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Jerónimo Martins (JMT) investor relations material

Jerónimo Martins Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary30 Oct, 2025

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.

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Frequently asked questions

Jerónimo Martins SGPS, S.A. is a Portuguese corporate group primarily engaged in the food distribution and specialized retail sectors. With a wide-reaching presence, the company operates over 4,900 stores across Portugal, Poland, and Colombia, showcasing its international footprint in the retail industry. Its retail operations are diverse, including the Pingo Doce chain of super- and hypermarkets in Portugal, which is a significant part of its business. Additionally, Jerónimo Martins plays a crucial role in the cash & carry segment with its Recheio chain, further underlining its versatility within the retail and distribution sectors. The company is headquartered in Lisbon, Portugal, and its shares are listed on the Euronext Lisbon stock exchange.

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