Annual Report 2025

Outlook for the Jerónimo Martins businesses

Biedronka

In 2026, Biedronka will keep placing consumers at the centre of its strategic decisions. As such, it will remain focused on adjusting its offering to provide the best quality at the lowest prices, while maintaining a strict cost discipline to safeguard profitability.

The investment programme will continue to support Biedronka’s strong expansion pace, the improvement of its logistics infrastructure, and the ambitious store refurbishing plan.

To support its strong commitment to innovation, operational efficiency and future capacity growth, the construction of a new automated distribution centre is already underway.

Biedronka LAB – which represents the start of a long-term collaboration with the Warsaw University of Life Sciences – is scheduled to open in 2026. As Poland’s first innovation centre of its kind, it will combine retail and nutrition science, focusing on the development of new food and consumer products to meet evolving customer expectations and address key nutritional challenges.

Biedronka Slovakia

The Company intends to step up expansion in 2026, pursuing ambitious goals focused on strengthening the banner’s market presence.

One strategic pillar will be continuous adaptation to Slovak consumer behaviour and purchasing patterns. Biedronka plans to launch its loyalty programme through the app to reinforce price perception, enabling personalised promotions and increasing engagement with Slovak families.

The year will also be marked by the stronger integration of stores within the surrounding communities, while exploring opportunities to develop more partnerships with local suppliers.

Hebe

In a market characterised by intense competition, Hebe’s strategic direction remains clear and unchanged.

To safeguard its innovative mindset and customer-centric approach while pursuing operational optimisation, the Company will move forward with a refresh of its store concept. The objective is to better present and highlight differentiating categories, elevate the overall shopping experience, and further reinforce Hebe’s distinctive positioning in the Health & Beauty market.

This approach reflects Hebe’s determination to combine efficiency with inspiration, ensuring long-term relevance, attractiveness and sustainable growth.

Pingo Doce

Pingo Doce will continue to enhance its value proposition, built on proximity and offering the best savings opportunities to its customers.

The Company will continue modernising its store network to reflect the All About Food concept and expand its Comida Fresca restaurants, alongside ongoing investment in operational improvement and efficiency initiatives, including the implementation of self-checkout systems, to continue optimising front-of-store service and the shopping experience.

At the same time, Pingo Doce will keep advancing its digital transformation and reinforce its commitment to sustainability, which remain the cornerstones of its strategic focus.

Recheio

In 2026, Recheio will remain focused on growing sales and protecting profitability in an equally challenging environment.

The Company intends to strengthen its position in the HoReCa channel, while continuing to grow the Amanhecer network. Regarding the latter, Recheio will continue expanding the number of stores covered and deepening penetration, while reinforcing brand awareness and recovering underperforming categories, thereby ensuring sustainable growth and closer ties with local communities.

The opening of the new flagship store in Alfragide is a decisive step towards accelerating market growth in the Greater Lisbon area and consolidating leadership in the sector.

Recheio will continue to scale differentiating concepts such as the Best Farmer butcher counters, which have delivered strong performance, while introducing new private brand products to better meet the needs of HoReCa customers.

Ara

Ara will continue to strengthen its price leadership, maintaining a strong focus on promotional campaigns and value-driven communication. It will also further expand its assortment with new Private Brand launches across strategic categories. At the same time, the Company will enhance the app launched in 2025, leveraging interactive features to promote discounts and share news, consolidating the digital experience as a complement to its price proposition. This approach aims to respond to the needs of Colombian families, grow the customer base, and establish Ara as the country’s benchmark neighbourhood food retail chain.

Expansion of the store network will continue to be a priority for the Company, which will maintain a dynamic pace of openings aligned with its long-term vision in terms of market potential and the suitability its business model.

The banner also opened a new distribution centre, in the first quarter of 2026, to support the expansion of the store network and to increase capacity to support future growth.

Jerónimo Martins Agro-Alimentar (JMA)

As processes become increasingly complex, JMA’s business areas will continue to advance their strategy around sustainability, quality and the protection of the Group’s value chain, while maintaining a strong focus on innovation and respect for nature.

At the same time, JMA will continue to identify and develop new market opportunities, unlocking the full commercialisation potential of its products.

In addition to ongoing projects across the different business areas, in 2026 Seaculture plans to install a remotely operated offshore platform to increase efficiency in fish feeding.

Jeronymo and Hussel

In 2026, Jeronymo will continue refurbishing its stores to reflect the banner’s new visual identity, in a modern and welcoming environment.

The main priority will continue to be to deliver a best-in-class customer experience built on continuous innovation, product excellence, and top-tier service. To this end, the company will continue to invest in its teams, process optimisation, and providing lifelong training for all employees.

With regard to Hussel and following the approval of measures in light of the business’s financial unsustainability, the Company expects to discontinue its operations by the end of April 2026, seeking to minimise, as far as possible, the unavoidable impact on its various stakeholders.

HoReCa
HoReCa is an acronym for Hotel, Restaurant and Café/Catering. It refers to sectors of the hospitality industry that serve food, beverages and provide accommodation.

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