2.2. "Resource use and circular economy", point "Materials consumed and resource outflows" and subchapter 6. "Sustainability commitments", section 6.1. "Commitments 2024-2026", of this chapter. | SDG 12 and 13 |
| Food waste generated in the Group's operations (kg/t of product sold). | See subchapter 3. "Environmental information", section 3.2. "Managing environmental topics", subsection 3.2.2. "Resource use and circular economy", point "Actions to promote a circular economy", sub-point "Fighting food waste" and sub-chapter 6. "Sustainability commitments", section 6.1. "Commitments 2024-2026", of this chapter. | UNGC 7 |
| SDG 2, 12 and 13 | ||
| Limit annual food waste to 2.5% of total food sales (in tonnes), in 2024-2026 period. | ||
| Increase by 10% the amount of rescued food in own operations and in the supply-chain, namely through food donations, sales with a discount price of food products reaching the expiry date, recovery of non-graded food from farmers and leftovers from own operations and recovery of wasted food to animal feed and bio processing, by 2026, compared to 2023. | See subchapter 3. "Environmental information", section 3.2. "Managing environmental topics", subsection 3.2.2. "Resource use and circular economy", point "Actions to promote a circular economy", subpoint "Fighting food waste" and subchapter 6. "Sustainability commitments", section 6.1. "Commitments 2024-2026", of this chapter. | SDG 2, 12 and 13 |
| Carry out at least 40 environmental audits every year on service providers. | See subchapter 5. "Governance information", section 5.2. "Business conduct", subsection 5.2.1. "Selection and monitoring of suppliers", point "Environmental audits" and subchapter 6. "Sustainability commitments", section 6.1. "Commitments 2024-2026", of this chapter. | UNGC 8 |
| SDG 12, 13 and 15 | ||
| Number of environmental audits of own operations | See subchapter 3. "Environmental information", section 3.2. "Managing environmental topics", subsection 3.2.5 "Pollution. | UNGC 8 |
| SDG 7, 12 and 13 | ||
| Calculation of consumption of deforestation commodities (palm oil, soy, paper and wood, and beef) in Private Brand and perishable products. | See subchapter 3. "Environmental information", section 3.2. "Managing environmental topics", subsection 3.2.4. "Biodiversity and ecosystems", point "Fighting deforestation" and subchapter | UNGC 7, 8 and 9 |
| SDG 12, 13 and 15 |
Sustainability Statement
Jerónimo Martins | Annual Report 2025
| Description | Evidence | Other standards |
|---|---|---|
| By 2025, ensure that palm oil, soy, paper and wood and beef in our Private Brand and perishable products are not associated with either deforestation or conversion of ecosystems (DCF - Deforestation and Conversion Free). | ☑ | 6. "Sustainability Commitments", section 6.1. "Commitments 2024-2026" of this chapter. |
| Continue to ensure that 100 % of palm oil in Portugal and Poland is RSPO certified and progressively extend this commitment to palm oil derivatives. In Colombia, ensure compliance with the Colombian Government's "Acuerdo de Voluntades para la Deforestación Cero en la Cadena de Palma en Colombia" (Voluntary Agreement for Zero Deforestation in the Colombian Palm Oil Chain), guaranteeing that by 2026, the palm oil of Colombian origin used in Private Brands and perishable products is traceable to the farm where it was produced and is not associated with deforestation, and that 100% of palm oil of non-Colombian origin used in Private Brands and perishable products is certified by the RSPO. | ☑ | |
| By 2025, ensure that 100% of direct and indirect soy is traceable at least to the country of origin and that whenever it comes from an origin where the risk is not negligible, the soy is traced back to the municipality of origin and/or has sustainability certification (e.g. RTRS or Praterra). | ☑ | |
| Working with suppliers of Private Brand products and perishables to ensure that 95% of the virgin fibres used in our products and 80% of the virgin fibres used in our packaging are certified (FSC® or PEFC) by 2026. | ☑ | |
| Ensure that 100% of the beef in our Private Brand and perishable products is traceable at least to the country of origin, and that traceability to the farm of origin is guaranteed for all beef sourced from non-negligible risk countries. | ☑ | |
| Percentage of cage-free Private Brand fresh eggs. | ☑ | See subchapter 3. "Environmental information", section 3.2. "Managing environmental topics", subsection 3.2.4. "Biodiversity and ecosystems", point "Animal welfare", point "Animal welfare", subpoint "Dairy, fresh egg and meat production practices", of this chapter. |
| Percentage of eggs used as ingredients in Private Brand products from cage-free. | ☑ | See subchapter 3. "Environmental information", section 3.2. "Managing environmental topics", subsection 3.2.4. "Biodiversity and ecosystems", point "Animal welfare", point "Animal welfare", subpoint "Dairy, fresh egg and meat production practices", of this chapter. |
| Ensure compliance with the Group's Sustainable Fishing Strategy. | ☑ | See subchapter 3. "Environmental information", section 3.2. "Managing environmental topics", subsection 3.2.4. "Biodiversity and ecosystems", point "Sustainability fishing strategy", subpoint "Impact assessment and mitigation actions" of this chapter. |
| By 2026, analyse the sustainability status of fish stocks for at least 80% of fish sales (in kg), from Private Brand and perishable products, and publicly disclose progress. | ☑ | See subchapter 3. "Environmental information", section 3.2. "Managing environmental topics", subsection 3.2.4. "Biodiversity and ecosystems", point "Sustainability fishing strategy", subpoint "Sustainability of wild stocks and biodiversity conservation ", of this chapter. |
| By 2026, ensure that 100% of wild-caught tuna in our Private Brand and perishable products is traceable to the vessel. | ☑ | See subchapter 3. "Environmental information", section 3.2. "Managing environmental topics", subsection 3.2.4. "Biodiversity and ecosystems", point "Sustainability fishing strategy", subpoint "Tuna traceability", of this chapter. |
| Ensure the annual application of the Sustainable Agriculture Manual in at least 60 new farms in Portugal, in the 2024-2026 period. | ☑ | See subchapter 5. "Governance information", section 5.2. "Business conduct", subsection 5.2.2. "Supplier awareness and training", of this chapter. |
| SOCIAL | ||
| In all countries, strengthen the offer of food alternatives such as vegan, vegetarian and plant-based, lactose-free, gluten-free or organic. | ☑ | See subchapter 4. "Social information", section 4.2. "Managing social topics", subsection 4.2.3. "Consumers and end-users", point "Actions towards our consumers", subpoint "Product innovation", sub-subpoints "Launches" and "Reformulations"; and subchapter 6. "Sustainability commitments", section 6.1. "Commitments 2024-2026", of this chapter. |
| In all countries, ensure that products intended for children* have a nutritional profile higher, or at least equal to, that of the market reference | ☑ | See subchapter 4. "Social information", section 4.2. "Managing social topics", subsection 4.2.3. "Consumers and end-users", point "Actions towards our consumers", sub-point "Product innovation", sub-subpoints "Launches" and "Reformulations"; and subchapter 6. "Sustainability commitments", section 6.1. "Commitments 2024-2026", of this chapter. |
Sustainability Statement
Jerónimo Martins | Annual Report 2025
| Description | Evidence | Other standards |
|---|---|---|
| (or better in their category), according to the country of activity. |
- From 3 years of age, with appropriate formats and pictograms on the packaging for these ages. | innovation", sub-subpoints "; and subchapter 6. "Sustainability commitments", section 6.1. "Commitments 2024-2026", of this chapter. | |
| In Colombia, ensure that 100% of Private Brand products do not contain artificial colours or flavours enhancers in their direct ingredients by 2026. | See subchapter 4. "Social information", section 4.2. "Managing social topics", subsection 4.2.3. "Consumers and end users", point "Relation with consumers", subpoints "Providing information to consumers", sub-subpoint "Product information" and sub-chapter 6. "Sustainability commitments", section 6.1. "Commitments 2024-2026", of this chapter. | SDG 3 and 12 |
| In Portugal ensure the use of voluntary "Without GMO" labelling for at least 75% of Private Brand food references containing mostly (>50%/net weight) potentially modified ingredients (soy and corn), helping consumers in the decision-making process. | See subchapter 4. "Social information", section 4.2. "Managing social topics", subsection 4.2.3 "Consumers and end-users", point "Engaging with consumers", sub-point "Providing information to consumers", sub-subpoint "Product information" and sub-chapter 6. "Sustainability commitments", section 6.1. "Commitments 2024-2026", of this chapter. | SDG 3 and 12 |
| In Portugal, facilitate responsible consumption through voluntary labelling of alcoholic beverages (including wines) for 100% of Private Brand references. in the following areas: i) calorie intake; ii) not recommended for pregnant women; iii) promotion of responsible driving. | See subchapter 4. "Social information", section 4.2. "Managing social topics", subsection 4.2.3. "Consumers and end users", point "Engaging with consumers", sub-subchapter 6. "Sustainability commitments", section 6.1. "Commitments 2024-2026", of this chapter. | SDG 3 and 12 |
| In Hebe, reinforce the relevance of Private Brand alternatives without ingredients of animal origin, in particular by launching at least 10 new references a year. | See subchapter 4. "Social information", section 4.2. "Managing social topics", subsection 4.2.3. "Consumers and end users", point "Actions aimed at our consumers", sub-point "Product innovation", and subchapter 6. "Sustainability commitments", section 6.1. "Commitments 2024-2026", of this chapter. | SDG 3 and 12 |
| In Hebe, reinforce the relevance of "Hebe Naturals" product range. which contain at least 92% natural ingredients in their formula (according to ISO 16128). | See subchapter 4. "Social information", section 4.2. "Managing social topics", subsection 4.2.3. "Consumers and end users", point "Actions aimed at our consumers", sub-point "Product innovation", and subchapter 6. "Sustainability commitments", section 6.1. "Commitments 2024-2026", of this chapter. | SDG 3 and 12 |
| In Portugal, Poland and Colombia carry out at least one annual programme to promote the principles of the Mediterranean diet, in Portugal. or healthy eating habits in geographies with other diets (based on the recommendations of local experts). | See subchapter 4. "Social information", section 4.2 "Managing social topics", subsection 4.2.3 "Consumers and end users", point "Engaging with consumers", sub-point "Consumer information providers", sub-subpoint "Information in other media", and subchapter 6. "Sustainability commitments", section 6.1. "Commitments 2024-2026", of this chapter. | SDG 3, 10 and 12 |
| In all countries, promote literacy for product labelling. | See subchapter 4. "Social information", section 4.2 "Managing social topics", subsection 4.2.3 "Consumers and end users", point "Engaging with consumers", sub-point "Providing information to consumers" sub-subpoint "Product information", and sub-chapter 6. "Sustainability commitments", section 6.1. "Commitments 2024-2026", of this chapter. | SDG 3 and 12 |
| In Portugal, ensure the Nutri-Score labelling is applied on 100% of Private Brand food launches. | See subchapter 4. "Social information", section 4.2. "Managing social topics", subsection 4.2.3. "Consumers and end-users", point "Engaging with consumers", sub-point "Providing information to consumers", sub-subpoint "Product information", and sub-chapter 6. "Sustainability commitments", section 6.1. "Commitments 2024-2026", of this chapter. | SDG 3 and 12 |
| In Poland, ensure the Nutri-Score labelling is applied on 100% of Private Brand food launches in selected categories. | See subchapter 4. "Social information", section 4.2. "Managing social topics", subsection 4.2.3. "Consumers and end-users", point "Engaging with consumers", sub-point "Providing information to consumers", sub-subpoint "Product information", and point "Actions towards our consumers", sub-point "Product innovation", sub-subpoint "Launches", and sub-chapter 6. "Sustainability commitments", section 6.1. "Commitments 2024-2026", of this chapter. | SDG 3 and 12 |
| In Colombia, ensure that 100% of Private Brand products do not contain, in their direct ingredients, artificial colorants or flavour enhancers until 2026. | See subchapter 4. "Social information", section 4.2 "Managing social topics", subsection 4.2.3 "Consumers and end-users", and point "t "Actions towards our consumers", sub-point "Product innovation", sub-subpoints "Launches" and "Reformulations", and sub-chapter 6. "Sustainability commitments", section 6.1. "Commitments 2024-2026", of this chapter. | SDG 3 and 12 |
| In Poland, guarantee the absence of glucose-fructose syrup in at least 90% of Private Brand products by the end of 2026. | See subchapter 6. "Sustainability commitments", section 6.1. "Commitments 2024-2026", of this chapter. | SDG 3 and 12 |
| In Poland, remove soy lecithin in at least 50% of Private Brand products with that ingredient until the end of 2026. | See subchapter 6. "Sustainability commitments", section 6.1. "Commitments 2024-2026", of this chapter. | SDG 3 and 12 |
Sustainability Statement
Jerónimo Martins | Annual Report 2025
| Description | Evidence | Other standards |
|---|---|---|
| In Poland and in Portugal, ensure whenever possible, by the end of 2026, that wholegrains are the main ingredient in breakfast cereals (with the exception of corn-based cereals). | ☑ See subchapter 4. "Social information", section 4.2. "Managing social topics", subsection 4.2.3. "Consumers and end users", point "Actions aimed at our consumers", sub-point "Product innovation" sub-subpoint "Reformulations", and sub-chapter 6. "Sustainability commitments", section 6.1. "Commitments 2024-2026", of this chapter. | SDG 3 and 12 |
| In Portugal, guarantee the enrichment of essential minerals and vitamins in the best-selling Private Brand products that aim to complement the main sources of food until the end of 2026. | ☑ See subchapter 4. "Social information", section 4.2 "Managing social topics", subsection 4.2.3 "Consumers and end users", point "Actions aimed at our consumers", sub-point "Product innovation", sub-subpoint "Reformulations", and sub-chapter 6. "Sustainability commitments", section 6.1. "Commitments 2024-2026", of this chapter. | SDG 3 and 12 |
| Ensure that, by 2026, 100% of our Private Brand food portfolio does not contain acesulfame nor aspartame. | ☑ See subchapter 4. "Social information", section 4.2 "Managing social topics", subsection 4.2.3 "Consumers and end users", point "Actions aimed at our consumers", sub-point "Product innovation", sub-subpoint "Reformulations", and sub-chapter 6. "Sustainability commitments", section 6.1. "Commitments 2024-2026", of this chapter. | SDG 3 and 12 |
