Annual Report
2025
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Main menu
Overview
Overview
Message from the Chairman
The Jerónimo Martins Group
The Jerónimo Martins Group
Profile and structure
Profile and structure
Identity and responsibilities
Business structure
Operating and financial indicators
Statutory bodies
Strategic positioning
Manifesto
Management report
Management report
Environment in 2025
Environment in 2025
Poland
Slovakia
Portugal
Colombia
Group performance
Group performance
Performance overview
Focus on profitable growth
Financial strength
Jerónimo Martins in the capital markets
Our 2021-2025 performance
Performance of the business areas
Performance of the business areas
Food distribution
Food distribution
Biedronka
Biedronka Slovakia
Pingo Doce
Recheio
Ara
Agribusiness
Specialised retail
Specialised retail
Hebe
Jeronymo and Hussel
Business outlook
Events after the balance sheet date
Dividend policy
Results appropriation proposal
Reconciliation notes
Financial statements
Financial statements
Consolidated financial statements
Consolidated financial statements
Consolidated income statement by functions
Consolidated statement of comprehensive income
Consolidated balance sheet
Consolidated statement of changes in shareholders' equity
Consolidated cash flow statement
Notes to the consolidated financial statements
Notes to the consolidated financial statements
1. Activity
2. Accounting policies
3. Revenue from contracts with customers and segments reporting
4. Operating costs by nature
5. Employees
6. Net financial costs
7. Income tax recognised in the income statement
8. Tangible assets
9. Intangible assets and goodwill
10. Leases
11. Other financial investments
12. Derivative financial instruments
13. Inventories
14. Trade debtors, accrued income and deferred costs
15. Cash and cash equivalents
16. Capital and reserves
17. Earnings per share
18. Borrowings
19. Provisions
20. Trade creditors, accrued costs and deferred income
21. Guarantees
22. Capital commitments
23. Contingencies, contingent assets and contingent liabilities
24. Related parties
25. Group subsidiaries
26. Financial information on subsidiaries with material non-controlling interests
27. Interests in joint ventures and associates
28. Financial risk
29. Additional information required by law
30. Events after the balance sheet date
Statement of board of directors
Auditor’s report
Report and opinion of the audit committee
Individual financial statements
Individual financial statements
Individual income statement by functions
Individual statement of comprehensive income
Individual balance sheet
Individual statement of changes in shareholders' equity
Individual cash flow statement
Notes to the individual financial statements
Notes to the individual financial statements
1. Activity
2. Accounting policies
3. Operating costs
4. Employees
5. Net financial costs
6. Taxes
7. Gains (losses) in subsidiaries
8. Gains (losses) in other investments
9. Tangible assets
10. Intangible assets
11. Leases
12. Investment properties
13. Investments in subsidiaries
14. Loans and supplementary to subsidiaries
15. Associates
16. Trade debtors, accrued income and deferred costs
17. Cash and cash equivalents
18. Capital and reserves
19. Earnings per share
20. Borrowings
21. Provisions and adjustments for impairment losses
22. Trade creditors, accrued costs and deferred income
23. Guarantees
24. Contingencies, contingent assets and contingent liabilities
25. Subsidiaries
26. Subsidiaries, joint ventures and associates
27. Related parties
28. Financial risk
29. Additional information requested by law
30. Events after the balance sheet date
Auditor’s report
Corporate governance
Corporate governance
Part I – Information on Shareholder Structure, Organization and Corporate Governance
Part I – Information on Shareholder Structure, Organization and Corporate Governance
Section A – Shareholder Structure
Section A – Shareholder Structure
Subsection I - Capital Structure
Subsection II - Shareholdings and Bonds Held
Section B – Corporate Bodies and Committees
Section B – Corporate Bodies and Committees
Subsection I - General Meeting
Subsection II - Management and Supervision (Board of Directors)
Subsection III - Supervision - (Audit Committee)
Subsection IV - Statutory Auditor
Subsection V - External Auditor
Section C – Internal Organisation
Section C – Internal Organisation
Subsection I - Articles of Association
Subsection II - Reporting of Irregularities
Subsection III - Internal Control and Risk Management
Subsection IV - Investor Assistance
Subsection V - Website
Section D – Remuneration
