Grocery retail: approx. 95% of total revenue
Pharmacy and drugstore: approx. 3% of total revenue
Industry and services: approx. 2% of total revenue

TOP 3 markets:

1. Poland: approx. 70% of total revenue
2. Portugal: approx. 25% of total revenue
3. Colombia: approx. 5% of total revenue

Jerónimo Martins, SGPS, S.A. generates the majority of its revenue in the grocery retail sector, with Poland being the most important market. This is mainly due to the strong presence of Biedronka supermarkets, which are very successful in Poland. Portugal follows as the second largest market, mainly through the Pingo Doce supermarkets. Colombia, although smaller in comparison, is steadily growing through the Ara stores operating there.

Main production sites:

• Poland
• Portugal
• Colombia

Jerónimo Martins, SGPS, S.A. is a multinational company mainly operating in the retail sector. The production of own-brand products is mainly carried out in the countries where the company operates. In Poland, Jerónimo Martins operates the supermarket chain Biedronka, which sources and produces a large part of its products locally. In Portugal, the company is represented by Pingo Doce, which also utilizes local production capacities. In Colombia, Jerónimo Martins operates under the Ara brand, also making use of local production facilities to efficiently supply the markets.

This geographical distribution of production sites enables Jerónimo Martins to optimize supply chains and minimize transportation costs, while also catering to local preferences and needs.

Revenue Growth: 9.8% (2024)
Profit Growth: 7.5% (2024)

Jerónimo Martins, SGPS, S.A. pursues a growth strategy that strongly focuses on expanding in existing and new markets. A key element of this strategy is strengthening its market position in Poland through the Biedronka supermarkets, which continue to act as the main growth drivers.

The company is also investing in the modernization and digitalization of its stores to increase efficiency and enhance the customer experience. Another strategic focus is on sustainability, with Jerónimo Martins implementing initiatives to reduce CO2 emissions and promote sustainable supply chains.

Additionally, the company plans to diversify its product portfolio and increase the share of private labels to improve margins and differentiate itself from competitors. These measures are intended to secure growth in the coming years and increase profitability.

Main commodities: Coffee, cocoa, fish, meat, fruits, and vegetables
Main importing countries: Brazil, Colombia, Vietnam, Norway, Spain, Netherlands

Jerónimo Martins, SGPS, S.A. is a significant retail conglomerate that imports a variety of commodities and materials to supply its supermarkets and distribution centers. The main imported commodities include coffee and cocoa, primarily sourced from Brazil, Colombia, and Vietnam. These countries are known for their high production volumes and quality in these areas.

Fish and seafood are often imported from Norway, known for its sustainable fishing and high-quality fish products. Meat is sourced from various European countries, especially Spain and the Netherlands, known for their efficient meat production.

Fruits and vegetables are also imported in large quantities, with Spain and the Netherlands acting as main suppliers due to their wide range of fresh products. Jerónimo Martins places great emphasis on the quality and sustainability of the imported commodities to meet consumer demands.

Market share in Portugal: approx. 30% (2023) EBITDA margin: 7.5% (2023) Return on Equity (ROE): 24% (2023)

Jerónimo Martins, SGPS, S.A. has a significant competitive advantage, especially in its home market of Portugal, where it holds a strong market share of about 30% with the Pingo Doce brand. This market position allows the company to benefit from economies of scale and to have a strong negotiating position with suppliers.

The EBITDA margin of 7.5% indicates that the company operates efficiently and is able to generate solid profits from its revenues. This is an indicator of effective cost control and operational efficiency.

The high Return on Equity (ROE) of 24% suggests that Jerónimo Martins effectively maximizes its return on equity, indicating strong capital utilization and profitability. Taken together, these metrics point to a sustainable competitive advantage supported by a strong brand presence, efficient operations, and strategic market positioning.

Institutional Investor Share: 65% (estimated for 2025)
Insider Buys/Sells: No significant transactions in the last year (2024)

The institutional investor share in Jerónimo Martins, SGPS, S.A. is approximately 65%, indicating a strong trust from institutional investors in the company. These investors typically include pension funds, investment funds, and other large financial institutions that pursue long-term investment strategies.

In 2024, there were no significant insider buys or sells, suggesting that the management and other insiders have confidence in the current and future performance of the company. Such transactions are often seen as indicators of the management's assessment of the company's value.

Market share of Jerónimo Martins (2025): Estimated 15-20% in the Portuguese food retail sector

Main competitors and their market shares (estimated):

1. Sonae MC: 25%
2. Lidl Portugal: 15%
3. Auchan Portugal: 10%
4. Pingo Doce (part of Jerónimo Martins): 15% (within the total market share of Jerónimo Martins)
5. Continente (part of Sonae MC): 25% (within the total market share of Sonae MC)

Moat of Jerónimo Martins:

Jerónimo Martins has a significant moat due to its strong market presence in Portugal and Poland, especially through the Pingo Doce brand and the Polish subsidiary Biedronka. These brands are known for their good value for money and wide range of products.

Compared to competitors, Jerónimo Martins has the advantage of a strong international presence, particularly in Poland, which allows them to diversify and reduce risk. Sonae MC, on the other hand, dominates the Portuguese market with the Continente brand, giving them a strong local moat.

Lidl and Auchan pose strong competition with aggressive pricing strategies and a broad international network, which also gives them a significant moat. Competition in the food retail sector is intense, and the companies' advantages heavily depend on their ability to control costs and retain customers through innovative offerings.

Overall, Jerónimo Martins has a solid moat, but they must continuously adapt and remain innovative to compete with the other major players.

Revenue Growth: 9.5% (2024) Profit Growth: 8.2% (2024) Market Share in Poland (Biedronka): 30% (2024) Market Share in Portugal (Pingo Doce): 20% (2024)

Jerónimo Martins, SGPS, S.A. recorded a solid revenue growth of 9.5% in 2024, attributed to the strong performance of its retail chains, especially Biedronka in Poland and Pingo Doce in Portugal. The company successfully expanded its market shares in both countries, indicating an effective business strategy and strong brand presence.

The profit growth of 8.2% in 2024 shows that the company is not only capable of increasing its revenue but also of operating efficiently and controlling its costs. This is a positive sign for the profitability and financial health of the company.

Additionally, Jerónimo Martins has invested in sustainable practices and innovations in recent years, increasing the potential for future growth and market leadership. Expansion into new markets and the continuous pursuit of operational excellence could also lead to further growth in the coming years.

Overall, these factors suggest that Jerónimo Martins could be a promising investment, especially for investors interested in a stable and growing company in the retail sector.

Dividend yield: 2.5% (2024) Dividend growth: 5% annually (average of the last 5 years)

Jerónimo Martins, SGPS, S.A. has consistently paid out dividends in recent years. The dividend yield is currently around 2.5%, which can be considered moderate compared to other companies in the retail industry.

Over the past five years, the company has seen an average dividend growth of 5% per year. This consistency indicates a reliable dividend policy supported by stable earnings and a solid financial foundation.

Analysts assess Jerónimo Martins' dividend policy as sustainable due to the company's strong market position and diversified sources of income, which strengthen its ability to continue paying dividends.