Cash flow Jerónimo Martins, SGPS, S.A.

Equities

JMT

PTJMT0AE0001

Food Retail & Distribution

Market Closed - Euronext Lisbonne Other stock markets 11:55:00 2026-04-10 am EDT			5-day change	1st Jan Change
20.84 ^EUR	-0.10%		+0.48%	+2.86%

Mar. 31	Mostostal Zabrze unit signs 28 mln zloty deal with Jeronimo Martins Polska	RE
Mar. 30	Jeronimo Martins to propose gross dividend of 0.65 eur/shr	RE

5f8d9c3d5cefbe12a64073.VcUGMhayCHjgyA1RNt_oGpgl76tc-uWZkeOtGg-ZT1A.BfNsemL2Px2wsGgAfpSnKPxPi5Nty5y03s7ofluhOSYs9k1_XNhyHdGmXA

Published financial data: JERÓNIMO MARTINS, SGPS, S.A.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	20.89B	25.38B	30.61B	33.46B	35.99B
Total Revenues	20.89B	25.38B	30.61B	33.46B	35.99B
Cost of Goods Sold, Total	16.39B	20.05B	24.36B	26.61B	28.56B
Gross Profit	4.5B	5.33B	6.25B	6.85B	7.43B
Selling General & Admin Expenses, Total	3.66B	4.26B	4.98B	5.66B	6.1B
Other Operating Expenses	-2M	11M	11M	48M	29M
Other Operating Expenses, Total	3.66B	4.27B	5B	5.71B	6.13B
Operating Income	842M	1.06B	1.26B	1.14B	1.31B
Interest Expense, Total	-147M	-165M	-237M	-316M	-364M
Interest And Investment Income	1M	15M	48M	47M	45M
Net Interest Expenses	-146M	-150M	-189M	-269M	-319M
Income (Loss) On Equity Invest.	-	-	-1M	-1M	-2M
Currency Exchange Gains (Loss)	-1M	-6M	26M	20M	6M
Other Non Operating Income (Expenses)	-7M	-8M	-11M	-19M	-9M
EBT, Excl. Unusual Items	688M	896M	1.08B	872M	984M
Restructuring Charges	-14M	-12M	-20M	-20M	-31M
Gain (Loss) On Sale Of Investments	-	2M	-	-	-
Gain (Loss) On Sale Of Assets	-	-	-	-	-
Asset Writedown	-2M	-1M	-11M	-11M	-6M
Legal Settlements	-1M	-26M	-14M	-13M	-37M
Other Unusual Items	-19M	-45M	-24M	-27M	-28M
EBT, Incl. Unusual Items	652M	814M	1.01B	801M	882M
Income Tax Expense	168M	207M	239M	195M	225M
Earnings From Continuing Operations	484M	607M	772M	606M	657M
Net Income to Company	484M	607M	772M	606M	657M
Minority Interest	-21M	-17M	-16M	-7M	-11M
Net Income - (IS)	463M	590M	756M	599M	646M
Net Income to Common Incl Extra Items	463M	590M	756M	599M	646M
Net Income to Common Excl. Extra Items	463M	590M	756M	599M	646M
Per Share Items
Net EPS - Basic	0.74	0.94	1.2	0.95	1.03
Basic EPS - Continuing Operations	0.74	0.94	1.2	0.95	1.03
Basic Weighted Average Shares Outstanding	628M	628M	628M	628M	628M
Net EPS - Diluted	0.74	0.94	1.2	0.95	1.03
Diluted EPS - Continuing Operations	0.74	0.94	1.2	0.95	1.03
Diluted Weighted Average Shares Outstanding	628M	628M	628M	628M	628M
Normalized Basic EPS	0.65	0.86	1.05	0.86	0.96
Normalized Diluted EPS	0.65	0.86	1.05	0.86	0.96
Dividend Per Share	0.78	0.55	0.66	0.59	0.65
Payout Ratio	39.09	83.73	45.77	68.78	57.43
American Depositary Receipts Ratio (ADR)	2	2	2	2	2
Supplemental Items
