Jeronimo Martins, Sgps S.a. · EURONEXT:JMT
Jeronimo Martins, Sgps — Jeronimo Martins Pe — FY2025 Earnings Presentation
44 slides from Jeronimo Martins, Sgps's earnings presentation, Mar 19, 2026
Slide 1: Related Documents
RELATED DOCUMENTS > MARKET RELEASE > MEDIA PRESENTATION LISBON, 19 MARCH 2025
Slide 2: FY 2025 Content
FY 2025 CONTENT 1 FY 2025 SNAPSHOT 2 FY 2025 KEY FIGURES 3 FY 2025 SALES PERFORMANCE 4 FY 2025 EBITDA PERFORMANCE 5 FY 2025 FINAL REMARKS 6 2026 OUTLOOK 7 APPENDIX Sustainability Commitments 2024-2026 Financial Statements Financial Calendar 2
Slide 3: FY 2025 Snapshot (1/2)
1. FY 2025 SNAPSHOT (1/2) Cautious consumer behaviour fuelled further competition in the food retail sector €2.5 BN 6.9% EBITDA EBITDA Mg Price leadership combined with continuous (+11.1%) (+22 bps) innovation in the assortment and shopping experience, earned us consumers' preference +2.5% +448 Sale
Slide 4: FY 2025 Snapshot (2/2)
1. FY 2025 SNAPSHOT (2/2) 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 mill
Slide 5: FY Income Statement
2. FY 2025 KEY FIGURES 2.1. FY INCOME STATEMENT SALES GROWTH AND (€ Million) 2025 2024 D REINFORCED COST DISCIPLINE, Net Sales and Services 35,991 33,464 7.6% OPERATIONAL EFFICIENCY Gross Profit 7,434 20.7% 6,851 20.5% 8.5% Operating Costs -4,955 -13.8% -4,619 -13.8% 7.3% AND PRODUCTIVITY GAINS EBIT
Slide 6: Q4 Income Statement
2. FY 2025 KEY FIGURES 2.2. Q4 INCOME STATEMENT EBITDA MARGIN PERFORMANCE IN (€ Million) Q4 25 Q4 24 D LINE WITH DELIVERY FOR THE YEAR Net Sales and Services 9,457 8,700 8.7% Gross Profit 1,975 20.9% 1,785 20.5% 10.7% Operating Costs -1,307 -13.8% -1,186 -13.6% 10.2% EBITDA 668 7.1% 598 6.9% 11.6% D
Slide 7: Cash Flow
2. FY 2025 KEY FIGURES 2.3. CASH FLOW STRONG CASH (€ Million) 2025 2024 GENERATION EBITDA 2,480 2,232 Capitalised Operating Leases Payment -396 -380 Interest Payment -329 -283 SOLID OPERATIONAL Other Financial Items 0 1 PERFORMANCE AND Income Tax -286 -280 NORMALISATION OF Funds From Operations 1,46
Slide 8: Balance Sheet
2. FY 2025 KEY FIGURES 2.4. BALANCE SHEET SOLID 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 1,238 1,003 Financial Leases 155
Slide 9: Capex
2. FY 2025 KEY FIGURES 2.5. CAPEX Ambitious execution of capex programme Addressing expansion, remodelling, operational standards and logistics 448 New Stores (403 net) 181 Biedronka (152 net) 15 Biedronka Slovakia 18 Hebe (13 net) 9 Pingo Doce (8 net) 225 Ara (215 net) 281 Refurbished Stores 200 Bi
Slide 10: Sales Performance: Group
3. FY 2025 SALES PERFORMANCE 3.1. GROUP Robust sales delivery driven by strong value propositions and ambitious execution of expansion programmes in Poland and Colombia All Group’s banners delivered volume growth Group LFL at 2.5% (3.0% in Q4) 10
Slide 11: The Context - Poland
3. FY 2025 SALES PERFORMANCE 3.2. THE CONTEXT - POLAND Sound economic growth Tight labour market Cautious consumer behaviour Declining from September on, reaching 2.4% in December 11
Slide 12: Biedronka
3. FY 2025 SALES PERFORMANCE 3.2.1. BIEDRONKA Cautious consumer behaviour fuelling intense competition In the year of its 30th anniversary, Biedronka maintained its price leadership combined with a strong commercial dynamic Continuous work to evolve assortment and store layout Q4 performance purely
Slide 13: Hebe
3. FY 2025 SALES PERFORMANCE 3.2.2. HEBE Operating context marked by intense and increasing price competition led Hebe to operate with basket deflation Hebe leveraged the exclusivity of its product range and maintained its distinctive differentiation, protecting performance and competitive positioni
Slide 14: The Context - Portugal
3. FY 2025 SALES PERFORMANCE 3.3. THE CONTEXT - PORTUGAL Resilient economic growth Tight labour market Value-oriented consumer 14
Slide 15: Pingo Doce
3. FY 2025 SALES PERFORMANCE 3.3.1. PINGO DOCE * Includes fuel sales In a promotion-driven context, Pingo Doce maintained the intensity of its well-known commercial activities The implementation of All About Food concept advanced, further strengthening differentiation in fresh products and ready-to-
