Annual Report 2025

27. Related parties

Transactions with related parties are always carried out at market prices.

27.1. Transactions with related parties (shareholders)

JMH is owned 56.136% by Sociedade Francisco Manuel dos Santos B.V., being Sociedade Francisco Manuel dos Santos, N.V. the ultimate parent company of the Group. There were no direct transactions between these companies and JMH in 2025, nor are there any open amounts between them as at 31 December 2025.

27.2. Transactions with other related parties

27.2.1. Technical and administrative services provided

As the Group’s Holding Company and Corporate Center, JMH co-ordinates and provides consultancy services to its subsidiaries. The Functional Divisions of support to the Group are described in point 21 of Chapter 4, related with Corporate Governance. The turnover from these services in 2025 was €65,946 thousand (2024: €45,467 thousand).

27.2.2. Lease of property

JMH develops part of its activity in premises rented from related parties, which represented in 2025 costs of €1,160 thousand (2024: €1,056 thousand).

As mentioned in note 12, JMH owns a property which is partially rented out to a Group company, and generated profits in 2025 in the amount of €222 thousand (2024: €211 thousand).

27.2.3. Treasury operations (current loans)

JMH granted treasury operations to subsidiaries, which generated interest in 2025 in the amount of €12,976 thousand (2024: €17,056 thousand). The decrease in interest obtained results from the decrease in loan capital amounts.

27.2.4. Staff related costs

As a Group, Jerónimo Martins takes advantage of the synergies existing between various companies, and frequently transfers staff from one company to another according to the needs of the various businesses. In 2025 total costs incurred with services rendered by personnel from other companies amounted to €27,457 thousand (2024: €19,775 thousand).

27.2.5. Open balances as at 31 December 2025

Open balances as at 31 December 2025

Company

 

Current loans
granted

 

Non-current
loans granted

 

Accounts receivable and accrued income

 

Accounts payable, deferred income and accrued costs

Subsidiary companies

 

 

 

 

 

 

 

 

Best-Farmer – Actividades Agro-Pecuárias, S.A.

 

7,690

 

–

 

65

 

452

Desimo, Lda.

 

 

 

650

 

–

 

1

Escola de Formação Jerónimo Martins, S.A.

 

–

 

–

 

8

 

1

Hussel Ibéria – Chocolates e Confeitaria, S.A.

 

–

 

–

 

1

 

5

Imocash – Imobiliário de Distribuição, S.A.

 

–

 

–

 

635

 

–

Imoretalho – Gestão de Imóveis, S.A.

 

–

 

–

 

–

 

110

João Gomes Camacho, S.A.

 

–

 

–

 

805

 

3

Jerónimo Martins – Agro-Alimentar, S.A.

 

5,810

 

–

 

446

 

9

Jeronimo Martins Colombia, S.A.S.

 

–

 

–

 

1,134

 

–

Jeronimo Martins Drogerie i Farmacja Sp. z. o.o.

 

–

 

–

 

288

 

–

Jeronimo Martins Polska S.A.

 

–

 

–

 

7,077

 

189

Jeronimo Martins Slovensko s.r.o.

 

–

 

11,500

 

10

 

–

Jerónimo Martins – Restauração e Serviços, S.A.

 

5,345

 

–

 

120

 

116

Jerónimo Martins Inovação, S.A.

 

–

 

–

 

–

 

1

Jerónimo Martins Serviços, S.A.

 

–

 

–

 

6

 

11,423

JMR – Gestão Empresas Retalho, SGPS, S.A.

 

247,300

 

–

 

595

 

–

JMR – Prestação Serviços para a Distribuição, S.A.

 

–

 

–

 

5,395

 

257

Larantigo – Sociedade de Construções, S.A.

 

–

 

21,210

 

–

 

17

Lido Sol II – Distrib. Produtos Alimentares, S.A.

 

–

 

–

 

2

 

8

New World Investments B.V.

 

–

 

1,177,850

 

–

 

–

Origins – Agro Business Investments B.V.

 

–

 

579,295

 

–

 

–

Ovinos da Tapada – Agropecuária, Lda.

 

1,320

 

–

 

5

 

391

Outro Chão – Agricultura Biológica, Lda.

 

–

 

–

 

–

 

487

Pingo Doce – Distribuição Alimentar, S.A.

 

–

 

–

 

36

 

69

Recheio – Cash & Carry, S.A.

 

–

 

–

 

8,086

 

55

Recheio Masterchef, Lda.

 

–

 

–

 

288

 

8

Recheio, SGPS, S.A.

 

–

 

–

 

966

 

–

Santa Maria Manuela Turismo, S.A.

 

–

 

–

 

–

 

430

Seaculture – Aquicultura, S.A.

 

200

 

–

 

26

 

973

Terra Alegre – Lacticínios, S.A.

 

950

 

 

 

5

 

226

Trade Wings, S.A.

 

–

 

51,500

 

–

 

1,631

Warta – Retail & Services Investments B.V.

 

–

 

674,580

 

–

 

–

 

 

 

 

 

 

 

 

 

Subtotal

 

268,615

 

2,516,585

 

25,998

 

16,861

 

 

 

 

 

 

 

 

 

Other related parties

 

 

 

 

 

 

 

 

JMDB – Repr. e Distribuição Marcas, Lda.

 

–

 

–

 

1

 

–

Pure Planet, S.A:

 

–

 

650

 

–

 

–

Marismar Aquicultura Marinha S.A.

