Annual Report 2025

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

The gross remuneration of the members of the Board of Directors, paid by the Company during 2025, totalled 3,425,000 euros, corresponding to 1,515,000 euros of fixed remuneration, 910,000 euros of variable remuneration and 1,000,000 euros of ordinary contributions to the retirement pension plan.

In the chart below reference is made, pursuant to paragraph 2 of Art. 26-G PSC, to the gross remuneration paid individually to the Members of the Board of Directors:

Gross remuneration paid individually to the Members of the Board of Directors

 

 

Remuneration Paid (euros)

Director

 

Fixed Component

 

Variable Component1

 

Retirement
Pension Plan

Pedro Soares dos Santos

 

490,000

 

910,000

 

1,000,000

Agnieszka Słomka-Gołębiowska

 

125,000

 

–

 

–

António Domingues

 

120,000

 

–

 

–

Elizabeth Ann Bastoni

 

120,000

 

–

 

–

Fabio Villegas

 

120,000

 

–

 

–

Francisco Sá Carneiro2

 

–

 

–

 

–

João Vale de Almeida

 

120,000

 

–

 

–

José Soares dos Santos2

 

–

 

–

 

–

Maria Ángela Holguín Cuéllar

 

120,000

 

–

 

–

Nigyar Makhmudova

 

120,000

 

–

 

–

Sérgio Tavares Rebelo

 

180,000

 

–

 

–

Directors who ceased duties on 2025:

 

 

 

 

 

 

Andrzej Szlęzak

 

–

 

–

 

–

António Viana-Baptista

 

–

 

–

 

–

Artur Stefan Kirsten

 

–

 

–

 

–

Clara Christina Streit

 

–

 

–

 

–

Francisco Seixas da Costa

 

–

 

–

 

–

Natalia Anna Olynec

 

–

 

–

 

–

1

Annual variable remuneration fixed and paid in 2024, following the performance assessment for the year 2023

2

Waived the remuneration for the entire term of office.

In the following charts, the provisions of Article 26-G CVM are complied with, with reference to the disclosure of the total remuneration earned by the Members of the Board of Directors, including the amounts paid by subsidiary companies referred to in point 78.

In the chart below reference is made, pursuant to paragraph 2 of Art. 26-G PSC, to the relative proportion of each of the remuneration components, considering the gross total amounts paid individually to the Members of the Board of Directors:

Relative proportion of each of the remuneration components

 

 

Remuneration Paid (% of annual total)

Director

 

Fixed Component
(%)

 

Variable Component1 (%)

 

Retirement
Pension Plan (%)

Pedro Soares dos Santos

 

28

 

52

 

20

Agnieszka Słomka-Gołębiowska

 

100

 

–

 

–

António Domingues

 

100

 

–

 

–

Elizabeth Ann Bastoni

 

100

 

–

 

–

Fabio Villegas Ramírez

 

100

 

–

 

–

Francisco Sá Carneiro2

 

–

 

–

 

–

João Vale de Almeida

 

100

 

–

 

–

José Soares dos Santos2

 

–

 

–

 

–

Maria Ángela Holguín Cuéllar

 

100

 

–

 

–

Nigyar Makhmudova

 

100

 

–

 

–

Sérgio Tavares Rebelo

 

100

 

–

 

–

Directors who ceased duties on 2025:

 

 

 

 

 

 

Andrzej Szlęzak

 

–

 

–

 

–

António Viana-Baptista

 

–

 

–

 

–

Artur Stefan Kirsten

 

–

 

–

 

–

Clara Christina Streit

 

–

 

–

 

–

Francisco Seixas da Costa

 

–

 

–

 

–

Natalia Anna Olynec

 

–

 

–

 

–

1

Annual variable remuneration fixed and paid in 2024, following the performance assessment for the year 2023

2

Waived the remuneration for the entire term of office.