Slide 16: Recheio
3. FY 2025 SALES PERFORMANCE 3.3.2. RECHEIO Good performance across segments Competitive offer, combining price, quality of assortment - particularly differentiated in perishables - and the level of service provided to drive growth in HoReCa Amanhecer partnership store network reached 758 locations
Slide 17: The Context - Colombia
3. FY 2025 SALES PERFORMANCE 3.4. THE CONTEXT - COLOMBIA Tough context for families Recovery signs in macroeconomic variables Food inflation remained relatively high 17
Slide 18: Ara
3. FY 2025 SALES PERFORMANCE 3.4.1. ARA Consumption environment remained challenging Ara rigorously executed its promotional strategy ensuring consumer preference in the neighbourhoods where it operates Good volume growth. Basket inflation consistently below country food inflation 18
Slide 19: EBITDA
4. FY 2025 EBITDA PERFORMANCE 4.1. EBITDA Robust sales increase and cost discipline drove EBITDA growth Good contribution from all Companies 19
Slide 20: EBITDA Margin
4. FY 2025 EBITDA PERFORMANCE 4.2. EBITDA MARGIN At Biedronka, the solid sales growth, disciplined cost management and a reinforced focus on efficiency mitigated the pressure from competitive pricing and cost inflation At Hebe, the assertive management of sales-mix together with cost control protect
Slide 21: FY 2025 Final Remarks
5. FY 2025 FINAL REMARKS WE SUCCESSFULLY NAVIGATED A DELIVERING STRONGLY FOR THE SHORT CHALLENGING CONTEXT BY… AND LONG TERM… FOCUSING ON CONSUMER NEEDS SOLID RETURNS - PRE TAX ROIC AT 20.1% Leading price positions Assortment innovation Enhanced store formats and service solutions STRONG CASH FLOW G
Slide 22: 2026 Outlook (1/4)
6. 2026 OUTLOOK (1/4) Heightened geopolitical uncertainty remains, affecting the sentiment of families and other economic agents In our markets, consumers are likely to continue prioritising low prices and promotions, and competitive intensity is unlikely to ease -% We will stay focused on consumer
Slide 23: 2026 Outlook (2/4)
6. 2026 OUTLOOK (2/4) In Poland, the competitive environment remains intense, with consumers focused on low prices and promotions. Food inflation is low, so operational discipline remains central to protecting profitability Biedronka will… maintain its price leadership, and is determined to offer th
Slide 24: 2026 Outlook (3/4)
6. 2026 OUTLOOK (3/4) Hebe will stay focused on the strategic management of its sales mix, to strengthen its differentiation and protect profitability in a highly competitive market 30 new stores planned for Poland, while the e-commerce channel will maintain its central role in the growth and intern
Slide 25: 2026 Outlook (4/4)
6. 2026 OUTLOOK (4/4) In Colombia, where inflation remains relatively high for now, food consumption is expected to remain modest, given the prevailing uncertainty and ongoing pressures over families’ budgets Ara will… remain dedicated to ensuring consumer preference, continuing its expansion to gai
Slide 26: Q&A
Q&A Group CFO Ana Luísa Virgínia 26
Slide 27: Appendix
7. APPENDIX SUSTAINABILITY COMMITMENTS 2024-2026 FINANCIAL STATEMENTS FINANCIAL CALENDAR 27
Slide 28: Sustainability Commitments 2024-2026 (1/3)
SUSTAINABILITY COMMITMENTS 2024-2026 (1/3) Environment (non-exhaustive) 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 approved by the Science Based Targets initiati
Slide 29: Sustainability Commitments 2024-2026 (2/3)
SUSTAINABILITY COMMITMENTS 2024-2026 (2/3) Social (non-exhaustive) Strengthen the promotion of gender equality across the Group, by, among others: • deploying a global diagnosis of HR practices to identify any gender inequalities that may exist and work on the identified improvement opportunities •
Slide 30: Sustainability Commitments 2024-2026 (3/3)
SUSTAINABILITY COMMITMENTS 2024-2026 (3/3) Business Conduct (non-exhaustive) Guarantee that at least 80% of the Jerónimo Martins Group’s purchases of food products are sourced from local suppliers Carry out environmental audits to at least 20% of selected Private Brand and perishables suppliers, bas
