Cash flow Jerónimo Martins, SGPS, S.A.

Equities

JMT

PTJMT0AE0001

Food Retail & Distribution

Market Closed - Euronext Lisbonne Other stock markets 16:55:00 12/02/2026 GMT			5-day change	1st Jan Change
21.06 ^EUR	+0.57%		+1.35%	+3.95%

01-14	Jeronimo Martins mixed Q4, no structural concerns
01-14	Jeronimo Martins Q4 prelim net sales at 9.46 bln euros	RE

45b41a86079719f05ebbd617.N9knJ2CP4V9hh4KqpPVtLf4K6U9pqKk6UFaWo0zNuso.T5pNeC291ihW9sDbyoA-b5hBjQMEnuIKEjT-ywm37a9x7RYQGsWGagO1ug

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

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Revenues	19.29B	20.89B	25.38B	30.61B	33.46B
Total Revenues	19.29B	20.89B	25.38B	30.61B	33.46B
Cost of Goods Sold, Total	15.07B	16.39B	20.05B	24.36B	26.61B
Gross Profit	4.23B	4.5B	5.33B	6.25B	6.85B
Selling General & Admin Expenses, Total	3.54B	3.66B	4.26B	4.98B	5.66B
Other Operating Expenses	5.58M	-2M	11M	11M	48M
Other Operating Expenses, Total	3.54B	3.66B	4.27B	5B	5.71B
Operating Income	684M	842M	1.06B	1.26B	1.14B
Interest Expense, Total	-148M	-147M	-165M	-237M	-316M
Interest And Investment Income	2.21M	1M	15M	48M	47M
Net Interest Expenses	-146M	-146M	-150M	-189M	-269M
Income (Loss) On Equity Invest.	114K	-	-	-1M	-1M
Currency Exchange Gains (Loss)	-29.7M	-1M	-6M	26M	20M
Other Non Operating Income (Expenses)	-4.71M	-7M	-8M	-11M	-19M
EBT, Excl. Unusual Items	503M	688M	896M	1.08B	872M
Restructuring Charges	-22.79M	-14M	-12M	-20M	-20M
Gain (Loss) On Sale Of Investments	144K	-	2M	-	-
Gain (Loss) On Sale Of Assets	-	-	-	-	-
Asset Writedown	-827K	-2M	-1M	-11M	-11M
Legal Settlements	-1.94M	-1M	-26M	-14M	-13M
Other Unusual Items	-19.14M	-19M	-45M	-24M	-27M
EBT, Incl. Unusual Items	459M	652M	814M	1.01B	801M
Income Tax Expense	136M	168M	207M	239M	195M
Earnings From Continuing Operations	323M	484M	607M	772M	606M
Net Income to Company	323M	484M	607M	772M	606M
Minority Interest	-10.59M	-21M	-17M	-16M	-7M
Net Income - (IS)	312M	463M	590M	756M	599M
Net Income to Common Incl Extra Items	312M	463M	590M	756M	599M
Net Income to Common Excl. Extra Items	312M	463M	590M	756M	599M
Per Share Items
Net EPS - Basic	0.5	0.74	0.94	1.2	0.95
Basic EPS - Continuing Operations	0.5	0.74	0.94	1.2	0.95
Basic Weighted Average Shares Outstanding	628M	628M	628M	628M	628M
Net EPS - Diluted	0.5	0.74	0.94	1.2	0.95
Diluted EPS - Continuing Operations	0.5	0.74	0.94	1.2	0.95
Diluted Weighted Average Shares Outstanding	628M	628M	628M	628M	628M
Normalized Basic EPS	0.48	0.65	0.86	1.05	0.86
Normalized Diluted EPS	0.48	0.65	0.86	1.05	0.86
Dividend Per Share	0.29	0.78	0.55	0.66	0.59
Payout Ratio	69.46	39.09	83.73	45.77	68.78
American Depositary Receipts Ratio (ADR)	2	2	2	2	2
Supplemental Items
EBITDA	1.09B	1.26B	1.5B	1.76B	1.71B
EBITA	690M	847M	1.06B	1.26B	1.14B
EBIT	684M	842M	1.06B	1.26B	1.14B
EBITDAR	1.1B	1.26B	1.5B	1.76B	1.71B
Effective Tax Rate - (Ratio)	29.64	25.77	25.43	23.64	24.34
Total Current Taxes	168M	181M	204M	246M	187M
Total Deferred Taxes	-32.2M	-12M	-3M	-8M	11M
Normalized Net Income	304M	409M	543M	659M	538M
Interest on Long-Term Debt	127M	130M	140M	180M	235M
Non-Cash Pension Expense	5.56M	6M	7M	13M	9M
Supplemental Operating Expense Items
Advertising Expense	96.53M	112M	118M	139M	191M
Selling and Marketing Expenses	3.2B	3.31B	3.85B	4.49B	5.15B
General and Administrative Expenses	334M	351M	411M	495M	514M
Research And Development Expense From Footnotes	3.5M	4M	-	-	-
Net Rental Expense, Total	2.55M	-2M	-1M	-1M	-6M
Imputed Operating Lease Interest Expense	1.02M	-833K	-440K	-520K	-3.34M
Imputed Operating Lease Depreciation	1.53M	-1.17M	-560K	-480K	-2.66M

