Jerónimo Martins (JMT) Q2 2025 earnings summary

Executive summary

• Sales grew 6.7% year-over-year to EUR 17.4 billion in H1 2025, with EBITDA up 10.3% to EUR 1.15 billion and net profit rising 6.6% to EUR 269 million, despite muted food consumption, low basket inflation, and rising wages.

• Operational efficiency, productivity initiatives, and cost discipline offset margin pressures from inflation and wage increases.

• All banners contributed positively, with 196 new stores opened and 71 remodelled, including entry into Slovakia and integration of Colsubsidio stores in Colombia.

• Maintained focus on price competitiveness and value, resulting in increased market share and top-line growth.

• Net cash position (excluding IFRS16) stood at EUR 213 million after EUR 371 million dividend payment.

Financial highlights

• Consolidated sales grew by 6.7% year-over-year (6% at constant exchange rates) to EUR 17.4 billion, with like-for-like growth of 1.6%.

• EBITDA increased by 10.3% (9% at constant exchange rates) to EUR 1.1 billion; EBITDA margin rose 21 bps to 6.6% compared to H1 2024.

• Net profit attributable to shareholders rose 6.6% to EUR 269 million; EPS increased to EUR 0.43.

• Cash flow before dividend payment was negative EUR 157 million, reflecting seasonality and investment outlays.

• Net debt at EUR 3.8 billion; net cash position of EUR 213 million excluding IFRS16.

Outlook and guidance

• 2025 outlook confirmed with minor revision: Biedronka's remodeling plan reduced to 200 stores; CapEx now expected slightly above EUR 1 billion.

• Biedronka to open 130–150 net new stores and renovate ~200 locations; Ara to open over 150 new stores and integrate ~70 acquired locations.

• Hebe to open ~30 new stores in Poland, focusing on e-commerce and cost discipline.

• Pingo Doce to remodel ~50 stores and open ~10 new locations in Portugal.

• Continued focus on price competitiveness and margin protection amid high personnel costs and intense competition.