Lisbon, Aug. 1, 2025 (Lusa) - Jerónimo Martins’ net profit grew 6.6% in the first half of the year, compared to the same period last year, to €269 million, announced today the owner of the Pingo Doce, Biedronka and Ara brands.
Between January and June, sales rose 6.7% to €17.396 billion (+6% at constant exchange rates) and earnings before interest, taxes, depreciation and amortisation (EBITDA) grew 10.3% to €1.148 billion (+9% at constant exchange rates).
"Strong sales performance and operational efficiency more than offset the pressure of cost inflation on margins," the group said in a statement sent to the Portuguese Securities Market Commission (CMVM).
The priority “given to the implementation of the investment programme led, in the first half of the year, to the opening of a total of 196 stores across the various brands and the refurbishment of 71 locations,” Jerónimo Martins said in a statement.
“At the end of June, the group’s balance sheet showed a net cash position (excluding IFRS16) of €213 million, after the payment in May of €371 million in dividends.”
“Heightened uncertainty, driven by global geopolitical turbulence and political instability in the main European economies,” marked the period between January and June.
In an environment that remains volatile, “we expect consumer behaviour to continue to show caution and restraint, and the competitive dynamics of the markets in which we operate to stay intense. Nevertheless, the outlook for 2025 remains essentially in line with that presented on 19 March,” the group said.
In Poland, sales at the Biedronka supermarket chain, in local currency, rose 5%, with LFL [‘like-for-like’, i.e. sales in stores operating under the same conditions in the period under review] of 0.9%, and the chain strengthened its market share.
“In euros, sales reached €12.4 billion, up 7.1%” compared to the first half of 2024. In the second quarter, “with the positive contribution of Easter, which in 2024 fell in the first quarter, sales in local currency grew 9.7%, recording LFL of 5.3%,” the group said.
EBITDA increased by 9% (+6.9% in local currency) with the respective margin reaching 7.7%.
“Synergies between sales growth, tighter cost discipline and a focus on productivity drove this solid performance, and they remain at the heart of Biedronka’s strategy. We carried out store expansion and refurbishment programmes as planned, opened 81 stores during the period (72 net additions) and refurbished 34 locations,” it said.
Polish health and wellness chain Hebe saw its sales rise 7.3% (in local currency), with LFL standing at 1.3%.
In euros, sales reached €297 million, 9.4% above the first half of 2024, and EBITDA decreased 7%.
Hebe “opened nine stores in the Polish market and one in the Czech Republic, ending the period with a total of 382 stores in Poland, four in the Czech Republic and two in Slovakia”.
In Portugal, Pingo Doce “continued its commercial momentum, well recognised by consumers, and continued the conversion of stores to the All About Food concept, leading to sales growth of 5.7% with a strong LFL of 3.9% (excluding fuel)”.
In the second quarter, “incorporating the positive calendar effect of Easter in the period, sales increased by 8.3% with an LFL of 6.5% (excluding fuel)”.
In the first half of the year, Pingo Doce opened three stores and completed 24 refurbishments. EBITDA stood at "€141 million, 6.1% above the same period last year, with the respective margin, in line with the previous year, reaching 5.5%, supported by good sales performance and initiatives to increase productivity that counteracted cost pressures".
The wholesaler Recheio achieved sales of €657 million, 1.9% above the first half of the previous year, with an LFL of 1.6%.
“The brand’s EBITDA was €32 million, 8.6% higher than in the same period last year, with a margin of 4.9% (4.6% in 1H 24), supported by a more favourable mix in the second quarter compared to the same period last year,” the company said.
In Colombia, the Ara supermarket chain “continued to deepen its promotional strategy, creating significant savings opportunities for Colombian families.”
The result “was a remarkable performance, with sales growing by 15.6% in local currency, including LFL of 5.3%.” In euros, sales reached €1.5 billion in the first half of the year,” up 7% on a year earlier.
Ara opened 96 new stores (93 net additions), 58 of which resulted from the integration of stores previously operated by Colsubsidio, closing the half-year with a total of 1,531 locations.
EBITDA was €60 million, up 50.5% year-on-year. “In addition to the good sales performance, the margin improvement continued to benefit from the work carried out in 2024 to protect the gross margin and control costs,” it said.
The half-year net financial costs amounted to €158 million, compared with €130 million in the first half of 2024, largely reflecting the execution of the expansion programme and the resulting impact on capitalised operating lease interest.
Other gains and losses “amounted to a net adjustment of €60 million, including, among others, write-offs, indemnities and provisions, as well as the allocation of €40 million from the 2024 results to the Jerónimo Martins Foundation”.
The Investment Programme reached a value of €546 million.
“Cash flow generated in the period, before the payment of dividends in May, recorded €157 million towards a negative balance,” Jerónimo Martins concludes.
ALU/ADB // ADB.
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