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	1.04B	1.49B	1.78B	1.94B	1.82B
Short Term Investments	-	33M	21M	135M	58M
Trading Asset Securities, Total	1.61M	-	2M	6M	-
Total Cash And Short Term Investments	1.04B	1.53B	1.8B	2.08B	1.88B
Accounts Receivable, Total	42.83M	52M	66M	71M	76M
Other Receivables	368M	417M	541M	709M	860M
Total Receivables	410M	469M	607M	780M	936M
Inventory	974M	1.11B	1.49B	1.79B	2B
Other Current Assets, Total	6.79M	8M	13M	19M	20M
Total Current Assets	2.43B	3.11B	3.92B	4.67B	4.83B
Gross Property Plant And Equipment	9.86B	10.67B	11.8B	14.33B	15.97B
Accumulated Depreciation	-3.87B	-4.43B	-4.94B	-5.88B	-6.7B
Net Property Plant And Equipment	5.98B	6.24B	6.87B	8.45B	9.27B
Long-term Investments	6.92M	15M	33M	82M	86M
Goodwill	620M	618M	613M	635M	640M
Other Intangibles, Total	129M	132M	142M	155M	155M
Deferred Tax Assets Long-Term	163M	175M	201M	230M	246M
Deferred Charges Long-Term	11.37M	10M	3M	3M	5M
Other Long-Term Assets, Total	79.31M	65M	70M	73M	65M
Total Assets	9.43B	10.37B	11.84B	14.3B	15.3B
Liabilities
Accounts Payable, Total	3.26B	3.66B	4.58B	5.22B	5.35B
Accrued Expenses, Total	612M	711M	785M	942M	940M
Short-term Borrowings	-	-	-	-	-
Current Portion of Long-Term Debt	160M	113M	232M	485M	496M
Current Portion of Leases	377M	394M	430M	530M	607M
Current Income Taxes Payable	50.21M	47M	55M	94M	9M
Unearned Revenue Current, Total	6.88M	11M	15M	16M	29M
Other Current Liabilities	280M	394M	429M	536M	487M
Total Current Liabilities	4.74B	5.32B	6.52B	7.83B	7.92B
Long-Term Debt	364M	347M	238M	280M	507M
Long-Term Leases	1.9B	1.99B	2.25B	2.85B	3.31B
Pension & Other Post Retirement Benefits	70.08M	70M	69M	78M	79M
Deferred Tax Liability Non Current	65.81M	66M	90M	104M	130M
Other Non Current Liabilities	33.61M	35M	90M	88M	100M
Total Liabilities	7.17B	7.84B	9.26B	11.23B	12.04B
Common Stock, Total	629M	629M	629M	629M	629M
Additional Paid In Capital	22.45M	22M	22M	22M	22M
Retained Earnings	1.49B	1.77B	1.87B	2.28B	2.46B
Treasury Stock	-6.06M	-6M	-6M	-6M	-6M
Comprehensive Income and Other	-129M	-140M	-183M	-109M	-99M
Total Common Equity	2.01B	2.28B	2.33B	2.81B	3.01B
Minority Interest	249M	254M	254M	253M	247M
Total Equity	2.26B	2.53B	2.58B	3.07B	3.25B
Total Liabilities And Equity	9.43B	10.37B	11.84B	14.3B	15.3B
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	3.2	3.62	3.71	4.48	4.78
Tangible Book Value	1.26B	1.53B	1.58B	2.02B	2.21B
Tangible Book Value Per Share	2	2.43	2.51	3.22	3.52
Total Debt	2.8B	2.85B	3.15B	4.15B	4.92B
Net Debt	1.75B	1.32B	1.34B	2.07B	3.04B
Debt Equivalent Oper. Leases	20.43M	-16M	-8M	-8M	-48M
Minority Interest, Total (Incl. Fin. Div)	249M	254M	254M	253M	247M
Equity Method Investments, Total	5.59M	13M	16M	80M	84M
Account Code - Inventory Valuation	5	5	5	5	5
Inventories - Raw Materials, Total	13.54M	13M	17M	18M	17M
Inventories - Work In Process, Total	1.64M	2M	3M	9M	5M
Inventories - Finished Goods, Total	1.08B	1.2B	1.6B	1.92B	2.12B
Land - (BS)	518M	525M	4.99B	5.77B	6.2B
Buildings, Total	3.99B	4.17B	-	-	-
Machinery, Total	2.46B	2.65B	2.84B	3.35B	3.67B
Full Time Employees	99.3K	104K	111K	114K	119K
Part Time Employees	18.91K	19.07K	19.77K	20.25K	20.43K
Accumulated Allowance for Doubtful Accounts (Supple)	18.36M	17M	15M	14M	16M