Section D – Remuneration
Subsection I - Power to Establish
Subsection II - Remuneration Committee
Subsection III - Remuneration Structure
Subsection IV - Remuneration Disclosure
Subsection V - Agreements with Remuneration Implications
Subsection VI - Share Allocation and/or Stock Option Plan
Section E – Related Party Transactions
Section E – Related Party Transactions
Subsection I - Control Mechanisms and Procedures
Subsection II - Data on Business Deals
Part II – Corporate Governance Assessment
Part II – Corporate Governance Assessment
1. Details of the Corporate Governance Code Implemented
2. Analysis of Compliance with the Corporate Governance Code Implemented
3. Other Information
Sustainability
Sustainability
2025 Highlights
General disclosures
General disclosures
Basis for preparation
Governance and strategy
Stakeholder engagement
Managing Sustainability Reporting Risks
IROs management & double materiality
IROs management & double materiality
Our Value Chain
Our policies
Commitments
Environment
Environment
Our environmental-related policies
Managing environmental topics
Managing environmental topics
Climate change
Resource use and circular economy
Water and marine resources
Biodiversity and ecosystems
Pollution
EU taxonomy
EU taxonomy
Framework
Our contribution
Eligibility analysis
Alignment analysis
Minimum safeguards
Disclosure of KPIs
Conclusions and outlook of the 2026 report
Sustainable Finance
Social
Social
Our social-related policies
Managing social topics
Managing social topics
Own workforce
Communities
Consumers
Workers in the value chain
Governance
Governance
Our business conduct policies
Business conduct
Business conduct
Selection and monitoring of suppliers
Supplier awareness and training
Engaging with local suppliers
Supplier payment practices and initiatives
Taxation
Sustainability commitments
Sustainability commitments
2024-2026 commitments
2024-2026 commitments
Environment
Social
Business conduct
Long-term commitments
Reporting frameworks
Reporting frameworks
ESRS
GRI Index
SASB
IFRS-S
JM Performance indicators
Appendix
Appendix
ESRS Disclosure Requirements Applicable to the Sustainability Statement
ESRS data points linked to other EU legislation
Total GHG emissions by Scope
Independent Limited Assurance Report
Highlights 2025
Download
Downloads
Dashboard
Chart generator
Value Chain
Glossary
Overview
Overview
Message from the Chairman
The Jerónimo Martins Group
The Jerónimo Martins Group
Profile and structure
Profile and structure
Identity and responsibilities
Business structure
Operating and financial indicators
Statutory bodies
Strategic positioning
Manifesto
Highlights 2025
Download
Downloads
Dashboard
Chart generator
Value Chain
Glossary
Management report
Management report
Environment in 2025
Environment in 2025
Poland
Slovakia
Portugal
Colombia
Group performance
Group performance
Performance overview
Focus on profitable growth
Financial strength
Jerónimo Martins in the capital markets
Our 2021-2025 performance
Performance of the business areas
Performance of the business areas
Food distribution
Food distribution
Biedronka
Biedronka Slovakia
Pingo Doce
Recheio
Ara
Agribusiness
Specialised retail
Specialised retail
Hebe
Jeronymo and Hussel
Business outlook
Events after the balance sheet date
Dividend policy
Results appropriation proposal
Reconciliation notes
Highlights 2025
Download
Downloads
Dashboard
Chart generator
Value Chain
Glossary
Financial statements
Financial statements
Consolidated financial statements
Consolidated financial statements
Consolidated income statement by functions
Consolidated statement of comprehensive income
Consolidated balance sheet
Consolidated statement of changes in shareholders' equity
Consolidated cash flow statement
Notes to the consolidated financial statements
Notes to the consolidated financial statements
1. Activity
2. Accounting policies
3. Revenue from contracts with customers and segments reporting
4. Operating costs by nature
5. Employees
6. Net financial costs
7. Income tax recognised in the income statement
8. Tangible assets
9. Intangible assets and goodwill
10. Leases
11. Other financial investments
12. Derivative financial instruments
13. Inventories
14. Trade debtors, accrued income and deferred costs
15. Cash and cash equivalents
16. Capital and reserves
17. Earnings per share
18. Borrowings
19. Provisions
20. Trade creditors, accrued costs and deferred income
21. Guarantees
22. Capital commitments
23. Contingencies, contingent assets and contingent liabilities
24. Related parties
25. Group subsidiaries
26. Financial information on subsidiaries with material non-controlling interests