 

–

 

–

 

8

 

–

Unilever Fima, Lda

 

–

 

–

 

–

 

11

 

 

 

 

 

 

 

 

 

Subtotal

 

–

 

650

 

9

 

11

Total

 

268,615

 

2,517,235

 

26,007

 

16,872

27.2.6. Open balances as at 31 December 2024

Open balances as at 31 December 2024

Company

 

Current loans
granted

 

Non-current
loans granted

 

Accounts receivable and accrued income

 

Accounts payable, deferred income and accrued costs

Subsidiary companies

 

 

 

 

 

 

 

 

Best-Farmer – Actividades Agro-Pecuárias, S.A.

 

17,600

 

–

 

143

 

1,279

Desimo, Lda.

 

 

 

650

 

2

 

–

Escola de Formação Jerónimo Martins, S.A.

 

–

 

–

 

2

 

–

Hebe Slovensko s.r.o.

 

–

 

–

 

–

 

–

Hussel Ibéria – Chocolates e Confeitaria, S.A.

 

–

 

–

 

–

 

10

Imocash – Imobiliário de Distribuição, S.A.

 

–

 

–

 

124

 

–

Imoretalho – Gestão de Imóveis, S.A.

 

–

 

–

 

7

 

91

João Gomes Camacho, S.A.

 

–

 

–

 

802

 

–

Jerónimo Martins – Agro-Alimentar, S.A.

 

–

 

–

 

372

 

65

Jeronimo Martins Colombia, S.A.S.

 

–

 

–

 

785

 

–

Jeronimo Martins Drogerie i Farmacja Sp. z. o.o.

 

–

 

–

 

216

 

–

Jeronimo Martins Polska S.A.

 

–

 

–

 

21,179

 

205

JM Nieruchomości Bis Sp. z o.o.

 

–

 

–

 

1

 

–

Jeronimo Martins Slovensko s.r.o.

 

–

 

5,500

 

–

 

–

Jerónimo Martins – Restauração e Serviços, S.A.

 

9,010

 

–

 

418

 

288

Jerónimo Martins Inovação, S.A.

 

–

 

–

 

–

 

1

Jerónimo Martins Serviços, S.A.

 

–

 

–

 

2

 

8,283

JMR – Gestão Empresas Retalho, SGPS, S.A.

 

290,800

 

–

 

826

 

645

JMR – Prestação Serviços para a Distribuição, S.A.

 

–

 

–

 

22,689

 

388

Larantigo – Sociedade de Construções, S.A.

 

–

 

21,210

 

–

 

15

Lidinvest – Gestão de Imóveis, S.A.

 

–

 

–

 

1

 

–

Lido Sol II – Distrib. Produtos Alimentares, S.A.

 

–

 

–

 

114

 

8

New World Investments B.V.

 

–

 

1,047,350

 

–

 

–

Origins – Agro Business Investments B.V.

 

–

 

442,795

 

–

 

–

Ovinos da Tapada – Agropecuária, Lda.

 

740

 

–

 

13

 

326

Outro Chão – Agricultura Biológica, Lda.

 

–

 

–

 

4

 

224

Pingo Doce – Distribuição Alimentar, S.A.

 

–

 

–

 

2,639

 

68

Recheio – Cash & Carry, S.A.

 

–

 

–

 

11,840

 

27

Recheio Masterchef, Lda.

 

–

 

–

 

250

 

–

Recheio, SGPS, S.A.

 

9,030

 

–

 

1,918

 

24

Santa Maria Manuela Turismo, S.A.

 

–

 

–

 

–

 

503

Seaculture – Aquicultura, S.A.

 

–

 

–

 

28

 

315

Terra Alegre – Lacticínios, S.A.

 

6,630

 

–

 

96

 

1,021

Trade Wings, S.A.

 

7,990

 

25,000

 

24

 

2,113

Warta – Retail & Services Investments B.V.

 

–

 

749,580

 

–

 

–

 

 

 

 

 

 

 

 

 

Subtotal

 

341,800

 

2,292,085

 

64,495

 

15,899

 

 

 

 

 

 

 

 

 

Other related parties

 

 

 

 

 

 

 

 

JMDB – Repr. e Distribuição Marcas, Lda.

 

–

 

–

 

1

 

–

Soc. Francisco Manuel Santos SGPS, S.A.

 

–

 

–

 

44

 

–

Unilever Fima, Lda

 

–

 

–

 

–

 

125

 

 

 

 

 

 

 

 

 

Subtotal

 

–

 

–

 

45

 

125

Total

 

341,800

 

2,292,085

 

64,540

 

16,024

27.2.7. Remuneration paid to Directors

Remuneration paid to Directors

 

 

2025

 

2024

Salaries and cash awards

 

2,495

 

2,397

Retirement benefits

 

1,050

 

980

Total

 

3,545

 

3,377

The Board of Directors of the Company consists of 11 Members (2024: 11 Members). The remuneration shown includes also the amounts paid to the members which, being part of the Board of Directors, work on the Audit Committee, that in the year was €90 thousand (2024: €75 thousand).

The remuneration policy of the Members of the Board of Directors and of the Supervisory Board is stated in the Corporate Governance Chapter.

The retirement benefits granted to the Directors correspond to post-employment benefits and are part of the plans described in note 5.2 from the Consolidated Financial Statements.

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