Jeronimo Martins SGPS SA

XMUN:JEM

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.