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Earnings Calls

Last Earnings Call

Fiscal Period
Q2 2026
Call Date
Jul 30, 2026
AI Summary
Q2 2026

Solid half-year: Jerónimo Martins said first-half 2026 was tougher than expected, but the group still delivered sales of EUR 18.3 billion, up 5.1%, and EBITDA of EUR 1.2 billion, up 7.6%.

Poland deflation: Biedronka faced heavy basket deflation and a very competitive Polish market, but volume growth of around 5% helped preserve market share and keep sales positive.

Margins held up: Every banner improved EBITDA margin, with the group margin rising to 6.8% from 6.6%, helped mainly by better mix, tighter cost control and efficiency gains.

Outlook cautious: Management does not expect a material improvement in market conditions in the second half and said consumers will likely stay focused on low prices and promotions.

Cash and investment: Cash flow before dividends was negative at EUR 332 million, weighed down by deflation and working capital, while CapEx totaled EUR 412 million and the full-year investment plan remains capped at around EUR 1.2 billion.

Key Financials
Sales
EUR 18.3 billion
EBITDA
EUR 1.2 billion
EBITDA margin
6.8%
Net cash position
EUR 11 million
Cash flow before dividends
negative EUR 332 million
Capital investment
EUR 412 million
Dividends paid
EUR 409 million
Group like-for-like sales
1.4%
Stores opened
124
Stores remodeled
115
Biedronka sales
EUR 12.6 billion
Biedronka like-for-like sales
0.2%
Biedronka volumes
around 5%
Biedronka Q2 like-for-like sales
-1.6%
Biedronka Q2 volumes
more than 4%
Hebe sales
EUR 312 million
Hebe like-for-like sales
2.4%
Pingo Doce sales
EUR 2.7 billion
Pingo Doce like-for-like sales
3.7%
Pingo Doce Q2 sales
3.3%
Pingo Doce Q2 like-for-like sales
1.9%
Recheio sales
EUR 673 million
Recheio like-for-like sales
1.3%
Recheio Q2 sales
1.8%
Recheio Q2 like-for-like sales
0.3%
Ara sales
EUR 2 billion
Ara like-for-like sales
6.8%
Ara Q2 sales
36.9%
Ara Q2 like-for-like sales
7.5%
Slovakia stores
17 stores
Biedronka deflation
around 6%
Earnings Call Recording

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