EBITDA	1.26B	1.5B	1.76B	1.71B	1.94B
EBITA	847M	1.06B	1.26B	1.14B	1.31B
EBIT	842M	1.06B	1.26B	1.14B	1.31B
EBITDAR	1.26B	1.5B	1.76B	1.71B	1.93B
Effective Tax Rate - (Ratio)	25.77	25.43	23.64	24.34	25.51
Total Current Taxes	181M	204M	246M	187M	246M
Total Deferred Taxes	-12M	-3M	-8M	11M	-20M
Normalized Net Income	409M	543M	659M	538M	604M
Interest on Long-Term Debt	130M	140M	180M	235M	279M
Non-Cash Pension Expense	6M	7M	13M	9M	12M
Supplemental Operating Expense Items
Advertising Expense	112M	118M	139M	191M	179M
Selling and Marketing Expenses	3.31B	3.85B	4.49B	5.15B	5.53B
General and Administrative Expenses	351M	411M	495M	514M	568M
Research And Development Expense From Footnotes	4M	-	-	-	-
Net Rental Expense, Total	-2M	-1M	-1M	-6M	-12M
Imputed Operating Lease Interest Expense	-833K	-440K	-520K	-3.34M	-6.65M
Imputed Operating Lease Depreciation	-1.17M	-560K	-480K	-2.66M	-5.35M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	1.49B	1.78B	1.94B	1.82B	2.27B
Short Term Investments	33M	21M	135M	58M	-
Trading Asset Securities, Total	-	2M	6M	-	-
Total Cash And Short Term Investments	1.53B	1.8B	2.08B	1.88B	2.27B
Accounts Receivable, Total	52M	66M	71M	76M	78M
Other Receivables	417M	541M	709M	860M	985M
Total Receivables	469M	607M	780M	936M	1.06B
Inventory	1.11B	1.49B	1.79B	2B	2.25B
Other Current Assets, Total	8M	13M	19M	20M	27M
Total Current Assets	3.11B	3.92B	4.67B	4.83B	5.61B
Gross Property Plant And Equipment	10.67B	11.8B	14.33B	15.97B	17.87B
Accumulated Depreciation	-4.43B	-4.94B	-5.88B	-6.7B	-7.72B
Net Property Plant And Equipment	6.24B	6.87B	8.45B	9.27B	10.15B
Long-term Investments	15M	33M	82M	86M	151M
Goodwill	618M	613M	635M	640M	649M
Other Intangibles, Total	132M	142M	155M	155M	164M
Accounts Receivable Long-Term	-	-	-	-	1M
Deferred Tax Assets Long-Term	175M	201M	230M	246M	269M
Deferred Charges Long-Term	10M	3M	3M	5M	3M
Other Long-Term Assets, Total	65M	70M	73M	65M	68M
Total Assets	10.37B	11.84B	14.3B	15.3B	17.06B
Liabilities
Accounts Payable, Total	3.66B	4.58B	5.22B	5.35B	5.94B
Accrued Expenses, Total	711M	785M	942M	940M	1B
Short-term Borrowings	-	-	-	-	-
Current Portion of Long-Term Debt	113M	232M	485M	496M	731M
Current Portion of Leases	394M	430M	530M	607M	670M
Current Income Taxes Payable	47M	55M	94M	9M	14M
Unearned Revenue Current, Total	11M	15M	16M	29M	36M
Other Current Liabilities	394M	429M	536M	487M	616M
Total Current Liabilities	5.32B	6.52B	7.83B	7.92B	9.01B
Long-Term Debt	347M	238M	280M	507M	519M
Long-Term Leases	1.99B	2.25B	2.85B	3.31B	3.65B
Pension & Other Post Retirement Benefits	70M	69M	78M	79M	82M
Deferred Tax Liability Non Current	66M	90M	104M	130M	129M
Other Non Current Liabilities	35M	90M	88M	100M	138M
