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Jeronimo Martins Interim / Quarterly Report 2026
1906_rns_2026-05-06_92197a39-ded4-4d82-b330-c9ad5955fbba.pdf
Interim / Quarterly Report
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Jerónimo Martins
1026
Q1 Results
MARKET RELEASE
6 MAY 2026
This release includes, in Appendix 1, the Financial Statements excluding the effect of the IFRS16.
> FACTSHEET
INVESTOR RELATIONS OFFICE
+351 21 752 61 05
[email protected]
Cláudia Falcão: [email protected]
Hugo Fernandes: [email protected]
MEDIA RELATIONS OFFICE
+351 21 752 61 80
[email protected]
Pedro Rio: [email protected]
Jerónimo Martins, SGPS, S.A.
Head office: Rua Actor António Silva, n. º7, 1649-033 Lisboa | Share Capital: Euro 629.293.220,00
Registered at the C.R.C. of Lisbon and Tax Number: 500 100 144
www.jeronimomartins.com
2026 Q1 Results
Jerónimo Martins
FIRST QUARTER 2026 | KEY FIGURES
SOLID SALES GROWTH IN A QUARTER MARKED BY THE AGGRAVATION OF THE GEOPOLITICAL CONTEXT
- Sales grew 6.3% to €8.9 BN (+6.7% at constant exchange rates).
- EBITDA increased 8.4% to €572 MN (+9.0% at constant exchange rates), with the EBITDA margin at 6.4% (6.3% in Q1 25).
- Net Earnings reached €119 MN.
- In line with business seasonality, Cash Flow in Q1 26 was negative in €428 MN.
- Net Debt stood at €3.9 BN. Excluding IFRS16, the Group posted a net cash position of €385 MN by the end of March.
PERFORMANCE OVERVIEW & KEY DRIVERS
Geopolitical events in the first quarter of the year have heightened uncertainty for businesses and consumers.
Against this backdrop and the already evident rise in costs – particularly in fuel – consumers remained cautious about food spending, continuing to favour low prices and promotions.
Additionally, in Poland, our main banner started the year operating with deflation in its basket amidst a highly competitive context.
All Companies focused on their strategic priorities, maintaining price competitiveness and running effective promotions to ensure consumer trust and preference.
Sales grew by 6.3% (+6.7% at constant exchange rates), reflecting, in part, an early Easter season that, to some extent, boosted sales in March. EBITDA increased by 8.4% (+9.0% at constant exchange rates), with the respective margin standing at 6.4%, 13 b.p. above Q1 25.
The net result was 119 million euros, 6.8% below the previous year. This decrease reflects the effects, in Q1, of interest and exchange rate differences arising from the capitalisation of leases, in accordance with IFRS16.
At the end of March, the Group's balance sheet showed a net cash position (excluding IFRS16) of 385 million euros.
The General Shareholders' Meeting, held on 23 April, approved the Board of Directors' proposal to distribute a dividend of 0.65 euros per share (gross amount), totalling 408.5 million euros, to be paid on 12 May. Shareholders also approved the contribution of 40 million euros from the 2025 results to the Jerónimo Martins Foundation, which will impact the income statement in Q2 26.
MESSAGE FROM THE CHAIRMAN AND CEO
PEDRO SOARES DOS SANTOS
'At the beginning of 2026, the rapid deterioration of the geopolitical context further increased uncertainty, affecting consumer behaviour. The escalation of the Middle East conflict caused volatility in oil prices, leading to substantial fuel price spikes. Even more concerning, fertilizer prices rose sharply, bringing additional pressure on costs for the upcoming food production cycle that is now beginning.
Despite this demanding context, the Group's banners delivered a strong first quarter, with solid growth in both sales and EBITDA. This performance reinforces our confidence in the competitive strength and resilience of all our business models.
Conscious of the increasing complexity of the environment and the need to manage the delicate balance between short- and long-term objectives, we will continue to place the consumer at the centre of our strategy. Therefore, we will focus strongly on price competitiveness, alongside ongoing improvements to our assortment and store quality.
The execution of the capex programme over these three months was marked by strict discipline, while delivering on our growth objectives. We will continue to closely monitor the effects of geopolitical instability, particularly those stemming from the war in Iran, on costs and the supply chain. Our teams remain vigilant and ready to respond promptly to emerging challenges.'
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OUTLOOK 2026
We fully reiterate the outlook provided in our 18 March 2026 release.