| In Portugal and Poland, reinforce the relevance of the offer of Private Brand cosmetic products without ingredients of animal origin for consumers with specific preferences. | ☑ See subchapter 4. "Social information", section 4.2 "Managing social topics", subsection 4.2.3 "Consumers and end users", point "Actions towards our consumers", sub-point "Product innovation", sub-subpoints "Launches" and "Reformulations", and sub-chapter 6. "Sustainability commitments", section 6.1. "Commitments 2024-2026", of this chapter. | SDG 3 and 12 |
| Increase sales of Private Brand and/or perishable products and packaging with sustainability certification to at least 15% of the total sales of these product categories by 2026. | ☑ See subchapter 4. "Social Information", section 4.2 "Managing social topics", subsection 4.2.3 "Consumers and end-users", point "Actions towards our consumers", and sub-point "Product innovation", and sub-sub-point "Certified ingredients, products and packaging", of this chapter. | UNGC 8 |
| SDG 12 and 13 | ||
| In Biedronka, ensure that at least 95% of the Private Brand regular assortment of personal hygiene products is microplastic-free. | ☑ See subchapter 6. "Sustainability commitments", section 6.1. "Commitments 2024-2026", of this chapter. | SDG 3 and 12 |
| In Portugal and Poland, reinforce the relevance of the offer of Private Brand cosmetic products containing at least 90% of natural ingredients in their composition (in line with ISO 16128). | ☑ See subchapter 6. "Sustainability commitments", section 6.1. "Commitments 2024-2026", of this chapter. | SDG 3 and 12 |
| In Biedronka develop Private Brand detergents that have. Simultaneously, natural fragrances in their ingredients. are preservatives-free and are Ecolabel certified. | ☑ See subchapter 6. "Sustainability commitments", section 6.1. "Commitments 2024-2026", of this chapter. | SDG 3 and 12 |
| In Biedronka, introduce the 'Eat fish twice a week' labelling for 100% of fresh fish references in selected processed Private Brand references and specialized perishables by 2026. | ☑ See subchapter 6. "Sustainability commitments", section 6.1. "Commitments 2024-2026", of this chapter. | SDG 12 |
| Seek to ensure, on an annual basis that the number of recalls of food products with potential risk to public health (level I severity). the cause of which is attributable to the Jerónimo Martins Companies, is zero. In the event of the occurrence of cases of level I severity, and in line with Jerónimo Martins' Product Quality and Safety Policy, ensure by all available means that the collection of food products in stores and Distribution Centres is 100% effective. | ☑ See subchapter 4. "Social Information", section 4.2 "Managing social topics", subsection 4.2.3 "Consumers and end users", point "Actions aimed at our consumers" and subpoint "Product quality and safety", sub-subpoint "Food recalls and withdrawals", and sub-chapter 6. "Sustainability commitments", section 6.1. "Commitments 2024-2026", of this chapter. | SDG 3 and 12 |
| In Poland, maintaining the number of ISO 22000-certified locations (17 distribution centers in 2024) and ensuring that the new Distribution Centres to be opened in the 2024-2026 period are certified within two years of starting operations. | ☑ See subchapter 4. "Social Information", section 4.2. "Managing social topics", subsection 4.2.3 "Consumers and end users", point "Actions aimed at our consumers", sub-sub- point "Product quality and safety", sub-sub-point "Audits to stores and distribution centres", and sub-chapter 6. "Sustainability commitments", section 6.1. "Commitments 2024-2026", of this chapter. | SDG 3 and 12 |
| In Biedronka, ensure the extension of product guarantee from 2 to 3 years for all electric and additional non-electric non-food products where applicable. | ☑ See subchapter 4 "Social information", section 4.2. "Managing social topics", subsection 4.2.3. "Consumers and end users", point "Product innovation", sub-subpoint "Certified ingredients, products and packaging", and sub-chapter 6. "Sustainability commitments", section 6.1. "Commitments 2024-2026", of this chapter. | SDG 12 |
| Monitoring and disclosure of at least 70% (in value) of the social impacts resulting from the annual support offered by all Jerónimo Martins Companies, according to the Business for Societal Impact (B4SI) model and aligned with criteria for the financial materiality. | ☑ See subchapter 4. "Social information", section 4.2. "Managing social topics", subsection 4.2.2. "Affected communities", point "Impacts on affected communities" and sub-chapter 6. "Sustainability commitments", section 6.1. "Commitments 2024-2026", in this chapter. | SDG 2, 3, 4, 10 and 17 |
| Strengthen the involvement in social projects in all geographies, targeted to children. youngsters and elderly people from vulnerable | ☑ See subchapter 4. "Social information", section 4.2 "Managing social topics", subsection 4.2.2 "Affected communities", points "Direct support for affected communities", "Programmes and | SDG 1, 2 and 3 |
Sustainability Statement
Jerónimo Martins | Annual Report 2025
| Description | Evidence | Other standards |
|---|---|---|
| environments, aiming to directly impact 1 million people per year, until 2026. | projects to engage and support affected communities" and "Indirect support for affected communities", and sub-chapter 6. "Sustainability commitments", section 6.1. "Commitments 2024-2026", in this chapter. | |
| By 2026 in Colombia, ensure that 50% of stores donate food and non-food products to non-governmental organizations, with the aim of supporting vulnerable people. | See subchapter 4. "Social information", section 4.2. "Managing topics", subsection 4.2.2. "Affected communities", points "Direct support for affected communities", "Programs and projects to involve and support affected communities" and "Indirect support for affected communities", and sub-chapter 6. "Sustainability commitments", section 6.1. "Commitments 2024-2026", in this chapter. | SDG 1 and 2 |
| In Colombia, ensure support until 2026, to more than 1.200 community mothers' houses through food and equipment assistance, while simultaneously following up on nutritional indicators of children under their care, such as anthropometric measures. | See subchapter 4. "Social information", section 4.2 "Managing social topics", subsection 4.2.2. "Affected communities", points "Direct support for affected communities", "Programs and projects to involve and support affected communities" and "Indirect support for affected communities", and sub-chapter 6. "Sustainability commitments", section 6.1. "Commitments 2024-2026", in this chapter. | SDG 1, 2 and 3 |
| In Colombia, ensure at least 200 volunteers participate on environmental protection initiatives and livelihood improvement projects for vulnerable people by 2026. | See subchapter 4. "Social information", section 4.2. "Managing social topics", subsection 4.2.2. "Affected communities", points "Programmes and projects to engage and support affected communities", sub-point "Volunteering" and sub-chapter 6. "Sustainability commitments", section 6.1. "Commitments 2024-2026", in this chapter. | SDG 1 and 2 |
| In Colombia, support more than 60.000 people by 2026 in context of vulnerable conditions through humanitarian and livelihood programs, namely with food, prioritizing children and regions with the highest poverty rate and higher food insecurity indicators, by ensuring at least two partnerships with NGOs and/or other industry leaders. | See subchapter 4. "Social information", section 4.2. "Managing social topics", subsection 4.2.2. "Affected communities", points "How we talk to our affected communities", and sub-chapter 6. "Sustainability commitments", section 6.1. "Commitments 2024-2026", in this chapter. | SDG 1, 2 and 17 |
| Training employees in Food Hygiene and Safety. | See subchapter 4. "Social Information", section 4.2 "Managing social topics", subsection 4.2.1 "Own workforce", point "Health and safety at work", of this chapter. See subchapter 4. "Social Information", section 4.2 "Managing social topics", subsection 4.2.3. "Consumers and end users", point "Actions aimed at our consumers", subpoint "Product quality and safety", sub-subpoint "Food quality and safety internal training", of this chapter. | SDG 3 and 12 |
| Internships in a real work context. | In 2025 we had 422 internships in real work contexts. | SDG 8, 10 and 17 |
| Young talent programs. | See subchapter 4. "Social Information", section 4.2. "Managing social topics", subsection 4.2.1 "Own work force", point "Training and skills development", sub-point "Leadership development", of this chapter. | SDG 8 and 10 |
| Promoted employees. | See subchapter 4. "Social Information", section 4.2. "Managing social topics", subsection 4.2.1 "Own work force", point "Training and skills development", sub-point "Leadership development", of this chapter. | SDG 8 and 10 |
| Internally mobile employees. | See subchapter 4. "Social Information", section 4.2. "Managing social topics", subsection 4.2.1. "Own workforce", point "Training and skills development", sub-point "Leadership development", of this chapter. | --- |
| Employees covered by training. | See subchapter 4. "Social Information", section 4.2. "Managing social topics", subsection 4.2.1. "Own work force", point "Training and skills development", sub-point "Training", of this chapter. | SDG 8 and 10 |
| Investment in training. | See subchapter 4. "Social Information", section 4.2 "Managing social topics", subsection 4.2.1 "Own workforce", point "Training and skills development", sub-point "Training", of this chapter. | --- |
| Internal Social Responsibility Measures. | See subchapter 4. "Social Information", section 4.2 "Managing social topics", subsection 4.2.1 "Own workforce", point "Support to employees and their families", of this chapter. | SDG 1, 2, 3, 4, 8, 10 and 17 |
| Investment in Internal Social Responsibility measures. | See subchapter 4. "Social Information", section 4.2 "Managing social topics", subsection 4.2.1 "Own workforce", point "Support to employees and their families", of this chapter. | --- |
| Human Resources Policies. | See subchapter 4. "Social Information", section 4.1. "Our social policies", of this chapter. | UNGC 6 |
| SDG 5, 8 and 10 | ||
| Training in human and labor rights policies and practices. | The Group provides training on this subject within the scope of the Code of Conduct and applicable labour legislation. See subchapter 4. "Social Information", section 4.2. "Managing social topics", subsection 4.2.1 "Own workforce", point "Ethics and compliance", of this chapter. | UNGC 1 |
Sustainability Statement
Jerónimo Martins | Annual Report 2025
| Description | Evidence | Other standards |
|---|---|---|
| Nationalities of employees. | See subchapter 4. "Social Information", section 4.2. "Managing social topics", subsection 4.2.1 "Own workforce", point "Our employees", of this chapter. | --- |
| Active generations. | See subchapter 4. "Social Information", section 4.2. "Managing social topics", subsection 4.2.1 "Own workforce", point "Our employees", of this chapter. | --- |
| 12-month employee retention. | See subchapter 4. "Social Information", section 4.2. "Managing social topics", subsection 4.2.1 "Own workforce", point "Our employees", of this chapter. | --- |
| Average seniority of employees. | See subchapter 4. "Social Information", section 4.2. "Managing social topics", subsection 4.2.1 "Own workforce", point "Our employees", of this chapter. | --- |
| Differentiation between national minimum wage and monthly minimum income. | See subchapter 4. "Social Information", section 4.2. "Managing social topics", subsection 4.2.1 "Own workforce", point "Compensation and benefits", of this chapter. | SDG 1 and 8 |
| % women in engineering and research and development (R&D) roles | 35.1% | SDG 5 and 10 |
| % women in information technology (IT) roles | 20.5% | SDG 5 and 10 |
| Number of people with disabilities. | See subchapter 4. "Social Information", section 4.2. "Managing social topics", subsection 4.2.1. "Own workforce", point "Diversity and inclusion", of this chapter. | SDG 10 and 17 |
| Resolution mechanisms. | See subchapter 4. "Social information", section 4.2. "Managing social topics", subsection 4.2.1. "Own workforce", point "Ethics and compliance", of this chapter. | --- |
| Operations subject to human rights assessments. | See subchapter 4. "Social information", section 4.2. "Managing social topics", subsection 4.2.1 "Own workforce", point "Ethics and compliance", of this chapter. | UNGC 1 |
| Significant investment agreements and contracts with human rights clauses. | Contracts signed with new suppliers imply knowledge of and adherence to the Jerónimo Martins Group Supplier Code of Conduct. See subchapter 2. "General disclosures", section 2.6. "Our policies", and subchapter 4. "Social information", section 4.1. "Our social-related policies", of this chapter. | UNGC 1 and 2 |
| GOVERNANCE | ||
| Guarantee that at least 80% of the Jerónimo Martins Group's purchases of food products are sourced from local suppliers. | See subchapter 5. "Governance information", section 5.2. "Business conduct", subsection 5.2.3. "Engaging with local suppliers", and sub-chapter 6. "Sustainability commitments", section 6.1. "Commitments 2024-2026", of this chapter. | UNGC 8 |
| SDG 12 and 13 | ||
| Carry out environmental audits to at least 20% of selected Private Brand and perishables suppliers, based on a risk assessment and with a purchase volume greater than one million euros, in the 2024-2026 period. | See subchapter 5. "Governance information", section 5.2. "Business conduct", subsection 5.2.1. "Selection and monitoring of suppliers" and subchapter 6. "Sustainability commitments", section 6.1. "Commitments 2024-2026", of this chapter. | SDG 1, 2, and 3 |
| In Poland, carry out inspections to 100% of egg farming units from which Private Brand fresh eggs are produced for Biedronka, until the end of 2024. | See subchapter 5. "Governance information", section 5.2. "Business conduct", subsection 5.2.1. "Selection and monitoring of suppliers", and sub-chapter 6. "Sustainability commitments", section 6.1. "Commitments 2024-2026", of this chapter. | SDG 12 |
| In Portugal and Poland, ensure, by 2026, that animal welfare topics are included in the scope of audits to perishable suppliers who manufacture products containing at least 80% animal protein, and publicly disclose the results. | See subchapter 5. "Governance information", section 5.2. "Business conduct", subsection 5.2.1. "Selection and monitoring of suppliers", and sub-chapter 6. "Sustainability commitments", section 6.1. "Commitments 2024-2026", of this chapter. | SDG 12 |
| In Poland, starting from 2024, carry out 100% of fresh fish from aquaculture audits according to the "Fish Welfare" standard. | See subchapter 5. "Information on governance", section 5.2. "Business conduct", subsection 5.2.1. "Selection and monitoring of suppliers", and sub-chapter 6. "Sustainability commitments", section 6.1. "Commitments 2024-2026", of this chapter. | SDG 12 |
Table caption:
☑ Indicator verified by an independent external third party.
