Ana Virgínia
Chief Financial Officer
Good morning, ladies and gentlemen, and thank you for joining this call to present our results for the first 9 months of 2026. As a reminder, on our corporate website, you can find the results release, this slide presentation, and a fact sheet for the period. Jeronimo Martins’ performance in the first 9 months of 2026 was solid and resilient against a very demanding backdrop across all our markets, particularly in Poland.
The period was marked by heightened geopolitical uncertainty, continued food disinflation that turned to deflation in Poland, highly selective and promotion-driven consumers, intense competition, and rising costs, mainly fuel-related. To meet consumer needs and wants, all our banners reinforced their multidimensional efforts to combine competitive prices and relevant promotions, quality and attractiveness of the assortment with a strong dynamic of private brand launches, and the continuous improvement of the shopping experience.
This commitment strengthened our market positions and supported good volume growth. Group sales reached EUR 27.8 billion, an increase of 4.8% or 3.8% at constant exchange rates, and like-for-like growth was 0.8%. Reflecting both a relentless commercial activity that also drove a better sales mix and a disciplined operational execution, EBITDA increased by 7.6%, ahead of sales growth to EUR 1.9 billion with respective margin rising by 18 basis points to 7%. In
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