Earnings release
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INVESTOR RELATIONS OFFICE +351 21 752 61 05 investor.relations@jeronimo-martins.com Cláudia Falcão: claudia.falcao@jeronimo-martins.com Hugo Fernandes: hugo.fernandes@jeronimo-martins.com MEDIA RELATIONS OFFICE +351 21 752 61 80 comunicacao@jeronimo-martins.com Pedro Rio: pedro.rio@jeronimo-martins.com Jerónimo Martins, SGPS, S.A. Head office: Rua Actor António Silva, n. º7, 1649-033 Lisboa | Share Capital: Euro 629.293.220,00 Registered at the C.R.C. of Lisbon and Tax Number: 500 100 144 www.jeronimomartins.com MARKET RELEASE 13 JANUARY 2026
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13 January, 2026 | 2 Strong sales performance in cautious consumer contexts with a focus on low prices and promotions. The dynamism and price leadership of our banners, together with a solid understanding of the markets in which we operate, ensure consumer preference and strengthen our competitive positions. (*excluding fuel) MESSAGE FROM THE CHAIRMAN AND CEO PEDRO SOARES DOS SANTOS ‘In 2025, operating in contexts of restrained and increasingly price sensitivity consumption, we maintained our strategic priorities: price leadership, continuous innovation in our assortments, and a commitment to the ongoing improvement of our stores’ quality. Consumers responded positively and we recorded solid sales performance, with all the Group’s banners delivering volume growth. As for investment in our infrastructure, in 2025 we expanded at a demanding pace, opening more than one store per day, totalling 448 new points of sale, and we remodelled 282 locations. Within the ambitious investment plan executed during the year, I would highlight the beginning of Biedronka’s internationalisation with its entry into Slovakia, where we opened 15 stores and a distribution centre. The solid sales quarter with which we closed 2025 allows us to look to the new year with confidence, despite the geopolitical uncertainty that continues to influence household sentiment. We reaffirm our commitment to working to live up to the expectations of those who choose our stores and trust our banners, leading in price, promotions, and quality of assortment, and keeping our operational teams at the centre of our priorities, recognising the fundamental role they play in the continuous improvement of ou r customers’ shopping experience. We will also continue working towards the ongoing evolution of our stores and logistics operations.’ (€ Million) 2025 ∆% (Euros) ∆% (w/o FX) LFL Q4 25 ∆% (Euros) ∆% (w/o FX) LFL Net Sales 35,991 7.6% 6.7% 2.5% 9,457 8.7% 7.0% 3.0% Biedronka 25,343 7.5% 5.9% 1.9% 6,590 7.9% 6.1% 2.4% Hebe 626 7.4% 5.7% 1.0% 175 8.5% 6.8% 3.7% Pingo Doce 5,342 5.3% - 4.0%* 1,426 5.0% - 3.6%* Recheio 1,398 3.0% - 3.0% 351 4.2% - 4.7% Ara 3,228 13.2% 17.4% 5.8% 897 24.0% 18.8% 6.1% Others 54 - - - 18 - - -
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13 January, 2026 | 3 SALES PERFORMANCE Anticipating cautious consumer behaviour in all markets where we operate, w e started 2025 with a clear emphasis on price competitiveness. Simultaneously, we invested in assortment innovation and continuous enhancements to our store network. As a result, we saw a reinforcement of our market positions. Thus, in the year in which we celebrated the 45th anniversary of Pingo Doce and the 30th of Biedronka, the Grou p’s sales reached c. 36 billion euros, 7. 6% above 2024 (+6.7% at constant exchange rates) with LFL 2.5%. In Q4, sales increased by 8. 7% (+ 7.0% at constant exchange rates) to 9. 5 billion euros, with LFL at 3.0%. POLAND In Poland, food inflation averaged 4.7% for the year (2.8% in Q4), with a downward trend observed from September onwards, resulting in the price index falling to 2.4% in December. Food consumption remained restrained throughout 2025, and families focused on low prices and saving opportunities, while the competitive environment continued to be intense and promotional. In the year it celebrated its 30th anniversary, Biedronka maintained its strong commercial dynamic and price leadership while also working on evolving its assortment and expanding its store network. In 2025, building on its exceptional and consistent outperformance of the market in recent years, sales in local currency grew by 5.9 %, with LFL at 1.9%. In euros, sales reached 25.3 billion, up 7.5% compared to 2024, further strengthening market share. In Q4, sales in local currency increased by 6. 1%, with LFL at 2. 4%. In euros, sales reached 6.6 billion, a 7.9% rise compared to Q4 24. During this last quarter of the year, the banner registered slight deflation in its basket, primarily due to its substantial exposure to categories where market prices moderated, as well as its heightened promotional activity, underpinning the significant volume growth that contributed to its solid performance in the quarter. Biedronka executed its expansion plan as scheduled, opening 181 new stores during the year (152 net additions) and remodelling 200 locations. The ultrafast delivery e -commerce operation (Q- commerce), which operates under the Biek banner, ended the year with 28 micro fulfilment centres, of which 5 were opened in 2025. 4.6% -4.6% -1.9% 1.1% -3.5% 5.3% 3.6% 2.4% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Biedronka LFL 2024 2025