The expression "UNGC X" refers to the Principles of the UN Global Compact.
The expression "SDG X" refers to the United Nations Sustainable Development Goals.
Sustainability Statement
Jerónimo Martins | Annual Report 2025
Appendix 1 – Disclosure and application requirements in topical ESRS that are applicable in conjunction with ESRS 2 General Disclosures
| Topic | Aspect | Disclosure requirement | Evidence |
|---|---|---|---|
| ESRS 2 - General disclosures | Basis for preparation | ESRS 2 BP-1 - General basis for preparation of sustainability statements | Chapter 1. "The Jerónimo Martins Group" |
| Chapter 3. "Financial Statements" | |||
| Chapter 4 "Corporate Governance", Part I - "Information on Shareholder Structure, Organisation and Corporate Governance" | |||
| Chapter 5. "Sustainability Statement", subchapter 2. "General disclosures", section 2.1. "Basis of elaboration", and subchapter 7. "Reporting frameworks" | |||
| ESRS 2 BP-2 - Disclosures in relation to specific circumstances | Chapter 5. "Sustainability Statement", subchapter 2. "General disclosures", section 2.1. "Basis of elaboration", section 7.2. to 7.4. and section 3.3. "Disclosures pursuant to Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation)" | ||
| Governance | ESRS 2 GOV-1 - The role of the administrative, management and supervisory bodies | Chapter 4 "Corporate Governance", Part I - "Information on Shareholder Structure, Organisation and Corporate Governance, sections A "Shareholder Structure", B "Governing Bodies and Committees" and C "Internal Organisation". | |
| Chapter 5 "Sustainability Statement", subchapter 2. "General disclosures", section 2.2 "Governance and strategy". | |||
| See also the channel "Sustainability", page "Our Sustainability Strategy", on the website www.jeronimomartins.com | |||
| ESRS 2 GOV-2 - Information provided to and sustainability matters addressed by the undertaking's administrative, management and supervisory bodies | See subchapter 2. "General disclosures", section 2.2. "Governance and strategy", of this chapter. See also the channel "Sustainability", page "Our Sustainability Strategy", on the website www.jeronimomartins.com | ||
| ESRS 2 GOV-3 - Integration of sustainability-related performance in incentive schemes | See chapter 4 "Corporate Governance", Part I - "Information on Shareholder Structure, Organisation and Corporate Governance", section D "Remuneration and Chapter 5 "Sustainability Statement", subchapter 2. "General disclosures", section 2.2 "Governance and strategy". | ||
| ESRS 2 GOV-4 - Statement on due diligence | Chapter 5 "Sustainability Statement", subchapter 2. "General disclosures", section 2.2 "Governance and strategy" and subchapter 3. "Environmental Information", section 3.3. "Disclosures pursuant to Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation)- | ||
| ESRS 2 GOV-5 - Risk management and internal controls over sustainability reporting | Chapter 5 "Sustainability Statement", subchapter 2. "General disclosures", section 2.4. "Managing Sustainability Reporting Risks". | ||
| Strategy | ESRS 2 SBM-1 - Strategy, business model and value chain | Chapter 1 "The Jerónimo Martins Group", | |
| Chapter 2 "Management Report - Creating Value and Growth" | |||
| Chapter 4 "Corporate Governance". | |||
| Chapter 5 "Sustainability Statement", subchapter 2. "General disclosures", section 2.5. "Management of impacts, risks and opportunities and dual materiality analysis". | |||
| ESRS 2 SBM 2 - Interests and views of stakeholders | See chapter 4 "Corporate Governance", Part I - "Information on Shareholder Structure, Organisation and Corporate Governance", sections A "Shareholder Structure", B "Governing Bodies and Committees" and C "Internal Organisation". | ||
| Chapter 5 "Sustainability Statement", subchapter 2. "General disclosures", section 2.3. "Stakeholder engagement and communication channels" and section 2.5. "Impacts, risks and opportunities management and double materiality assessment". See also the channel "Sustainability", page "Our Sustainability Strategy", on the website www.jeronimomartins.com. | |||
| ESRS 2 SBM -3 - Material impacts, risks and opportunities and their interaction with strategy and business model | Chapter 5 "Sustainability Statement", subchapter 2. "General disclosures" and section 2.5. "Impacts, risks and opportunities management and double materiality assessment". |
Sustainability Statement
Jerónimo Martins | Annual Report 2025
| Topic | Aspect | Disclosure requirement | Evidence |
|---|---|---|---|
| ESRS E1 - Climate Change | Governance | ESRS 2 GOV-3 – Integration of sustainability-related performance in incentive schemes | Chapter 5 "Sustainability Statement", subchapter 3. "Environmental information", section 3.2. "Managing environmental topics", subsection 3.2.1. "Climate change", point "Managing climate-related risks and opportunities", subpoint "Governance". |
| Strategy | E1-1^{m} – Transition plan for climate change mitigation | Chapter 5 "Sustainability Statement", subchapter 3. "Environmental information", section 3.2. "Managing environmental topics", subsection 3.2.1. "Climate change", point "Our climate transition plan". See also Climate Transition Plan. | |
| ESRS 2 SBM-3^{m} - Material impacts, risks and opportunities and their interaction with strategy and business model | Chapter 5 "Sustainability Statement", subchapter 3. "Environmental information", section 3.2. "Managing environmental topics, subsection 3.2.1. "Climate change", point "Managing climate-related risks and opportunities", subpoints "Managing climate-related risks and opportunities" and "Identifying risks and opportunities", and point "Our climate transition plan", of this chapter. See also our Climate Transition Plan. | ||
| Impact, risk and opportunity management | ESRS 2 IRO-1^{m} - Description of the processes to identify and assess material climate related impacts, risks and opportunities | Chapter 5 "Sustainability Statement", subchapter 3. "Environmental information", section 3.2. "Managing environmental topics, subsection 3.2.1. "Climate change", point "Managing climate-related risks and opportunities", subpoints "Managing climate-related risks and opportunities" and "Identifying risks and opportunities. See also our Climate Transition Plan. | |
| E1-2^{m} - Policies related to climate change mitigation and adaptation | Chapter 5 "Sustainability Statement", subchapter 3. "Environmental information", section 3.1. "Our environmental-related policies" and section 3.2. "Managing environmental topics", subsection 3.2.1. "Climate change", point "Managing climate-related risks and opportunities", subpoint "Our strategy". See also Climate Transition Plan. | ||
| E1-3^{m} - Actions and resources in relation to climate change policies | Chapter 5 "Sustainability Statement", subchapter 3. "Environmental information", section 3.2. "Managing environmental topics, subsection 3.2.1. "Climate change", point "Managing climate-related risks and opportunities", subpoints "Our strategy" and "Identifying risks and opportunities", and points "Carbon footprint" and "Our actions to reduce carbon emissions". See also Climate Transition Plan. | ||
| Metrics and targets | E1-4^{m} - Targets related to climate change mitigation and adaptation | Chapter 5 "Sustainability Statement", subchapter 3. "Environmental information", section 3.2. "Managing environmental topics, subsection 3.2.1. "Climate change" and subchapter 6. "Sustainability Commitments", section 6.1. "2024-2026 Commitments" and section 6.2. "Long-term commitments". | |
| E1-5^{m} - Energy consumption and mix | Chapter 5 "Sustainability Statement", subchapter 3. "Environmental information", section 3.2. "Managing environmental topics", subsection 3.2.1. "Climate change", point "Energy consumption management". | ||
| E1-6^{m} - Gross Scopes 1, 2, 3 and Total GHG emissions | Chapter 5 "Sustainability Statement", subchapter 3. "Environmental information", section 3.2. "Managing environmental topics", subsection 3.2.1. "Climate change", point "Managing climate-related risks and opportunities", subpoint "Carbony footprint". | ||
| E1-7^{m} - GHG removals and GHG mitigation projects financed through carbon credits | Chapter 5 "Sustainability Statement", subchapter 3. "Environmental information", section 3.2. "Managing environmental topics", subsection 3.2.1. "Climate change", point "Managing climate-related risks and opportunities", subpoint "Our strategy", and point "Carbon footprint". | ||
| E1-8 - Internal carbon Pricing | Chapter 5 "Sustainability Statement" subchapter 3. "Environmental information", section 3.2. "Managing environmental topics", subsection 3.2.1. "Climate change", point "Carbon pricing" and subchapter "7. Reporting frameworks", section 7.1. "ESRS – European Sustainability Reporting Standards, table "ESRS Indicators". | ||
| E1-9^{m} - Anticipated financial effects from material physical and transition risks and potential climate-related opportunities | Chapter 5 "Sustainability Statement", subchapter 3. "Environmental information", section 3.2. "Managing environmental topics", subsection 3.2.1. "Climate change", point "Managing climate-related risks and opportunities", subpoint "Managing climate-related risks and opportunities" and "Identifying risks and opportunities" | ||
| ESRS E2 - Pollution | Impact, risk and opportunity management | ESRS 2 IRO-1 Description of the processes to identify and assess material pollution-related impacts, risks and opportunities | Chapter 5 "Sustainability Statement", subchapter 3. "Environmental information", section 3.2. "Managing environmental topics", subsection 3.2.5. "Pollution". |
Sustainability Statement
Jerónimo Martins | Annual Report 2025
| Topic | Aspect | Disclosure requirement | Evidence |
|---|---|---|---|
| ESRS E3 – Water and marine resources | Metrics and targets | E2-1 – Policies related to pollution | Chapter 5 “Sustainability Statement”, subchapter 3. “Environmental information”, section 3.2. “Managing environmental topics”, subsection 3.2.5. “Pollution”. |
| See webpage "Our sustainability policies" page on our website to view the Environmental Policy and the Sustainable Sourcing Policy. | |||
| E2-2 – Actions and resources related to pollution | Chapter 5 “Sustainability Statement”, subchapter 3. “Environmental information”, section 3.2. “Managing environmental topics”, subsection 3.2.5. “Pollution.” | ||
| Impect, risk and opportunity management | E2-3 – Targets related to pollution | Chapter 5 “Sustainability Statement”, subchapter 3. “Environmental information”, section 3.2. “Managing environmental topics”, subsection 3.2.5. “Pollution.” | |
| E2-4 – Pollution of air, water and soil | Chapter 5 “Sustainability Statement”, subchapter 3. “Environmental information”, section 3.2. “Managing environmental topics”, subsection 3.2.5. “Pollution.” | ||
| E2-5 – Substances of concern and substances of very high concern | Chapter 5 “Sustainability Statement”, subchapter 3. “Environmental information”, section 3.2. “Managing environmental topics”, subsection 3.2.5. “Pollution.” | ||
| E2-6 – Anticipated financial effects from pollution-related impacts, risks and opportunities | Chapter 5 “Sustainability Statement”, subchapter 3. “Environmental information”, section 3.2. “Managing environmental topics of this chapter” | ||
| ESRS E4 – Biodiversity and ecosystems | Strategy | E3-1 – Policies related to water and marine resources | Chapter 5 “Sustainability Statement”, subchapter 3. “Environmental information”, section 3.2. “Managing environmental topics”, subsection 3.2.3. “Water and marine resources”. |
| E3-2 – Actions and resources related to water and marine resources | Chapter 5 “Sustainability Statement”, subchapter 3. “Environmental information”, section 3.1. “Our environmental-related policies” | ||
| E3-3 – Targets related to water and marine resources | Chapter 5 “Sustainability Statement”, subchapter 3. “Environmental information”, section 3.2. “Managing environmental topics”, subsection 3.2.3. “Water and marine resources” | ||