In the charts below is provided the information required under the terms of paragraph 2 of Art. 26-G PSC, i.e., the annual variations of the gross remuneration amounts paid individually by the Company, and by the companies referred to in point 78, to the Members of the Board of Directors, as well as of the average remuneration paid to full-time employees of the Company in equivalent terms, in the last five years, and the performance indicators verified:

Remuneration of the Chairman & CEO

Chairman & CEO

 

2020

 

2021

 

2022

 

2023

 

2024

 

2025

Pedro Soares dos Santos

 

Fixed Remuneration (€)

 

700,000

 

910,000

 

1,160,000

 

1,400,000

 

1,400,000

 

1,400,000

 

Variable Remuneration (€)1

 

1,400,000

 

1,550,000

 

1,820,000

 

2,520,000

 

2,800,000

 

2,600,000

 

Ordinary Contributions to Pension Plan (€)

 

476,875

 

615,000

 

740,833

 

980,000

 

1,050,000

 

1,000,000

 

Total Remuneration including Ordinary Pension Plan Contributions (€)

 

2,576,875

 

3,075,000

 

3,720,833

 

4,900,000

 

5,250,000

 

5,000,000

 

% Change

 

–

 

19.3

 

21.0

 

31.7

 

7.1

 

-4.8

 

Extraordinary Contribution to Pension Plan2 (€)

 

–

 

9,300,000

 

–

 

–

 

–

 

–

 

Total Remuneration including Ordinary Pension Plan Contributions and Extraordinary Contribution (€)

 

2,576,875

 

12,375,000

 

3,720,833

 

4,900,000

 

5,250,000

 

5,000,000

 

% Change

 

–

 

380.2

 

-69.9

 

31.7

 

7.1

 

-4.8

1

Variable Remuneration paid in a specific year is related to the previous year performance.

2

Extraordinary contribution to the Pension Plan awarded in 2021 by decision of the Remuneration Committee to correct the identified deviation.

It should be noted that, at the request of the Chairman of the Board of Directors & CEO, the Remuneration Committee postponed the entry into force of the increases in their respective fixed remuneration decided in 2024 (amounting to 6.3%) and in 2025 (amounting to 3.5%). The request, which the Remuneration Committee granted, was based on the uncertain macroeconomic context that marked previous years, requiring an approach of financial prudence and budgetary discipline.

Remuneration of the non-executive directors

Non-Executive Directors

 

2020

 

2021

 

2022

 

2023

 

2024

 

2025

Agnieska Slomka-Gołębiowska

 

Fixed Remuneration (€)

 

–

 

–

 

–

 

–

 

–

 

125,000

 

% Change

 

–

 

–

 

–

 

–

 

–

 

–

António Domingues

 

Fixed Remuneration (€)

 

–

 

–

 

–

 

–

 

–

 

120,000

 

% Change

 

–

 

–

 

–

 

–

 

–

 

–

Elizabeth Ann Bastoni

 

Fixed Remuneration (€)

 

80,000

 

80,000

 

100,000

 

100,000

 

100,000

 

120,000

 

% Change

 

0

 

0

 

25

 

0

 

0

 

20

Fabio Villegas Ramírez

 

Fixed Remuneration (€)

 

–

 

–

 

–

 

–

 

–

 

120,000

 

% Change

 

–

 

–

 

–

 

–

 

–

 

–

Francisco Sá Carneiro

 

Fixed Remuneration (€)

 

–

 

–

 

–

 

–

 

–

 

–

 

% Change

 

–

 

–

 

–

 

–

 

–

 

–

João Vale de Almeida

 

Fixed Remuneration (€)

 

–

 

–

 

–

 

–

 

–

 

120,000

 

% Change

 

–

 

–

 

–

 

–

 

–

 

–

José Soares dos Santos

 

Fixed Remuneration (€)

 

–

 

–

 

–

 

–

 

–

 

 

 

% Change

 

–

 

–

 

–

 

–

 

–

 

 

Maria Ángela Holguin Cuéllar

 

Fixed Remuneration (€)

 

130,000

 

130,000

 

144,000

 

160,000

 

160,000

 

