Jerónimo Martins (JMT) Q1 2026 earnings summary

Executive summary

• Sales rose 6.3% year-over-year to €8.9 billion, with all banners contributing to growth and EBITDA up 8.4% to €572 million, margin at 6.4%.

• Maintained price competitiveness and effective promotions amid geopolitical tensions and cautious consumer spending.

• Net cash position (excluding lease capitalization) stood at €385 million at quarter-end.

• Shareholders approved a €0.65 per share dividend, totaling €408.5 million, to be paid in May.

• 78 new stores opened across banners, supporting network expansion.

Financial highlights

• Consolidated sales rose 6.3% (6.7% at constant FX) to €8.9 billion, with like-for-like growth of 3.1%.

• Group EBITDA increased 8.4% to €572 million, with margin up 13 bps to 6.4%.

• Net profit attributable to shareholders was €127 million, down 6.8% year-over-year.

• Cash flow was negative €428 million, reflecting post-Christmas working capital cycle.

• Gross profit increased 7.6% to €1.87 billion, with gross margin at 21.0%.

Outlook and guidance

• Outlook from March 2026 remains unchanged, with focus on price competitiveness, network expansion, and logistics improvements.

• Investment program for 2026 expected to reach €1.2 billion.

• Biedronka plans over 120 net new stores and 250 refurbishments; Ara targets c.200 new stores and a new distribution center.

• Expect inflationary pressures from fuel and fertilizer to impact food production costs in the second half of the year.

• Q2 expected to be more challenging for like-for-like growth due to calendar effects.