Jeronimo Martins profit falls 28.2% as Biedronka like-for-like sales drop 1.8%

Profit falls while revenue grows

Jeronimo Martins, the Portuguese owner of the Biedronka chain in Poland, reported third-quarter 2026 results that were stronger on sales than on earnings. Group revenue climbed 4.3% to 9.5 billion euros, and EBITDA rose 7.6% to 714 million euros. Net profit attributable to owners, however, was 154 million euros, 28.2% below a year earlier, according to the company's report. One outlet attributed the same 154 million euro figure to Biedronka alone, while the company's report presents it at group level. The report was published on 28 October.

Biedronka sales and store network

Biedronka's revenue in local currency rose 0.2% to 6.3 billion euros in the quarter, while its like-for-like sales fell 1.8%. Measured in euros, Biedronka's quarterly revenue was 1.3% lower than in the third quarter of 2025. Its EBITDA rose 5% over three quarters in local currency, and the EBITDA margin widened to 8.2% from 7.9% a year earlier. After three quarters the chain had opened 54 stores, a net gain of 25 outlets, and refurbished 155 locations. Management tied the period to harder market conditions than it had expected at the start of the year, with food price pressure and strong household demand for low prices and promotions.

Investment and cost pressure

Capital expenditure in the first half of the year came to 412 million euros, against 495 million euros a year earlier, as shown in the chart below.

First half 2025495

First half 2026412

First half 2025

495 mln EUR

First half 2026

412 mln EUR

Data from the article text

Pedro Soares Dos Santos, the group's chief executive, said the competitive environment remained very demanding. He pointed to fuel costs weighing on businesses and household incomes, and he expects no easing of that pressure.

“The competitive environment remains very demanding, and no easing is foreseen in the pressure that fuel costs exert on businesses and household incomes.”

In the same statement he said the group was entering the final phase of the year with a focus on the holiday trading period.

“We are now entering the final phase of the year, determined to ensure a successful Christmas and New Year season.”

What comes next

The chief executive said the group would keep investing selectively in the development and quality of its value proposition. He added that the group would monitor changes in the market and its environment closely, and remain ready to adjust its actions whenever conditions require it. The company's statement gave no new financial targets for the coming quarters.

Market reaction

Biedronka's results may significantly affect the shares of Dino Polska, a rival chain. Dino shares had already fallen 4.9% during the week, leaving them 8.8% lower since the start of the year. Shares of Jeronimo Martins have registered a comparable decline.