Slides
Page 1
RELATED DOCUMENTS > MARKET RELEASE > FACTSHEET LISBON, 30 JULY 2026
Page 2
2 INTRODUCTORY NOTE This presentation includes in the Appendix, the Financial Statements excluding the effect of the IFRS16
Page 3
3 1 H1 2026 CONTENT H1 2026 SNAPSHOT H1 2026 KEY FIGURES H1 2026 SALES PERFORMANCE 2 3 4 5 Sustainability Commitments 2024-2026 Financial Statements Financial Calendar 6 H1 2026 EBITDA PERFORMANCE H1 2026 FINAL REMARKS 2026 OUTLOOK APPENDIX
Page 4
4 SALES BY BUSINESS AREAS GROUP KPIs €1.2 BN EBITDA (+7.6%) +1.4% LFL BUSINESS HIGHLIGHTS Consumers remained cautious in their food spending, favouring low prices and promotions In Poland, Biedronka faced significant basket deflation Solid sales performance driven by strong volume growth across all banners Volume growth, effective mix management, operational discipline and efficient execution, enabled the banners to improve EBITDA margins The Group ended June with net cash position of 11 million euros, excluding IFRS 16 1. H1 2026 SNAPSHOT 6.8% EBITDA Mg (+16 bps) +124 New Stores -€332 MN CASH FLOW €4.4 BN NET DEBT
Page 5
5 2. H1 2026 KEY FIGURES 2.1. INCOME STATEMENT SALES PERFORMANCE DRIVEN BY STRONG VOLUME GROWTH ACROSS BANNERS OPERATIONAL PERFORMANCE SUPPORTED BY RIGOROUS MANAGEMENT OF EVERY PROFITABILITY DRIVER: GROWTH, MIX, SCALE AND COSTS (€ Million) D D Net Sales and Services 18,282 17,396 5.1% 9,378 9,020 4.0% Gross Profit 3,814 20.9% 3,565 20.5% 7.0% 1,941 20.7% 1,825 20.2% 6.4% Operating Costs -2,579 -14.1% -2,418 -13.9% 6.7% -1,278 -13.6% -1,205 -13.4% 6.1% EBITDA 1,235 6.8% 1,148 6.6% 7.6% 663 7.1% 620 6.9% 7.0% Depreciation -609 -3.3% -562 -3.2% 8.5% -309 -3.3% -282 -3.1% 9.5% EBIT 626 3.4% 586 3.4% 6.8% 354 3.8% 338 3.7% 4.9% Net Financial Costs -193 -1.1% -158 -0.9% 22.7% -95 -1.0% -87 -1.0% 9.6% Gains/Losses in Joint Ventures and Associates -2 0.0% 0 0.0% n.a. -1 0.0% 0 0.0% n.a. Other Profits/Losses -70 -0.4% -60 -0.3% n.a. -56 -0.6% -52 -0.6% n.a. EBT 361 2.0% 368 2.1% -2.0% 202 2.2% 199 2.2% 1.6% Income Tax -101 -0.6% -99 -0.6% 1.5% -60 -0.6% -56 -0.6% 6.8% Net Profit 260 1.4% 269 1.5% -3.3% 143 1.5% 143 1.6% -0.4% Non-Controlling Interests 0 0.0% 0 0.0% n.a. -2 0.0% -1 0.0% n.a. Net Profit Attributable to JM 260 1.4% 269 1.5% -3.5% 141 1.5% 142 1.6% -0.6% EPS (€) 0.41 0.43 -3.5% 0.22 0.23 -0.6% EPS without Other Profits/Losses (€) 0.52 0.52 -0.5% 0.31 0.31 0.8% Q2 26 Q2 25 H1 26 H1 25
Page 6
6 CASH GENERATION IMPACTED ALSO BY THE EFFECT OF DEFLATION ON WORKING CAPITAL 2.2. CASH FLOW 2. H1 2026 KEY FIGURES (€ Million) H1 26 H1 25 EBITDA 1,235 1,148 Capitalised Operating Leases Payment -214 -198 Interest Payment -187 -162 Other Financial Items 0 1 Income Tax -63 -105 Funds From Operations 772 683 Capex and Financial Investments Payment -591 -596 Change in Working Capital -504 -192 Others -9 -52 Cash Flow -332 -157
Page 7
7 2.3. BALANCE SHEET SOLID BALANCE SHEET 2. H1 2026 KEY FIGURES (€ Million) H1 26 2025 H1 25 Net Goodwill 644 649 648 Net Fixed Assets 6,589 6,476 6,046 Net Rights of Use (RoU) 4,058 3,835 3,714 Total Working Capital -3,958 -4,577 -3,838 Others 450 448 354 Invested Capital 7,783 6,831 6,923 Total Borrowings 1,412 1,238 1,086 Financial Leases 156 155 146 Capitalised Operating Leases 4,441 4,167 4,003 Accrued Interest 8 10 9 Cash and Cash Equivalents -1,587 -2,268 -1,453 Net Debt 4,430 3,302 3,790 Non-Controlling Interests 222 238 229 Share Capital 629 629 629 Reserves and Retained Earnings 2,502 2,662 2,275 Shareholders Funds 3,353 3,529 3,134 Dividends in the amount of 408.5 million euros paid in May