PERFORMANCE ANALYSIS BY BANNER
POLAND
In Poland, food inflation has been trending downward since September 2025, averaging 2.3% in Q1 26 (2.8% in Q4 25) and reaching 2.1% in March.
The general price inflation, which was 2.4% in Q1 26, rose to 3.0% in March due to higher fuel prices. However, the increase in energy prices was mitigated by cuts to fuel VAT and caps on fuel retail prices.
Food Retail demand was restrained, and the competitive environment was intense, particularly during the build-up to the Easter season at the end of March.
Biedronka LFL
Biedronka
Biedronka maintained its leadership in pricing and promotions, offering customers the best savings opportunities in the market. At the same time, it adjusted its assortment and refurbished numerous stores.
Sales grew 3.6% to 6.2 billion euros (+4.5% in local currency). The LFL was 2.3%, despite substantial deflation in the basket. The last week of March included part of the Easter effect, which in 2025 fell entirely in the second quarter.
The Company maintained its focus on disciplined cost management, which, together with sales growth, led EBITDA to increase by 4.6% (+5.5% in local currency), reaching 482 million euros, with the respective margin standing at 7.8% (7.7% in Q1 25).
Biedronka opened 12 stores in the first three months of the year (a net addition of 3 stores) and completed 36 remodellings.
Hebe
Hebe continued to operate in a market with intensifying price competition.
Sales in local currency grew 2.5%, with LFL at 0.4%. In euros, sales reached 148 million, 1.6% above Q1 25.
EBITDA increased from 3 million euros in Q1 25 to 10 million euros. The EBITDA margin was 6.7% (2.0% in Q1 25). This margin increase reflects work carried out since Q2 25 to protect profitability through sales mix and cost management.
Hebe opened 14 stores in the Polish market, bringing its total to 408 stores by the end of the period.
PORTUGAL
In Portugal, food inflation reached 3.5% in Q1 26, matching the rate in Q4 25. Consumers continued to prioritise promotions, while demand restraint was observed in the HoReCa sector.
Overall inflation was 2.2%, the same as in Q4 25, but it rose to 2.7% in March, mainly due to higher fuel costs.
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Pingo Doce LFL (excl. fuel)
pingo doce
Operating a differentiated food store model with a consistent commercial strategy that includes highly recognised and valued campaigns, Pingo Doce grew sales by 7.5% to 1.3 billion euros, with an LFL of 5.7% (excluding fuel), benefiting from an earlier Easter than in 2025.
During this period, Pingo Doce remodelled 11 locations.
Recheio LFL
RECHEIO
Recheio faced a volatile market during the first months of the year, due to several storms that particularly impacted the centre of the country and affected the HoReCa channel.
Nonetheless, our wholesale banner achieved solid growth during the period, leveraging segmentation of its value proposition for the HoReCa channel and Traditional Retail, as well as the competitiveness of its pricing.
Performance was also driven by the opening, in February, of a flagship store in Lisbon (the banner also closed a small store by the end of the period).
Sales grew 3.3% to 312 million euros, with an LFL of 2.7%.
The EBITDA of Distribution Portugal stood at 83 million euros, 7.2% above the same quarter last year, with the respective margin reaching 5.2%, in line with Q1 25.
COLOMBIA
In Colombia, the general price index increased by 5.4% (5.3% in Q4 25). Food inflation remained relatively high at 5.7% in Q1 26 (5.8% in Q4 25).
The consumer environment remained very challenging despite the recovery in private consumption and household confidence.
Ara LFL
ara
Ara has seen a significant increase in brand awareness built through an ambitious, rigorously executed expansion plan over the last few years. This notoriety, combined with competitive pricing, high quality, and an assertive offer, has contributed to strong sales growth despite a challenging market.
Sales in local currency grew by 21.2%, with an LFL of 6.0%. In euros, sales totalled 959 million in the quarter, representing an increase of 23.6% compared to the first quarter of 2025.
The high promotional intensity and competitive price positioning led the banner to operate with very low inflation in the basket, with performance driven by volume growth.
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In Q1 26, Ara added 51 new stores (45 net additions) to its network, bringing the total to 1,698 locations by the end of March. At the start of the year, Ara also opened a new distribution centre.
EBITDA stood at 44 million euros, an increase of 17 million euros compared to the first quarter of 2025 (+58.4% in local currency), with the respective margin at 4.6% (3.5% in Q1 25). The margin improvement reflects the consistent increase in scale of operations, as well as the remarkable work in cost management.