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	312M	463M	590M	756M	599M
Depreciation & Amortization - CF	721M	733M	769M	889M	1.03B
Amortization of Goodwill and Intangible Assets - (CF)	6.44M	5M	4M	3M	2M
Depreciation & Amortization, Total	727M	738M	773M	892M	1.03B
Amortization of Deferred Charges, Total - (CF)	6.85M	7M	9M	10M	15M
Minority Interest in Earnings - (CF)	10.59M	21M	17M	16M	7M
(Gain) Loss From Sale Of Asset	4.92M	4M	4M	15M	16M
(Gain) Loss on Sale of Investments - (CF)	-144K	-	-	1M	-
(Income) Loss On Equity Investments - (CF)	-114K	-	-	-	1M
Other Operating Activities, Total	199M	147M	167M	159M	190M
Change In Accounts Receivable	22M	-4M	-11M	-16M	10M
Change In Inventories	-30.96M	-148M	-421M	-190M	-206M
Change In Accounts Payable	198M	527M	931M	384M	-9M
Change in Other Net Operating Assets	-	1M	36M	-2M	3M
Cash from Operations	1.45B	1.76B	2.1B	2.02B	1.65B
Capital Expenditure	-514M	-584M	-887M	-1.08B	-1B
Sale of Property, Plant, and Equipment	3.82M	6M	57M	3M	8M
Cash Acquisitions	-	-6M	-4M	-48M	-23M
Divestitures	-	-	-	-	-
Sale (Purchase) of Intangible assets	-	-	-	-	-
Investment in Marketable and Equity Securities, Total	-350K	-33M	-6M	-108M	79M
Other Investing Activities, Total	21.94M	0	15M	49M	45M
Cash from Investing	-488M	-617M	-825M	-1.18B	-896M
Long-Term Debt Issued, Total	-	-	52M	198M	283M
Total Debt Issued	-	-	52M	198M	283M
Long-Term Debt Repaid, Total	-420M	-326M	-321M	-348M	-392M
Total Debt Repaid	-420M	-326M	-321M	-348M	-392M
Common Dividends Paid	-217M	-181M	-494M	-346M	-412M
Common & Preferred Stock Dividends Paid	-217M	-181M	-494M	-346M	-412M
Other Financing Activities, Total	-171M	-169M	-187M	-256M	-345M
Cash from Financing	-807M	-676M	-950M	-752M	-866M
Foreign Exchange Rate Adjustments	-41.12M	-10M	-33M	68M	-7M
Net Change in Cash	112M	453M	287M	157M	-115M
Supplemental Items
Cash Interest Paid	155M	152M	170M	241M	327M
Cash Income Tax Paid (Refund)	174M	174M	208M	254M	280M
Levered Free Cash Flow	611M	1.02B	971M	931M	192M
Unlevered Free Cash Flow	704M	1.11B	1.07B	1.08B	389M
Change In Net Working Capital	-56.28M	-420M	-517M	-473M	362M
Net Debt Issued / Repaid	-420M	-326M	-269M	-150M	-109M

