Identity and responsibilities

The Biedronka chain of food stores, which aligns proximity locations and quality assortment with the most competitive prices in the Polish market, is the Group’s largest business, accounting for c.70% of sales and c.80% of EBITDA. Being the undisputed food retail leader in Poland, the Company has maintained, in 2025, a strong commercial dynamic, ensuring price leadership and increasing its market share. At the same time, the banner marked the beginning of its international expansion with its entry into Slovakia, where, in 2025, it opened 15 stores and a distribution centre.

The Company also has several online sales offerings, including ultra-fast deliveries (Q-commerce) under the Biek brand, alternative ordering and delivery solutions in partnership with e-commerce players, and non-food products through the home.biedronka.pl/ website.

In Poland, Hebe focuses on the specialised retail of health and beauty products, managing a considerable assortment of products at competitive prices and an in-store consultation service. In 2025 the Company continued to focus on its omnichannel approach, leveraging a competitive commercial strategy and a quality assortment with a myriad of exclusive products. Continuing its expansion and in order to support its international online operations, Hebe also operates two brick-and-mortar stores in Slovakia and five in Czechia.

In Portugal, the Group also has a leadership position in food distribution. It operates the banners Pingo Doce and Recheio, which are market leaders, in the country, in the supermarket and cash & carry formats, respectively.

Pingo Doce is a supermarket chain that has a restaurant area in most of its stores being the largest restaurant network in the country. It has two central kitchens that supply not only these restaurants, but also its in-store takeaway operation. Pingo Doce also operates the Bem-Estar parapharmacies and petrol stations, in a partnership with a sector operator.

Recheio operates a chain of cash & carry stores and has strengthened its business model with a specialised food service delivery operation, underpinned by dedicated platforms, which essentially serve HoReCa customers with a delivery service. Recheio continues to expand a network of traditional retail partners under the Amanhecer banner.

In Colombia, Ara operates a chain of proximity food stores, mostly set up in residential neighbourhoods, offering quality at the best price and combining competitiveness with promotional opportunities in key categories for the Colombian consumer. Also in Colombia, Bodega Del Canasto (BdC) operates a mini cash & carry format, a distributor for the traditional market (B2B), offering a customised solution of Private Brands and industry brands.

Through its subsidiaries in Portugal and Morocco, Jerónimo Martins Agro-Alimentar (JMA) focuses on four areas of agri-food production: dairy, livestock farming, aquaculture, and fruit and vegetables. It also holds a significant financial stake in Andfjord Salmon in Norway and, in 2025, acquired a stake in Norcod, thereby establishing a presence in cod production. JMA’s main objectives are to ensure the supply of some strategic products to the Group’s Companies and create quality differentiation.

The Group also operates, in Portugal, the Jeronymo coffee shops and kiosks, as well as the Hussel chocolate and confectionery chain, having decided, at the end of 2025, to discontinue the latter’s operations.