Jerónimo Martins (JMT) Q1 2026 earnings summary

Executive summary

• Sales grew 6.3% year-over-year in Q1 2026 to €8.9 billion, with EBITDA up 8.4% to €572 million and margin at 6.4%, reflecting operational leverage and effective cost management amid geopolitical and economic uncertainty.

• All banners contributed to top-line growth, supported by network expansion, price competitiveness, and promotional strategies.

• 78 new stores opened across banners, including 51 Ara stores and 12 Biedronka stores, supporting network expansion.

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

• Dividend of €0.65/share (€408.5 million total) approved for payment in May.

Financial highlights

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

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

• Net profit attributable to shareholders was €119 million, down 6.8% year-over-year, mainly due to IFRS16-related interest and FX effects.

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

• Capex for Q1 2026 was €208 million, with Biedronka accounting for 63% of total.

Outlook and guidance

• Outlook shared in March 2026 remains unchanged, with continued 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.

• Expectation of cost pressures from rising fuel and fertilizer prices, with potential food inflation impact in the second half of 2026.

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