Page 8
8 Capex execution prioritising expansion, store remodelling and reinforcement of logistics 124 stores opened across the different banners 115 locations remodelled 2 DCs opened ( Biedronka and Ara) New Stores 38 Biedronka (15 net) 2 Biedronka Slovakia 18 Hebe 1 Pingo Doce 1 Recheio (0 net) 64 Ara (55 net) Remodelled 84 Biedronka 1 Hebe 18 Pingo Doce 12 Ara 2.4. CAPEX 2. H1 2026 KEY FIGURES
Page 9
9 3.1. GROUP 3. H1 2026 SALES PERFORMANCE In challenging contexts, all banners contributed to Group growth Group LFL at 1.4%
Page 10
10 3.2. BIEDRONKA 3. H1 2026 SALES PERFORMANCE Cautious consumer behaviour persisted, together with very intense competition in the food retail market Official country food inflation’s statistics on a downward trend, moving into deflation in June; Biedronka operated with mounting food deflation in its basket throughout the period Strong volume growth in H1 (c.+5%) supported by price leadership, high-quality assortment and store improvements, helped offset significant deflationary pressure on Biedronka’s basket Q2 volume growth ahead of 4%
Page 11
11 3.3. HEBE 3. H1 2026 SALES PERFORMANCE Highly price-competitive environment continuing to drive basket deflation Strong and unique offer strengthened differentiation and supported sales delivery
Page 12
12 3.4. PINGO DOCE 3. H1 2026 SALES PERFORMANCE Consumers continued to prioritise savings opportunities Pingo Doce’s well recognized and valued promotional campaigns helped reinforce sales performance The store refurbishment programme is further reinforcing its value proposition, supported by a strong ready-meal range that brings greater convenience to families Good volume growth. Low basket inflation throughout the period
Page 13
13 3.5. RECHEIO 3. H1 2026 SALES PERFORMANCE After a Q1 marked by volatility caused by storms in Portugal, HoReCa channel entered the Summer season well less dynamic than in the same period of 2025 Despite a challenging environment, Recheio delivered sales growth supported by a segmented value proposition for HoReCa and competitive pricing
Page 14
14 3.6. ARA 3. H1 2026 SALES PERFORMANCE Consumer confidence improved, although the trading environment remained challenging Ara strengthened brand awareness through disciplined expansion and a compelling value proposition tailored to local consumers Solid LFL, driven primarily by volumes, was supported by strong commercial intensity and competitive pricing
Page 15
15 4. H1 2026 EBITDA PERFORMANCE 4.1. EBITDA EBITDA supported by volume-led sales growth, operational discipline, improving sales mix and strong value propositions
Page 16
16 4. H1 2026 EBITDA PERFORMANCE 4.2. EBITDA MARGIN At Biedronka, EBITDA margin evolution reflected ongoing work on the offer and store layout to improve sales mix, together with continuing efforts to optimise store processes Hebe focused on finetuning its sales mix to reinforce differentiation and protect profitability In Portugal, the operational discipline and efficiency measures supported margin evolution In Ara, margin improvement reflected solid LFL growth, increased operating scale and disciplined cost management
