Focus on profitable growth

The Group’s sales grew 7.6% (up 6.7% at constant exchange rates) to 36 billion euros, with an LFL of 2.5%.

Contribution to Consolidated Sales Growth

(€ Million)

In Poland, food inflation averaged 4.7% over the year, with an easing trend from September onwards that brought the price index down to 2.4% in December.

During 2025, food consumption remained cautious, with families focusing on low prices and savings opportunities, amid a highly competitive and promotional environment.

Biedronka maintained a strong commercial dynamic, cementing its price leadership, and continued to improve its assortment and expand its network. As a result, building on a performance that has consistently outperformed the market in recent years, the banner delivered another year of solid sales growth and strengthened its market share.

Throughout the entire year, Hebe operated under intensifying price competition, resulting in basket deflation. Leveraging the exclusivity of its assortment, the Company preserved its differentiation, protected its competitive position, and grew sales.

In Portugal, food inflation reached 2.8% in the year, with consumers continuing to prioritise price opportunities and promotions in the food retail market.

The HoReCa channel showed mixed performance compared to 2024, with hotels benefiting from more favourable conditions and restaurants and cafés facing greater challenges.

Pingo Doce maintained the intensity of its recognised commercial initiatives and moved forward in its investment plan to convert its stores to the All About Food concept, reinforcing its differentiation in its fresh food and ready meals offering. With an enhanced value proposition, the banner recorded robust sales growth.

Recheio also delivered a good sales performance. Growth in the HoReCa channel was driven by the competitiveness and attractiveness of the offering, which combines price, quality of the assortment – particularly its strong differentiation in perishables –, and service level. In traditional retail, of note is the expansion of the Amanhecer store network partnerships, increasing to 758 locations in the year, 52 more than in the previous year.

In Colombia, food inflation averaged 5.2% in the year.

Consumers continued to face significant pressure on disposable income, making low prices and assertive promotions essential in the food market.

Ara maintained focus on earning consumer preference in the neighbourhoods where it operates, effectively executing its promotional strategy to create relevant savings opportunities for Colombian families. Consistent positioning underpinned solid sales performance, driven mainly by volume growth, as the banner operated with low basket inflation (systematically lower than the country’s food inflation) throughout the year.

Group EBITDA amounted to 2.5 billion euros, 11.1% higher than in 2024 (up 9.9% at constant exchange rates). The respective margin stood at 6.9% compared to 6.7% in 2024.

Contribution to Consolidated EBITDA Growth

(€ Million)

At Biedronka, EBITDA grew 9.8% (up 8.1% in local currency), with the respective margin standing at 7.9% (7.7% in 2024). This performance was the result of solid sales growth, combined with disciplined cost management and increased focus on productivity. This mitigated the pressure generated by price competitiveness and cost inflation, mainly wage-related.

In a highly promotional environment, Hebe worked to protect profitability by optimising its sales mix and cost management, resulting in EBITDA growth of 9.7% (up 8.0% in local currency), with the respective margin reaching 10.4% (10.2% in 2024).

At Pingo Doce, EBITDA grew 8.5%, with the respective margin increasing to 6% (5.8% in 2024), driven by sales growth and initiatives to increase productivity and offset costs pressure.

Recheio delivered EBITDA growth of 4.6%, with the margin standing at 5.2% (5.1% in 2024). In addition to a positive sales performance, growth was supported by Recheio’s extremely competitive positioning in the HoReCa channel, enabling the banner to capitalise on stronger dynamics in this channel.

Ara posted an EBITDA 37.6% higher than in 2024 (up 42.7% in local currency), with the corresponding margin rising to 4.1% (3.4% in 2024). Besides sales growth, the strong margin performance reflects the work started in 2024 to protect the Company’s gross margin and limit the impact of inflation and labour reforms on costs.

The investment programme remained the top priority in capital allocation. In this regard, focus has been on bringing our banners even closer to consumers and, at the same time, implementing the latest equipment and layout standards in existing store networks, enabling us to improve the quality of the assortment and operational efficiency, and enhance the shopping experience. We maintained a demanding pace of expansion throughout 2025, opening in the year 448 new stores and refurbishing 281 locations.

Within the ambitious investment plan executed during the year, the beginning of Biedronka’s internationalisation deserves highlight, with its entry into Slovakia, where we opened 15 stores and a distribution centre.

In 2025, the investment programme totalled 1.2 billion euros. The increase on the previous year is due mainly to the higher number of store openings in Colombia; investment in Biedronka’s store projects, including the deposit return system and the introduction of electronic price tags; the start of investment in two new distribution centres in Poland, one of which automated and expected to open in the coming years; the start of Biedronka’s operations in Slovakia; and an increase in production capacity in different areas of agribusiness in Portugal. An additional 85 million euros of financial investment were added, channelled mainly to salmon and aquaculture cod operations in Norway.

Investment by Business Area

Biedronka executed its expansion as planned and opened 181 new stores in the year (152 net additions), having refurbished 200 locations.

The e-commerce operation with ultra-fast deliveries (Q-commerce), operating under the Biek brand, closed the year with 28 micro fulfilment centres, five of which opened in 2025.

In Slovakia, the banner opened its first 15 stores and a distribution centre, marking its entry into a new market.

Hebe opened 16 new stores in Poland (11 net additions), and another two in Czechia.

Pingo Doce focused its investment programme on the conversion of its stores to the All About Food concept, reinforcing its differentiation in the offer of fresh food and ready meal solutions. In the year, the banner refurbished 52 stores and opened 9 new locations (8 net additions).

Recheio prioritised refurbishment of the Évora store – with particular attention paid to the new solutions implemented in the fresh food area – and building a new store in Lisbon, which opened at the beginning of 2026.

Ara also successfully carried out its expansion programme, closing the year with 1,653 locations, having added 225 new stores (215 net additions), including the stores previously operated by Colsubsidio.

With regard to the agribusiness area in Portugal, besides Supreme Fruits acquiring the Luís Vicente Group’s fruit and vegetable trading operation, reinforcing the Company’s commitment to the sector, also noteworthy is the now 40% stake held by the Group in Andfjord Salmon, a Norwegian salmon farming Company, and the 18% stake it recently acquired in Norcod, dedicated to cod farming.

Despite continued consumer restraint, in the year, and a strong focus on low prices, which fuelled intense competition, the Group’s banners managed to protect profitability while maintaining price competitiveness and improving the quality of operations through their investment programmes. Solid sales growth and disciplined cost management contributed to this performance.

Return on invested capital, calculated on a Pre-Tax ROIC basis, was 20.1% (20.0% in 2024).

Pre-Tax ROIC

(€ Million)