Half Year 2026 Jeronimo Martins SGPS SA Earnings Call Transcript
Key Points
- Group sales grew 5.1% to EUR18.3 billion, driven by strong volume growth across all banners.
- EBITDA increased 7.6% to EUR1.2 billion, with margin expanding 16 basis points to 6.8%.
- Every business improved its EBITDA margin, reflecting better mix, scale, and strict cost control.
- Biedronka achieved approximately 5% volume growth despite significant basket deflation, preserving market share.
- ARA in Colombia delivered strong sales growth of 30.2% in euros and 21.1% in local currency, with like-for-like accelerating to 7.5% in Q2.
- Geopolitical uncertainty and cautious consumer behavior kept pressure on food prices and promotions.
- Biedronka faced significant basket deflation, with Q2 like-for-like sales declining 1.6%.
- Higher financial costs resulted from the expansion program and capitalized leases.
- Cash flow before dividends was negative at EUR332 million, impacted by deflation and trade payables.
- No material improvement in market conditions is expected in the second half, with deflationary pressures persisting.
Good day, and welcome to the Geronimo Martins first-half 2026 results conference call. Today's conference call is being recorded. At this time, I would like to turn the conference over to Ms. Annalouisa Virginia, Chief Financial Officer of Geronimo Martins Group. Please go ahead, madam.
Thank you, Nadia.
Good morning, ladies and gentlemen, and thank you for joining this call to present our first half results.
As a reminder, in our corporate website, you can find the results release, a slide presentation, and a fact sheet for the period.
The first half of 2026 proved more demanding than we initially anticipated, particularly with regard to strong pressure on food prices and fuel-related costs.
Heightened geopolitical uncertainty kept consumers cautious and focused on low prices and promotions in what food is concerned and competition did not ease in the sector.
Against this backdrop, all our banners delivered solid sales and EDTA by protecting
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