27. Interests in joint ventures and associates
28. Financial risk
29. Additional information required by law
30. Events after the balance sheet date
Statement of board of directors
Auditor’s report
Report and opinion of the audit committee
Individual financial statements
Individual financial statements
Individual income statement by functions
Individual statement of comprehensive income
Individual balance sheet
Individual statement of changes in shareholders' equity
Individual cash flow statement
Notes to the individual financial statements
Notes to the individual financial statements
1. Activity
2. Accounting policies
3. Operating costs
4. Employees
5. Net financial costs
6. Taxes
7. Gains (losses) in subsidiaries
8. Gains (losses) in other investments
9. Tangible assets
10. Intangible assets
11. Leases
12. Investment properties
13. Investments in subsidiaries
14. Loans and supplementary to subsidiaries
15. Associates
16. Trade debtors, accrued income and deferred costs
17. Cash and cash equivalents
18. Capital and reserves
19. Earnings per share
20. Borrowings
21. Provisions and adjustments for impairment losses
22. Trade creditors, accrued costs and deferred income
23. Guarantees
24. Contingencies, contingent assets and contingent liabilities
25. Subsidiaries
26. Subsidiaries, joint ventures and associates
27. Related parties
28. Financial risk
29. Additional information requested by law
30. Events after the balance sheet date
Auditor’s report
Highlights 2025
Download
Downloads
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Value Chain
Glossary
Corporate governance
Corporate governance
Part I – Information on Shareholder Structure, Organization and Corporate Governance
Part I – Information on Shareholder Structure, Organization and Corporate Governance
Section A – Shareholder Structure
Section A – Shareholder Structure
Subsection I - Capital Structure
Subsection I - Capital Structure
1.
The Capital Structure (Share Capital, Number of Shares, Distribution of Capital by Shareholders, etc.), Including an Indication of Shares That Are Not Admitted to Trading, Different Classes of Shares, Rights and Duties of Same and the Capital Percentage That Each Class Represents (Art. 29.º-H/1/a of the Portuguese Securities Code - PSC)
2.
Restrictions on the Transfer of Shares, Such as Clauses on Consent for Disposal, or Limits on the Ownership of Shares (Art. 29.º-H/1/b PSC)
3.
Number of Own Shares, the Percentage of Share Capital that it Represents and Corresponding Percentage of Voting Rights that Corresponded to Own Shares (Art. 29.º-H/1/a PSC)
4.
Important Agreements to which the Company is a Party and that Come Into Effect, Amend or are Terminated in Cases Such As a Change in the Control of the Company After a Takeover Bid, and the Respective Effects, Except Where Due to their Nature, the Disclosure Thereof Would be Seriously Detrimental to the Company; This Exception Does Not Apply Where the Company is Specifically Required to Disclose Said Information Pursuant to Other Legal Requirements (Art. 29.º-H/1/j PSC)
5.
A System That is Subject to the Renewal or Withdrawal of Countermeasures, Particularly Those That Provide for a Restriction on the Number of Votes Capable of Being Held or Exercised by Only One Shareholder Individually or Together With Other Shareholders
6.
Shareholders’ Agreements that the Company is aware of and That May Result in Restrictions on the Transfer of Securities or Voting Rights (Art. 29.º-H/1/g PSC)
Subsection II - Shareholdings and Bonds Held
Subsection II - Shareholdings and Bonds Held
7.
Details of The Natural or Legal Persons Who, Directly or Indirectly, are Holders of Qualifying Holdings (Art. 29.º-H/1/c & /d PSC) and Art. 16.º PSC) With Details of the Percentage of Capital and Votes Attributed and the Source and Causes of the Attribution
8.
A List of the Number of Shares and Bonds Held by Members of the Management and Supervisory Boards
9.
Special Powers of the Board of Directors, especially as Regards Resolutions on the Capital Increase (Art. 29.º-H/1/i) PSC) With an Indication as to the Allocation Date, Time Period Within Which Said Powers May Be Carried Out, the Upper Ceiling for the Capital Increase the Amount Already Issued Pursuant to the Allocation of Powers and Mode of Implementing the Powers Assigned
10.
Information on Any Significant Business Relationships between the Holders of Qualifying Holdings and the Company
Section B – Corporate Bodies and Committees
Section B – Corporate Bodies and Committees
Subsection I - General Meeting
Subsection I - General Meeting
11.