Page 17
17 We delivered a solid sales performance by keeping consumers, as always, at the centre of our strategy, by … … leading in price and promotions to gain consumer preference … improving assortments and store layout to adjust the operations to consumer needs 5. H1 2026 FINAL REMARKS ✓ GOOD VOLUME GROWTH IN ALL BANNERS ✓ STRONG VOLUMES IN POLAND OFFSET SIGNIFICANT BASKET DEFLATION ✓ LEADING PRICE POSITIONS PROTECTED IN A MORE CHALLENGING CONTEXT THAN ANTICIPATED, WITH BIEDRONKA FACING SUBSTANCIAL BASKET DEFLATION, THE GROUP DELIVERED A SOLID PERFORMANCE EBITDA margin evolution was underpinned by… … good quality growth driven by volumes and mix … operational discipline and continuous focus on improving efficiency ✓ PROFITABILITY BENEFITED FROM SCALE, MIX AND VOLUME GROWTH ✓ COST CONTROL AND IMPROVED EFFICIENCY MITIGATED COST INFLATION, NAMELY ON WAGES
Page 18
18 6. 2026 OUTLOOK In H2, geopolitical uncertainty, limited macroeconomic visibility and pressure on consumer confidence will continue to shape our banners operational context Consumers will continue to prioritise low prices and promotions Our banners will therefore remain focused on price competitiveness, promotional dynamics, assortment differentiation and continuous improvement of their operational efficiency The Group’s investment programme in 2026 is expected at c.1.2 billion euros and will prioritise growth, store network modernisation and logistics reinforcement The current level of uncertainty in the global context and across our banners’ markets requires even closer monitoring and the flexibility to adjust the pace of execution, if necessary
Page 19
19 6. 2026 OUTLOOK BIEDRONKA ✓ Will continue to prioritise price leadership and assortment enhancement to fuel sales growth ✓ Will remain focused on the key drivers that supported its H1 EBITDA performance - sales mix and cost discipline. However, a scenario of persistent basket food deflation could limit the contribution from these levers in the second half ✓ Investment plan: - more than 120 (net) new stores in Poland and around 250 locations refurbishments - in June, the banner opened its 18th distribution centre HEBE will continue to finetune its sales mix to reinforce differentiation and protect profitability SLOVAKIA the plan is to open c.35 Biedronka stores Food inflation will remain a key factor Some categories may benefit from a more favourable price comparison base from the end of the third quarter. However, in a sector where consumers remain highly price-sensitive, Producer Price Index has been negative for some time, and competition is expected to remain intense, food prices should continue to face pressure and a return to positive basket inflation may take more time than initially anticipated. POLAND
Page 20
20 6. 2026 OUTLOOK The market is expected to maintain strong promotional dynamics PINGO DOCE and RECHEIO will remain focused on competitiveness, shopping experience and efficiency. EBITDA margin will reflect the balance between commercial investment, sales mix and cost control Investment plan ✓ Pingo Doce aims to open c.10 stores and to refurbish 40 locations ✓ Recheio opened, in February, one flagship store in Lisbon and will continue to invest in the quality of the network and in the development of Amanhecer partnerships PORTUGAL COLOMBIA Growth in consumer spending remains positive, although moderate ARA will continue to expand and increase its efficiency, with the EBITDA margin benefiting from sales growth, the larger scale of the operation and disciplined cost management Investment plan - opening c.200 stores, also supported by the new distribution centre in Medellín opened in January
