Jerónimo Martins (JMT) Q4 2025 earnings summary

Executive summary

• Sales grew 7.6% year-over-year to €36 billion, with EBITDA up 11.1% to €2.5 billion and net earnings at €646 million, reflecting strong operational discipline and price leadership in a challenging geopolitical and competitive environment.

• All banners contributed to growth, with Biedronka surpassing €25 billion in sales, Ara expanding rapidly in Colombia, and continued investment in store modernization and logistics.

• 448 new stores opened (403 net), including expansion in Poland, Slovakia, and Colombia.

• The group maintained a solid balance sheet, ending the year with a net cash position of €866 million (excluding IFRS16) and a pre-tax ROIC of 20.1%.

• Corporate responsibility achievements included a triple A CDP rating, an 18.4% reduction in Scope 1 and 2 emissions since 2021, and over 90% of food sourced locally.

Financial highlights

• Group sales grew 7.6% year-over-year to €36 billion, with gross profit up 8.5% to €7,434 million.

• EBITDA rose 11.1% to €2.5 billion, margin up 22 bps to 6.9% (vs. 6.7% in 2024), driven by robust sales and operational discipline.

• Net profit attributable to shareholders was €646 million, with EPS at €1.03.

• Cash flow before dividends was €537 million, capex at €1.2 billion, and net cash position at €866 million (excl. IFRS16).

• Dividend proposal: €408.5 million (€0.65/share), c.50% payout of ordinary net earnings.

Outlook and guidance

• 2026 expected to remain volatile due to geopolitical uncertainty; consumers to prioritize low prices and promotions.

• Continued investment in store expansion, modernization, and logistics, with plans for over 120 new stores and 250 refurbishments in Poland, 35 new stores in Slovakia, 30 in Hebe, and 200 in Colombia.

• Capex for 2026 expected at €1.2 billion.

• No change in guidance despite Middle East conflict; cautious approach with readiness to adjust plans as needed.

• Expectation of low inflation, not deflation, in Poland for 2026; consumer behavior remains cautious and promotion-driven.