| Strategy | E3-4 – Water consumption | Chapter 5 “Sustainability Statement”, subchapter 3. “Environmental information”, section 3.2. “Managing environmental topics”, subsection 3.2.3. “Water and marine resources”, point “Water consumption” and subchapter 6. “Sustainability Commitments”, section 6.1. “Commitments 2024-2026” | |
| E3-5 – Anticipated financial effects from water and marine resources-related impacts, risks and opportunities | Chapter 5 “Sustainability Statement”, subchapter 3. “Environmental information”, section 3.2. “Managing environmental topics”, subsection 3.2.3. “Water and marine resources”, point “Water consumption” and subchapter 6. “Sustainability Commitments”, section 6.1. “Commitments 2024-2026”. | ||
| E3-5 – Anticipated financial effects from water and marine resources-related impacts, risks and opportunities | Chapter 5 “Sustainability Statement”, subchapter 3. “Environmental information”, section 3.2. “Managing environmental topics”, subsection 3.2.4. “Biodiversity and ecosystems”. | ||
| Impact, risk and opportunity | E4-1 – Transition plan and consideration of biodiversity and ecosystems in strategy and business model | Chapter 5 “Sustainability Statement”, subchapter 3. “Environmental information”, section 3.2. “Managing environmental topics”, subsection 3.2.4. “Biodiversity and ecosystems”. | |
| ESRS 2 SBM-3 – Material impacts, risks and opportunities and their interaction with strategy and business model | Chapter 5 “Sustainability Statement”, subchapter 3. “Environmental information”, section 3.2. “Managing environmental topics”, subsection 3.2.4. “Biodiversity and ecosystems” and point “Management of biodiversity-related risks and opportunities”. | ||
| ESRS 2 IRO-1- Description of processes to identify and assess material biodiversity and ecosystem-related | ESRS 2 IRO-1- Description of processes to identify and assess material biodiversity and ecosystem-related | Chapter 5 “Sustainability Statement”, subchapter 3. “Environmental information”, section 3.2. “Managing environmental topics”, subsection 3.2.4. “Biodiversity and ecosystems, point “Managing climate-related risks and opportunities”. |
Sustainability Statement
Jerónimo Martins | Annual Report 2025
| Topic | Aspect | Disclosure requirement | Evidence |
|---|---|---|---|
| ESRS 51- Own workforce | Impacts, risks and opportunities | E4-2 – Policies related to biodiversity and ecosystems | Chapter 5 “Sustainability Statement”, subchapter 3. “Environmental information”, section 3.2. “Managing environmental topics”, subsection 3.2.4. “Biodiversity and ecosystems, points “Initiatives to reduce impacts and protect biodiversity “. |
| E4-3 – Actions and resources related to biodiversity and ecosystems | Chapter 5 “Sustainability Statement”, subchapter 3. “Environmental information”, section 3.2. “Managing environmental topics”, subsection 3.2.4. “Biodiversity and ecosystems, points “Initiatives to reduce impacts and protect biodiversity “, of this chapter, “Fighting deforestation” e “Sustainable fishing strategy”. | ||
| E4-4 – Targets related to biodiversity and ecosystems | Chapter 5 “Sustainability Statement”, subchapter 3. “Environmental information”, section 3.2. “Managing environmental topics”, subsection 3.2.4. “Biodiversity and ecosystems”, point “Fighting deforestation”, “Sustainable fishing strategy” and subchapter 6. “Sustainability commitments”, | ||
| Strategy | E4-5 – Impact metrics related to biodiversity and ecosystems change | Chapter 5 “Sustainability Statement”, subchapter 3. “Environmental information”, section 3.2. “Managing environmental topics”, subsection 3.2.4. “Biodiversity and ecosystems”, point “Fighting deforestation”, “Sustainable fishing strategy” and “Support for biodiversity protection and ecosystem regeneration projects”. | |
| E4-6 – Anticipated financial effects from biodiversity and ecosystem-related risks and opportunities | Chapter 5 “Sustainability Statement”, subchapter 3. “Environmental information”, section 3.2. “Managing environmental topics, subsection 3.2.4. “Biodiversity and ecosystems”. | ||
| E5-1 - Policies related to resource use and circular economy | Chapter 5 “Sustainability Statement”, subchapter 3. “Environmental information”, section 3.1. “Environment-related policies”. | ||
| ESRS 52- Resource use and circular economy | Impact, risk and opportunity management | E5-2 - Actions and resources related to resource use and circular economy | Chapter 5 “Sustainability Statement”, subchapter 3. “Environmental information”, section 3.2. “Managing environmental topics”, subsection 3.2.2. “Resources use and circular economy”, point “Managing circular economy-related risks and opportunities” and “Actions to promote circular economy”. |
| E5-3 - Targets related to resource use and circular economy | Chapter 5 “Sustainability Statement”, subchapter 3. “Environmental information”, section 7.1. “ESRS – European Sustainability Reporting Standards”, table “ESRS Indicators”. | ||
| E5-4 - Resource inflows | Chapter 5 “Sustainability Statement”, subchapter “7. “Reporting frameworks”, section 7.1. “ESRS – European Sustainability Reporting Standards”, table “ESRS Indicators”. | ||
| Strategy | E5-5 - Resource outflows | Chapter 5 “Sustainability Statement”, subchapter 3. “Environmental information”, section 3.2. “Managing environmental topics”, subsection 3.2.2. “Resources use and circular economy”, point “Materials used and resource outflows”, subpoint “Waste management” and point “Actions to promote a circular economy”, subpoint “Waste recovery from operations” | |
| E5-6 - Anticipated financial effects from resource use and circular economy-related risks and opportunities | Chapter 5 “Sustainability Statement”, subchapter 3. “Environmental information”, section 3.2. “Managing environmental topics”, subsection 3.2.2. “Resources use and circular economy”, points “Managing circular economy-related risks and opportunities “and “Materials used and resource outflows”. See also subchapter 6. “Sustainability Commitments”, | ||
| E5RS 2 SBM-2^{m} – Interests and views of stakeholders | Chapter 5 “Sustainability Statement”, subchapter 2. “General disclosures”, section 2.3 “Stakeholder engagement and communication channels”. | ||
| E5RS 2 SBM-3^{m} – Material impacts, risks and opportunities and their interaction with strategy and business model | Chapter 5 “Sustainability Statement”, subchapter 2. “General disclosures”, section 2.3. “Stakeholder engagement and communication channels”, subsection 2.5. “Impacts, risks and opportunities management and double materiality assessment” and subchapter 4. “Social information”, section 4.2. “Managing social topics”, subsection 4.2.1 “Own workforce |
Sustainability Statement
Jerónimo Martins | Annual Report 2025
| Topic | Aspect | Disclosure requirement | Evidence |
|---|---|---|---|
| ESRS S1 - Own workforce | Impact, risk and opportunity management | S1-1^{m} – Policies related to own workforce | Chapter 5 “Sustainability Statement”, subchapter 4 “Social Information”, section 4.2 “How we manage social topics”, subsection 4.2.1 “Own workforce”, topic “Diversity and inclusion”. |
| S1-2^{m} – Processes for engaging with own workers and workers’ representatives about impacts | Chapter 5 “Sustainability Statement”, subchapter 4. “Social Information”, section 4.2. “Managing social topics”, subsection 4.2.1. “Own workforce”, point “Learning and skills development”, subpoint “Personal empowerment”. | ||
| S1-3^{m} – Processes to remediate negative impacts and channels for own workers to raise concerns | Chapter 5 “Sustainability Statement”, subchapter 4. “Social Information”, section 4.2. “Managing social topics”, subsection 4.2.1. “Own workforce”, point “Ethics and compliance”. | ||
| S1-4^{m} – Taking action on material impacts on own workforce, and approaches to mitigating material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions | Chapter 5 “Sustainability Statement”, subchapter 4. “Social Information”, section 4.2. “Managing social topics”, subsection 4.2.1. “Own workforce”. | ||
| Metrics and targets | S1-5^{m} – Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities | Chapter 5 “Sustainability Statement”, subchapter 6. “Sustainability commitments”, section 6.1. “Commitments 2024-2026”. | |
| S1-6^{m} – Characteristics of the undertaking’s employees | Chapter 5 “Sustainability Statement”, subchapter 4. “Social Information”, section 4.2. “Managing social topics”, subsection 4.2.1. “Own workforce”, point “Our employees”. | ||
| S1-7^{m} - Characteristics of non-employee workers in the undertaking’s own workforce | Chapter 5 “Sustainability Statement”, subchapter 4. “Social Information”, section 4.2. “Managing social topics”, subsection 4.2.1. “Own workforce”, point “Workers who are not employees”. | ||
| S1-8^{m} – Collective bargaining coverage and social dialogue | Chapter 5 “Sustainability Statement”, subchapter 4. “Social Information”, section 4.2. “Managing social topics”, subsection 4.2.1. “Own workforce”, point “Ethics and compliance”. | ||
| S1-9^{m} - Diversity metrics | Chapter 5 “Sustainability Statement”, subchapter 4. “Social Information”, section 4.2. “Managing social topics”, subsection 4.2.1. “Own workforce”, point “Diversity and inclusion”. | ||
| S1-10^{m} - Adequate wages | Chapter 5 “Sustainability Statement”, subchapter 4. “Social Information”, section 4.2. “Managing social topics”, subsection 4.2.1. “Own workforce”, point “Compensation and benefits”. | ||
| S1-11^{m} – Social protection | Chapter 5 “Sustainability Statement”, subchapter 4. “Social Information”, section 4.2. “Managing social topics”, subsection 4.2.1. “Own workforce”, point “Support to employees and their families”. |
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| Topic | Aspect | Disclosure requirement | Evidence |
|---|---|---|---|
| ESRS S2 - Workers in the value chain | Strategy | S1-12 – Persons with disabilities | Chapter 5 “Sustainability Statement”, subchapter 4. “Social Information”, section 4.2. “Managing social topics”, subsection 4.2.1. “Own workforce”, point “Diversity and inclusion”. |
| S1-13^{m} – Training and skills development metrics | Chapter 5 “Sustainability Statement”, 4. “Social Information”, section 4.2. “Managing social topics”, subsection 4.2.1. “Own workforce”, point “Training and skills development”, subpoint “Training”, of this chapter. | ||
| S1-14^{m} – Health and safety Metrics | Chapter 5 “Sustainability Statement”, subchapter 4. “Social Information”, section 4.2. “Managing social topics”, subsection 4.2.1. “Own workforce”, point “Health and safety at work” | ||
| S1-15^{m} – Work-life balance Metrics | Chapter 5 “Sustainability Statement”, subchapter 4. “Social Information”, section 4.2. “Managing social topics”, subsection 4.2.1. “Own workforce”, point “Work-life balance”. | ||
| S1-16^{m} – Compensation metrics (pay gap and total compensation) | Chapter 5 “Sustainability Statement”, subchapter 4. “Social Information”, section 4.2. “Managing social topics”, subsection 4.2.1. “Own workforce”, point “Diversity and inclusion”. | ||
| S1-17^{m} – Incidents. complaints and severe human rights impact | Chapter 5 “Sustainability Statement”, 4. “Social Information”, section 4.2. “Managing social topics”, subsection 4.2.1. “Own workforce”, point “Ethics and compliance”. | ||
| ESRS 2 SBM 2 – Interests and views of stakeholders | Chapter 5 “Sustainability Statement”, section 4.2. “Managing social topics”, subsection 4.2.4. “Workers in the value chain”. | ||
| ESRS S2 - Workers in the value chain | Strategy | ESRS 2 SBM 3 – Material impacts. risks and opportunities and their interaction with strategy and business model | Chapter 5 “Sustainability Statement”, subchapter 4. “Social information”, section 4.2. “Managing social topics”, subsection 4.2.4. “Workers in the value chain”. |
| ESRS 2 SBM-3 – Political impacts. risks and opportunities and their interaction with strategy and business model | Chapter 5 “Sustainability Statement”, subchapter 4. “Social information”, section 4.2. “Managing social topics”, subsection 4.2.4. “Workers in the value chain”. | ||
| S2-1 – Policies related to value chain workers | Chapter 5 “Sustainability Statement”, subchapter 4. “Social Information”, section 4.1. “Our social-related policies”, subsection 4.1.4. “Workers in the value chain”. | ||
