Jerónimo Martins (JMT) Q3 2025 earnings summary

Executive summary

• Sales reached €26.5 billion, up 7.1% year-over-year, with strong like-for-like growth and robust expansion, especially in Poland and Colombia.

• EBITDA rose 10.9% to €1.8 billion, with margin improvement to 6.8% (+23 bps), driven by sales growth, cost discipline, and efficiency despite rising wage costs.

• Net profit attributable to shareholders increased 10% to €484 million, with EPS up 10% to €0.77.

• 274 new stores were opened and 170 locations remodeled in the first nine months, supporting network expansion.

• Capex execution reached €816 million, supporting network expansion and store renovations.

Financial highlights

• Net sales and services grew 7.1% year-over-year to €26,534 million.

• EBITDA increased 10.9% to €1,811 million; EBIT up 12.8% to €964 million.

• Net profit attributable to shareholders was €484 million, up 10% year-over-year.

• Net cash position (excluding capitalized leases/IFRS16) stood at €467 million at September end; net debt at €3.6 billion.

• Cash flow before dividends was €128 million; capex reached €816 million.

Outlook and guidance

• 2025 expected to remain volatile due to geopolitical and economic instability; focus on price competitiveness, operational efficiency, and agile response to consumer needs.

• Capex for 2025 projected slightly above €1 billion, with continued focus on store expansion and renovations across all banners.

• 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.