Annual Report 2025

Performance overview

SALES

+7.6%

To €35,991 Million
(+6.7% excl. FX)

EBITDA

+11.1%

To €2,480 Million
(+9.9% excl. FX)

NET PROFIT

+7.9%

To €646 Million
(EPS €1.03)

CAPEX PROGRAMME

1,198 M

Cash flow

537 M

NET DEBT

3,302 M

(net cash position: €866 Million, excl. IFRS 16 adjustments)

The year 2025 was one of great uncertainty, amid turbulence in global geopolitics and political instability in Europe’s leading economies. Consumer behaviour remained cautious and restrained throughout the year, while competition in the food retail market remained highly intense.

In a constrained and highly price-sensitive consumer environment, we continued to pursue the strategic priorities that set us apart: price leadership, constant innovation in the assortment, and a sustained commitment to improving the quality and service levels of our stores.

Recognising the strength of our banners’ value propositions, including their price leadership, consumers continued to favour our stores, driving solid sales performance for the Group, with volume growth across all banners.

An employee restocking shelves with dry goods (photo)

Consolidated sales grew 7.6% (+6.7% at constant exchange rates), totalling 36 billion euros.

This sales growth, together with stronger cost discipline, efficiency and productivity, helped to protect margins amid cost inflation particularly in wages and intense competitive pressure.

EBITDA amounted to 2.5 billion euros, increasing 11.1% (+9.9% at constant exchange rates), with the margin increasing 22 basis points to 6.9%.

In general, all our banners delivered a good performance, underpinned by strong sales and EBITDA.

At the end of the year, the Group had a net cash position (excluding capitalised operating lease liabilities) of 866 million euros, maintaining the robustness of its balance sheet.

Consolidated pre-tax ROIC stood at 20.1% (20.0% in 2024), with the banners protecting their returns on invested capital despite intensifying competition.

By closely monitoring consumer trends and the competitive landscape, all of the Group’s Companies continued to respond to the environmental and social challenges faced, amid growing volatility and uncertainty.

Sustainability highlights

In 2025, the Jerónimo Martins Group became the first multinational food retailer worldwide to be awarded a triple A score by CDP – the highest distinction granted by this leading independent organisation in the assessment of environmental practices. This recognition reflects the progress made in combating climate change, managing water as a critical resource and managing commodities most associated with deforestation risk (palm oil, paper and wood, beef and soy), as well as the transparency of our reporting. With this assessment, we became part of a select group of 23 companies worldwide that achieved the maximum score across the three dimensions evaluated by CDP.

Our consistent track record was once again recognised and, in 2025, we were included in more than 180 sustainability indices featuring companies with strong environmental, social and governance practices.

Through the investments we have been making, we managed to reduce our carbon footprint by 18.4% compared with 2021. In the same period, our turnover almost doubled. Other relevant environmental indicators show that, relative to sales, our energy consumption decreased by 32% compared to 2021, demonstrating increased efficiency. We have photovoltaic panels installed in over 2,700 locations, and more than half of the energy we consume comes from renewable sources.

The decarbonisation of our logistics operations has continued to advance and, in 2025, Recheio achieved its first Lean & Green star and Terra Alegre its second. These achievements build on progress previously made by Pingo Doce, with four stars, and by Biedronka, with two.

In the social area, we achieved a score of 9 (on a scale up to 10) in the Global Child Forum – an initiative that evaluates organisations that stand out in protecting children’s rights in their operations and across their supply chains. We ranked third among the 80 retailers assessed and 21st among the more than 1,800 companies evaluated worldwide.

We have around 148,000 employees and, as a major employer, we created more than 7,800 jobs in 2025. During the year, we invested over 361 million euros in recognising our employees, 18 million euros in their training and 54 million euros in internal social responsibility measures. In the context of diversity and inclusion, we celebrated the 10th anniversary of the Incluir Programme – which supports the integration of people facing difficulties accessing the labour market –, an initiative that contributed to the renewal of the Inclusive Employer Brand seal awarded to Pingo Doce, Recheio and the Group’s Holdings by the Portuguese Institute for Employment and Vocational Training (IEFP).

We also supported the communities surrounding our operations with more than 91 million euros (12% more than in 2024), a figure that includes financial support and food donations and that reached more than 2,200 organisations. We donated over 23 thousand tonnes of food to social institutions supporting people in vulnerable situations, a 25% increase.

In line with our commitment to guaranteeing high-quality, safe and accessible food products that also contribute to better public health and the prevention of cardiovascular disease, we maintained our focus on reformulating Private Brand product recipes. In 2025, we prevented 320 tonnes of sugar, 275 tonnes of fats and 39 tonnes of salt from entering the market. Additionally, we increased the share of products with sustainability certification to 14.5% of our Private Brands and perishables assortment.

In governance terms, we highlight the strengthening of our relationship with local suppliers, from whom we purchased 92% of the food products we sell. Our contribution to the countries in which we operate is also evident in the fact that we paid more than one billion euros in taxes and social contributions in those markets.

Additional information on these and other sustainability-related initiatives can be found in the “Sustainability Statement” of this Annual Report.

Carbon footprint
The total greenhouse gas emissions resulting from an individual's or organisation's activities.
Decarbonisation
The process of reducing or eliminating carbon dioxide (CO₂) and other greenhouse gas (GHG) emissions from human activities. The primary goal is to achieve net zero emissions by 2050, which means balancing the amount of GHGs emitted with the amount removed from the atmosphere.
Deforestation
The extensive clearing of forests. This can happen for several reasons, such as creating farmland for crops and livestock, logging for timber, and developing infrastructure like roads and urban areas.
Perishable goods
Products with a limited shelf life and that require proper storage to prevent spoilage, for instance, fresh fruits, vegetables, ready-to-eat food, meat and fish sold at the counter and dairy products.
Pre-tax ROIC
Pre-Tax ROIC (Return on Invested Capital) is a financial metric that assesses a company's profitability and capital efficiency obtained by multiplying the EBITA (Earnings before interest, taxes and amortization) margin by the Capital turnover (which is the last 12 months Sales divided by the Average OIC).

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