| S2-2 – Processes for engaging with value chain workers about impacts | Chapter 5 “Sustainability Statement”, subchapter 4. “Social Information”, section 4.2. “Managing social topics”, subsection 4.2.4. “Workers in the value chain”, “Responsible labour management in the value chain” and “Sustainability certification” | ||
| S2-3 – Processes to remediate negative impacts and channels for value chain workers to raise concerns | Chapter 5 “Sustainability Statement”, subchapter 2. “General disclosures”, section 2.3. “Stakeholder engagement and communication channels”, and subchapter 3. “Environmental information”, section 3.3. “Disclosures pursuant to Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation)”, subsection 3.3.5 “Minimum safeguards” | ||
| S2-4 – Taking action on material impacts on value chain workers, and approaches to managing material risks and pursuing material opportunities related to value chain workers and effectiveness of those action | Chapter 5 “Sustainability Statement”, subchapter 4. “Social information”, section 4.2. “Managing social topics”, subsection 4.2.4. “Workers in the value chain”. | ||
| S2-5 – Targets related to managing material negative impacts, advancing positive impacts and managing material risks and opportunities | Chapter 5 “Sustainability Statement”, subchapter 4. “Social information”, section 4.2. “Managing social topics”, subsection 4.2.4. “Workers in the value chain”. | ||
| ESRS S3 - Affected Communities | Strategy | ESRS 2 SBM-2^{m} – Interests and views of stakeholders | Chapter 5 “Sustainability Statement”, 2. “General disclosures”, section 2.3. “Stakeholder engagement and communication channels”. |
| ESRS 2 SBM-3^{m} – Material Impacts, risks and opportunities and their interaction with strategy and business model | Chapter 4. “Corporate Governance”, Part I – “Information on Shareholder Structure, Organization and Corporate Governance”, section C “Internal Organization”, subsection III – “Internal Control and Risk Management”, 53. “Identification and Description of the Main Types of Risks (Economic, Financial, and Legal) to which the Company is Exposed in the Course of its Activity”. |
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| Topic | Aspect | Disclosure requirement | Evidence |
|---|---|---|---|
| ESRS S3 - Affected Communities | Impact, risk and opportunity management | S3-1^{m} – Policies related to affected communities | Chapter 5 “Sustainability Statement”, subchapter 4. “Social Information”, section 4.1. “Our social-related policies”, subsection 4.1.2. “Affected communities”. |
| S3-2^{m} – Processes for engaging with affected communities about impacts | Chapter 5 “Sustainability Statement”, subchapter 4. “Social Information”, 4.2. Managing social topics”, subsection 4.2.2. “Affected communities”, point “How we dialogue with affected communities”. | ||
| S3-3 – Processes to remediate negative impacts and channels for affected communities to raise concerns | Chapter 5 “Sustainability Statement”, subchapter 2. “General disclosures”, section 2.3. “Stakeholder engagement and communication channels”, and subchapter 3. “Environmental information”, section 3.3. “Disclosures pursuant to Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation)”, subsection 3.3.5 “Minimum safeguards”, and chapter 5. “Governance Information”, section “5.2. Business Conduct”, subsection 5.2.5 “Taxation”. | ||
| S3-4^{m} - Taking action on material impacts on affected communities, and approaches to managing material risks and pursuing material opportunities related to affected communities and effectiveness of those actions | Chapter 4 “Corporate Governance”, Part I – “Information on Shareholder Structure. Organization. and Corporate Governance.” Section C “Internal Organization”, Subsection III – “Internal Control and Risk Management”, 53. “Identification and Description of the Main Types of Risks (Economic. Financial. and Legal)” to which the Company is Exposed in the Course of its Activity. | ||
| Chapter 5 “Sustainability Statement”, subchapter 4. “Social Information”, section 4.2. “Managing social topics”, subsection 4.2.2. “Affected communities”, points “Direct support for affected communities”, “Programmes and projects to engage and support affected communities”, point “Indirect support for affected communities” and subchapter 3. “Environmental information”, section 3.3. “Disclosures pursuant to Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation)”, subsection 3.3.5 “Minimum safeguards”. | |||
| Metrics and targets | S3-5^{m} – Targets related to managing material negative impacts, advancing positive impacts and managing material risks and opportunities | Chapter 5 “Sustainability Statement”, subchapter 6. “Sustainability commitments”, section 6.1. “Commitments 2024-2026”. | |
| ESRS S4 - Consumers and end-users | Strategy | ESRS 2 SBM-2^{m} – Interests and views of stakeholders | Chapter 5 “Sustainability Statement”, subchapter 6. “Sustainability commitments”, section 6.1. “Commitments 2024-2026”. |
| ESRS 2 SBM-3^{m} – Material impacts, risks and opportunities and their interaction with the strategy and business model | Chapter 4. "Corporate Governance", Part I – "Information on Shareholder Structure. Organization. and Corporate Governance", section C "Internal Organization", subsection III – "Internal Control and Risk Management", 53. "Identification and Description of the Main Types of Risks (Economic. Financial. and Legal)" to which the Company is Exposed in the Course of its Activity. | ||
| Chapter 5 “Sustainability Statement”, subchapter 4. "Social information", section 4.2. "Managing social topics", subsection 4.2.3. "Consumers and end-users", subchapter 3. "Environmental information", section 3.3. “Disclosures pursuant to Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation)”, subsection 3.3.5 “Minimum safeguards”. |
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| Topic | Aspect | Disclosure requirement | Evidence |
|---|---|---|---|
| Impact, risk and opportunity management | Impact, risk and opportunity management | S4-1^{m} – Policies related to consumers and end-users | Chapter 5 “Sustainability Statement”, subchapter 4. “Social Information”, section 4.1. “Our social-related policies”, subsection 4.1.3. “Consumers and end-users”. |
| S4-2^{m} – Processes for engaging with consumers and end-users about impacts | Chapter 5 “Sustainability Statement”, subchapter 4. “Social Information”, section 4.2 “Managing social topics”, subsection 4.2.3. “Consumers and end-users”, point “Engaging with consumers”. | ||
| S4-3^{m} – Processes to remediate negative impacts and channels for consumers and end-users to raise concerns | Chapter 5 “Sustainability Statement”, subchapter 2. “General disclosures”, section 2.3. “Stakeholder engagement and communication channels” and subchapter 3. “Environmental information”, section 3.3. “Disclosures pursuant to Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation)”, subsection 3.3.5 “Minimum Safeguards” and subchapter 4. “Social Information”, section 4.2. “Managing social topics”, subsection 4.2.3. “Consumers and end-users”, point “Remediating impacts and channels for consumers to raise concerns”. | ||
| S4-4^{m} – 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 | Chapter 4. “Corporate Governance”, Part I – “Information on Shareholder Structure. Organization. and Corporate Governance.” Section C “Internal Organization”, Subsection III – “Internal Control and Risk Management”, 53. “Identification and Description of the Main Types of Risks (Economic. Financial. and Legal)”. Chapter 5 “Sustainability Statement”, subchapter 3. “Environmental information”, section 3.3. “Disclosures pursuant to Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation)”, subsection 3.3.5 “Minimum Safeguards”, 4. subchapter “Social Information”, section 4.2. “Managing social topics”, subsection 4.2.3. “Consumers and end-users”, point “Actions towards our consumers”. | ||
| Metrics and targets | S4-5^{m} – Targets related to managing material negative impacts advancing positive impacts. and managing material risks and opportunities | Chapter 5 “Sustainability Statement”, subchapter 6. “Sustainability commitments”, section 6.1. “Commitments 2024-2026”. |
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| Topic | Aspect | Disclosure requirement | Evidence |
|---|---|---|---|
| ESRS G1-Business Conduct | Governance | ESRS 2 GOV-1^{m} – The role of the administrative supervisory and management bodies | Chapter 4 “Corporate Governance”, Part I – “Information on Shareholder Structure, Organization and Corporate Governance.” sections A “Shareholder Structure”, B “Corporate Bodies and Committees” e C “Internal Organization” and channel “Investor” of the Group’s corporate website. Chapter 5 “Sustainability Statement”, subchapter 2 “General disclosures”, section 2.2 “Governance and strategy”, subchapter 3 “Environmental information”. |
| Impact, risks and opportunities management | ESRS 2 IRO-1^{m} – Description of the processes to identify and assess material impacts, risks and opportunities | Chapter 5 “Sustainability Statement” subchapter 2 “General disclosures”, section 2.5 “Impacts, risks and opportunities management and double materiality assessment” and subchapter 5. “Governance information”, section 5.2. “Business conduct”. | |
| G1-1^{m} – Corporate culture and Business conduct policies and corporate culture | Chapter 4 “Corporate Governance”, Part I – “Information on Shareholder Structure, Organization and Corporate Governance” section C “Internal Organization”, subsection II “Reporting of Irregularities and section E “Related Party Transactions”, and on channel “Investor” of the Group’s corporate website. Chapter 5 “Sustainability Statement”, subchapter 2. “General disclosures”, section 2.2. “Governance and strategy”; section 2.3. “Stakeholder engagement and communication channels”; section 2.6. “Our policies”, subchapter 3. “Environmental Information”, section 3.2. “Managing environmental topics”, subsection 3.2.4. “Biodiversity and ecosystems”, point “Animal welfare”; section 3.3. “Disclosures pursuant to Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation)”, subsections 3.3.5. “Minimum safeguards”, subchapter 4. “Social Information”, section 4.2. “Managing social topics”, subsection 4.2.1. “Own workforce”, point “Ethics and compliance”, and subsection 4.2.4. “Workers in the value chain”. | ||
| G1-2^{m} – Management of relationships with suppliers | Chapter 5 “Sustainability Statement”, subchapter 2 “General disclosures”, section 2.5 “Impacts, risks and opportunities management and double materiality assessment”, subchapter 4. “Social information”, section 4.2. “Managing social topics”, subsection 4.2.4. “Workers in the value chain”. | ||
| G1-3 – Prevention and detection of corruption and bribery | Chapter 4 “Corporate Governance”, Part I – “Information on Shareholder Structure, Organization and Corporate Governance”, sections A “Shareholder Structure”, B “Corporate Bodies and Committees”, C “Internal Organisation” e, E “Related Party Transactions”. Chapter 5 “Sustainability Statement”, subchapter 2. “General disclosures”, of section 2.2. “Governance and strategy”, subchapter 3. “Environmental information”, section 3.3. “Disclosures pursuant to Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation)”, subsection 3.3.5. “Minimum safeguards”. | ||
| ESRS G1-Business Conduct | Metrics and targets | G1-4 – Confirmed incidents of corruption or bribery | Chapter 5 “Sustainability Statement”, subchapter 7. “Reporting frameworks”, section 7.1. “ESRS – European Sustainability Reporting Standards”, indicator G1-4, section 7.2 “GRI – Global Reporting Initiative”, indicators GRI 2-27 and GRI 206-1. |
| G1-5 – Political influence and lobbying activities | Chapter 5 “Sustainability Statement”, subchapter 7. “Reporting frameworks”, section 7.1. “ESRS – European Sustainability Reporting Standards”, indicator G1-4. | ||
| G1-6^{m} – Payment practices | Chapter 3 “Financial Statements”, subchapter 3.1. “Consolidated Financial Statements”, note 28.2.2. “Liquidity risk”. |
m Material topics.
