Lisbon, March 19, 2026 (Lusa) - The chair of Jeronimo Martins said on Thursday that the only impact the group is currently experiencing due to the conflict in Iran is the rise in fuel prices, which the company is absorbing.

"The impact of fuel is the only one we feel", and it has an "immediate" effect, while for others, we have to wait for developments, Pedro Soares dos Santos told a press conference regarding the group's 2025 results, adding that they "have been absorbing" this impact.

Fertilisers are already at a higher price for the next harvest, the manager of the group that owns Pingo Doce said.

Regarding electricity, Pedro Soares dos Santos said the group has "prices negotiated for several years".

The Jerónimo Martins chair did not disclose the costs of the fuel price hike and said that at the end of this month (quarter), the company would assess the situation, especially as it is unknown if the conflict will persist.

Asked if EBITDA [earnings before interest, taxes, depreciation and amortisation] margins would remain at fourth-quarter levels in 2026, Pedro Soares dos Santos replied: "I would say it is going to be extremely challenging".

If the crisis persists, "everything will skyrocket," he noted, and they will have to make choices.

There "could be a risk," not only in Portugal but also in Poland, of lower EBITDA margins, he acknowledged.

But "if we have a dose of realism, we are better prepared," the group's chair and manager highlighted.

Regarding inflation, he noted that it is practically non-existent in Portugal and that Poland is experiencing significant deflation.

Jerónimo Martins' net profit rose 7.9% year over year to €646 million in 2025.

In 2025, consolidated sales rose 7.6% (+6.7% at constant exchange rates) to €35.991 billion.

EBITDA reached €2.48 billion, an 11.1% increase over last year.

ALU/LYT // ADB.

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