Finance
Food Retailer Biedronka Eyes Carrefour Assets in Poland
Published by Global Banking & Finance Review®
Posted on March 19, 2026
2 min readLast updated: March 19, 2026
Quick Summary
Biedronka, owned by Jerónimo Martins, is eyeing Carrefour’s Polish assets—including potentially hundreds of stores—if they go on sale, citing potential benefits for franchisees, consumers and Poland’s retail landscape.
Biedronka Interested in Acquiring Carrefour’s Polish Assets Amid Market Changes
Market Developments and Financial Performance
By Sergio Goncalves
Biedronka’s Interest in Carrefour’s Polish Assets
LISBON, March 19 (Reuters) - Poland's largest food retailer, Biedronka, owned by Jeronimo Martins, is interested in acquiring many of Carrefour's Polish assets should the French retail group put them up for sale, Biedronka's CEO said on Thursday.
Background on Carrefour’s Potential Sale
French media reported in September that Carrefour might sell its Polish operations and had hired J.P. Morgan to advise on a potential sale. The retailer unveiled a plan last month to boost profits and market share in France, Spain and Brazil.
Biedronka’s Position and Statements
Biedronka CEO Luis Araujo said: "We would like to be a solution for many of Carrefour's assets."
"We would be good partners for them (Carrefour franchisees), and it would be positive for the country and for Polish consumers," he said at a Jeronimo Martins earnings press conference.
Jeronimo Martins’ Financial Results
Profit and Sales Growth
Jeronimo Martins reported a 2.3% rise in fourth-quarter net profit, driven by higher sales and margins at Biedronka, but said rising geopolitical tensions had made the outlook for energy prices and food inflation unpredictable.
The group booked a net consolidated profit of 163 million euros ($187.48 million), while net sales rose 8.7% to 9.46 billion euros.
EBITDA Margins by Region
Overall EBITDA margin increased to 6.9% in December from 6.7% a year earlier, with the margin in Poland rising to 7.9% from 7.7% and in Portugal to 6.0% from 5.8%.
Challenges and Outlook
Jeronimo Martins CEO Pedro Soares dos Santos said maintaining EBITDA margins in 2026 would be extremely challenging due to heightened geopolitical risks following the recent war in Iran.
He said companies have absorbed higher fuel costs so far without passing them on to consumers but would need to reassess from the end of the month, given the uncertainty over how long the war will last.
"In Poland we are seeing significant deflation, while in Portugal inflation is virtually nonexistent," he said.
Jeronimo Martins shares were down 6.59% at 1:50 p.m. in Lisbon.
($1 = 0.8694 euros)
(Reporting by Sergio Goncalves; Editing by Emma Pinedo and Jane Merriman)
Key Takeaways
- •Biedronka, Poland’s largest food retailer, is interested in acquiring Carrefour’s Polish assets if they become available, positioning itself as a solution for franchisees and consumers.
- •Carrefour has reportedly engaged J.P. Morgan and opened a data room in September 2025 to explore a possible exit from Poland amid underperformance and intense competition.
- •Jeronimo Martins delivered solid Q4 performance: consolidated net profit rose 2.3% to €163 million; group sales grew 8.7% to €9.46 billion; and EBITDA margin improved to 6.9%, with Poland’s margin increasing to 7.9%.
Frequently Asked Questions about Food retailer Biedronka eyes Carrefour assets in Poland
1Who owns Biedronka, Poland's largest food retailer?
Biedronka is owned by Jeronimo Martins, a Portuguese retail group.
2Why is Biedronka interested in Carrefour's Polish assets?
Biedronka sees acquiring Carrefour's Polish assets as beneficial for Polish consumers and potentially for franchisees if the assets go up for sale.
3What has been reported about Carrefour's Polish operations?
French media reported that Carrefour might sell its Polish operations and had hired J.P. Morgan to advise on a possible sale.
4How did Jeronimo Martins perform financially in the recent quarter?
Jeronimo Martins reported a 2.3% increase in net profit and an 8.7% rise in net sales, driven largely by Biedronka.