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Appendix 2 – List of datapoints in cross-cutting and topical standards that derive from other EU legislation
| Datapoints deriving from other EU legislation | SFDR reference | Pillar 3 reference | Benchmark regulation reference | EU climate law reference | Location |
|---|---|---|---|---|---|
| ESRS 2 GOV-1 § 21 (d) | |||||
| Board's gender diversity | Indicator number 13 of Table #1 of Annex 1 | Commission Delegated Regulation (EU) 2020/181612, Annex II | Chapter 4 | ||
| “Corporate Governance”, Part I | |||||
| “Information on Shareholder Structure, Organization and Corporate Governance”, section B | |||||
| “Corporate Bodies and Committees”, subsection II | |||||
| “Management and Supervision (Board of Directors)” | |||||
| ESRS 2 GOV-1 § 21 (e) | |||||
| Percentage of board members who are independent | Delegated Regulation (EU) 2020/1816, Annex II | ||||
| ESRS 2 GOV-4 § 30 | |||||
| Statement on due diligence | Indicator number 10 Table #3 of Annex 1 | Chapter 5 | |||
| “Sustainability Statement”, subchapter 2. | |||||
| “General disclosures”, section 2.2. | |||||
| “Governance and strategy”, and subchapter 3. | |||||
| “Environmental information”, section 3.3. | |||||
| “Disclosures pursuant to Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation)”, subsection 3.3.5. | |||||
| “Minimum safeguards” | |||||
| ESRS 2 SBM-1 § 40 (d) (i) | |||||
| Involvement in activities related to fossil fuel activities | Indicators number 4 Table #1 of Annex 1 | Article 449a | |||
| Regulation (EU) No 575/2013; | |||||
| Commission Implementing Regulation (EU) 2022/245313 | |||||
| Table 1: Qualitative information on Environmental risk and Table 2: Qualitative information on Social risk | Delegated Regulation (EU) 2020/1816, Annex II | Not applicable | |||
| ESRS 2 SBM-1 § 40 (d) (ii) | |||||
| Involvement in activities related | Indicator number 9 Table #2 of Annex 1 | Delegated Regulation (EU) 2020/1816, Annex II | Not applicable |
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| Datapoints
deriving from
other
EU legislation | SFDR reference | Pillar 3 reference | Benchmark regulation reference | EU climate law reference | Location |
| --- | --- | --- | --- | --- | --- |
| to chemical production | | | | | |
| ESRS 2 SBM-1
§ 40 (d) (iii)
Involvement in activities related to controversial weapons | Indicator number 14 Table #1 of Annex 1 | | Delegated Regulation (EU) 2020/181814, Article 12(1)
Delegated Regulation (EU) 2020/1816, Annex II | | Not applicable |
| ESRS 2 SBM-1
§ 40 (d) (iv)
Involvement in activities related to cultivation and production of tobacco | | | Delegated Regulation (EU) 2020/1818, Article 12(1)
Delegated Regulation (EU) 2020/1816, Annex II | | Not applicable |
| ESRS E1-1
§ 14
Transition plan to reach climate neutrality by 2050 | | | | Regulation (EU) 2021/1119, Article 2(1) | Chapter 5
"Sustainability Statement", subchapter 3.
"Environmental information", section 3.2.
"Managing environmental topics", subsection 3.2.1. "Climate change", point "Managing climate-related risks and opportunities", subpoint "Our strategy" |
| ESRS E1-1
§ 16 (g)
Undertakings excluded from Paris-aligned Benchmarks | | Article 449a
Regulation (EU) No 575/2013;
Commission Implementing Regulation (EU) 2022/2453
Template 1: Banking book – Climate change transition risk: Credit quality of exposures by sector, emissions and residual maturity | Delegated Regulation (EU) 2020/1818, Article 12.1 (d) to (g), and Article 12.2 | | |
| ESRS E1-4
§ 34
GHG emission reduction targets | Indicator number 4 Table #2 of Annex 1 | Article 449a
Regulation (EU) No 575/2013;
Commission Implementing Regulation (EU) 2022/2453
Template 3: Banking book – Climate change transition risk: alignment metrics | Delegated Regulation (EU) 2020/1818, Article 6 | | Chapter 5
"Sustainability Statement", subchapter 6.
"Sustainability commitments", section 6.1.
"Commitments 2024-2026" and section 6.2. "Long-term commitments" |
| ESRS E1-5
§ 38
Energy consumption from fossil sources disaggregated by sources (only high climate impact sectors) | Indicator number 5 Table #1 and Indicator n. 5 Table #2 of Annex 1 | | | | Chapter 5
"Sustainability Statement", subchapter 3.
"Environmental information", section 3.2.
"Managing environmental |
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| Datapoints
deriving from
other
EU legislation | SFDR reference | Pillar 3 reference | Benchmark regulation reference | EU climate law reference | Location |
| --- | --- | --- | --- | --- | --- |
| ESRS E1-5
§ 37
Energy consumption and mix | Indicator number
5 Table #1 of Annex 1 | | | | topics", subsection 3.2.1. "Climate change", point "Energy consumption management". |
| ESRS E1-5
§ 40-43
Energy intensity associated with activities in high climate impact sectors | Indicator number
6 Table #1 of Annex 1 | | | | |
| ESRS E1-6
§ 44
Gross Scope 1, 2, 3 and Total GHG emissions | Indicators number
1 and 2 Table #1 of Annex 1 | Article 449a; Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 1: Banking book – Climate change transition risk: Credit quality of exposures by sector, emissions and residual maturity | Delegated Regulation (EU) 2020/1818, Article 5(1), 6 and 8(1) | | Chapter 5
"Sustainability Statement", subchapter 3. "Environmental information", section 3.2. "Managing environmental topics", subsection 3.2.1. "Climate change", point "Carbon footprint". |
| ESRS E1-6
§ 53 - 55
Gross GHG emissions intensity | Indicators number
3 Table #1 of Annex 1 | Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 3: Banking book – Climate change transition risk: alignment metrics | Delegated Regulation (EU) 2020/1818, Article 8(1) | | |
| ESRS E1-7
§56
GHG removals and carbon credits | | | | Regulation (EU) 2021/1119, Article 2(1) | |
| ESRS E1-9
§ 66
Exposure of the benchmark portfolio to climate-related physical risks | | | Delegated Regulation (EU) 2020/1818, Annex II Delegated Regulation (EU) 2020/1816, Annex II | | Phase in |
| ESRS E1-9
§ 66 (a)
Disaggregation of monetary amounts by acute and chronic physical risk | | | | | Phase in |
| ESRS E1-9
§ 66 (c) | | | | | Phase in |
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| Datapoints
deriving from
other
EU legislation | SFDR reference | Pillar 3 reference | Benchmark regulation reference | EU climate law reference | Location |
| --- | --- | --- | --- | --- | --- |
| Location of significant assets at material physical risk | | | | | |
| ESRS E1-9
§ 67 (c)
Breakdown of the carrying value of its real estate assets by energy efficiency classes | | Article 449a
Regulation (EU)
No 575/2013;
Commission Implementing Regulation (EU)
2022/2453
paragraph 34;
Template 2: Banking book - Climate change transition risk: Loans collateralised by immovable property - Energy efficiency of the collateral | | | Phase in |
| ESRS E1-9
§ 69
Degree of exposure of the portfolio to climate related opportunities | | | Delegated Regulation (EU)
2020/1818, Annex II | | Phase in |
| ESRS E2-4
§28
Amount of each pollutant listed in Annex II of the EPRTR Regulation (European Pollutant Release and Transfer Register) emitted to air, water and soil | Indicator number 8 Table #1 of Annex 1 Indicator number 2 Table #2 of Annex 1 Indicator number 1 Table #2 of Annex 1 Indicator number 3 Table #2 of Annex 1 | | | | Not material Chapter 5
“Sustainability Statement”, subchapter 7.
“Reporting frameworks”, section 7.2. “GRI - Global Reporting Initiative” |
| ESRS E3-1
§ 9
Water and marine resources | Indicator number 7 Table #2 of Annex 1 | | | | Not material Chapter 5
“Sustainability Statement”, subchapter 3.
“Environmental information”, section 3.2.
“Managing environmental topics”, subsection 3.2.3. “Water and marine resources” |
| ESRS E3-1
§ 13
Dedicated policy | Indicator number 8 Table 2 of Annex 1 | | | | Not material Chapter 5
“Sustainability Statement”, subchapter 3.
“Environmental information”, |
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| Datapoints
deriving from
other
EU legislation | SFDR reference | Pillar 3 reference | Benchmark regulation reference | EU climate law reference | Location |
| --- | --- | --- | --- | --- | --- |
| | | | | | section 3.2.
"Managing environmental topics", subsection 3.2.3. "Water and marine resources" |
| ESRS E3-1
§ 14
Sustainable oceans and seas | Indicator number 12 Table #2 of Annex 1 | | | | Not material Chapter 5
"Sustainability Statement", subchapter 3.
"Environmental information", section 3.2.
"Managing environmental topics", subsection 3.2.4. "Biodiversity and ecosystems", point "Sustainable fishing strategy" |
| ESRS E3-4
§ 28 (c)
Total water recycled and reused | Indicator number 6.2 Table #2 of Annex 1 | | | | Not material Chapter 5
"Sustainability Statement", subchapter 3.
"Environmental information", section 3.2.
"Managing environmental topics", subsection 3.2.3."Water and marine resources", point "Water consumption" |
| ESRS E3-4
§ 29
Total water consumption in m³ per net revenue on own operations | Indicator number 6.1 Table #2 of Annex 1 | | | | Not material Chapter 5
"Sustainability Statement", subchapter 3.
"Environmental information", section 3.2.
"Managing environmental topics", subsection 3.2.4. "Biodiversity and ecosystems", point "Management of biodiversity-related risks and opportunities" |
| ESRS 2- IRO 1 - E4
§ 16 (a) (i) | Indicator number 7 Table #1 of Annex 1 | | | | Not material Chapter 5
"Sustainability Statement", subchapter 3.
"Environmental information", section 3.2.
"Managing environmental topics", subsection 3.2.4. "Biodiversity and ecosystems", point "Management of biodiversity-related risks and opportunities" |
| ESRS 2- IRO 1 - E4
§ 16 (b) | Indicator number 12 Table #2 of Annex 1 | | | | Not material Chapter 5
"Sustainability Statement", subchapter 3.
"Environmental information", section 3.2.
"Managing environmental topics", subsection 3.2.4. "Biodiversity and ecosystems", point "Management of biodiversity-related risks and opportunities" |
| ESRS 2- IRO 1 - E4
§ 16 (c) | Indicator number 14 Table #2 of Annex 1 | | | | Not material Chapter 5
"Sustainability Statement", subchapter 2.
"General disclosures", |
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| Datapoints
deriving from
other
EU legislation | SFDR reference | Pillar 3 reference | Benchmark regulation reference | EU climate law reference | Location |
| --- | --- | --- | --- | --- | --- |
| | | | | | section 2.6 "Our policies" and subchapter 3. "Environmental information", section 3.1. "Our environmental-related policies" and subchapter 5 "Governance information", section 5.2 "Business conduct" and 5.2.2 "Suppliers awareness and training" |
| ESRS E4-2
§24 (c)
Sustainable oceans / seas practices or policies | Indicator number 12 Table #2 of Annex 1 | | | | Not material
Chapter 5
"Sustainability Statement", subchapter 3. "Environmental information", section 3.2. "Managing environmental topics", subsection 3.2.4. "Biodiversity and ecosystems", point "Sustainable fishing strategy" |
| ESRS E4-2
§24 (d)
Policies to address deforestation paragraph 24 (d) | Indicator number 15 Table #2 of Annex 1 | | | | Not material
Chapter 5
"Sustainability Statement", subchapter 3. "Environmental information", section 3.2. "Managing environmental topics", subsection 3.2.4. "Biodiversity and ecosystems", point "Fighting deforestation" |
| ESRS E5-5
§37 (d)
Non-recycled waste | Indicator number 13 Table #2 of Annex 1 | | | | Chapter 5. "Sustainability Statement", subchapter 3. "Environmental information", section 3.2. "Managing environmental topics", subsection 3.2.2. "Resource use and circular economy", point "Actions to |
| ESRS E5-5
§ 39
Hazardous waste and radioactive waste | Indicator number 9 Table #1 of Annex 1 | | | | |
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| Datapoints
deriving from
other
EU legislation | SFDR reference | Pillar 3 reference | Benchmark regulation reference | EU climate law reference | Location |
| --- | --- | --- | --- | --- | --- |
| | | | | | promote a circular economy",
subpoint "Waste management",
"Waste recovery from operations." |
| ESRS 2- SBM3 - S1
§14 (f)
Risk of incidents of forced labour | Indicator number
13 Table #3 of Annex I | | | | Chapter 5
"Sustainability Statement",
subchapter 4.
"Social Information",
section 4.2.
"Managing social topics", subsection 4.2.1. "Own workforce", point "Ethics and compliance",
subpoints "Forced and child labour eradication" and "Resolution mechanisms",
subchapter 3.
"Environmental information",
section 3.3.
"Disclosures pursuant to Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation)",
subsection 3.3.5.
"Minimum safeguards" |
| ESRS 2- SBM3 - S1
$ 14 (g)
Risk of incidents of child labour | Indicator number
12 Table #3 of Annex I | | | | Chapter 5
"Sustainability Statement",
subchapter 2.
"General disclosures",
section 2.6 "Our policies",
subchapter 4.
"Social Information",
section 4.1. "Our social-related policies",
subsection 4.1.1. "Own workforce",
subchapter 3.
"Environmental information",
section 3.3.