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	4.46	5.32	5.96	6	4.82
Return on Total Capital	8.22	10.09	11.92	12.12	9.27
Return On Equity %	14.39	20.21	23.72	27.32	19.18
Return on Common Equity	15.67	21.61	25.6	29.39	20.58
Margin Analysis
Gross Profit Margin %	21.91	21.53	21	20.42	20.47
SG&A Margin	18.34	17.51	16.79	16.29	16.92
EBITDA Margin %	5.67	6.03	5.9	5.74	5.12
EBITA Margin %	3.58	4.05	4.19	4.11	3.42
EBIT Margin %	3.54	4.03	4.18	4.1	3.41
Income From Continuing Operations Margin %	1.67	2.32	2.39	2.52	1.81
Net Income Margin %	1.62	2.22	2.32	2.47	1.79
Net Avail. For Common Margin %	1.62	2.22	2.32	2.47	1.79
Normalized Net Income Margin	1.58	1.96	2.14	2.15	1.61
Levered Free Cash Flow Margin	3.17	4.86	3.83	3.04	0.57
Unlevered Free Cash Flow Margin	3.65	5.3	4.23	3.53	1.16
Asset Turnover
Asset Turnover	2.01	2.11	2.29	2.34	2.26
Fixed Assets Turnover	3.14	3.42	3.87	4	3.78
Receivables Turnover (Average Receivables)	360.58	439.77	430.25	446.83	455.29
Inventory Turnover (Average Inventory)	14.97	15.75	15.42	14.84	14.05
Short Term Liquidity
Current Ratio	0.51	0.58	0.6	0.6	0.61
Quick Ratio	0.31	0.37	0.37	0.37	0.36
Operating Cash Flow to Current Liabilities	0.31	0.33	0.32	0.26	0.21
Days Sales Outstanding (Average Receivables)	1.01	0.83	0.85	0.82	0.8
Days Outstanding Inventory (Average Inventory)	24.44	23.18	23.67	24.6	26.04
Average Days Payable Outstanding	80.22	76.32	73.52	72.57	72.14
Cash Conversion Cycle (Average Days)	-54.77	-52.31	-49.01	-47.15	-45.3
Long Term Solvency
Total Debt/Equity	123.9	112.44	121.78	135.25	151.28
Total Debt / Total Capital	55.34	52.93	54.91	57.49	60.2
LT Debt/Equity	100.14	92.42	96.17	102.15	117.37
Long-Term Debt / Total Capital	44.72	43.5	43.36	43.42	46.71
Total Liabilities / Total Assets	76.06	75.58	78.18	78.55	78.73
EBIT / Interest Expense	4.61	5.73	6.42	5.3	3.61
EBITDA / Interest Expense	9.51	10.75	11.11	9.06	6.86
(EBITDA - Capex) / Interest Expense	6.05	6.78	5.73	4.5	3.68
Total Debt / EBITDA	1.98	1.8	1.72	1.93	2.27
Net Debt / EBITDA	1.24	0.84	0.73	0.96	1.4
Total Debt / (EBITDA - Capex)	3.12	2.86	3.33	3.89	4.23
Net Debt / (EBITDA - Capex)	1.96	1.33	1.42	1.94	2.61
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	3.52	8.27	21.52	20.58	9.33
Gross Profit, 1 Yr. Growth %	3.71	6.41	18.57	17.24	9.6
EBITDA, 1 Yr. Growth %	-1.02	14.96	18.81	17.3	-2.45
EBITA, 1 Yr. Growth %	-5.04	22.75	25.62	18.23	-9.14
