Jerónimo Martins Posts Record Revenue of 36 Billion Euros as Pingo Doce Expands

Portugal's largest retail group, Jerónimo Martins, closed 2025 with net profits of 646 million euros, a 7.9 percent increase from the previous year, even as consumers across Europe continued to prioritize savings and hunt for promotions in a climate of persistent geopolitical uncertainty.

The results, announced on Wednesday, show the parent company of Pingo Doce achieved total sales of 36 billion euros, up 6.7 percent from 2024. EBITDA climbed 11.1 percent to 2.5 billion euros, with the margin rising 22 basis points to 6.9 percent.

Pingo Doce: Steady Growth at Home

In Portugal, Pingo Doce increased sales by 5.3 percent to 5.3 billion euros, accounting for roughly 14.7 percent of the group's total revenue. The chain's EBITDA grew 8.5 percent, driven by productivity improvements and cost-management initiatives. Over the course of 2025, 52 stores were renovated and nine new locations opened. The company plans to open approximately 10 new stores and remodel around 40 more in 2026.

The wholesale arm Recheio posted a 3 percent sales increase to 1.4 billion euros, with its Amanhecer partner network expanding to 758 locations. A significant new store in Greater Lisbon opened in early February, targeting the strategic HoReCa (hotel, restaurant, and catering) market.

Poland Remains the Powerhouse

The bulk of Jerónimo Martins' business continues to come from Poland, where the Biedronka chain saw sales rise 5.9 percent to 25 billion euros, representing nearly 70 percent of group revenue. The health and beauty chain Hebe grew 5.7 percent to 626 million euros.

The group also expanded into Slovakia through the Biedronka brand, with plans to open approximately 35 new stores there in 2026 as it builds a competitive presence in the new market.

What It Means for Consumers and Expats

For anyone living in Portugal, the Jerónimo Martins results paint a picture of an intensely competitive grocery landscape. The company itself noted that consumers maintained a "cautious stance focused on capturing savings opportunities," resulting in fierce competition across the food retail sector.

That competition is broadly good news for shoppers. Pingo Doce has been aggressively expanding its private-label offerings and promotional campaigns, a trend likely to continue through 2026. For expats still adjusting to Portuguese supermarket culture, the ongoing rivalry between Pingo Doce, Continente, Lidl, and Aldi means prices will remain under pressure.

The planned investment of 1.2 billion euros in 2026 also signals continued job creation and store expansion, particularly in the Greater Lisbon area and secondary cities where Pingo Doce has been steadily growing its footprint.

A Cautious Outlook

Despite the strong numbers, Jerónimo Martins struck a measured tone about the year ahead. The company warned that "the context of high geopolitical uncertainty persists, affecting the sentiment of families and other economic agents" across all its markets. In Portugal specifically, the expectation is that consumers will continue to prioritize low prices and promotions, with no signs of competitive intensity easing anytime soon.

For a country where grocery shopping remains one of the largest household expenses, that competitive pressure is welcome. Whether the broader economic uncertainty dampens the group's growth trajectory remains to be seen, but for now, the owner of Pingo Doce appears well-positioned for another solid year.