182,000

 

% Change

 

30

 

0

 

10.8

 

11.1

 

0

 

13.8

Nigyar Makhmudova

 

Fixed Remuneration (€)

 

–

 

–

 

–

 

–

 

–

 

120,000

 

% Change

 

–

 

–

 

–

 

–

 

–

 

–

Sérgio Tavares Rebelo

 

Fixed Remuneration (€)

 

220,000

 

220,000

 

228,000

 

260,000

 

260,000

 

304,000

 

% Change

 

–

 

0

 

3.6

 

14

 

0

 

16.9

Directors who ceased duties on 2025:

Andrzej Szlęzak1

 

Fixed Remuneration (€)

 

133,000

 

133,000

 

149,000

 

165,000

 

165,000

 

24,000

 

% Change

 

–

 

0

 

12

 

10.7

 

0

 

-85.5

António Viana-Baptista

 

Fixed Remuneration (€)

 

80,000

 

80,000

 

100,000

 

100,000

 

100,000

 

–

 

% Change

 

–

 

0

 

25

 

0

 

0

 

–

Artur Stefan Kirsten

 

Fixed Remuneration (€)

 

80,000

 

80,000

 

100,000

 

100,000

 

100,000

 

–

 

% Change

 

–

 

0

 

25

 

0

 

0

 

–

Clara Christina Streit

 

Fixed Remuneration (€)

 

80,000

 

80,000

 

100,000

 

100,000

 

100,000

 

–

 

% Change

 

–

 

0

 

25

 

0

 

0

 

–

Francisco Seixas da Costa

 

Fixed Remuneration (€)

 

80,000

 

80,000

 

100,000

 

100,000

 

100,000

 

–

 

% Change

 

–

 

0

 

25

 

0

 

0

 

–

Natalia Anna Olynec

 

Fixed Remuneration (€)

 

–

 

–

 

105,000

 

105,000

 

105,000

 

–

 

% Change

 

–

 

–

 

–

 

0

 

0

 

–

1

The amount relating to 2025 refers to the performance of duties in a supervisory board until April 24, 2025
Remuneration of the company associates

Company Associates

 

2020

 

2021

 

2022

 

2023

 

2024

 

20254

Total Remuneration1

 

FTE Average Remuneration (€)2

 

105,857

 

106,928

 

126,211

 

130,190

 

110,388

 

101,366

 

FTE Average Remuneration – % Change3

 

6.5

 

5.6

 

24.5

 

16.1

 

10.1

 

-3.2

1

Includes both fixed and variable remuneration earned, as well as the annual contributions to the Pension Plan.

2

For the calculation of average total remuneration, only full-time active employees who performed their duties throughout the entire year under analysis were included.

3

Average remuneration change (%) was calculated using a constant population between year N and year N-1, excluding the effect of new hires.

4

In the past two years, the integration of transferred employees into administrative roles within the Group’s shared services centers has contributed to the reduction in the reported average salary.
Jerónimo Martins Group performance

Jerónimo Martins Group Performance

 

2020
(%)

 

2021
(%)

 

2022
(%)

 

2023
(%)

 

2024
(%)

 

2025
(%)

Key Performance Indicators

 

Sales Growth
(at constant exchange rates)

 

6.7

 

10.7

 

23.9

 

18.1

 

4.9

 

6.7

 

EBITDA growth
(at constant exchange rates)

 

1.9

 

14.1

 

19.7

 

13.7

 

-1.7

 

9.9

 

Δ Ordinary Net Earnings attributable to JM1

 

-10.2

 

30.1

 

34.2

 

18.7

 

-10.3

 

10.3

 

Pre-tax Return on Invested Capital

 

16.5

 

21.5

 

27.0

 

26.8

 

20.0

 

20.1

1

The ordinary net result refers to the ordinary consolidated amount, adjusted for the accounting effects of the adoption of IFRS16, attributable to Jerónimo Martins, SGPS, SA., which are the base for the application of the dividend distribution policy.

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