Total Liabilities	7.84B	9.26B	11.23B	12.04B	13.53B
Common Stock, Total	629M	629M	629M	629M	629M
Additional Paid In Capital	22M	22M	22M	22M	22M
Retained Earnings	1.77B	1.87B	2.28B	2.46B	2.73B
Treasury Stock	-6M	-6M	-6M	-6M	-6M
Comprehensive Income and Other	-140M	-183M	-109M	-99M	-88M
Total Common Equity	2.28B	2.33B	2.81B	3.01B	3.29B
Minority Interest	254M	254M	253M	247M	238M
Total Equity	2.53B	2.58B	3.07B	3.25B	3.53B
Total Liabilities And Equity	10.37B	11.84B	14.3B	15.3B	17.06B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	628M	628M	628M	628M	628M
ECS Total Common Shares Outstanding	628M	628M	628M	628M	628M
Book Value / Share	3.62	3.71	4.48	4.78	5.24
Tangible Book Value	1.53B	1.58B	2.02B	2.21B	2.48B
Tangible Book Value Per Share	2.43	2.51	3.22	3.52	3.94
Total Debt	2.85B	3.15B	4.15B	4.92B	5.57B
Net Debt	1.32B	1.34B	2.07B	3.04B	3.3B
Debt Equivalent Oper. Leases	-16M	-8M	-8M	-48M	-96M
Minority Interest, Total (Incl. Fin. Div)	254M	254M	253M	247M	238M
Equity Method Investments, Total	13M	16M	80M	84M	125M
Account Code - Inventory Valuation	5	5	5	5	5
Inventories - Raw Materials, Total	13M	17M	18M	17M	17M
Inventories - Work In Process, Total	2M	3M	9M	5M	5M
Inventories - Finished Goods, Total	1.2B	1.6B	1.92B	2.12B	2.38B
Land - (BS)	525M	4.99B	5.77B	6.2B	6.74B
Buildings, Total	4.17B	-	-	-	-
Machinery, Total	2.65B	2.84B	3.35B	3.67B	4.13B
Full Time Employees	104K	111K	114K	119K	125K
Part Time Employees	19.07K	19.77K	20.25K	20.43K	22.91K
Accumulated Allowance for Doubtful Accounts (Supple)	17M	15M	14M	16M	-

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	463M	590M	756M	599M	646M
Depreciation & Amortization - CF	733M	769M	889M	1.03B	1.12B
Amortization of Goodwill and Intangible Assets - (CF)	5M	4M	3M	2M	2M
Depreciation & Amortization, Total	738M	773M	892M	1.03B	1.12B
Amortization of Deferred Charges, Total - (CF)	7M	9M	10M	15M	20M
Minority Interest in Earnings - (CF)	21M	17M	16M	7M	11M
(Gain) Loss From Sale Of Asset	4M	4M	15M	16M	11M
(Gain) Loss on Sale of Investments - (CF)	-	-	1M	-	-
(Income) Loss On Equity Investments - (CF)	-	-	-	1M	2M
Other Operating Activities, Total	147M	167M	159M	190M	246M
Change In Accounts Receivable	-4M	-11M	-16M	10M	5M
Change In Inventories	-148M	-421M	-190M	-206M	-238M
Change In Accounts Payable	527M	931M	384M	-9M	550M
Change in Other Net Operating Assets	1M	36M	-2M	3M	49M
Cash from Operations	1.76B	2.1B	2.02B	1.65B	2.42B
Capital Expenditure	-584M	-887M	-1.08B	-1B	-1.06B
Sale of Property, Plant, and Equipment	6M	57M	3M	8M	17M
Cash Acquisitions	-6M	-4M	-48M	-23M	-85M
Divestitures	-	-	-	-	-
Sale (Purchase) of Intangible assets	-	-	-	-	-
Investment in Marketable and Equity Securities, Total	-33M	-6M	-108M	79M	59M
