Jerónimo Martins (JMT) Q2 2026 earnings summary

Executive summary

• Sales increased 5.1% year-over-year to €18.3 billion, with EBITDA up 7.6% to €1.2 billion and net profit at €260 million, despite challenging deflationary and competitive environments in key markets.

• All banners achieved volume-led growth and improved profitability, supported by operational discipline, assortment management, and price leadership.

• Strong operational execution offset pressures from food price deflation, higher fuel costs, and intense competition.

• Net cash position (excluding IFRS16) was €11 million after €412 million in investments and €409 million in dividends paid.

Financial highlights

• EBITDA margin improved to 6.8% from 6.6% in H1 2025.

• Net profit reached €260 million, with EPS of €0.41; adjusted EPS (excluding other profits/losses) was €0.52.

• Cash flow before dividends was -€332 million, impacted by basket deflation and trade payables.

• Net debt stood at €4.4 billion at period end; excluding IFRS16, the group posted a net cash position of €11 million.

• CapEx for H1 was €412 million, focused on store expansion, remodelling, and logistics.

Outlook and guidance

• No material improvement in market conditions expected for H2 2026; geopolitical uncertainty and consumer caution to persist.

• Investment program for 2026 capped at approximately €1.2 billion, prioritizing growth, modernization, and logistics.

• Focus remains on price competitiveness, efficiency, promotional activity, and consumer preference.

• Biedronka plans over 120 new stores and 250 refurbishments in Poland; Ara targets 200 new stores in Colombia.