Details and Position of the Members of the Presiding Board of the General Meeting and Respective Term of Office (Beginning and End)
12.
Any Restrictions on the Right to Vote, Such as Restrictions on Voting Rights Subject to Holding a Number or Percentage of Shares, Deadlines for Exercising Voting Rights, or Systems Whereby the Financial Rights Attaching to Securities are Separated from the Holding of Securities (Art. 29.º-H/1/f PSC)
13.
Details of the Maximum Percentage of Voting Rights That May Be Exercised By a Single Shareholder or By Shareholders That Are In Any Relationship As Set Out In Art. 20/1 PSC
14.
Details of Shareholders’ Resolutions That, Imposed By The Articles Of Association, May Only Be Taken With a Qualified Majority, In Addition To Those Legally Provided, and Details of Said Majority
Subsection II - Management and Supervision (Board of Directors)
Subsection II - Management and Supervision (Board of Directors)
15.
Details of Corporate Governance Model Adopted
16.
Articles of Association Rules on the Procedural Requirements Governing the Appointment and Replacement of Members of the Board of Directors (Art. 29-H/1/h PSC). Diversity Policy.
17.
Composition of the Board of Directors, With Details of the Articles of Association’s Minimum and Maximum Number of Members, Duration of Term of Office, Number of Effective Members, Date When First Appointed and End of the Term of Office of Each Member
18.
Distinction to be Drawn Between Executive and Non-Executive Directors And, as Regards Non-Executive Members, Details of Members that May Be Considered Independent
19.
Professional Qualifications and Other Relevant Curricular Information of Each Member of the Board of Directors
20.
Customary and Meaningful Family, Professional or Business Relationships of Members of the Board of Directors, with Shareholders That are Assigned Qualifying Holdings That are Greater Than 2% of the Voting Rights
21.
Organisational Charts Concerning the Allocation of Powers Between the Various Corporate Boards, Committees and/or Departments Within the Company, Including Information on Delegating Powers, Particularly as Regards the Delegation of the Company’s Daily Management
22.
Availability and Place Where Rules on the Functioning of the Board of Directors May be Viewed
23.
The Number of Meetings Held and the Attendance Report For Each Member of the Board of Directors
24.
Details of Competent Corporate Boards Undertaking the Performance Appraisal of Executive Directors
25.
Predefined Criteria For Assessing Executive Directors’ Performance
26.
The Availability of Each Member of the Board of Directors and Details of the Positions Held at the Same Time in Other Companies Within and Outside the Group, and Other Relevant Activities Undertaken by Members of This Board Throughout the Financial Year
27.
Details of the Committees created within the Board of Directors, and the Place Where the Rules on the Functioning Thereof is Available
28.
Details of the Board Delegate
29.
Description of the Powers of Each of The Committees Established and a Summary of Activities Undertaken in Exercising Said Powers
Subsection III - Supervision - (Audit Committee)
Subsection III - Supervision - (Audit Committee)
30.
Details of the Supervisory Board (Audit Committee) Representing the Model Adopted
31.
Composition of the Audit Committee, With Details of the Articles of Association’s Minimum and Maximum Number of Members, Duration of Term of Office, Number of Effective Members, Date of First Appointment, Date of End of the Term of Office for Each Member. Diversity Policy.
32.
Details of the Members of the Audit Committee, Which are Considered to be Independent Pursuant to Art. 414/5 CSC
33.
Professional Qualifications of each Member of the Audit Committee and Other Important Curricular Information
34.
Availability and Place Where the Rules On The Functioning of the Audit Committee May Be Viewed
35.
The Number of Meetings Held and the Attendance Report for Each Member of The Audit Committee
36.
The Availability of Each Member of the Audit Committee, Indicating the Positions Held Simultaneously in Other Companies Inside and Outside the Group, and Other Relevant Activities Undertaken by Members of These Boards Throughout the Financial Year
37.
A Description of the Procedures and Criteria Applicable to the Supervisory Body for The Purposes of Hiring Additional Services From the External Auditor
38.
Other Duties of the Supervisory Body
Subsection IV - Statutory Auditor
Subsection IV - Statutory Auditor
39.
Details of the Statutory Auditor and the Partner That Represents the Same
40.