Other Investing Activities, Total	0	15M	49M	45M	48M
Cash from Investing	-617M	-825M	-1.18B	-896M	-1.02B
Long-Term Debt Issued, Total	-	52M	198M	283M	-
Total Debt Issued	-	52M	198M	283M	-
Long-Term Debt Repaid, Total	-326M	-321M	-348M	-392M	-509M
Total Debt Repaid	-326M	-321M	-348M	-392M	-509M
Common Dividends Paid	-181M	-494M	-346M	-412M	-371M
Common & Preferred Stock Dividends Paid	-181M	-494M	-346M	-412M	-371M
Other Financing Activities, Total	-169M	-187M	-256M	-345M	-94M
Cash from Financing	-676M	-950M	-752M	-866M	-974M
Foreign Exchange Rate Adjustments	-10M	-33M	68M	-7M	12M
Net Change in Cash	453M	287M	157M	-115M	445M
Supplemental Items
Cash Interest Paid	152M	170M	241M	327M	376M
Cash Income Tax Paid (Refund)	174M	208M	254M	280M	286M
Levered Free Cash Flow	1.02B	971M	931M	192M	1.1B
Unlevered Free Cash Flow	1.11B	1.07B	1.08B	389M	1.33B
Change In Net Working Capital	-420M	-517M	-473M	362M	-422M
Net Debt Issued / Repaid	-326M	-269M	-150M	-109M	-509M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	5.32	5.96	6	4.82	5.05
Return on Total Capital	10.09	11.92	12.12	9.27	9.46
Return On Equity %	20.21	23.72	27.32	19.18	19.37
Return on Common Equity	21.61	25.6	29.39	20.58	20.52
Margin Analysis
Gross Profit Margin %	21.53	21	20.42	20.47	20.66
SG&A Margin	17.51	16.79	16.29	16.92	16.94
EBITDA Margin %	6.03	5.9	5.74	5.12	5.4
EBITA Margin %	4.05	4.19	4.11	3.42	3.64
EBIT Margin %	4.03	4.18	4.1	3.41	3.63
Income From Continuing Operations Margin %	2.32	2.39	2.52	1.81	1.83
Net Income Margin %	2.22	2.32	2.47	1.79	1.79
Net Avail. For Common Margin %	2.22	2.32	2.47	1.79	1.79
Normalized Net Income Margin	1.96	2.14	2.15	1.61	1.68
Levered Free Cash Flow Margin	4.86	3.83	3.04	0.57	3.05
Unlevered Free Cash Flow Margin	5.3	4.23	3.53	1.16	3.68
Asset Turnover
Asset Turnover	2.11	2.29	2.34	2.26	2.22
Fixed Assets Turnover	3.42	3.87	4	3.78	3.71
Receivables Turnover (Average Receivables)	439.77	430.25	446.83	455.29	467.42
Inventory Turnover (Average Inventory)	15.75	15.42	14.84	14.05	13.45
Short Term Liquidity
Current Ratio	0.58	0.6	0.6	0.61	0.62
Quick Ratio	0.37	0.37	0.37	0.36	0.37
Operating Cash Flow to Current Liabilities	0.33	0.32	0.26	0.21	0.27
Days Sales Outstanding (Average Receivables)	0.83	0.85	0.82	0.8	0.78
Days Outstanding Inventory (Average Inventory)	23.18	23.67	24.6	26.04	27.13
Average Days Payable Outstanding	76.32	73.52	72.57	72.14	71.53
Cash Conversion Cycle (Average Days)	-52.31	-49.01	-47.15	-45.3	-43.62
Long Term Solvency
Total Debt/Equity	112.44	121.78	135.25	151.28	157.89
Total Debt / Total Capital	52.93	54.91	57.49	60.2	61.22
LT Debt/Equity	92.42	96.17	102.15	117.37	118.19
Long-Term Debt / Total Capital	43.5	43.36	43.42	46.71	45.83