CONSOLIDATED FINANCIAL HEADINGS
Net Financial Costs amounted to 99 million euros. The increase relative to the previous year reflects the inclusion of 5.5 million euros related to the negative foreign exchange difference resulting from the capitalisation of rents in Poland denominated in euros (that in Q1 25 was positive in c.8 million euros) and the execution of the expansion programme and the consequent impact on capitalised operational lease interest.
Other Profit and Losses amounted to -13 million euros, including, among others, write-offs, indemnities, and provisions for contingencies. This April, the General Meeting approved allocating an endowment of 40 million euros to the Jerónimo Martins Foundation from the 2025 net earnings, which will be booked in Q2 as a cost under this heading.
The Investment Programme reached an executed value of 208 million euros.
Cash Flow was negative 428 million euros, in line with the normal business seasonality after the Christmas season.
DISCLAIMER
This release's forward-looking statements are based on current expectations of future events. They are subject to risks and uncertainties that can cause actual results to differ materially from those expressed or implied by such statements. The risks and uncertainties, which have increased as a result of the war in Ukraine, the conflict in the Middle East, the trade tensions, and climate-related phenomena, relate to factors that are beyond Jerónimo Martins' ability to control or estimate precisely and include but are not limited to general economic conditions, actions taken by governmental authorities and their impacts over the economy, competition, industry trends, credit markets, foreign exchange fluctuations, and regulatory developments.
The forward-looking statements herein refer only to this document and its publication date. Unless required by applicable law or regulation, Jerónimo Martins assumes no obligation to update the information contained in this release or notify a reader if any matter stated herein changes or becomes inaccurate.
FINANCIAL CALENDAR
Dividend payment 12 May (ex-dividend date on 8 May)
H1 2026 Results: 29 July
9M 2026 Results: 28 October
All releases will be published after the closing of the market
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KEY PERFORMANCE FIGURES
CONSOLIDATED RESULTS
| (€ Million) | Q1 26 | Q1 25 | Δ | ||
|---|---|---|---|---|---|
| Net Sales and Services | 8,904 | 8,377 | 6.3% | ||
| Gross Profit | 1,873 | 21.0% | 1,741 | 20.8% | 7.6% |
| Operating Costs | -1,301 | -14.6% | -1,213 | -14.5% | 7.3% |
| EBITDA | 572 | 6.4% | 528 | 6.3% | 8.4% |
| Depreciation | -300 | -3.4% | -279 | -3.3% | 7.5% |
| EBIT | 272 | 3.1% | 249 | 3.0% | 9.4% |
| Net Financial Costs | -99 | -1.1% | -71 | -0.8% | 38.8% |
| Gains/Losses in Joint Ventures and Associates | -1 | 0.0% | 0 | 0.0% | n.a. |
| Other Profits/Losses | -13 | -0.2% | -8 | -0.1% | n.a. |
| EBT | 159 | 1.8% | 169 | 2.0% | -6.2% |
| Income Tax | -41 | -0.5% | -43 | -0.5% | -5.3% |
| Net Profit | 118 | 1.3% | 126 | 1.5% | -6.5% |
| Non-Controlling Interests | 1 | 0.0% | 2 | 0.0% | n.a. |
| Net Profit Attributable to JM | 119 | 1.3% | 127 | 1.5% | -6.8% |
| EPS (€) | 0.19 | 0.20 | -6.8% | ||
| EPS without Other Profits/Losses (€) | 0.21 | 0.21 | -2.3% |
BALANCE SHEET
| (€ Million) | Q1 26 | 2025 | Q1 25 |
|---|---|---|---|
| Net Goodwill | 644 | 649 | 646 |
| Net Fixed Assets | 6,510 | 6,476 | 6,045 |
| Net Rights of Use (RoU) | 3,899 | 3,835 | 3,683 |
| Total Working Capital | -4,015 | -4,577 | -3,705 |
| Others | 447 | 448 | 340 |
| Invested Capital | 7,485 | 6,831 | 7,009 |
| Total Borrowings | 1,272 | 1,238 | 1,102 |