Page 21
21 Q&A Group CFO Ana Luísa Virgínia
Page 22
22 APPENDIX SUSTAINABILITY COMMITMENTS 2024-2026 FINANCIAL STATEMENTS FINANCIAL CALENDAR
Page 23
23 Reduce the Group’s scopes 1 and 2 emissions, in absolute terms, by at least 10% by 2026, compared to 2021. This commitment is aligned with the science-based target for the near-term approved by the Science Based Targets initiative Reduce carbon emissions resulting from transporting goods to stores by 5% (in tonnes of CO2e per pallet transported) by 2026, compared to 2021 Reduce energy consumption by 10% (per thousand euros of sales) by 2026, compared to 2021 Ensure that at least 25% of Private Brand products’ packaging is included in the Ecodesign project by 2026, considering the 2023 assortment Limit annual food waste to 2.5% of total food sales (in tonnes), in the 2024-2026 period SUSTAINABILITY COMMITMENTS 2024-2026 (1/3) Environment (non-exhaustive) https://www.jeronimomartins.com/en/sustainability/commitments-and-progress
Page 24
24 Strengthen the promotion of gender equality across the Group, by, among others: • deploying a global diagnosis of HR practices to identify any gender inequalities that may exist and work on the identified improvement opportunities • ensuring a gender pay ratio variation of +/- 3% compared to the parity ratio (100%), globally and by country Promote flexible and healthy work environment across the Group by, among others: • ensuring that 100% of employees have access to a structured wellbeing programme • supporting employees in vulnerable situations due to social and/or family emergencies across the Group Monitoring and disclosure of at least 70% (in value) of the social impacts resulting from the annual support offered by all Jerónimo Martins Companies, according to the Business for Societal Impact (B4SI) model and aligned with criteria for the financial materiality In all countries reinforce the offer of food alternatives such as vegan, plant-based, low carbohydrates, fat and salt, low sugar content/sugar-free, lactose-free, gluten-free and/or organic Ensure that, by 2026, 100% of our Private Brand food portfolio does not contain acesulfame nor aspartame SUSTAINABILITY COMMITMENTS 2024-2026 (2/3) Social (non-exhaustive) https://www.jeronimomartins.com/en/sustainability/commitments-and-progress
Page 25
25 Guarantee that at least 80% of the Jerónimo Martins Group’s purchases of food products are sourced from local suppliers Carry out environmental audits to at least 20% of selected Private Brand and perishables suppliers, based on a risk assessment and with a purchase volume greater than one million euros, in the 2024-2026 period In Portugal and Poland, ensure, by 2026, that animal welfare topics are included in the scope of audits to perishable suppliers who manufacture products containing at least 80% animal protein, and publicly disclose the results SUSTAINABILITY COMMITMENTS 2024-2026 (3/3) Business Conduct (non-exhaustive) https://www.jeronimomartins.com/en/sustainability/commitments-and-progress