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13 January, 2026 | 4 Hebe operated thr oughout the year in an environment marked by intense and increasing price competition, which led the banner to register deflation in its basket. Leveraging the exclusivity of its assortment, Hebe maintained its distinctive differentiation and achieved sales growth of 5.7 % (in local currency), with LFL at 1.0%. In euros, sales reached 626 million, 7.4% above 2024. In Q4, sales in local currency rose 6.8%, with LFL at 3.7%, totalling 175 million euros, 8.5% ahead of Q4 24. Hebe opened 16 stores in the Polish market ( 11 net additions), together with the opening of two stores in the Czech Republic. PORTUGAL In Portugal, food inflation was 2.8% in 2025, reaching 3.5% in Q4. Regarding the food retail market, consumers remained highly focused on price opportunities and promotions. The HoReCa channel showed a more favo urable dynamic than in 2024, with particular emphasis on the strong summer season. Pingo Doce maintained the intensity of its well- known commercial activities throughout the year and advanced its investment plan, converting more stores to the All About Food concept, further strengthening its differentiation in fresh products and ready-to-eat meal solutions. With a reinforced value proposition, Pingo Doce recorded sales growth of 5. 3% to 5.3 billion euros, and an LFL of 4.0% (excluding fuel). In Q4, sales increased by 5.0 %, totalling 1.4 billion euros and including LFL at 3.6 % (excluding fuel). Alongside the execution of the remodelling plan, which covered 52 stores, Pingo Doce opened 9 new locations and closed one. Recheio continued to invest in strengthening its value propositions for both the HoReCa and the Traditional channels. In the HoReCa channel, its strong sales performance was driven by the competitiveness and attractiveness of its offering, which comprises a winning combination of price, quality of assortment - particularly differentiated in perishables - and level of service provided. In the Traditional channel, special mention goes to the expansion of the Amanhecer partnerships' store network, which reached 758 locations during the year, 52 more than in 2024. Sales grew by 3.0% to 1.4 billion euros, with LFL at 3.0%. In Q4, sales increased by 4.2% to 351 million euros, with LFL standing at 4.7%. 18.2% 7.5% 8.5% 2.6% 1.9% 0.7% -2.7% 3.7% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Hebe LFL 2024 2025 9.5% 3.1% 1.5% 2.9% 1.1% 6.5% 4.4% 3.6% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Pingo Doce LFL (excl. fuel) 2024 2025 3.4% 1.0% 1.6% 2.5% -0.5% 3.5% 3.9% 4.7% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Recheio LFL 2024 2025
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13 January, 2026 | 5 5.8% -3.8% -3.1% 2.6% 3.0% 7.7% 6.2% 6.1% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Ara LFL 2024 2025 As part of its investment plan, Recheio focused on the refurbishment of its store in Évora, paying particular attention to implementing new solutions in the fresh food section, as well as on the construction of a new store in Lisbon, which is set to open at the beginning of 2026. COLOMBIA In Colombia, food inflation averaged 5.2% for the year and 5.8% in Q4. Consumers remained under significant pressure, making low prices and targeted promotions essential in the food market. Ara remained focused on ensuring c onsumer preference in the neighbourhoods where it operates, executing its promotional strategy to create meaningful savings opportunities for Colombian families. For the year, in local currency, sales grew by 17.4%, with LFL at 5.8%. In euros, sales reached 3.2 billion, 13.2% ahead of 2024. In Q4, sales increased by 24.0% to 897 million euros. In local currency, sales grew by 18.8%, with LFL at 6.1%. Throughout the year, the banner operated with low inflation in its basket, with performance mainly supported by increased volumes. Ara successfully executed its expansion program, ending the year with a network of 1,653 locations, considering the 225 openings ( 215 net