Jeronimo Martins Sgps Sa Stock Earnings Reports

Jerónimo Martins reported solid first 9 months of 2025 results despite a challenging macro and highly competitive retail environment. Group sales grew 7.1% (6.6% at constant FX) to EUR 26.5bn, with like‑for‑like sales up 2.4% and strong contribution from store expansion (274 openings, 170 remodels). EBITDA rose 10.9% to EUR 1.8bn, lifting the margin to 6.8% (up 23 bps) driven by price leadership, tight cost discipline, productivity gains and operational efficiency that offset price investments and cost inflation (notably wages). CapEx execution continued (EUR 816m YTD) while the balance sheet remained robust with a net cash position of EUR 467m (ex‑IFRS16 leases). Country highlights: Biedronka added ~EUR 1bn of sales and gained market share in Poland (c. +0.2 pp through August) amid strong expansion; Ara (Colombia) delivered double‑digit local currency sales growth supported by expansion and promotional intensity; Pingo Doce (Portugal) achieved solid like‑for‑like growth driven by promotions and store renewals. Management remains focused on protecting price leadership and customer preference through the important holiday season, while continuing investment and disciplined cost/working‑capital management. Key risks/monitoring items are persistent cost inflation (wages), volatile consumer demand, and competitive intensity in Poland which constrain the ability to fully pass on cost inflation.