Page 26
26 FINANCIAL STATEMENTS (1/11) INCOME STATEMENT D D Net Sales and Services 18,282 17,396 5.1% 9,378 9,020 4.0% Gross Profit 3,814 20.9% 3,565 20.5% 7.0% 1,941 20.7% 1,825 20.2% 6.4% Operating Costs -2,935 -16.1% -2,747 -15.8% 6.8% -1,458 -15.5% -1,371 -15.2% 6.4% EBITDA 879 4.8% 818 4.7% 7.5% 483 5.2% 454 5.0% 6.4% Depreciation -360 -2.0% -329 -1.9% 9.4% -182 -1.9% -165 -1.8% 10.3% EBIT 520 2.8% 490 2.8% 6.2% 301 3.2% 289 3.2% 4.2% Net Financial Costs -46 -0.2% -31 -0.2% 48.7% -24 -0.3% -16 -0.2% 51.5% Gains/Losses in Joint Ventures and Associates -2 0.0% 0 0.0% n.a. -1 0.0% 0 0.0% n.a. Other Profits/Losses -70 -0.4% -60 -0.3% n.a. -56 -0.6% -52 -0.6% n.a. EBT 402 2.2% 399 2.3% 1.0% 220 2.4% 221 2.5% -0.4% Income Tax -107 -0.6% -104 -0.6% 3.1% -62 -0.7% -59 -0.7% 4.8% Net Profit 295 1.6% 295 1.7% 0.2% 158 1.7% 162 1.8% -2.3% Non-Controlling Interests -2 0.0% -1 0.0% n.a. -2 0.0% -2 0.0% n.a. Net Profit Attributable to JM 294 1.6% 294 1.7% 0.0% 156 1.7% 160 1.8% -2.4% EPS (€) 0.47 0.47 0.0% 0.25 0.25 -2.4% EPS without Other Profits/Losses (€) 0.57 0.56 2.2% 0.33 0.33 -0.8% Q2 25Q2 26H1 25H1 26 (€ Million) (Excl. IFRS16)(Excl. IFRS16)
Page 27
27 FINANCIAL STATEMENTS (2/11) CASH FLOW H1 26 H1 25 EBITDA 879 818 Interest Payment -45 -32 Other Financial Items 0 1 Income Tax -63 -105 Funds From Operations 772 682 Capex and Financial Investments Payment -591 -596 Change in Working Capital -505 -192 Others -8 -51 Cash Flow -332 -157 (Excl. IFRS16) (€ Million)
Page 28
28 FINANCIAL STATEMENTS (3/11) BALANCE SHEET H1 26 2025 H1 25 Net Goodwill 644 649 647 Net Fixed Assets 6,589 6,476 6,046 Total Working Capital -3,960 -4,575 -3,834 Others 395 398 308 Invested Capital 3,669 2,948 3,167 Total Borrowings 1,412 1,238 1,086 Financial Leases 156 155 146 Accrued Interest 8 10 9 Cash and Cash Equivalents -1,587 -2,268 -1,453 Net Debt -11 -866 -213 Non-Controlling Interests 242 258 246 Share Capital 629 629 629 Reserves and Retained Earnings 2,808 2,927 2,505 Shareholders Funds 3,679 3,814 3,381 (Excl. IFRS16) (€ Million)
Page 29
29 FINANCIAL STATEMENTS (4/11) EBITDA BREAKDOWN H1 26 Mg H1 25 Mg H1 26 Mg H1 25 Mg Biedronka 1,003 8.0% 956 7.7% 769 6.1% 732 5.9% Hebe 26 8.3% 18 6.2% 7 2.1% 0 0.0% Pingo Doce 150 5.6% 141 5.5% 109 4.1% 101 4.0% Recheio 34 5.0% 32 4.9% 31 4.6% 29 4.5% Ara 92 4.6% 60 3.9% 39 2.0% 20 1.3% Others & Cons. Adjustments -70 n.a. -60 n.a. -75 n.a. -64 n.a. Total JM 1,235 6.8% 1,148 6.6% 879 4.8% 818 4.7% IFRS16 Excl. IFRS16 (€ Million)
Page 30
30 FINANCIAL STATEMENTS (5/11) NET FINANCIAL COSTS H1 26 H1 25 H1 26 H1 25 Net Interest -36 -24 -36 -24 Interests on Capitalised Operating Leases -142 -130 - - Exchange Differences -6 2 0 -1 Others -10 -6 -10 -6 Net Financial Costs -193 -158 -46 -31 (€ Million) IFRS16 Excl. IFRS16
Page 31
31 FINANCIAL STATEMENTS (6/11) SALES BREAKDOWN % total % total excl. FX Euro % total % total excl. FX Euro Biedronka 12,563 68.7% 12,356 71.0% 1.9% 1.7% 6,401 68.3% 6,409 71.1% -0.4% -0.1% Hebe 312 1.7% 297 1.7% 5.3% 5.0% 165 1.8% 152 1.7% 7.9% 8.3% Pingo Doce 2,668 14.6% 2,534 14.6% 5.3% 1,378 14.7% 1,334 14.8% 3.3% Recheio 673 3.7% 657 3.8% 2.5% 361 3.9% 355 3.9% 1.8% Ara 1,995 10.9% 1,533 8.8% 21.1% 30.2% 1,037 11.1% 758 8.4% 21.0% 36.9% Others & Cons. Adjustments 70 0.4% 20 0.1% n.a. 36 0.4% 11 0.1% n.a. Total JM 18,282 100% 17,396 100% 4.5% 5.1% 9,378 100% 9,020 100% 2.4% 4.0% H1 26 H1 25 D % Q2 26 Q2 25 D % (€ Million)