EBIT, 1 Yr. Growth %	-4.92	23.1	25.89	18.4	-9.08
Earnings From Cont. Operations, 1 Yr. Growth %	-23.3	49.85	25.41	27.18	-21.5
Net Income, 1 Yr. Growth %	-19.94	48.4	27.43	28.14	-20.77
Normalized Net Income, 1 Yr. Growth %	-4.8	34.54	32.56	21.36	-18.36
Diluted EPS Before Extra, 1 Yr. Growth %	-19.94	48.4	27.43	28.14	-20.77
Accounts Receivable, 1 Yr. Growth %	-33.28	20.93	26.92	7.58	7.04
Inventory, 1 Yr. Growth %	-6.23	13.76	34.75	19.89	11.56
Net Property, Plant and Equip., 1 Yr. Growth %	-5.09	4.29	10.01	23.08	9.64
Total Assets, 1 Yr. Growth %	-3.32	9.97	14.25	20.7	6.99
Tangible Book Value, 1 Yr. Growth %	5.96	21.27	3.62	28.43	9.24
Common Equity, 1 Yr. Growth %	1.68	13.45	2.33	20.72	6.82
Cash From Operations, 1 Yr. Growth %	-2.9	21.19	19.31	-3.34	-18.32
Capital Expenditures, 1 Yr. Growth %	-10.74	13.62	51.88	21.76	-6.94
Levered Free Cash Flow, 1 Yr. Growth %	-25.99	66.18	-4.33	-4.13	-79.42
Unlevered Free Cash Flow, 1 Yr. Growth %	-23.93	57.39	-2.96	0.45	-63.95
Dividend Per Share, 1 Yr. Growth %	39.13	172.57	-29.94	19.09	-9.92
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	5.49	5.87	14.71	21.05	14.82
Gross Profit, 2 Yr. CAGR %	6.03	5.04	12.33	17.9	13.35
EBITDA, 2 Yr. CAGR %	6.98	6.73	16.87	18.05	6.97
EBITA, 2 Yr. CAGR %	6.67	7.96	24.18	21.87	3.65
EBIT, 2 Yr. CAGR %	6.9	8.22	24.49	22.09	3.75
Earnings From Cont. Operations, 2 Yr. CAGR %	-13.35	7.25	37.09	26.29	-0.08
Net Income, 2 Yr. CAGR %	-11.78	8.98	37.51	27.78	0.76
Normalized Net Income, 2 Yr. CAGR %	-3.96	13.19	33.65	26.84	-0.46
Diluted EPS Before Extra, 2 Yr. CAGR %	-11.78	8.98	37.51	27.78	0.76
Accounts Receivable, 2 Yr. CAGR %	-14.38	-9.99	23.89	16.85	7.31
Inventory, 2 Yr. CAGR %	0.17	3.29	23.81	27.1	15.65
Net Property, Plant and Equip., 2 Yr. CAGR %	27.39	-0.51	7.12	16.37	16.17
Total Assets, 2 Yr. CAGR %	18.98	3.11	12.09	17.43	13.64
Tangible Book Value, 2 Yr. CAGR %	12.61	13.39	11.84	15.36	18.44
Common Equity, 2 Yr. CAGR %	6.28	7.4	7.74	11.14	13.56
Cash From Operations, 2 Yr. CAGR %	28.68	8.48	20.24	7.39	-11.15
Capital Expenditures, 2 Yr. CAGR %	-15.52	0.73	31.37	35.99	6.44
Levered Free Cash Flow, 2 Yr. CAGR %	225.33	10.91	26.09	-4.23	-55.58
Unlevered Free Cash Flow, 2 Yr. CAGR %	299.29	9.41	23.58	-1.27	-39.82
Dividend Per Share, 2 Yr. CAGR %	-5.86	94.74	38.19	-8.65	3.57
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	5.83	6.41	10.85	16.63	17.01