"Disclosures pursuant to Article 8 of Regulation (EU) 2020/852 |
| ESRS S1-1
§ 20
Human rights policy commitments | Indicator number
9 Table #3 and Indicator number
11 Table #1 of Annex I | | | | |
Sustainability Statement
531
Jerónimo Martins | Annual Report 2025
| Datapoints
deriving from
other
EU legislation | SFDR reference | Pillar 3 reference | Benchmark regulation reference | EU climate law reference | Location |
| --- | --- | --- | --- | --- | --- |
| | | | | | (Taxonomy Regulation)", subsection 3.3.5. "Minimum safeguards" |
| ESRS S1-1
§ 21
Due diligence policies on issues addressed by the fundamental International Labour Organisation Conventions 1 to 8 | | | Delegated Regulation (EU) 2020/1816, Annex II | | Chapter 5
"Sustainability Statement", subchapter 4. "Social Information", section 4.2. "Managing social topics ", subsection 4.2.1. "Own workforce", point "Ethics and compliance " and subchapter 3. "Environmental information", section 3.3. "Disclosures pursuant to Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation)", subsection 3.3.5. "Minimum safeguards" |
| ESRS S1-1
§ 22
Processes and measures for preventing trafficking in human beings | Indicator number 11 Table #3 of Annex I | | | | Chapter 5
"Sustainability Statement", subchapter 4. "Social Information", section 4.2. "Managing social topics", subsection 4.2.1. "Own workforce", point "Ethics and compliance", subpoints "Forced and child labour eradication" and "Resolution mechanisms" subchapter 3. "Environmental information", section 3.3. "Disclosures pursuant to Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation)", subsection 3.3.5. |
Sustainability Statement
532
Jerónimo Martins | Annual Report 2025
| Datapoints
deriving from
other
EU legislation | SFDR reference | Pillar 3 reference | Benchmark regulation reference | EU climate law reference | Location |
| --- | --- | --- | --- | --- | --- |
| | | | | | “Minimum safeguards” |
| ESRS S1-1
§ 23
Workplace accident prevention policy or management system | Indicator number
1 Table #3 of Annex I | | | | Chapter 5
“Sustainability Statement”, subchapter 2.
“General disclosures”, section 2.6 “Our policies” and subchapter 4.
“Social Information”, section 4.2.
“Managing social topics”, subsection 4.2.1. “Own workforce”, point “Health and safety at work” |
| ESRS S1-3
§ 32 (c)
Grievance/complaints handling mechanisms | Indicator number
5 Table #3 of Annex I | | | | Chapter 5
“Sustainability Statement”, subchapter 2.
“General disclosures”, section 2.3
“Stakeholder engagement and communication channels” and subchapter 4.
“Social Information”, 4.2.
“Managing social topics”, 4.2.1.
“Own workforce”, point “Ethics and compliance” and subpoint “Resolution mechanisms” |
| ESRS S1-14
§ 88 (b) and (c)
Number of fatalities and number and rate of work-related accidents | Indicator number
2 Table #3 of Annex I | | Delegated Regulation (EU) 2020/1816, Annex II | | Chapter 5
“Sustainability Statement”, subchapter 7.
“Reporting frameworks”, section 7.2. “GRI Global Reporting Initiative” and subchapter 4.
“Social Information”, section 4.2.
“Managing social topics”, subsection 4.2.1. “Own workforce”, point “Health and safety at work” |
Sustainability Statement
533
Jerónimo Martins | Annual Report 2025
| Datapoints
deriving from
other
EU legislation | SFDR reference | Pillar 3 reference | Benchmark regulation reference | EU climate law reference | Location |
| --- | --- | --- | --- | --- | --- |
| ESRS S1-14
§ 88 (e)
Number of days lost to injuries, accidents, fatalities or illness | Indicator number
3 Table #3 of Annex I | | | | Chapter 5
“Sustainability Statement”, subchapter 4.
“Social Information”, section 4.2.
“Managing social topics”, subsection 4.2.1. “Own workforce”, point “Health and safety at work” |
| ESRS S1-16
§ 97 (a)
Unadjusted gender pay gap | Indicator number
12 Table #1 of Annex I | | Delegated Regulation (EU)
2020/1816, Annex II | | Chapter 5
“Sustainability Statement”, subchapter 4.
“Social Information”, section 4.2.
“Managing social topics”, subsection 4.2.1. “Own workforce”, point “Diversity and inclusion” and subpoint “Gender equality” |
| ESRS S1-16
§97 (b)
Excessive CEO pay ratio | Indicator number
8 Table #3 of Annex I | | | | The Group’s geographical diversity, the lack of equivalence between functions, and the divergence in remuneration concepts across the various Group companies hinder the standardisation of salary information within the Group. The Group will undertake the necessary efforts to comply with the requirements of this indicator, insofar as possible, by the next reporting period. |
| ESRS S1-17
§ 103 (a)
Incidents of discrimination | Indicator number
7 Table #3 of Annex I | | | | Chapter 5
“Sustainability Statement”, subchapter 4.
“Social Information”, 4.2.
“Managing social topics”, 4.2.1. |
Sustainability Statement
534
Jerónimo Martins | Annual Report 2025
| Datapoints deriving from other EU legislation | SFDR reference | Pillar 3 reference | Benchmark regulation reference | EU climate law reference | Location |
|---|---|---|---|---|---|
| "Own workforce", point "Ethics and compliance" and subpoint "resolution mechanisms" | |||||
| ESRS 51-17 | |||||
| § 104 (a) | |||||
| Nonrespect of UNGPs on Business and Human Rights and OECD | Indicator number 10 Table #1 and Indicator n. 14 Table #3 of Annex I | Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818 Art 12 (1) | Chapter 5 | ||
| "Sustainability Statement", subchapter 3. | |||||
| "Environmental information", section 3.3. | |||||
| "Disclosures pursuant to Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation)", subsection 3.3.5. | |||||
| "Minimum safeguards" | |||||
| ESRS 2- SBM3 – S2 | |||||
| § 11 (b) | |||||
| Significant risk of child labour or forced labour in the value chain | Indicators number 12 and n. 13 Table #3 of Annex I | Not material | |||
| Chapter 5 | |||||
| "Sustainability Statement", subchapter 4. | |||||
| "Social Information", section 4.2. | |||||
| "Managing social topics", subsection 4.2.4. "Workers in the value chain", point "Responsible labour management in the value chain", and subchapter 5. | |||||
| "Governance information", section "Selection and monitoring of suppliers" point "Social audits". | |||||
| ESRS S2-1 | |||||
| § 17 | |||||
| Human rights policy commitments | Indicator number 9 Table #3 and Indicator n. 11 Table #1 of Annex 1 | Chapter 5 | |||
| "Sustainability Statement", subchapter 2. | |||||
| "General disclosures", section 2.6 "Our policies", subchapter 4. | |||||
| "Social Information", section 4.1. "Our social-related policies", subsection 4.1.4. "Workers in the |
Sustainability Statement
535
Jerónimo Martins | Annual Report 2025
| Datapoints
deriving from
other
EU legislation | SFDR reference | Pillar 3 reference | Benchmark regulation reference | EU climate law reference | Location |
| --- | --- | --- | --- | --- | --- |
| | | | | | value chain"
subchapter 3.
"Environmental information",
section 3.3.
"Disclosures pursuant to Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation)",
subsection 3.3.5.
"Minimum safeguards" |
| ESRS S2-1
§ 18
Policies related to value chain workers | Indicator number 11 and n. 4 Table #3 of Annex 1 | | | | Not material
Chapter 5
"Sustainability Statement",
subchapter 2.
"General disclosures",
section 2.6 "Our policies", and subchapter 4.
"Social Information",
section 4.1. "Our social-related policies",
subsection 4.1.4.
"Workers in the value chain" |
| ESRS S2- 1
§ 19
Nonrespect of UNGPs on Business and Human Rights principles and OECD guidelines | Indicator number 10 Table #1 of Annex 1 | | Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818, Art 12 (1) | | Not material
Chapter 5
"Sustainability Statement",
subchapter 3.
"Environmental information",
section 3.3.
"Disclosures pursuant to Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation)",
subsection 3.3.5.
"Minimum safeguards" |
| ESRS S2-1
§ 19
Due diligence policies on issues addressed by the fundamental International Labour Organisation Conventions 1 to 8 | | | Delegated Regulation (EU) 2020/1816, Annex II | | Not material
Chapter 5
"Sustainability Statement",
subchapter 3.
"Environmental information",
section 3.3.
"Disclosures pursuant to Article 8 of Regulation (EU) 2020/852 |
Sustainability Statement
536
Jerónimo Martins | Annual Report 2025
| Datapoints
deriving from
other
EU legislation | SFDR reference | Pillar 3 reference | Benchmark regulation reference | EU climate law reference | Location |
| --- | --- | --- | --- | --- | --- |
| | | | | | (Taxonomy Regulation)", subsection 3.3.5. "Minimum safeguards" |
| ESRS S2-4
§ 36
Human rights issues and incidents connected to its upstream and downstream value chain | Indicator number 14 Table #3 of Annex 1 | | | | Not material Chapter 5
"Sustainability Statement", subchapter 4.
"Social Information", section 4.2.
"Managing social topics", subsection 4.2.4. "Workers in the value chain" |
| ESRS S3-1
§ 16
Human rights policy commitments | Indicator number 9 Table #3 of Annex 1 and Indicator number 11 Table #1 of Annex 1 | | | | Chapter 5
"Sustainability Statement", subchapter 2.
"General disclosures", section 2.6 "Our policies", subchapter 4.
"Social Information", section 4.1. "Our social-related policies", subsection 4.1.2. "Affected communities" subchapter 3.
"Environmental information", section 3.3. "Disclosures pursuant to Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation)", subsection 3.3.5. "Minimum safeguards" |
| ESRS S3-1
§ 17
Non respect of UNGPs on Business and Human Rights, ILO principles or and OECD guidelines | Indicator number 10 Table #1 Annex 1 | | Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818, Art 12 (1) | | Chapter 5
"Sustainability Statement", subchapter 3.
"Environmental information", section 3.3.
