Portugal · Delayed Price · Currency is EUR Jerónimo Martins, SGPS Earnings Call Transcripts
Fiscal Year 2026
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Sales grew 6.3% and EBITDA rose 8.4% year-over-year, driven by strong volume growth, cost discipline, and network expansion, despite persistent deflation in Poland and rising cost pressures. Outlook remains cautious with expected inflationary headwinds in H2 2026.
Fiscal Year 2025
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Sales grew 7.6% to €36B in 2025, with EBITDA up 11.1% and strong market share gains across all banners. Expansion continued in Slovakia and Colombia, while a triple-A CDP rating was achieved. Outlook for 2026 remains cautious amid geopolitical risks and low inflation.
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Solid sales and EBITDA growth were achieved despite geopolitical uncertainty and cost inflation, supported by price leadership, operational efficiency, and significant store expansion. Market share gains were recorded in Poland, and the balance sheet remains robust.
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Sales grew 6.7% year-over-year to EUR 17.4 billion, with EBITDA up 10.3% and margin rising to 6.6%. All banners contributed to growth, supported by expansion and cost discipline, despite ongoing margin pressure from wage inflation and competition.
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Q1 2025 saw 3.8% sales and EBITDA growth, with margins stable despite high cost inflation and tough comparables. Market share gains, strong expansion, and a solid cash position were achieved, but management expects continued volatility and cost pressure ahead.
Fiscal Year 2024
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Sales grew 9.3% to EUR 33.5 billion, driven by volume and expansion, despite basket deflation and rising labor costs. EBITDA margin declined to 6.7%, with strong market positions maintained and continued investment in growth and efficiency planned for 2025.
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Sales grew 10.3% to €24.8B, with EBITDA up 2.7% but margin down to 6.6% amid cost inflation and basket deflation. CapEx guidance was lowered to just over €1B, and net cash stood at €430M. Intense competition and weak demand continue to pressure margins.
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H1 2024 saw strong volume growth and market share gains across all banners, but EBITDA margin declined due to basket deflation and high cost inflation. Persistent deflation and intense competition, especially in Poland, are expected to further pressure margins in H2.