Statement on the Number of Years that the Statutory Auditor Consecutively Carries Out Duties With the Company and/or Group
41.
Description of Other Services that the Statutory Auditor Provides to the Company
Subsection V - External Auditor
Subsection V - External Auditor
42.
Details of the External Auditor Appointed in Accordance With Art. 8 PSC and the Partner That Represents the Same in Carrying out These Duties, and the Respective Registration Number at the CMVM
43.
Statement on the Number of Years that the External Auditor and Respective Partner that Represents the Same in Carrying out These Duties Consecutively Carries Out Duties With the Company and/or Group
44.
Rotation Policy and Schedule of the External Auditor and the Respective Partner That Represents Said Auditor in Carrying Out Such Duties
45.
Details of the Board Responsible for Assessing the External Auditor and the Regular Intervals When Said Assessment is Carried Out
46.
Details of Services, Other Than Auditing, carried out by the External Auditor for the Company and/or Companies in a Control Relationship and an Indication of the Internal Procedures for Approving the Recruitment of Such Services and a Statement on the Reasons for Said Recruitment
47.
Details of the Annual Remuneration Paid by the Company and/or Legal Entities in a Control or Group Relationship to the Auditor and Other Natural or Legal Persons Pertaining to the Same Network and Percentage Breakdown Relating to the Following Services
Section C – Internal Organisation
Section C – Internal Organisation
Subsection I - Articles of Association
Subsection I - Articles of Association
48.
The Rules Governing Amendment to the Articles of Association (Art. 29-H/1/h) PSC)
Subsection II - Reporting of Irregularities
Subsection II - Reporting of Irregularities
49.
Reporting Means and Policy on the Reporting of Irregularities in the Company
Subsection III - Internal Control and Risk Management
Subsection III - Internal Control and Risk Management
50.
Individuals, Boards or Committees Responsible for the Internal Audit and/or Implementation of the Internal Control Systems
51.
Details of Hierarchical and/or Functional Dependency in Relation to Other Boards or Committees of the Company
52.
Other Functional Areas Responsible for Risk Control
53.
Details and Description of the Major Economic, Financial and Legal Risks to which the Company is Exposed in Pursuing Its Business Activity
54.
Description of the Procedure for Identification, Assessment, Monitoring, Control and Risk Management
55.
Core Details on the Internal Control and Risk Management Systems Implemented in the Company Regarding the Procedure for Reporting Financial Information (Art. 29-H/1/l) PSC)
Subsection IV - Investor Assistance
Subsection IV - Investor Assistance
56.
Department Responsible for Investor Assistance, Composition, Functions, the Information Made Available by Said Department and Contact Details
57.
Market Liaison Officer
58.
Data on the Extent and Deadline for Replying to the Requests for Information Received Throughout the Year or Pending from Preceding Years
Subsection V - Website
Subsection V - Website
59.
Address(es)
60.
Place Where Information on The Firm, Headquarters and Other Details Referred to in Art. 171 CCC is Available
61.
Place Where the Articles of Association and Regulations on the Functioning of the Boards and/or Committees are Available
62.
Place Where Information is Available on the Names of the Corporate Boards’ Members, the Market Liaison Officer, the Investor Assistance Office or Comparable Structure, Respective Functions and Contact Details
63.
Place Where the Documents are Available and Relate to Financial Accounts Reporting, Which Should be Accessible For at Least Five Years and the Half-Yearly Calendar on Company Events that is Published at the Beginning of Every Six Months, Including, Inter Alia, General Meetings, Disclosure of Annual, Half-Yearly and, Where Applicable, Quarterly Financial Statements
64.
Place Where the Notice Convening the General Meeting and All the Preparatory and Subsequent Information Related Thereto is Disclosed
65.
Place Where the Historical Archive on the Resolutions Passed at the Company’s General Meetings, Share Capital and Voting Results Relating to the Preceding Three Years are Available
Section D – Remuneration
Section D – Remuneration
Subsection I - Power to Establish
Subsection I - Power to Establish
66.
Details of the Powers for Establishing the Remuneration of Corporate Boards, Chief Executive and Directors of the Company
Subsection II - Remuneration Committee
Subsection II - Remuneration Committee
67.
Composition of the Remuneration Committee, Including Details of Individuals or Legal Persons Recruited to Provide Services to Said Committee and a Statement on the Independence of Each Member and Advisor
68.
