Jeronimo Martins Pe (JRONF) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to the Geronimo Martins First Half 2026 Results Conference Call. Today's conference call is being recorded. At this time, I would like to turn the conference over to Ms. Ana Luisa Virginia, Chief Financial Officer of Geronimo Martins Group. Please go ahead, Madam. Thank you, Nadia. Good morning, ladies and gentlemen, and thank you for joining this call to present our first half results. As a reminder, in our corporate website, you can find the results release, a slide presentation, and a fact sheet for the period. The first half of 2026 proved more demanding than we initially anticipated, particularly with regard to strong pressure on food prices and fuel-related costs. Heightened geopolitical uncertainty kept consumers cautious and focused on low prices and promotions in what food is concerned, and competition did not ease in the sector. Against this backdrop, all our banners delivered solid sales and a BTA by protecting price competitiveness, strengthening their value propositions and executing efficiently. Volume-led growth combined with careful margin mix and reinforced focus on efficiency drove group sales up by 5.1% or 4.5% at constant exchange rates to 18.3 billion euros and EBTA to increase 7.6%, reaching 1.2 billion euros with margin at 6.8%, 16 basis points ahead of the same period last year. Every business expanded EBTA margin, contributing to this solid delivery. Excluding IFRS 16, the group closed June with a net cash position of 11 million euros after having paid 409 million euros to its shareholders. Starting with the income statement, the group delivered strong operational performance. Despite substantial basket deflation at Piedronca and also at Hebe, and low basket inflation in Ara, Pingo Doce and Rixay, sales grew 5.1%, driven by strong vol...