Page 32
32 FINANCIAL STATEMENTS (7/11) SALES GROWTH Q1 26 Q2 26 H1 26 Q1 26 Q2 26 H1 26 Biedronka Euro 3.6% -0.1% 1.7% PLN 4.5% -0.4% 1.9% 2.3% -1.6% 0.2% Hebe Euro 1.6% 8.3% 5.0% PLN 2.5% 7.9% 5.3% 0.4% 4.3% 2.4% Pingo Doce 7.5% 3.3% 5.3% 5.6% 2.2% 3.8% Excl. Fuel 7.7% 3.0% 5.2% 5.7% 1.9% 3.7% Recheio 3.3% 1.8% 2.5% 2.7% 0.3% 1.3% Ara Euro 23.6% 36.9% 30.2% COP 21.2% 21.0% 21.1% 6.0% 7.5% 6.8% Total JM Euro 6.3% 4.0% 5.1% Excl. FX 6.7% 2.4% 4.5% 3.1% 0.0% 1.4% Total Sales Growth LFL Growth
Page 33
33 FINANCIAL STATEMENTS (8/11) STORE NETWORK Closings Q1 26 Q2 26 H1 26 Biedronka * 3,882 12 26 23 3,897 3,802 Hebe ** 394 14 4 0 412 388 Pingo Doce 497 0 1 0 498 492 Recheio 43 1 0 1 43 43 Ara *** 1,653 51 13 9 1,708 1,531 Closings Remodellings Q1 26 Q2 26 H1 26 Biedronka * 2,788,843 8,130 17,866 10,307 2,804,532 2,725,191 Hebe ** 100,463 3,846 999 0 105,308 98,990 Pingo Doce 590,565 0 315 -2,239 593,119 583,165 Recheio 146,177 5,188 0 260 151,105 146,177 Ara *** 594,197 16,860 5,000 1,191 614,866 549,625 *** Includes 70 Bodegas del Canasto (B2B) * Excluding the stores and selling area related to 30 Micro Fulfilment Centres (MFC) to supply Biek's operation (ultra- fast delivery) and the 1 7 Biedronka stores in Slovakia H1 25 H1 25 Number of Stores 2025 Openings Sales Area (sqm) 2025 Openings H1 26 H1 26 ** Includes 7 stores outside Poland
Page 34
34 FINANCIAL STATEMENTS (9/11) CAPEX (€ Million) H1 26 Weight H1 25 Weight Biedronka 220 53% 239 48% Pingo Doce 102 25% 90 18% Recheio 17 4% 9 2% Ara 40 10% 114 23% Others 33 8% 43 9% CAPEX * 412 100% 495 100% * Excluding financial investments (which in H1 26 amounted to €21 Mn and in H1 25 €51 Mn)
Page 35
35 FINANCIAL STATEMENTS (10/11) WORKING CAPITAL H1 26 H1 25 H1 26 H1 25 Inventories 2,333 2,028 2,333 2,028 in days of sales 23 21 23 21 Customers 62 56 62 56 in days of sales 1 1 1 1 Suppliers -4,930 -4,609 -4,930 -4,609 in days of sales -49 -48 -49 -48 Others -1,423 -1,312 -1,425 -1,308 Total Working Capital -3,958 -3,838 -3,960 -3,834 in days of sales -39 -40 -39 -40 (€ Million) IFRS16 Excl. IFRS16
Page 36
36 FINANCIAL STATEMENTS (11/11) TOTAL BORROWINGS (€ Million) H1 26 H1 25 Long Term Borrowings / Financial leases 770 586 as % of Total 49.1% 47.6% Average Maturity (years) 3.7 4.2 Short Term Borrowings / Financial leases 798 645 as % of Total 50.9% 52.4% Total Borrowings / Financial leases 1,568 1,231 Average Maturity (years) 2.1 2.1 % Total Borrowings / Financial leases in euros 19.6% 22.7% % Total Borrowings / Financial leases in złoty 27.8% 22.9% % Total Borrowings / Financial leases in Colombian pesos 52.6% 54.4%
Page 37
37 FINANCIAL CALENDAR 9M 2026 Results: 28 October (after the closing of the market)
Page 38
38 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 uncertainties, which have increased as a result of the war in Ukraine, the conflict in the Middle East, the trade tensions, and climate-related phenomena, relate to factors that are beyond Jerónimo Martins' ability to control or estimate precisely and include but are not limited to general 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.