Total Liabilities / Total Assets	75.58	78.18	78.55	78.73	79.31
EBIT / Interest Expense	5.73	6.42	5.3	3.61	3.59
EBITDA / Interest Expense	10.75	11.11	9.06	6.86	6.68
(EBITDA - Capex) / Interest Expense	6.78	5.73	4.5	3.68	3.77
Total Debt / EBITDA	1.8	1.72	1.93	2.27	2.29
Net Debt / EBITDA	0.84	0.73	0.96	1.4	1.36
Total Debt / (EBITDA - Capex)	2.86	3.33	3.89	4.23	4.06
Net Debt / (EBITDA - Capex)	1.33	1.42	1.94	2.61	2.4
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	8.27	21.52	20.58	9.33	7.55
Gross Profit, 1 Yr. Growth %	6.41	18.57	17.24	9.6	8.51
EBITDA, 1 Yr. Growth %	14.96	18.81	17.3	-2.45	13.37
EBITA, 1 Yr. Growth %	22.75	25.62	18.23	-9.14	14.61
EBIT, 1 Yr. Growth %	23.1	25.89	18.4	-9.08	14.64
Earnings From Cont. Operations, 1 Yr. Growth %	49.85	25.41	27.18	-21.5	8.42
Net Income, 1 Yr. Growth %	48.4	27.43	28.14	-20.77	7.85
Normalized Net Income, 1 Yr. Growth %	34.54	32.56	21.36	-18.36	12.27
Diluted EPS Before Extra, 1 Yr. Growth %	48.4	27.43	28.14	-20.77	7.85
Accounts Receivable, 1 Yr. Growth %	20.93	26.92	7.58	7.04	2.63
Inventory, 1 Yr. Growth %	13.76	34.75	19.89	11.56	12.57
Net Property, Plant and Equip., 1 Yr. Growth %	4.29	10.01	23.08	9.64	9.51
Total Assets, 1 Yr. Growth %	9.97	14.25	20.7	6.99	11.53
Tangible Book Value, 1 Yr. Growth %	21.27	3.62	28.43	9.24	12.08
Common Equity, 1 Yr. Growth %	13.45	2.33	20.72	6.82	9.48
Cash From Operations, 1 Yr. Growth %	21.19	19.31	-3.34	-18.32	46.61
Capital Expenditures, 1 Yr. Growth %	13.62	51.88	21.76	-6.94	5.17
Levered Free Cash Flow, 1 Yr. Growth %	66.18	-4.33	-4.13	-79.42	514.7
Unlevered Free Cash Flow, 1 Yr. Growth %	57.39	-2.96	0.45	-63.95	252.41
Dividend Per Share, 1 Yr. Growth %	172.57	-29.94	19.09	-9.92	10.17
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	5.87	14.71	21.05	14.82	8.44
Gross Profit, 2 Yr. CAGR %	5.04	12.33	17.9	13.35	9.05
EBITDA, 2 Yr. CAGR %	6.73	16.87	18.05	6.97	5.16
EBITA, 2 Yr. CAGR %	7.96	24.18	21.87	3.65	2.05
EBIT, 2 Yr. CAGR %	8.22	24.49	22.09	3.75	2.09
Earnings From Cont. Operations, 2 Yr. CAGR %	7.25	37.09	26.29	-0.08	-7.75
Net Income, 2 Yr. CAGR %	8.98	37.51	27.78	0.76	-7.56
Normalized Net Income, 2 Yr. CAGR %	13.19	33.65	26.84	-0.46	-4.26
Diluted EPS Before Extra, 2 Yr. CAGR %	8.98	37.51	27.78	0.76	-7.56
Accounts Receivable, 2 Yr. CAGR %	-9.99	23.89	16.85	7.31	4.81
Inventory, 2 Yr. CAGR %	3.29	23.81	27.1	15.65	12.07
Net Property, Plant and Equip., 2 Yr. CAGR %	-0.51	7.12	16.37	16.17	9.58
Total Assets, 2 Yr. CAGR %	3.11	12.09	17.43	13.64	9.23
Tangible Book Value, 2 Yr. CAGR %	13.39	11.84	15.36	18.44	10.65
Common Equity, 2 Yr. CAGR %	7.4	7.74	11.14	13.56	8.14
Cash From Operations, 2 Yr. CAGR %	8.48	20.24	7.39	-11.15	9.43