"Disclosures pursuant to Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation)", subsection 3.3.5. |
Sustainability Statement
537
Jerónimo Martins | Annual Report 2025
| Datapoints deriving from other EU legislation | SFDR reference | Pillar 3 reference | Benchmark regulation reference | EU climate law reference | Location |
|---|---|---|---|---|---|
| “Minimum safeguards” | |||||
| ESRS S3-4 | |||||
| §36 | |||||
| Human rights issues and incidents | Indicator number | ||||
| 14 Table #3 of Annex 1 | Chapter 5 | ||||
| “Sustainability Statement”, subchapter 4. | |||||
| “Social Information”, section 4.2. | |||||
| “Managing social topics”, subsection 4.2.2 “Affected communities” | |||||
| ESRS S4-1 | |||||
| § 16 | |||||
| Policies related to consumers and end users paragraph 16 | Indicator number | ||||
| 9 Table #3 and Indicator number | |||||
| 11 Table #1 of Annex 1 | Chapter 5 | ||||
| “Sustainability Statement”, subchapter 2. | |||||
| “General disclosures”, section 2.6 “Our policies”, and subchapter 4. | |||||
| “Social Information”, section 4.1. “Our social-related policies”, 4.1.3. | |||||
| “Consumers and end-users” | |||||
| ESRS S4-1 | |||||
| § 17 | |||||
| Non-respect of UNGPs on Business and Human Rights and OECD guidelines | Indicator number | ||||
| 10 Table #1 of Annex 1 | Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818, Art 12 (1) | Chapter 5 | |||
| “Sustainability Statement”, subchapter 3. | |||||
| “Environmental information”, section 3.3. | |||||
| “Disclosures pursuant to Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation)”, subsection 3.3.5. | |||||
| “Minimum safeguards” | |||||
| ESRS S4-4 | |||||
| § 35 | |||||
| Human rights issues and incidents | Indicator number | ||||
| 14 Table #3 of Annex 1 | Chapter 5 | ||||
| “Sustainability Statement”, subchapter 4. | |||||
| “Social Information”, section 4.2. | |||||
| “Managing social topics”, subsection 4.2.3 “Consumers and end-users” | |||||
| ESRS G1-1 | |||||
| § 10 (b) | |||||
| United Nations Convention | Indicator number | ||||
| 15 Table #3 of Annex 1 | Chapter 5 | ||||
| “Sustainability Statement”, subchapter 2. | |||||
| “General |
Sustainability Statement
538
Jerónimo Martins | Annual Report 2025
| Datapoints
deriving from
other
EU legislation | SFDR reference | Pillar 3 reference | Benchmark regulation reference | EU climate law reference | Location |
| --- | --- | --- | --- | --- | --- |
| against
Corruption | | | | | disclosures", section 2.2. "Governance and strategy", subchapter 3. "Environmental information", section 3.3. "Disclosures pursuant to Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation)", subsection 3.3.5. "Minimum safeguards" |
| ESRS G1-1
§ 10 (d)
Protection of whistle- blowers | Indicator number
6 Table #3 of
Annex 1 | | | | Chapter 5 "Sustainability Statement", subchapter 2. "General disclosures", section 2.6 Our policies", section "Stakeholder engagement and communication channels" and subchapter 5. "Governance information", 5.1. "Our business conduct policies" |
| ESRS G1-4
§ 24 (a)
Fines for violation of anti-corruption and anti-bribery laws | Indicator number
17 Table #3 of
Annex 1 | | Delegated Regulation (EU) 2020/1816, Annex II) | | Chapter 5 "Sustainability Statement", subchapter 7. "Reporting frameworks", section 7.2. "GRI Global Reporting Initiative" |
| ESRS G1-4
§ 24 (b)
Standards of anti corruption and anti- bribery | Indicator number
16 Table #3 of
Annex 1 | | | | Not Material Chapter 5 "Sustainability Statement", subchapter 2. "General disclosures", section 2.6 "Our policies", |
Sustainability Statement
539
Jerónimo Martins | Annual Report 2025
Appendix 3 - Total GHG emissions disaggregated by Scopes 1 and 2 and significant Scope 3
| Retrospective | Milestones and target years | |
|---|---|---|
| Base year (2021) | 2024 | 2025 |
| Scope 1 GHG emissions | ||
| Gross Scope 1 GHG emissions (t CO2e) - FLAG | 17,016 | 24,657 |
| Gross Scope 1 GHG emissions (t CO2e) - Energy and Industry | 204,686 | 179,476 |
| Percentage of Scope 1 GHG emissions from regulated emission trading schemes (%) | 0 | 0 |
| Gross market-based Scope 2 GHG emissions (t CO2e) - FLAG | 0 | 0 |
| Gross market-based Scope 2 GHG emissions (t CO2e) - Energy and Industry | 742,610 | 580,285 |
| Gross location-based Scope 2 GHG emissions (t CO2e) - Energy and Industry | 808,468 | 767,338 |
| Scope 3 GHG emissions | ||
| Total Gross indirect (Scope 3) GHG emissions (t CO2e) | 28,098,948 | 33,179,124 |
| 1. Purchased goods and services | 23,747,272 | 29,126,301 |
| 2. Capital goods | 435,357 | 452,588 |
| 3. Fuel and energy-related activities (not included in Scope 1 or Scope 2) | 301,594 | 296,397 |
| 4. Upstream transportation and distribution | 256,412 | 267,219 |
| 5. Waste generated in operations | 46,907 | 55,254 |
| 6. Business travel | 1,586 | 3,691 |
| 7. Employee commuting | 18,739 | 21,108 |
| 8. Upstream leased assets | 0 | 0 |
| 9. Downstream transportation | 0 | 0 |
| 10. Processing of sold products | 620 | 1,425 |
| 11. Use of sold products | 2,123,702 | 1,624,065 |
| 12. End-of-life treatment of sold products | 1,156,116 | 1,320,803 |
| 13. Downstream leased assets | 0 | 0 |
| 14. Franchises | 0 | 0 |
| 15. Investments | 10,643 | 10,273 |
| Total GHG emissions | ||
| Total GHG emissions (location-based) (t CO2e) | 29,129,118 | 34,150,595 |
| Total GHG emissions (market-based) (t CO2e) | 29,063,260 | 33,963,543 |
| Net revenue (million euros) | 20,889 | 33,464 |
Sustainability Statement
Jerónimo Martins | Annual Report 2025
| Retrospective | Milestones and target years | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Base year (2021) | 2024 | 2025 | Var. 2025/2024 | 2033 | 2045 | 2050 | ||||
| Intensity market-based (t CO2e/000' euro) | 1.394 | 1.021 | 0.864 | -15.3% | ||||||
| Intensity location-based (t CO2e/000' euro) | 1.391 | 1.015 | 0.862 | -15.1% |
Sustainability Statement
pwc
Independent limited assurance report on the Consolidated Sustainability Statement
(Free translation from a report originally issued in Portuguese language. In case of doubt, the Portuguese version will always prevail)
To the Board of Directors,
Limited assurance conclusion
We have conducted a limited assurance engagement on the sustainability statement of Jerónimo Martins, S.G.P.S., S.A. (the "Group"), included in Sustainability Statement of the Annual Report 2025 (the "Consolidated Sustainability Statement"), as at December 31, 2025 and for the period from January 1, 2025 to December 31, 2025.
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 Consolidated Sustainability Statement, as at December 31, 2025, is not prepared, in all material respects in compliance with:
- the European Sustainability Reporting Standards (ESRS), including that the process carried out by the Group to identify the information reported in the Consolidated Sustainability Statement (the "Process") is in accordance with the description set out in note 2.4. Impacts, risks and opportunities (IRO) management and double materiality assessment of 2. General disclosures;
- the disclosures laid down in Article 8 of Regulation (EU) 2020/852 (the "Taxonomy Regulation") included in subsection 3.3. Disclosures pursuant to Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation) within the section 3. Environment information of the Consolidated Sustainability Reporting;
- the requirements of the guidelines for reporting under the Global Reporting Initiative ("GRI Standards");
- the International Sustainability Reporting Standards issued by the International Sustainability Standards Board (ISSB), (the "IFRS-S");
- the disclosure topics set out in the standards issued by the Sustainability Accounting Standards Board ("SASB"); and
- the instructions and criteria defined by the Group, as referred to in subsection 7.5 Jerónimo Martins Performance Indicators.
Basis for conclusion
We conducted our limited assurance engagement in accordance with the International Standard on Assurance Engagements (ISAE) 3000 (Revised), Assurance engagements other than audits or reviews of historical financial information, issued by the International Auditing and Assurance Standards Board of the International Federation of Accountants and with other technical standards and recommendations issued by the Institute of Statutory Auditors (OROC).
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The procedures in a limited assurance engagement vary in nature and timing and are more limited than those carried out in 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.
Our responsibilities under those standards are further described in the section "Auditor's responsibilities".
We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion.
Our independence and quality management
We apply the International Standard on Quality Management 1 ("ISQM 1"), which requires that we 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 complied with the independence and other ethical requirements of the International Code of Ethics for Professional Accountants (including International Independence Standards) issued by the International Ethics Standards Board for Accountants (IESBA) and of the ethics code of the Institute of Statutory Auditors (OROC).
Responsibilities of the Board of Directors and the Supervisory Board for Sustainability Reporting
The Board of Directors is responsible for designing, implementing and maintaining a process to identify the information reported in the Consolidated Sustainability Statement in accordance with ESRS and IFRS-S (the "Process") and for disclosing this process in the note 2.4. Impacts, risks and opportunities (IRO) management and double materiality assessment of 2. General disclosures of the Consolidated Sustainability Statement. This responsibility includes:
- understanding the context in which the Group's activities and business relationships take place and developing an understanding of the 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 is further responsible for:
- preparing the Consolidated Sustainability Statement in compliance with the ESRS, the IFRS-S, the requirements of the GRI Standards sustainability reporting guidelines, the disclosure topics set out in the standards issued by SASB, and the instructions and criteria defined by the Group, as described in subsection 7.5 Jerónimo Martins Performance Indicators;
- preparing the disclosures in subsection 3.3 Disclosures pursuant to Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation) within the section 3. Environment information of the Consolidated Sustainability Reporting, in compliance with Article 8 of the Taxonomy Regulation;
Independent limited assurance report on the Consolidated Sustainability Statement
December 31, 2025
Jerónimo Martins, S.G.P.S., S.A.
PwC 2 of 5
- designing, implementing and maintaining the internal controls that the Board of Directors determines that are necessary to enable the preparation of the Consolidated Sustainability Statement free from material misstatement, whether due to fraud or error; and
- the selection and application of appropriate sustainability reporting methods and defining the assumptions and estimates that are reasonable in the circumstances.
The Supervisory Board is responsible for overseeing the Group's consolidated sustainability reporting process.
Inherent limitations in preparing the Consolidated Sustainability Statement
In reporting forward-looking information in accordance with ESRS and IFRS-S, the Board of Directors 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. Actual outcomes are likely to be different since anticipated events frequently do not occur as expected.
Subsection 3.2.1 Climate Change of the Consolidated Sustainability Statement contains the basis of preparation for disclosures related to scope 3 greenhouse gas emissions, including sources of estimation uncertainty. The Group disclosed that the assumptions, methods, and judgments used in estimating these emissions are subject to estimation uncertainty. The comparability of sustainability information between entities and over time may be affected by inconsistencies in the methods used to estimate or measure scope 3 emissions, due to different but acceptable methods allowed under the ESRS and IFRS-S — including the proportionality mechanism — applied by the Group.
Auditor's responsibilities
Our responsibility is to plan and perform an assurance engagement to obtain limited assurance about whether the Consolidated 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 the basis of the Consolidated Sustainability Statement as a whole.
As part of a limited assurance engagement in accordance with ISAE 3000 (Revised) we exercise professional judgement and maintain professional scepticism throughout the engagement.
Our responsibilities on the Consolidated Sustainability Statement, in relation to the Process, include:
- obtaining an understanding of the Process, but not for the purpose of providing a conclusion on its effectiveness, including its outcome;
- considering whether the information identified addresses the applicable disclosure requirements of the ESRS and IFRS-S; and
- designing and performing procedures to evaluate whether the Process is consistent with the Group's description of its Process as disclosed in note 2.4. Impacts, risks and opportunities (IRO) management and double materiality assessment of 2. General disclosures.
Our other responsibilities in respect of the Consolidated Sustainability Statement include:
- identifying disclosures where material misstatements are likely to arise, whether due to fraud or error; and
Independent limited assurance report on the Consolidated Sustainability Statement
December 31, 2025
Jerónimo Martins, S.G.P.S., S.A.
- designing and performing procedures on the matters where it is determined that material misstatements are likely to arise in the Consolidated 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 Consolidated Sustainability Statement.
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 Consolidated 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 by:
- performing inquiries to understand the sources of the information used by management; and
- reviewing Group's internal documentation regarding its Process.
- Evaluated whether the evidence obtained from our procedures with regarding the Process implemented by the Group was consistent with the description of the Process set out in note 2.4. Impacts, risks and opportunities (IRO) management and double materiality assessment of 2. General disclosures.
In conducting our limited assurance engagement, with respect to the Consolidated Sustainability Statement, we:
- Obtained an understanding of the Group's reporting processes relevant to the preparation of its Consolidated Sustainability Statement by undertaking an understanding of the Group's control environment, processes and information system relevant to the preparation of the Consolidated Sustainability Statement, but not for the purpose of providing a conclusion on the effectiveness of the Group's internal control;
- Evaluated whether the information identified by the Process is included in the Consolidated Sustainability Statement;
- Evaluated whether the structure and presentation of the Consolidated Sustainability Statement are in compliance with the ESRS, the IFRS-S, the requirements of the GRI Standards sustainability reporting guidelines, the disclosure topics set out in the standards issued by SASB, and the instructions and criteria defined by the Group, as described in subsection 7.5 Jerónimo Martins Performance Indicators;
- Performed inquiries of relevant personnel and analytical procedures on selected information that is disclosed in the Consolidated Sustainability Statement;
- Performed substantive assurance procedures, on a sampling basis, on selected information in the Consolidated Sustainability Statement;
- Obtained evidence regarding the methods, assumptions and data used for developing estimates and forward-looking information;
- Obtained an understanding of the Group's process to identify taxonomy-eligible and taxonomy-aligned economic activities and the corresponding disclosures in the Consolidated Sustainability Statement.
Independent limited assurance report on the Consolidated Sustainability Statement
December 31, 2025
Jerónimo Martins, S.G.P.S., S.A.
Other matters
i) The comparative sustainability information included in the Group's Consolidated Sustainability Statement for the year ended December 31, 2024 was subject to a limited assurance engagement regarding the adequacy of the disclosures and their compliance with the ESRS, the requirements of the GRI Standards sustainability reporting guidelines, the disclosure topics set out in the standards issued by SASB, and the instructions and criteria defined by the Group, as described in subsection 7.5 Jerónimo Martins Performance Indicators. This work was carried out by another auditor. The referred report, dated March 26, 2025, expresses an unmodified conclusion.
ii) The comparative sustainability information included in the Group's Consolidated Sustainability Statement, relating to the financial year ended December 31, 2024, was not subjected to a limited assurance engagement regarding the compliance of the disclosures with the IFRS-S.
Our conclusion is not modified in respect of these matters.
March 26, 2026
PricewaterhouseCoopers & Associados
- Sociedade de Revisores Oficiais de Contas, Lda.
represented by:
João Rui Fernandes Ramos, ROC no 1333
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Independent limited assurance report on the Consolidated Sustainability Statement
December 31, 2025
Jerónimo Martins, S.G.P.S., S.A.
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