| Financial Leases | 156 | 155 | 137 |
| Capitalised Operating Leases | 4,258 | 4,167 | 3,954 |
| Accrued Interest | 14 | 10 | 34 |
| Cash and Cash Equivalents | -1,826 | -2,268 | -1,605 |
| Net Debt | 3,873 | 3,302 | 3,622 |
| Non-Controlling Interests | 220 | 238 | 228 |
| Share Capital | 629 | 629 | 629 |
| Reserves and Retained Earnings | 2,763 | 2,662 | 2,530 |
| Shareholders Funds | 3,612 | 3,529 | 3,387 |
CASH FLOW
| (€ Million) | Q1 26 | Q1 25 |
|---|---|---|
| EBITDA | 572 | 528 |
| Capitalised Operating Leases Payment | -106 | -100 |
| Interest Payment | -86 | -78 |
| Other Financial Items | 0 | 0 |
| Income Tax | -32 | -59 |
| Funds From Operations | 349 | 291 |
| Capex and Financial Investments Payment | -311 | -319 |
| Change in Working Capital | -452 | -366 |
| Others | -13 | -5 |
| Cash Flow | -428 | -398 |
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APPENDIX
- Financial Statements
INCOME STATEMENT BY FUNCTIONS
| (€ Million) | IPR516 | Excl. IPR516 | ||
|---|---|---|---|---|
| Q1.26 | Q1.25 | Q1.26 | Q1.25 | |
| Net Sales and Services | 8,904 | 8,377 | 8,904 | 8,377 |
| Cost of Sales | -7,030 | -6,636 | -7,030 | -6,636 |
| Gross Profit | 1,873 | 1,741 | 1,873 | 1,741 |
| Distribution Costs | -1,436 | -1,342 | -1,488 | -1,389 |
| Administrative Costs | -165 | -150 | -166 | -151 |
| Other Operating Profits/Losses | -13 | -8 | -13 | -8 |
| Operating Profit | 259 | 241 | 205 | 193 |
| Net Financial Costs | -99 | -71 | -22 | -15 |
| Gains/Losses in Other Investments | 0 | 0 | 0 | 0 |
| Gains/Losses in Joint Ventures and Associates | -1 | 0 | -1 | 0 |
| Profit Before Taxes | 159 | 169 | 182 | 177 |
| Income Tax | -41 | -43 | -45 | -44 |
| Profit Before Non Controlling Interests | 118 | 126 | 137 | 133 |
| Non-Controlling Interests | 1 | 2 | 0 | 1 |
| Net Profit Attributable to JM | 119 | 127 | 138 | 134 |
INCOME STATEMENT (Management View)
| (€ Million) | (Excl. IPR516) | ||||
|---|---|---|---|---|---|
| Q1.26 | Q1.25 | Δ | |||
| Net Sales and Services | 8,904 | 8,377 | 6.3% | ||
| Gross Profit | 1,873 | 21.0% | 1,741 | 20.8% | 7.6% |
| Operating Costs | -1,477 | -16.6% | -1,376 | -16.4% | 7.3% |
| EBITDA | 396 | 4.4% | 364 | 4.3% | 8.8% |
| Depreciation | -177 | -2.0% | -164 | -2.0% | 8.5% |
| EBIT | 219 | 2.5% | 201 | 2.4% | 9.0% |
| Net Financial Costs | -22 | -0.2% | -15 | -0.2% | 45.9% |
| Gains/Losses in Joint Ventures and Associates | -1 | 0.0% | 0 | 0.0% | n.a. |
| Other Profits/Losses | -13 | -0.2% | -8 | -0.1% | n.a. |
| EBT | 182 | 2.0% | 177 | 2.1% | 2.7% |
| Income Tax | -45 | -0.5% | -44 | -0.5% | 1.0% |
| Net Profit | 137 | 1.5% | 133 | 1.6% | 3.3% |
| Non-Controlling Interests | 0 | 0.0% | 1 | 0.0% | n.a. |
| Net Profit Attributable to JM | 138 | 1.5% | 134 | 1.6% | 2.9% |
| EPS (€) | 0.22 | 0.21 | 2.9% | ||
| EPS without Other Profits/Losses (€) | 0.23 | 0.22 | 1.8% |
BALANCE SHEET
| (€ Million) | (Excl. IPR516) | ||
|---|---|---|---|
| Q1.24 | 2015 | Q1.24 | |
| Net Goodwill | 644 | 649 | 646 |
| Net Fixed Assets | 6,510 | 6,476 | 6,045 |
| Total Working Capital | -4,016 | -4,575 | -3,701 |
| Others | 394 | 398 | 297 |
| Invested Capital | 3,532 | 2,948 | 3,288 |
| Total Borrowings | 1,272 | 1,238 | 1,102 |
| Financial Leases | 156 | 155 | 137 |
| Accrued Interest | 14 | 10 | 34 |
| Cash and Cash Equivalents | -1,826 | -2,268 | -1,605 |
| Net Debt | -385 | -866 | -332 |
| Non-Controlling Interests | 240 | 258 | 244 |
| Share Capital | 629 | 629 | 629 |
| Reserves and Retained Earnings | 3,047 | 2,927 | 2,746 |
| Shareholders Funds | 3,917 | 3,814 | 3,620 |
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CASH FLOW
| (€ Million) | (Excl. IFRS16) | |
|---|---|---|
