Pedro Soares dos Santos

Pedro Soares dos Santos chairs Jerónimo Martins, one of Portugal's oldest and most successful family-controlled companies. The group's most valuable asset is Biedronka — Poland's largest grocery chain by revenue and store count, with over 3,500 locations serving millions of Polish consumers daily. Biedronka operates on a discount model similar to Lidl and Aldi, offering limited assortment at aggressive prices, which has proven remarkably resilient through economic cycles and inflationary periods. Under Soares dos Santos' leadership, Biedronka has consistently gained market share in Poland through relentless store expansion, private-label product development, and operational efficiency. The group also operates Pingo Doce (Portugal's second-largest supermarket chain) and Ara (a growing discount food chain in Colombia representing the group's emerging-market growth bet). Food retail is the most defensively positioned consumer business — people must eat regardless of economic conditions — and Jerónimo Martins' discount positioning makes it even more resilient. Soares dos Santos' management of Biedronka's Polish expansion pace, competitive positioning against Lidl's aggressive growth in Poland, and the development of Ara in Colombia are the primary drivers of the stock. The Soares dos Santos family's controlling stake ensures long-term strategic continuity.