Jerónimo Martins’ net profit rose 7.9% last year, compared to 2024, to 646 million euros, the owner of the Pingo Doce, Biedronka and Ara retail chains announced this Wednesday. In 2025, consolidated sales rose 7.6% (+6.7% at constant exchange rates), to 35,991 million euros.
“This robust sales growth, combined with the reinforcement of cost discipline, operational efficiency and productivity measures, allowed us to protect margins in relation to strong competitive pressure, increased remuneration costs, and other sources of cost inflation”, says Jerónimo Martins, in a statement sent to the Securities Market Commission (CMVM).
Profit before taxes, interest, depreciation and amortization (EBITDA) totaled 2,480 million euros, an increase of 11.1% compared to last year.
In 2025, “the group invested more than 360 million euros in employee recognition measures”, he says.
In Poland, Biedronka recorded sales growth of 5.9% (in local currency), with an LFL [‘like-for-like’, ou seja, vendas em lojas que operaram sob as mesmas condições no período em análise] of 1.9%.
“In the year in which it celebrated its 30th anniversary, Biedronka thus exceeded 25 billion euros in sales, 7.5% more than in 2024, and reinforced, once again, its market share.” EBITDA increased by 9.8% (+8.1% in local currency).
“Biedronka executed the expansion plan as planned and opened 181 new stores in the year (152 net additions), having remodeled 200 locations”, says the group, adding that “the e-commerce operation with ultra-fast deliveries (Q-commerce), which operates under the Biek brand, closed the year with 28 micro ‘fulfillment centers’, of which 5 opened in 2025”.
Also last year, investments began in two new distribution centers in Poland, one of which is automated and scheduled to open in 2027.
The Polish company Hebe, which operates in the area of health and well-being, operated, “throughout the year, in a context marked by intense and growing price competition, which led the brand to register deflation in the basket”.
The brand registered an increase in sales of 5.7% (in local currency), with the LFL standing at 1.0%. “In euros, sales reached 626 million, 7.4% above 2024” and EBITDA grew 9.7% (+8.0% in local currency).
Hebe “registered 16 store openings in the Polish market (11 net additions), in addition to the opening of two more stores in the Czech Republic.”
In Portugal, Pingo Doce “maintained, throughout the year, the intensity of its recognized commercial actions and advanced in the investment plan that prioritizes the conversion of stores to the All About Food concept, reinforcing its differentiation in the offer of fresh and ready-made food solutions”.
Pingo Doce sales rose 5.3% to 5.3 billion euros, and an LFL of 4.0% (excluding fuel). EBITDA increased by 8.5%, with the respective margin rising to 6.0% (5.8% in 2024), “driven by sales growth and initiatives to increase productivity and neutralize cost pressure”.
In 2025, “52 stores were remodeled and 9 new locations were opened (8 net additions)”.
Regarding Recheio, he recorded “a good sales performance, with the solid contribution of the HoReCa channel [Hotéis, Restaurantes e Cafés]”.
In the traditional channel, the highlight is “the expansion of the Amanhecer partnership store network, which reached 758 locations in the year, 52 more than in the previous year”.
Sales rose 3.0% to 1.4 billion euros, with an LFL of 3.0%, and EBITDA increased by 4.6%.
“Regarding the investment plan, Recheio focused on remodeling the Évora store – with special attention dedicated to new solutions implemented in the fresh produce area – and on the construction of a new store in Lisbon, opening in early 2026.”
In Colombia, sales of the Ara supermarket chain, in local currency, rose 17.4%, with an LFL of 5.8%. “In euros, sales totaled 3.2 billion, 13.3% above 2024.”
According to the group, “the performance was essentially supported by the growth in volumes, as the brand operated with low inflation in the basket (and always lower than the country’s food inflation) throughout the year”, and EBITDA increased by 37.6% compared to 2024 (+42.7% in local currency).
Ara “successfully executed its expansion program, closing the year with a network of 1,653 locations, contributed by 225 openings (215 net additions) which include stores previously operated by Colsubsidio”.
Investment of 1.2 billion in 2026, with hundreds of new stores
Jerónimo Martins’ investment program should total around 1.2 billion euros this year. “The investment program remains the first priority for capital allocation, and should, in 2026, reach around 1.2 billion euros,” says the group.
The value is in line with what was considered in 2025. In the markets where they are present, “it is anticipated that consumers will continue to prioritize low prices and promotions, and that the intensity of competition in food retail will not show signs of decreasing”.
In Poland, “where the competitive context remains intense, with consumers oriented towards low prices and promotions and food inflation registering low levels, operational discipline remains central in defending profitability”, says Jerónimo Martins.
Biedronka “will continue to develop its assortment, including reformulations and launches, and leveraging the significant number of visits it registers daily to increase the value of the basket in areas of the assortment with identified potential”, and “expanding and remodeling the store network continues to be a fundamental pillar in the group’s strategy.”
To Jerónimo Martins “plans, throughout 2026, to open more than 120 stores (net) and carry out around 250 renovations” in the Polish market.
“The focus on logistics remains, continuing the project for the first automated warehouse and the construction and opening of a new distribution center, which will bring the total number to 18.”
In Slovakia, “Biedronka should move forward with the opening of 35 new stores in 2026, allowing the company to continue adjusting the business model to this new market, while building its relationship with Slovak families and gaining competitive capital.”
The wellness and beauty chain “will remain focused on the strategic management of the sales mix that has allowed it to protect profitability in a very competitive market, while reinforcing its differentiation.”
In Portugal, Pingo Doce will continue implementing the investment plan, which includes around 10 new store openings and around 40 renovations.
Recheio “opened an important new store in the Greater Lisbon area at the beginning of February […] and the Amanhecer partnership network “will continue its growth trajectory, currently counting 758 locations”.
In Colombia, Ara “will remain dedicated to ensuring consumer preference, continuing with its expansion to reinforce its presence in the market and increase its scale”.
Throughout this year, “The opening of around 200 stores is expected and, in January 2026, a new distribution center will be opened in Medellin which will improve the logistics infrastructure in the country, being essential for the achievement of the established growth plan”, he adds.
In 2025, “the investment program totaled 1.2 billion euros”, an increase compared to the previous year, attributed “to the greater number of store openings in Colombia, the start of investments in two new distribution centers in Poland and the start of Biedronka operations in Slovakia”.
The group also says that, “to that value are added 85 million euros of financial investments, channeled mainly to the salmon and cod aquaculture areas in Norway”.
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