| Q1.26 | Q1.25 | |
| EBITDA | 396 | 364 |
| Interest Payment | -15 | -14 |
| Other Financial Items | 0 | 0 |
| Income Tax | -32 | -59 |
| Funds From Operations | 349 | 291 |
| Capex and Financial Investments Payment | -311 | -319 |
| Change in Working Capital | -453 | -366 |
| Others | -13 | -4 |
| Cash Flow | -428 | -398 |
EBITDA BREAKDOWN
| (€ Million) | IFRS16 | Excl. IFRS16 | ||||||
|---|---|---|---|---|---|---|---|---|
| Q1.26 | Mg | Q1.25 | Mg | Q1.26 | Mg | Q1.25 | Mg | |
| Biedronka | 482 | 7.8% | 461 | 7.7% | 365 | 5.9% | 349 | 5.9% |
| Hebe | 10 | 6.7% | 3 | 2.0% | 0 | 0.3% | -6 | n.a. |
| Distribution Portugal | 83 | 5.2% | 78 | 5.2% | 61 | 3.8% | 57 | 3.8% |
| Ara | 44 | 4.6% | 27 | 3.5% | 18 | 1.8% | 7 | 0.9% |
| Others & Cons. Adjustments | -47 | n.a. | -40 | n.a. | -49 | n.a. | -42 | n.a. |
| JM Consolidated | 572 | 6.4% | 528 | 6.3% | 396 | 4.4% | 364 | 4.3% |
NET FINANCIAL COSTS
| (€ Million) | IFRS16 | |
|---|---|---|
| Q1.26 | Q1.25 | |
| Net Interest | -16 | -12 |
| Interests on Capitalised Operating Leases | -71 | -64 |
| Exchange Differences | -7 | 7 |
| Others | -5 | -3 |
| Net Financial Costs | -99 | -71 |
| Excl. IFRS16 | ||
| --- | --- | |
| Q1.26 | Q1.26 | |
| -16 | -12 | |
| - | - | |
| -1 | 0 | |
| -5 | -3 | |
| -22 | -15 |
SALES BREAKDOWN
| (€ Million) | Q1.26 | Q1.25 | c.% | |||
|---|---|---|---|---|---|---|
| % total | % total | excl. FX | Euro | |||
| Biedronka | 6,162 | 69.2% | 5,946 | 71.0% | 4.5% | 3.6% |
| Hebe | 148 | 1.7% | 145 | 1.7% | 2.5% | 1.6% |
| Pingo Doce | 1,290 | 14.5% | 1,200 | 14.3% | 7.5% | |
| Recheio | 312 | 3.5% | 302 | 3.6% | 3.3% | |
| Ara | 959 | 10.8% | 775 | 9.3% | 21.2% | 23.6% |
| Others & Cons. Adjustments | 34 | 0.4% | 8 | 0.1% | n.a. | |
| Total JM | 8,904 | 100% | 8,377 | 100% | 6.7% | 6.3% |
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SALES GROWTH
| | Total Sales Growth
Q1 26 | LFL Growth
Q1 26 |
| --- | --- | --- |
| Biedronka | | |
| Euro | 3.6% | |
| PLN | 4.5% | 2.3% |
| Hebe | | |
| Euro | 1.6% | |
| PLN | 2.5% | 0.4% |
| Pingo Doce | 7.5% | 5.6% |
| Excl. Fuel | 7.7% | 5.7% |
| Recheio | 3.3% | 2.7% |
| Ara | | |
| Euro | 23.6% | |
| COP | 21.2% | 6.0% |
| Total JM | | |
| Euro | 6.3% | |
| Excl. FX | 6.7% | 3.1% |
STORE NETWORK
| Number of Stores | 2025 | Openings | Closings | Q1 26 | Q1 25 |
|---|---|---|---|---|---|
| Q1 26 | Q1 26 | ||||
| Biedronka * | 3,882 | 12 | 9 | 3,885 | 3,780 |
| Hebe ** | 394 | 14 | 0 | 408 | 386 |
| Pingo Doce | 497 | 0 | 0 | 497 | 490 |
| Recheio | 43 | 1 | 1 | 43 | 43 |
| Ara *** | 1,653 | 51 | 6 | 1,698 | 1,447 |
| Sales Area (sqm) | 2025 | Openings | Closings Remodelling | Q1 26 | Q1 25 |
| --- | --- | --- | --- | --- | --- |
| Q1 26 | Q1 26 | ||||
| Biedronka * | 2,788,843 | 8,130 | 3,332 | 2,793,641 | 2,701,080 |
| Hebe ** | 100,463 | 3,846 | 0 | 104,309 | 98,326 |
| Pingo Doce | 590,565 | 0 | -1,007 | 591,572 | 579,021 |
| Recheio | 146,177 | 5,188 | 260 | 151,105 | 146,177 |
| Ara *** | 594,197 | 16,860 | 1,923 | 609,134 | 505,466 |
- Excluding the stores and selling area related to 28 Micro Fulfillment Centres (MFC) to supply Biek's operation (ultra-fast delivery) and the 15 Biedronka stores in Slovakia
** Includes 7 stores outside Poland
*** Includes 70 Bodegas del Canesto (B2B)
CAPEX
| (€ Million) | Q1 26 | Weight | Q1 25 | Weight |
|---|---|---|---|---|
| Biedronka | 131 | 63% | 146 | 59% |
| Distribution Portugal | 52 | 25% | 48 | 20% |
| Ara | 12 | 6% | 35 | 14% |
| Others | 12 | 6% | 19 | 8% |
| Total CAPEX * | 208 | 100% | 248 | 100% |
-
Excluding financial investments (which in Q1 26 amounted to €15 Mn and in Q1 25 €19 Mn)
-
Notes