Knowledge and Experience in Remuneration Policy Issues by Members of the Remuneration Committee
Subsection III - Remuneration Structure
Subsection III - Remuneration Structure
69.
Description of the Remuneration Policy of the Board of Directors and Supervisory Boards
70.
Information on How Remuneration is Structured so as To Enable the Aligning of the Interests of the Members of the Board of Directors With the Company’s Long-Term Interests And How It Is Based on the Performance Assessment and How It Discourages Excessive Risk Taking
71.
Reference to There being a Variable Remuneration Component and Information on Any Impact of the Performance Appraisal on This Component
72.
The Deferred Payment of the Remuneration’s Variable Component and Specification of Relevant Deferral Period
73.
The Criteria Whereon the Allocation of Variable Remuneration on Shares is Based, and Also on Maintaining Company Shares That The Executive Directors Have Had Access To, On the Possible Share Contracts, Including Hedging or Risk Transfer Contracts, the Corresponding Limit, and Its Relation to the Total Annual Remuneration Value
74.
The Criteria Whereon the Allocation of Variable Remuneration on Options is Based and details of the Deferral Period and the Exercise Price
75.
The Key Factors and Grounds for Any Annual Bonus Scheme and Any Additional Non-Financial Benefits
76.
Key Characteristics of the Supplementary Pensions or Early Retirement Schemes For Directors and Statement on the Date When Said Schemes Were approved at the General Meeting, on an Individual Basis
Subsection IV - Remuneration Disclosure
Subsection IV - Remuneration Disclosure
77.
Details on the Amount Relating to the Annual Remuneration Paid as a Whole and Individually to Members of the Company’s Board of Directors, Including Fixed and Variable Remuneration and as Regards the Latter, Reference to the Different Components That Give Rise to Same
78.
Any Amounts paid, For Any Reason Whatsoever, By Other Companies in a Control or Group Relationship, or are Subject to a Common Control
79.
Remuneration Paid in the Form of Profit-Sharing and/or Bonus Payments and The Reasons For Said Bonuses or Profit Sharing Being Awarded
80.
Compensation Paid or Owed to Former Executive Directors Concerning Contract Termination During the Financial Year
81.
Details of the Annual Remuneration Paid, as a Whole and Individually, to the Members of the Company’s Supervisory Board for the Purposes of §2 of Art. 26-G PSC
82.
Details of the Remuneration in Said Year of the Chairman of the Presiding Board to the General Meeting
Subsection V - Agreements with Remuneration Implications
Subsection V - Agreements with Remuneration Implications
83.
The Envisaged Contractual Restraints for Compensation Payable for the Unfair Dismissal of Directors and the Relevance Thereof to the Remuneration’s Variable Component
84.
Reference to the Existence and Description, With Details of the Sums Involved, of Agreements Between the Company and Members of the Board of Directors and Managers, Pursuant to Art. 29-R/1 of the Securities Code That Envisage Compensation in the Event of Resignation or Unfair Dismissal or Termination of Employment Following a Takeover Bid (Art. 29-H/1/k) PSC)
Subsection VI - Share Allocation and/or Stock Option Plan
Subsection VI - Share Allocation and/or Stock Option Plan
85.
Details of the Plan and the Number of Persons Included Therein
86.
Characteristics of the Plan (Allocation Conditions, Non-Transfer of Share Clauses, Criteria on Share-Pricing and the Exercising Option Price, the Period During Which the Options May be Exercised, the Characteristics of the Shares or Options to be Allocated, the Existence of Incentives to Purchase and/or Exercise Options)
87.
Stock Option Plans for the Company Employees and Staff
88.
Control Mechanisms for a Possible Employee-Shareholder System Inasmuch as the Voting Rights are not Directly Exercised by Said Employees (Art. 29-H/1/e) PSC)
Section E – Related Party Transactions
Section E – Related Party Transactions
Subsection I - Control Mechanisms and Procedures
Subsection I - Control Mechanisms and Procedures
89.
Mechanisms Implemented by the Company For the Purpose of Controlling Transactions With Related Parties
90.
Details of Transactions That Were Subject To Control in the Referred Year
91.