additions) that included the integration of the stores previously operated by Colsubsidio. DISCLAIMER This release's forward-looking statements are based on current expectations of future events. They are subject to risks and uncertainties that can cause actual results to differ materially from those expressed or implied by such statements. The risks and u ncertainties, which have increased as a result of the war in Ukraine, of the conflict in the Middle East and trade tensions, relate to factors that are beyond Jerónimo Martins' ability to control or estimate precisely and include but are not limited to gen eral economic conditions, actions taken by governmental authorities and their impacts over the economy, competition, industry trends, credit markets, foreign exchange fluctuations, and regulatory developments. The forward-looking statements herein refer only to this document and its publication date. Unless required by applicable law or regulation, Jerónimo Martins assumes no obligation to update the information contained in this release or notify a reader if any matter stated herein changes or becomes inaccurate. FINANCIAL CALENDAR* FY 2025 Results: 18 March General Shareholders Meeting: 23 April Q1 2026 Results: 6 May H1 2026 Results: 29 July 9M 2026 Results: 28 October *All releases will be published after the closing of the market
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13 January, 2026 | 6 SALES BREAKDOWN SALES GROWTH STORE NETWORK Like For Like (LFL) sales : sales made by stores and e -commerce platforms that operated under the same conditions in the two periods. Excludes stores opened or closed in one of the two periods. Sales of stores that underwent profound remodelling are excluded for the remodelling period (store closure). % total % total excl. FX Euro % total % total excl. FX Euro Biedronka 25,343 70.4% 23,571 70.4% 5.9% 7.5% 6,590 69.7% 6,110 70.2% 6.1% 7.9% Hebe 626 1.7% 583 1.7% 5.7% 7.4% 175 1.8% 161 1.9% 6.8% 8.5% Pingo Doce 5,342 14.8% 5,073 15.2% 5.3% 1,426 15.1% 1,359 15.6% 5.0% Recheio 1,398 3.9% 1,357 4.1% 3.0% 351 3.7% 336 3.9% 4.2% Ara 3,228 9.0% 2,850 8.5% 17.4% 13.2% 897 9.5% 724 8.3% 18.8% 24.0% Others & Cons. Adjustments 54 0.1% 30 0.1% n.a. 18 0.2% 9 0.1% n.a. Total JM 35,991 100% 33,464 100% 6.7% 7.6% 9,457 100% 8,700 100% 7.0% 8.7% (€ Million) ∆ %2025 2024 ∆ % Q4 25 Q4 24 Q1 25 Q2 25 H1 25 Q3 25 9M 25 Q4 25 2025 Q1 25 Q2 25 H1 25 Q3 25 9M 25 Q4 25 2025 Biedronka Euro 3.4% 10.7% 7.1% 8.0% 7.4% 7.9% 7.5% PLN 0.3% 9.7% 5.0% 7.4% 5.8% 6.1% 5.9% -3.5% 5.3% 0.9% 3.6% 1.8% 2.4% 1.9% Hebe Euro 11.9% 7.2% 9.4% 2.3% 6.9% 8.5% 7.4% PLN 8.5% 6.2% 7.3% 1.7% 5.3% 6.8% 5.7% 1.9% 0.7% 1.3% -2.7% -0.1% 3.7% 1.0% Pingo Doce 2.8% 8.3% 5.7% 5.0% 5.4% 5.0% 5.3% 1.0% 6.1% 3.7% 4.2% 3.9% 3.4% 3.7% Excl. Fuel 2.9% 8.8% 5.9% 5.2% 5.7% 5.2% 5.5% 1.1% 6.5% 3.9% 4.4% 4.1% 3.6% 4.0% Recheio -0.4% 3.9% 1.9% 3.9% 2.6% 4.2% 3.0% -0.5% 3.5% 1.6% 3.9% 2.4% 4.7% 3.0% Ara Euro 9.1% 5.0% 7.0% 14.9% 9.6% 24.0% 13.2% COP 13.0% 18.1% 15.6% 19.5% 16.9% 18.8% 17.4% 3.0% 7.7% 5.3% 6.2% 5.6% 6.1% 5.8% Total JM Euro 3.8% 9.6% 6.7% 7.9% 7.1% 8.7% 7.6% Excl. FX 1.9% 10.0% 6.0% 7.9% 6.6% 7.0% 6.7% -2.2% 5.4% 1.6% 3.8% 2.4% 3.0% 2.5% Total Sales Growth LFL Growth Closings Q1 25 Q2 25 Q3 25 Q4 25 2025 Biedronka ** 3,730 56 25 30 70 29 3,882 Hebe *** 381 5 5 5 3 5 394 Pingo Doce 489 1 2 2 4 1 497 Recheio 43 0 0 0 0 0 43 Ara **** 1,438 9 87 39 90 10 1,653 Closings/ Remodellings * Q1 25 Q2 25 Q3 25 Q4 25 2025 Biedronka ** 2,666,757 39,353 18,004 20,441 50,353 6,064 2,788,843 Hebe *** 97,041 1,285 1,260 1,249 786 1,158 100,463 Pingo Doce 578,755 200 2,480 1,467 4,147 -3,516 590,565 Recheio 144,870 0 0 0 0 -1,307 146,177 Ara **** 502,215 3,251 45,075 16,267 31,055 3,666 594,198 *** Includes 7 stores outside Poland 2025 2025 Number of Stores 2024 Openings Sales Area (sqm) 2024 Openings * Includes adjustments to sales areas **** Includes 70 Bodegas del Canasto (B2B) ** Excluding the stores and selling area related to 28 Micro Fulfilment Centres (MFC) to supply Biek's operation (ultra-fast delivery) and the 15 Biedronka stores in Slovakia Notes APPENDIX
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13 January, 2026 | 7 Jerónimo Martins, SGPS, S.A. Head office: Rua Actor António Silva, n. º7, 1649-033 Lisboa | Share Capital: Euro 629.293.220,00 Registered at the C.R.C. of Lisbon and Tax Number: 500 100 144 www.jeronimomartins.com INVESTOR RELATIONS OFFICE +351 21 752 61 05 investor.relations@jeronimo-martins.com Cláudia Falcão: claudia.falcao@jeronimo-martins.com Hugo Fernandes: hugo.fernandes@jeronimo-martins.com MEDIA RELATIONS OFFICE +351 21 752 61 80 comunicacao@jeronimo-martins.com Pedro Rio: pedro.rio@jeronimo-martins.com