SALES
+9.3%
To €33,464 Million
(+4.9% excl. FX)
EBITDA
+2.9%
To €2,232 Million
(-1.7% excl. FX)
NET PROFIT
-20.8%
To €599 Million
(EPS €0.95)
CAPEX PROGRAMME
€1,006 M
Cash flow
€-62 M
NET DEBT
€3,064 M
(net cash position: €726 Million, excl. IFRS 16 adjustments)
As expected, the year 2024 was marked by the harsh effects of the combination of a sharp decline in food inflation, a correction of the extraordinary price hikes of the previous two years, and a significant rise in costs.
This particularly challenging environment was compounded by a lack of momentum in consumption, especially in our main market, Poland, which saw an intensified competition for volume.
Faced with these challenges, our banners continued to invest in price competitiveness and strengthening their value propositions, leading the Group’s sales to grow 9.3% (up 4.9% at constant exchange rates) to 33.5 billion euros, with an LFL of 0.6%.
As anticipated, the Group’s operating margins were pressured in the year by basket deflation combined with significant cost inflation, mainly related to wages in each country.
The Group’s EBITDA totalled 2.2 billion euros, with the respective margin falling 41 b.p. compared to 2023.

At the end of the year, the Group had a net cash position (excluding capitalised operating lease liabilities) of 726 million euros, maintaining the robustness of its balance sheet.
Consolidated Pre-Tax ROIC was 20% versus 26.8% in 2023, reflecting the slowdown in sales growth and its effects on working capital, and the pressure on the operating margin (EBIT).
Despite the challenges and with hard work on all business fronts, the Group continued to advance its sustainability agenda, making significant progress in the year. In this regard, it is worth noting the initial allocation of 40 million euros for creation of the Jerónimo Martins Foundation. This foundation aims to fulfil its mission among the Group’s employees and their families and, in addition, the wider community, in particular in response to situations of socio-economic vulnerability.
Sustainability Highlights
The annual assessment carried out by CDP awarded Jerónimo Martins the top score (A) in Climate Change and the leadership level (A-) both in Water Security and in managing the commodities most associated with deforestation risk (Forests): palm oil, paper and timber, cattle and soy. In addition to the actions developed throughout 2024, the distinction recognises transparent reporting.
In 2024, we reduced our Scopes 1 and 2 carbon emissions by 15.8% compared to the previous year. During the same period, the Group’s global revenue increased by 9.3%. We ended 2024 with photovoltaic panels installed in approximately 2,000 stores and distribution centres, and we reduced specific energy consumption (MWh/million euros) by 9.3%, thereby enhancing the efficiency of our operations.
Our commercial strategy has ensured that more than 90% of the Group’s food product purchases were made from local suppliers, a trend we have maintained for more than a decade. The proportion of Private Brand and perishable products with sustainability certification increased and now represents more than 14% of these categories, compared to 7.8% when we started disclosing this indicator in 2021.
As part of our commitment to offering consumers high-quality and safe food that also contributes to better public health, 100% of all Private Brand breakfast cereals in Portugal have wholegrain cereals as the first ingredient, a target achieved earlier than the deadline we set ourselves. In Poland, our progress reached 92% of all eligible products.
With the purpose of caring for the Group’s employees and their families, as well as the communities in which it operates, the Jerónimo Martins Foundation was created on 19 March 2024. This project represents another significant step in the commitment to ensuring support for employees and communities in moments of their greatest need, mitigating their vulnerabilities. Its activities will primarily focus on three areas: social emergency, health, and education, fields where the projects already implemented by the Group have long demonstrated positive impacts. As part of a profit-sharing logic with stakeholders, beyond shareholders, the General Assembly agreed to establish this Foundation, which will receive an annual allocation of up to 40 million euros. In September 2024, the Jerónimo Martins Foundation was officially recognized by the Presidency of the Council of Ministers.
In 2024, more than 81 million euros were allocated in direct support to over 2,100 entities. If we consider the 40 million euros attributed to the newly created Jerónimo Martins Foundation, the total amount reaches over 121 million euros in support for surrounding communities.
Internally, we invested 354 million euros in measures to recognize our employees (13% more than the investment made in 2023), who were also recipients of more than 56 million euros in internal responsibility programs and well-being measures. We maintained our commitment to the training and development of our people, achieving an average of 64 hours of training per employee, with an investment exceeding 17 million euros, 31% of employees having internal mobility opportunities, and more than seven thousand promoted to positions of greater responsibility.
In the area of diversity and inclusion, we were recognized as one of the 100 best-performing companies in the world in the FTSE Diversity & Inclusion Index, highlighting our achievements in promoting gender equality, with the salary ratio between women and men remaining above the market, at 98.5%.
More information on Biedronka's sustainability initiatives can be found in the “Sustainability” section of this Annual Report.