Capital Expenditures, 2 Yr. CAGR %	0.73	31.37	35.99	6.44	-1.07
Levered Free Cash Flow, 2 Yr. CAGR %	10.91	26.09	-4.23	-55.58	8.58
Unlevered Free Cash Flow, 2 Yr. CAGR %	9.41	23.58	-1.27	-39.82	10.82
Dividend Per Share, 2 Yr. CAGR %	94.74	38.19	-8.65	3.57	-0.38
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	6.41	10.85	16.63	17.01	12.34
Gross Profit, 3 Yr. CAGR %	6.15	9.37	13.94	15.07	11.71
EBITDA, 3 Yr. CAGR %	9.62	10.61	17.01	10.78	9.06
EBITA, 3 Yr. CAGR %	11.78	13.55	22.16	10.51	7.18
EBIT, 3 Yr. CAGR %	12.07	13.82	22.42	10.66	7.26
Earnings From Cont. Operations, 3 Yr. CAGR %	4.03	12.99	33.7	7.78	2.67
Net Income, 3 Yr. CAGR %	4.9	14.81	34.31	8.96	3.07
Normalized Net Income, 3 Yr. CAGR %	7.47	19.37	29.42	9.51	3.61
Diluted EPS Before Extra, 3 Yr. CAGR %	4.9	14.81	34.31	8.96	3.07
Accounts Receivable, 3 Yr. CAGR %	-3.8	0.93	18.19	13.48	5.73
Inventory, 3 Yr. CAGR %	4.51	12.86	22.49	21.7	14.62
Net Property, Plant and Equip., 3 Yr. CAGR %	19.18	2.88	12.19	14.08	13.91
Total Assets, 3 Yr. CAGR %	15.9	6.7	14.89	13.84	12.93
Tangible Book Value, 3 Yr. CAGR %	15.45	9.87	17.12	13.28	16.28
Common Equity, 3 Yr. CAGR %	8.61	5.68	11.91	9.68	12.18
Cash From Operations, 3 Yr. CAGR %	26.13	11.98	11.8	-1.98	5
Capital Expenditures, 3 Yr. CAGR %	-6.73	15.51	28.08	19.84	6.02
Levered Free Cash Flow, 3 Yr. CAGR %	160.07	5.58	15.08	-42.64	4.17
Unlevered Free Cash Flow, 3 Yr. CAGR %	192.75	5.12	15.34	-29.43	7.25
Dividend Per Share, 3 Yr. CAGR %	34.17	38.5	31.51	-9.08	5.73
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	7.39	9.3	12.04	12.42	13.28
Gross Profit, 5 Yr. CAGR %	7.64	9.05	10.7	10.95	11.96
EBITDA, 5 Yr. CAGR %	8.45	10.36	12.92	9.14	12.12
EBITA, 5 Yr. CAGR %	8.64	12.25	15.71	9.48	13.68
EBIT, 5 Yr. CAGR %	8.87	12.49	15.97	9.68	13.84
Earnings From Cont. Operations, 5 Yr. CAGR %	-4.65	8.03	12.42	7.57	15.26
Net Income, 5 Yr. CAGR %	-4.84	8.89	13.52	8.97	15.67
Normalized Net Income, 5 Yr. CAGR %	5.12	10.28	14.87	11	14.72
Diluted EPS Before Extra, 5 Yr. CAGR %	-4.84	8.89	13.52	8.97	15.67
Accounts Receivable, 5 Yr. CAGR %	2.51	3.18	3.98	3.44	12.65
Inventory, 5 Yr. CAGR %	9.01	12.05	13.02	13.97	18.21
Net Property, Plant and Equip., 5 Yr. CAGR %	15.6	14.59	18.04	8	11.14
Total Assets, 5 Yr. CAGR %	12.77	12.96	16.51	9.42	12.59
Tangible Book Value, 5 Yr. CAGR %	9.88	9.93	15.31	13.22	14.48
Common Equity, 5 Yr. CAGR %	5.56	5.45	9.62	8.76	10.39
Cash From Operations, 5 Yr. CAGR %	15.8	18.16	18.27	2.08	10.85
Capital Expenditures, 5 Yr. CAGR %	6.2	6.46	8.45	11.79	15.51
Levered Free Cash Flow, 5 Yr. CAGR %	21.24	23.84	74.4	-25.33	12.44
Unlevered Free Cash Flow, 5 Yr. CAGR %	22.86	25.66	89.53	-15.9	13.51
Dividend Per Share, 5 Yr. CAGR %	5.35	-2.15	15.05	23.3	17.68