Gross Profit, 3 Yr. CAGR %	6.92	6.15	9.37	13.94	15.07
EBITDA, 3 Yr. CAGR %	6.18	9.62	10.61	17.01	10.78
EBITA, 3 Yr. CAGR %	4.94	11.78	13.55	22.16	10.51
EBIT, 3 Yr. CAGR %	5.12	12.07	13.82	22.42	10.66
Earnings From Cont. Operations, 3 Yr. CAGR %	-7.86	4.03	12.99	33.7	7.78
Net Income, 3 Yr. CAGR %	-6.78	4.9	14.81	34.31	8.96
Normalized Net Income, 3 Yr. CAGR %	-3	7.47	19.37	29.42	9.51
Diluted EPS Before Extra, 3 Yr. CAGR %	-6.78	4.9	14.81	34.31	8.96
Accounts Receivable, 3 Yr. CAGR %	-8.78	-3.8	0.93	18.19	13.48
Inventory, 3 Yr. CAGR %	4.83	4.51	12.86	22.49	21.7
Net Property, Plant and Equip., 3 Yr. CAGR %	19.86	19.18	2.88	12.19	14.08
Total Assets, 3 Yr. CAGR %	13.54	15.9	6.7	14.89	13.84
Tangible Book Value, 3 Yr. CAGR %	8.66	15.45	9.87	17.12	13.28
Common Equity, 3 Yr. CAGR %	3.95	8.61	5.68	11.91	9.68
Cash From Operations, 3 Yr. CAGR %	16.79	26.13	11.98	11.8	-1.98
Capital Expenditures, 3 Yr. CAGR %	-7.48	-6.73	15.51	28.08	19.84
Levered Free Cash Flow, 3 Yr. CAGR %	22.36	160.07	5.58	15.08	-42.64
Unlevered Free Cash Flow, 3 Yr. CAGR %	27.06	192.75	5.12	15.34	-29.43
Dividend Per Share, 3 Yr. CAGR %	-22.26	34.17	38.5	31.51	-9.08
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	7.04	7.39	9.3	12.04	12.42
Gross Profit, 5 Yr. CAGR %	7.55	7.64	9.05	10.7	10.95
EBITDA, 5 Yr. CAGR %	6.61	8.45	10.36	12.92	9.14
EBITA, 5 Yr. CAGR %	6.02	8.64	12.25	15.71	9.48
EBIT, 5 Yr. CAGR %	6.24	8.87	12.49	15.97	9.68
Earnings From Cont. Operations, 5 Yr. CAGR %	-2.06	-4.65	8.03	12.42	7.57
Net Income, 5 Yr. CAGR %	-1.31	-4.84	8.89	13.52	8.97
Normalized Net Income, 5 Yr. CAGR %	1.32	5.12	10.28	14.87	11
Diluted EPS Before Extra, 5 Yr. CAGR %	-1.31	-4.84	8.89	13.52	8.97
Accounts Receivable, 5 Yr. CAGR %	-4.35	2.51	3.18	3.98	3.44
Inventory, 5 Yr. CAGR %	8.8	9.01	12.05	13.02	13.97
Net Property, Plant and Equip., 5 Yr. CAGR %	15.67	15.6	14.59	18.04	8
Total Assets, 5 Yr. CAGR %	12.07	12.77	12.96	16.51	9.42
Tangible Book Value, 5 Yr. CAGR %	18.69	9.88	9.93	15.31	13.22
Common Equity, 5 Yr. CAGR %	8.4	5.56	5.45	9.62	8.76
Cash From Operations, 5 Yr. CAGR %	10.99	15.8	18.16	18.27	2.08
Capital Expenditures, 5 Yr. CAGR %	6.27	6.2	6.46	8.45	11.79
Levered Free Cash Flow, 5 Yr. CAGR %	6.78	21.24	23.84	74.4	-25.33
Unlevered Free Cash Flow, 5 Yr. CAGR %	9.09	22.86	25.66	89.53	-15.9
Dividend Per Share, 5 Yr. CAGR %	-14.76	5.35	-2.15	15.05	23.3