Recheio

Sales

€1,399 M

(+3.0%)

# Stores

39

and 4 platforms

LFL

+3.0%

EBITDA

€72 M

(+4.6%)

CAPEX

€35 M

Highlights of the Year

• Refurbishment of the Évora store to reflect the new concept, doubling the sales floor

• Opening of seven Best Farmer meat counters (now a total of 22)

• Online store records 40 million euros in sales

• Launch of the Recheio app

Additional information, particularly about our sustainability initiatives, may be found in Chapter "Sustainability" of this Report.

Performance

Recheio remained focused on offering tailored propositions to its customer segments, with 2025 marked by sales growth in both channels: traditional retail and HoReCa. The latter was boosted by the competitiveness of the banner’s offering, which combines attractive pricing, assortment quality – especially in perishables – and service excellence.

Traditional retail, meanwhile, maintained its growth trajectory, sustained by the expansion of the Amanhecer partnership, with the store network increasing to 758 establishments (+52 partners compared to 2024).

Recheio’s total sales amounted to 1.4 billion euros, with LFL growth of 3.0%. The export channel grew 4.3%, expanding its international presence and consolidating existing portfolio markets.

Net Sales

(€ Million)

In 2025, Recheio introduced the HoReCa Lab, an innovative pilot project focused on the HoReCa segment aimed at co-creating value in close collaboration with professional customers. This initiative is designed to enhance proximity to the sector, actively listen to agents’ needs and expectations, and to directly engage partners in shaping and growing the MasterChef private brand, by building solutions aligned with market reality, thereby reinforcing its positioning as a HoReCa specialist.

Recheio also strengthened its commitment to innovation with the Kitchers programme, a pioneering project in Portugal that promotes practical and creative learning in the hotel and gastronomy sector. This programme bridges the gap between hospitality schools and the market, enabling participants to experience all stages of the culinary process, from production to preparation and cooking.

In the digital space, the “Boost Your Business” initiative, launched the previous year, was further developed with the introduction of a new service: “Website Creation”. This solution offers customers the option to build their digital presence through either a free self-managed version or a premium version, with creation and ongoing maintenance ensured by Recheio. This service complements the existing billing and loyalty tools, further strengthening our support for the growth of our HoReCa customers’ businesses. Targeted communication initiatives were implemented to promote the offer, and the digital brochure “Bons Negócios” was released, a tool that continues to be widely used and valued by customers to plan their purchases.

Also in the digital domain, the launch of the Recheio mobile app created a direct channel with customers and delivered a more integrated shopping experience, both in-store and online. The app offers a range of features that simplify business management, including access to order’s history and the management of invoices and payments, among other features. Following the initial phase, a second stage was implemented, introducing the app in stores and supported by communication campaigns to incentivise adoption. At the same time, social media actions were implemented to broaden reach and encourage use of the app, reinforcing Recheio’s commitment to innovation and proximity to its customers.

With regard to assortment, the continued focus on fresh products was particularly notable, through the expansion of the Best Farmer meat counters to more Recheio stores. The banner strengthened its specialised assortment for the HoReCa channel, keeping pace with industry trends and delivering high-quality solutions. The Best Farmer butcher continues to establish itself as a benchmark in the supply of high-quality meat, ensuring products that combine rigour, responsibility and innovation. At the end of the year, Recheio had Best Farmer meat counters in 22 stores, cementing its leadership in this category.

By strengthening its presence in neighbourhoods and communities, Amanhecer continued to focus on proximity, quality of service and convenience.

An integrated communication plan, combined with a consistent value proposition, enabled Amanhecer to strengthen its reputation and position itself as a benchmark in proximity retail, combining quality, competitive prices and trust.

The Amanhecer partnership was reinforced by the launch of the “Concurso Sacão da Sorte” (Lucky Bag Contest), a promotional initiative aimed at our partners’ customer base. The project aimed to foster loyalty and consolidate brand awareness in proximity retail.

All Amanhecer’s B2B operations, through the “Seja Parceiro Amanhecer” (Become an Amanhecer Partner) initiative, have been integrated into the Recheio.pt website, centralising the management of relationships with current and potential partners. This evolution reflects the company’s commitment to digitalisation and to enhancing the experience for both partners and consumers.

In 2025, the Company’s investment totalled 35 million euros, notably in the complete refurbishment of the Évora store, doubling its sales floor and significantly strengthening the assortment – particularly through partnerships with local suppliers –, and in expansion, with the construction of the new Alfragide store, which opened in early February 2026.

The banner’s EBITDA amounted to 72 million euros, with a margin of 5.2%, slightly higher than the previous year.

In 2025, the Company also strengthened its commitment to sustainability through various initiatives focused on environmental and social responsibility.