Slides
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H1 2025 Results September 2025
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Key Performance Indicators H1 2025 OutlookMacroeconomic Context Key Highlights and Achievements H1 2025
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Macro economic Context 01 3
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Macroeconomic Context A MACROECONOMIC ENVIRONMENT CONDUCIVE TO GROWTH GDP Growth GDP growth: 2025 forecast revised upward from 3.8% at the beginning of the year to 4.4%. GDP rose by 4.6% in Q2 2025 YoY, driven by services, construction, extractive industries, and agriculture. This momentum, fueled mainly by strong domestic demand, is expected to continue in Q3 with estimated growth of +4.4%. Source: HCP – Economic Growth 2.5% 3.0% 4.3% 3.0% 3.0% 4.8% 4.6% 4.4% 4.4% T1 T2 T3 T4 2024 T1 T2 T3e 2025e 4 Q1 Q2 Q3 Q4 Q1 Q2 Q3e 2025e2024
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68 63 66 61 54 50 47 47 46 45 47 44 45 46 46 47 47 55 Back to pre-Russia/Ukraine conflict levels Consumer Confidence Index Macroeconomic Context RETURN TO NORMALIZED INFLATION AND RECOVERY IN CONSUMER CONFIDENCE Inflation Evolution H1 2025 vs H1 2024 2021 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2022 2023 2024 2025 CPI Trend (Historical) Food Price Inflation CPI Forecast (Outlook) 24 25e 1.2% 0.8% 2.0% 0.8% 1.6% 0.3% 3.4% 1.4% 24 25 Q1 Q2 24 25 24 25 Q1 Q2 24 25 0.8% 2.1% 5Source: HCP – Economic Growth
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Key Highlights and Achievements H1 2025 02 6
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44 New Openings PRIMARILY SUPECO, WITH FASTER ROLLOUT AHEAD IN H2 2025 7 70,785 70,78513 115,921 103 115,921 22,239 54 22,239 11,847 18,318125 (+44 Stores) 86,814 19 86,814 307,606 314,077 Retail Space sqm Store Count // Openings Retail Space sqm 2024 H1 2025 314 (+44 Stores)
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Key Performance Indicators H1 2025 03 8
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Key Performance Indicators - H1 2025 9 In MADm Evolution vs. H1 2024 H1 2024 H1 2025 Amount % RETAIL SALES (Excl. gas sales and real estate development) 6,612 7,492 +879 +13.3% SALE OF GOODS 6,931 7,715 +785 +11.3% SALE OF GOODS AND SERVICES 852 1,012 +160 +18.8% as % of Sales 12.3% 13.1% +0.8 REVENUE (Excl. gas sales and real estate development) 7,465 8,504 +1,039 +13.9% REVENUE 7,783 8,728 +945 +12.1% GROSS MARGIN 1,568 1,782 +214 +13.7% as % of Sales 22.6% 23.1% +0.5 EBITDA 588 644 +56 +9.5% as % of Sales 8.5% 8.3% -0.1 EBIT 304 323 +19 +6.1% as % of Sales 4.4% 4.2% -0.2 FINANCIAL RESULT 85 74 -11 -13.1% as % of Sales 1.2% 1.0% -0.3 NON-CURRENT INCOME -25 -25 -0 +0.8% as % of Sales -0.4% -0.3% +0.0 TAXES 98 96 -2 -1.9% as % of Sales 1.4% 1.2% -0.2 NET INCOME 267 276 +9 +3.4% as % of Sales 3.9% 3.6% -0.3
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Retail Sales* 10 Sales 1,788m Sales 2,324m Sales 292m Sales 150m Sales 2,938m Sales 7 492 MDH Growth +8.5% Growth +8.0% Growth +25.2% Growth +237.7% Growth +15.9% Growth +13.3% LFL +3.5% LFL +3,0% LFL +12,5% LFL -0,4% LFL +1,9% LFL +3,0% As % of Sales 24% (-1pt) As % of Sales 31% (-2pts) As % of Sales 4% (+0,4pt) As % of Sales 2% (+1pt) As % of Sales 39% (+1pt) As % of Sales 100% Network 13 Network 103 Network 54 Network 125 Network 19 Network 314 PERFORMANCE BY FORMAT * Excl. gas sales and real estate development
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Retail Sales* CONTRIBUTION BY FORMAT 11 (16%) (12%) 16% of Sales 20% of Sales 7% of Sales 12% of Sales 46% of Sales 6,612 7,492 141 172 59 105 402 1,788m Sales 2,324m Sales 292m Sales 150m Sales 2,938m Sales +8.5% Growth +8.0% Growth +25.2% Growth +237.7% Growth +15.9% Growth +3.5% LFL +3.0% LFL +12.5% LFL -0.4% LFL +1.9% LFL +13.3% Growth +3.0% LFL H1 2024 Retail Sales H1 2025 Retail Sales * Excl. gas sales and real estate development
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CONTRIBUTION BY SCOPE 12 Retail Sales* ▲ +2,6% +3.0% +10% +0.3% +880m +13.3% 6,612 199 653 27 7,492 * Excl. gas sales and real estate development
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Gross Margin 13 Direct Margin 716 770 S1 2024 S1 2025 10.0%10.3% +7.6% Back Margin 852 1 012 S1 2024 S1 2025 13.1% 12.3% Gross Margin 1 568 1 782 S1 2024 S1 2025 23.1% 22.6% +18.8% +13.7% H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 716 770 852 1,012 1,568 1,782
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EBITDA 14 8.5% Of Sales 8,3% Of Sales +56m +9.5% +13.7% gross margin growth Continued cost discipline, helping to preserve operating profitability. 644m H1 2025 8.3% of Sales H1 2024 EBITDA Direct Margin Back Margin OPEX H1 2025 EBITDA
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Financial Result STRONG IMPROVEMENT EXCLUDING ONE-OFF IN 2024 15 -48 -52 -70 -74 37 57 131 143 36 S1 2024 S1 2025 Terramis one-off gain Dividends received Other financial income & expenses Bond interest expense Bank debt cost 85 74 +49% H1 2024: Exceptional gain of MAD 36m from the Terramis cash-out Excluding this, Financial Result up 49% in H1 2025 Increase in dividends received from the Group’s real estate subsidiaries 74m H1 2025 Financial Result
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Financial Structure 16 (In MADm) 2.8x ND/EBITDA 2.8x ND/EBITDA1 FY 2024 Net Debt H1 2025 Net Debt EBITDA Change in WC2 Financial Items Taxes Non-recurring items Dividends paid Other Items Capex Operating Cash Flow: 928m 1. LTM EBITDA 2. adjusted for non-cash items -3,973 644 328 74 -96 -21 -751 -320 -1 -4,114 Free cash flow: 177m
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Outlook 04 17
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2025 Outlook 18 15% to 20% Expansion in total Retail Space > MAD 19Bn Revenue In line with 2028 Vision target of ≈9.3% EBITDA Ratio
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179 953 2023 2028 Multiply our store count by 5 Double our Sales 14.2 27.9 2023 2028 (MAD Bn) Maintain high profitability 1.3 2.6 2023 2028 (EBITDA in MAD Bn, % of Sales) Preserve our financial solidity 53% 44% 2023 2028 (Net Debt Ratio) 9.3% 9.3% CAGR: +14.5% Focus on Proximity formats Strategic Plan 2024–2028 19
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