Jeronimo Martins' nine-month net profit falls 14.5% amid tough competition

what happened

Portuguese retailer Jeronimo Martins said on Wednesday that its net profit for the first nine months dropped 14.5% from a year earlier, to €414 million ($460.37 million), according to Reuters.

Sales revenue for the period rose 4.8% to €27.82 billion. The company confirmed the 2026 outlook it gave in July. Poland is its main market, where its largest chain, Biedronka, lifted earnings before interest, taxes, depreciation and amortization by 4.2% over the nine months, helped by store revamps. The company said Biedronka posted strong volume growth and offset much of a significant decline in basket values.

Chief Executive Pedro Soares dos Santos expects the competitive environment to stay very demanding and sees no easing of fuel costs weighing on businesses and household incomes.

why it matters

A profit decline alongside higher revenue suggests the retailer is keeping its sales volumes but losing margin under intense price competition and expensive fuel. Investors will be watching the Polish business and whether management delivers on its outlook.

market impact

Jeronimo Martins: lower profit under fierce competition weighs on the company's shares

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