Annual Report 2023

Performance overview



To €30,608 Million
(+18.1% excl. FX)



To €2,168 Million
(+13.7% excl. FX)



To €756 Million
(EPS €1.20)


1,209 M

Cash flow

345 M


2,097 M

(net cash position: €1,184 Million, excl. IFRS16 adjustments)

The year 2023 was characterised by a tough economic slowdown, with consumers showing even greater sensitivity to price.

In the three markets where we have food distribution operations – Poland, Portugal and Colombia – food inflation gradually decreased and household consumption was severely limited.

The Group maintained sales growth as a strategic priority, with all the banners showing tremendous determination to keep prices low, while continuing to improve the offer and customer shopping experience and to implement the ambitious investment programme outlined for the year.

As a result of this determination and strategic focus, 2023 will go down in the Group’s long history as the year in which we broke the 30-billion-euro sales barrier. This achievement reflects consumer recognition of our banners’ firm focus on price leadership and the quality of their value propositions.

Array of checkout counters in a Biedronka store (photo)

The assertiveness of the value propositions, combined with the commitment to low prices amidst a difficult situation for consumers, fuelled the increase in sales and enabled solid growth of the Group’s EBITDA, which amounted to 2.2 billion euros. The respective margin fell 22 b.p. compared to 2022, reflecting investment in price and cost inflation.

At the end of the year, the Group had a net cash position (excluding capitalised operating lease liabilities) of 1.2 billion euros, maintaining the robustness of its balance sheet.

Consolidated pre-tax ROIC was 26.8% (27.0% in 2022), reflecting the focus of all the Companies on protecting profitability through sales growth amidst decelerating food inflation and high cost inflation.

The Group remained determined in implementing its sustainability strategy, with important progress made in various areas of corporate responsibility.

Corporate responsibility highlights

We have been the world’s top-rated food retailer by CDP (Disclosure Insight Action) for four years in a row, as a result of our top score (‘A’) in our fight against climate change (Climate Change programme) and the leadership level (‘A-’) we achieved in 2023, both in managing water as a critical resource (Water Security programme) and in managing the commodities most associated with deforestation risk (Forest programme), such as palm oil, paper/wood, beef and soy.

By 2023, we reduced our carbon emissions by 24%, compared to 2017. In the same period, the Group’s global turnover increased by 88%. By the end of 2023 around 780 of our stores and distribution centres had photovoltaic panels installed, and our largest companies stood out in the Lean & Green initiative, with Biedronka retaining its star and Pingo Doce achieving four stars, the first Portuguese and fourth European company to do so.

Our commercial strategy allowed us to ensure that over 90% of all food purchases in 2023 were sourced from local suppliers. The weight of Private Brand products and perishables with sustainability certification has increased and now accounts for 13.4% of these categories (8.4% in 2022). In Portugal, Pingo Doce was the first retailer to sell antibiotic-free and animal-welfare-certified chicken, locally produced.

We seek to promote the adoption of balanced and healthier diets in the countries where we operate. After removing artificial colourings from all Private Brand products in Portugal in 2022, by 2023 Pingo Doce had also removed flavour enhancers and became the first and only retailer in the country to do so.

Our banners also strengthened their work with the communities surrounding their stores and, in 2023, the value of direct support provided in cash and in kind amounted to more than 87 million euros, an increase of around 6% more than in 2022.

Internally, we invested 312 million euros in recognition measures awarded to our employees, who also benefited from the 36.3 million euros channelled towards internal social responsibility programmes and 7.9 million euros in well-being. In Portugal, we were distinguished as an Inclusive Employer Brand which happens for the third consecutive year for the Group’s holding company (having obtained the seal of excellence for the first time this year) and for Recheio, and for the first time for Pingo Doce.

More information about these and other sustainability initiatives can be found under chapter “Sustainability” of this Annual Report.

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