Jeronimo Martins, SGPS, S.A. Q3 2026 Earnings Recap

Jerónimo Martins delivered 7.6% EBITDA growth, ahead of sales growth, as volume gains and mix management supported margins despite deflation and intense competition. Shares rose 3.5% after the results.

Key Takeaways

• Group sales reached €27.8 billion, up 4.8% (3.8% at constant exchange rates); like-for-like growth was 0.8%.
• EBITDA increased 7.6% to €1.9 billion, with margin up 18 basis points to 7%.
• Biedronka volumes grew 5%, cushioning basket deflation; sales rose 1.3% in local currency, while like-for-like sales declined 0.4%.
• Pingo Doce sales increased 4.1% to €4.1 billion, but like-for-like growth excluding fuel slowed to flat in Q3. Recheio’s Q3 like-for-like sales fell 1.6%.
• Cash flow before dividends was negative €183 million, mainly due to working-capital movements; the group ended September with €118 million in net cash, excluding IFRS 16.