Jerónimo Martins (JMT) Q3 2025 earnings summary

Executive summary

• Sales rose 7.1% year-over-year to €26.5 billion, with EBITDA up 10.9% to €1.8 billion and net profit reaching €484 million, a 10% increase from the prior year.

• Strong operational discipline, price leadership, and cost management drove growth across all banners despite cautious consumer demand and heightened competition.

• Ambitious store expansion and network growth, especially in Poland and Colombia, supported top-line performance.

• Capex execution reached €816 million, supporting 274 new stores and 170 remodels.

• EPS rose 10% to €0.77.

Financial highlights

• Group sales grew by 7.1% to €26.5 billion, with EBITDA up 10.9% to €1.8 billion and EBIT up 12.8% to €964 million.

• EBITDA margin improved to 6.8% (+23 bps), and net profit attributable to shareholders was €484 million.

• Net cash position (excluding IFRS16/capitalized leases) stood at €467 million at September end; net debt at €3.6 billion.

• Cash flow before dividends was €128 million, up from -€387 million in the prior year.

• Net financial costs increased to €243 million, mainly due to expansion and lease interest.

Outlook and guidance

• 2025 expected to remain volatile due to geopolitical and economic instability, with continued focus on price competitiveness, operational agility, and market share reinforcement.

• Capex for 2025 projected slightly above €1 billion, prioritizing store expansion and logistics.

• Biedronka plans 130–150 net new stores and c.200 renovations; Ara expects over 150 new stores and further logistics investment.

• Hebe to open c.30 new stores in Poland, maintaining e-commerce as a growth pillar.

• Pingo Doce to remodel c.50 stores and open c.10 new locations in Portugal.