Like For Like (LFL) sales: sales made by stores and e-commerce platforms operated under the same conditions in the two periods. Excludes stores opened or closed in one of the two periods. Sales of stores that underwent profound remodelling are excluded for the remodelling period (store closure).
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3. INCOME STATEMENT
Reconciliation notes
| Income Statement in this Release (Management View) | Consolidated Income Statement by Functions (in Consolidated Report and Accounts) First Quarter 2026 Results |
|---|---|
| Net Sales and Services | Net sales and services |
| Gross Profit | Gross profit |
| Operating Costs | Includes headings of Distribution costs; and Administrative costs, excluding €-300 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
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BALANCE SHEET
Following ESMA guidelines on Alternative Performance Measures from October 2015
| Balance Sheet in this Release | Consolidated Balance Sheet at 31 March 2026 (in Consolidated Report and Accounts) |
|---|---|
| Net Goodwill | Goodwill |
| Net Fixed Assets | Includes the headings Tangible and Intangible assets and adding the Financial leases (€164 million) |
| Net Rights of Use (RoU) | Includes the heading Rights of use excluding the Financial leases (€164 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 €-107 million related to 'Others' due to its operational nature. |
| Excludes €3 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), and €-17 million related with dividends attributable to non-controlling interests. | |
| 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; and €-17 million related with dividends attributable to non-controlling interests. |
| Excludes €-107 million related to 'Others' due to its operational nature | |
| Invested Capital | |
| Total Borrowings | Includes the heading Borrowings current and non-current deducted of €-19 million related with Accrued and deferred financial expenses (note - Current and non-current loans) |
| Financial Leases | Includes the heading of Financial leases (2026: €156 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 €3 million related with Interest accruals and deferrals receivable (note - Net financial debt), as well as, €-19 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
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CASH FLOW
Following ESMA guidelines on Alternative Performance Measures from October 2015
| Cash Flow in this Release | Consolidated Cash Flow Statement (in Consolidated Report and Accounts) First Quarter 2026 |
|---|---|
| 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 (€13 million) |
| Capitalised Operating Leases Payment | Included in the heading Leases paid, excluding €2 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 and Financial Investments 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 (€-5 million) | |
| Change in Working Capital | Includes Changes in working capital added from headings which did not generate cash flow (€1 million) |
| Others | Includes the headings Disposal of business (when applicable); and Profit and losses which generated cash flow, although not having operational nature (€-13 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 (€-5 million); and deducted from the payment of financial leases (€2 million), both according with previous accounting standards; and also deducted from headings which did not generate cash flow (€1 million) |
6 May, 2026 | 12
Jerónimo Martins
This release includes, in Appendix 1, for comparison purposes, the Financial Statements excluding the effect of the IFRS16.
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