A Description of the Procedures and Criteria Applicable to the Supervisory Body When Same Provides Preliminary Assessment of the Business Deals to be Carried Out Between the Company and the Holders of Qualifying Holdings or Entity-Relationships With the Former, as Envisaged in Art. 20 of the Securities Code
Subsection II - Data on Business Deals
Subsection II - Data on Business Deals
92.
Details of the Place Where the Financial Statements Including Information on Business Dealings With Related Parties Are Available, in Accordance With IAS 24
Part II – Corporate Governance Assessment
Part II – Corporate Governance Assessment
1. Details of the Corporate Governance Code Implemented
2. Analysis of Compliance with the Corporate Governance Code Implemented
3. Other Information
Highlights 2025
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Value Chain
Glossary
Sustainability
Sustainability
2025 Highlights
General disclosures
General disclosures
Basis for preparation
Governance and strategy
Stakeholder engagement
Managing Sustainability Reporting Risks
IROs management & double materiality
IROs management & double materiality
Our Value Chain
Our policies
Commitments
Environment
Environment
Our environmental-related policies
Managing environmental topics
Managing environmental topics
Climate change
Climate change
Managing climate-related risks and opportunities
Carbon footprint
Energy consumption management
Our actions to reduce carbon emissions
Carbon pricing
Commitments
Resource use and circular economy
Resource use and circular economy
Managing circular economy risks and opportunities
Materials used and resource outflows
Actions to promote a circular economy
Commitments
Water and marine resources
Water and marine resources
Water consumption
Commitments
Biodiversity and ecosystems
Biodiversity and ecosystems
Management of biodiversity-related IROs
Initiatives and actions to reduce impacts and protect biodiversity
Fighting deforestation
Sustainable fishing strategy
Animal welfare
Supporting biodiversity protection
Commitments
Pollution
Pollution
Environmental Audits
Commitments
EU taxonomy
EU taxonomy
Framework
Our contribution
Eligibility analysis
Alignment analysis
Alignment analysis
Substantial Contribution and Do No Significant Harm
Minimum safeguards
Minimum safeguards
Responsible business conduct
Identifying and assessing adverse impacts
Cease, prevent or mitigate adverse impacts
Communicating how the impacts are being addressed
Remedial action or cooperation
Disclosure of KPIs
Disclosure of KPIs
Turnover
Capital Expenditure
Operational Expenditure
Fossil gas and nuclear energy related activities
Conclusions and outlook of the 2026 report
Sustainable Finance
Social
Social
Our social-related policies
Managing social topics
Managing social topics
Own workforce
Own workforce
Our employees
Workers who are not employees
Diversity and inclusion
Training and skills development
Compensation and benefits
Health and safety at work
Work-life balance
Support to employees and their families
Ethics and compliance
Innovative technologies
Commitments
Communities
Communities
How we dialogue with affected communities
Impacts on affected communities
Direct support
Supporting programmes and projects
Indirect support
Commitments
Consumers
Consumers
Engaging with consumers
Remediation channels
Actions towards our consumers
Product quality and safety
Partnerships & support
Product innovation
Launches
Reformulations
Certified ingredients, products and packaging
Market initiatives
Commitments
Workers in the value chain
Workers in the value chain
Responsible labour management in the value chain
Sustainability certification
Commitments
Governance
Governance
Our business conduct policies
Business conduct
Business conduct
Selection and monitoring of suppliers
Selection and monitoring of suppliers
Food safety and quality audits
Environmental audits
Social audits
Supplier awareness and training
Engaging with local suppliers
Supplier payment practices and initiatives
Taxation
Commitments
Sustainability commitments
Sustainability commitments
2024-2026 commitments
2024-2026 commitments
Environment
Social
Business conduct
Long-term commitments
Reporting frameworks
Reporting frameworks
ESRS
GRI Index
SASB
IFRS-S
JM Performance indicators
Appendix
Appendix
ESRS Disclosure Requirements Applicable to the Sustainability Statement
ESRS data points linked to other EU legislation
Total GHG emissions by Scope
Independent Limited Assurance Report
Highlights 2025
Download
Downloads
Dashboard
Chart generator
Value Chain
Glossary
Subsection I - Articles of Association
Home
Corporate governance
Part I – Information on Shareholder Structure, Organization and Corporate Governance
Section C – Internal Organisation
Subsection I - Articles of Association
47.
48.
Index
48
48.
The Rules Governing Amendment to the Articles of Association (Art. 29-H/1/h) PSC)
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