Slide 31: Income Statement
FINANCIAL STATEMENTS (1/11) INCOME STATEMENT (Excl. IFRS16) (Excl. IFRS16) (€ Million) 2025 2024 D Q4 25 Q4 24 D Net Sales and Services 35,991 33,464 7.6% 9,457 8,700 8.7% Gross Profit 7,434 20.7% 6,851 20.5% 8.5% 1,975 20.9% 1,785 20.5% 10.7% Operating Costs -5,624 -15.6% -5,229 -15.6% 7.6% -1,478
Slide 32: Cash Flow
FINANCIAL STATEMENTS (2/11) CASH FLOW (Excl. IFRS16) (€ Million) 2025 2024 EBITDA 1,811 1,622 Interest Payment -58 -54 Other Financial Items 0 1 Income Tax -286 -280 Funds From Operations 1,467 1,288 Capex Payment -1,164 -1,054 Change in Working Capital 366 -201 Others -132 -95 Cash Flow 537 -62 32
Slide 33: Balance Sheet
FINANCIAL STATEMENTS (3/11) BALANCE SHEET (Excl. IFRS16) (€ Million) 2025 2024 Net Goodwill 649 639 Net Fixed Assets 6,476 5,891 Total Working Capital -4,575 -4,058 Others 398 277 Invested Capital 2,948 2,749 Total Borrowings 1,238 1,003 Financial Leases 155 128 Accrued Interest 10 25 Cash and Cash
Slide 34: EBITDA Breakdown
FINANCIAL STATEMENTS (4/11) EBITDA BREAKDOWN IFRS16 Excl. IFRS16 (€ Million) 2025 Mg 2024 Mg 2025 Mg 2024 Mg Biedronka 1,991 7.9% 1,814 7.7% 1,538 6.1% 1,397 5.9% Hebe 65 10.4% 59 10.2% 28 4.5% 26 4.4% Pingo Doce 322 6.0% 296 5.8% 242 4.5% 221 4.4% Recheio 72 5.2% 69 5.1% 66 4.7% 63 4.7% Ara 132 4.1
Slide 35: Net Financial Costs
FINANCIAL STATEMENTS (5/11) NET FINANCIAL COSTS IFRS16 Excl. IFRS16 (€ Million) 2025 2024 2025 2024 Net Interest -49 -41 -49 -41 Interests on Capitalised Operating Leases -270 -228 - - Exchange Differences 7 14 1 8 Others -9 -12 -9 -12 Net Financial Costs -322 -267 -57 -45 35
Slide 36: Sales Breakdown
FINANCIAL STATEMENTS (6/11) SALES BREAKDOWN 2025 2024 D% Q4 25 Q4 24 D% (€ Million) % total % total excl. FX Euro % total % total excl. FX Euro Biedronka 25,343 70.4% 23,571 70.4% 5.9% 7.5% 6,590 69.7% 6,110 70.2% 6.1% 7.8% Hebe 626 1.7% 583 1.7% 5.7% 7.4% 175 1.8% 161 1.9% 6.8% 8.5% Pingo Doce 5,34
Slide 37: Sales Growth
FINANCIAL STATEMENTS (7/11) SALES GROWTH Total Sales Growth LFL Growth Q1 25 Q2 25 H1 25 Q3 25 9M 25 Q4 25 2025 Q1 25 Q2 25 H1 25 Q3 25 9M 25 Q4 25 2025 Biedronka Euro 3.4% 10.7% 7.1% 8.0% 7.4% 7.8% 7.5% PLN 0.3% 9.7% 5.0% 7.4% 5.8% 6.1% 5.9% -3.5% 5.3% 0.9% 3.6% 1.8% 2.4% 1.9% Hebe Euro 11.9% 7.2%
Slide 38: Store Network
FINANCIAL STATEMENTS (8/11) STORE NETWORK Openings Closings Number of Stores 2024 2025 Q1 25 Q2 25 Q3 25 Q4 25 2025 Biedronka ** 3,730 56 25 30 70 29 3,882 Hebe *** 381 5 5 5 3 5 394 Pingo Doce 489 1 2 2 4 1 497 Recheio 43 0 0 0 0 0 43 Ara **** 1,438 9 87 39 90 10 1,653 Closings/ Openings Sales Area
Slide 39: Capex
FINANCIAL STATEMENTS (9/11) CAPEX (€ Million) 2025 Weight 2024 Weight Biedronka 604 50% 418 42% Pingo Doce 222 19% 276 28% Recheio 35 3% 29 3% Ara 228 19% 171 17% Others 107 9% 92 9% CAPEX * 1,197 100% 986 100% * Excluding financial investments (which in 2025 amounted to €85 Mn and in 2024 €21 Mn) 3
Slide 40: Working Capital
FINANCIAL STATEMENTS (10/11) WORKING CAPITAL IFRS16 Excl. IFRS16 (€ Million) 2025 2024 2025 2024 Inventories 2,292 2,027 2,292 2,027 in days of sales 23 22 23 22 Customers 42 45 42 45 in days of sales 0 0 0 0 Suppliers -5,337 -4,786 -5,337 -4,786 in days of sales -54 -52 -54 -52 Others -1,574 -1,348
Slide 41: Total Borrowings and Financial Leases
FINANCIAL STATEMENTS (11/11) TOTAL BORROWINGS AND FINANCIAL LEASES (€ Million) 2025 2024 Long Term Borrowings / Financial leases 659 622 as % of Total 47.4% 55.0% Average Maturity (years) 3.9 3.9 Short Term Borrowings / Financial leases 733 508 as % of Total 52.6% 45.0% Total Borrowings / Financial
Slide 42: Financial Calendar
FINANCIAL CALENDAR General Shareholders Meeting: 23 April Q1 2026 Results: 6 May H1 2026 Results: 29 July 9M 2026 Results: 28 October All releases will be published after the closing of the market 42
Slide 43: Disclaimer
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 increase
Slide 44: Jeronimo Martins
Jeronimo Martins