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RELATED DOCUMENTS > MARKET RELEASE > FACTSHEET LISBON, 29 OCTOBER 2026
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2 INTRODUCTORY NOTE This presentation includes in the Appendix, the Financial Statements excluding the effect of the IFRS16
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LISBON, 29 OCTOBER 2026 9M 2026 CONTENT 9M 2026 SNAPSHOT 9M 2026 KEY FIGURES 9M 2026 SALES PERFORMANCE 2026 Outlook Sustainability Commitments 2024-2026 Financial Statements 9M 2026 EBITDA PERFORMANCE 9M 2026 FINAL REMARKS APPENDIX 1 2 3 4 5
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4 SALES BY BUSINESS AREAS GROUP KPIs €1.9 BN EBITDA (+7.6%) +0.8% LFL BUSINESS HIGHLIGHTS The nine months were marked by high geopolitical uncertainty, pressure on food prices, particularly in Poland, consumer focus on prices and promotions, intense competition and rising fuel costs All banners’ reinforced commitment to competitive prices, assortment quality and shopping experience, combined with operating discipline and improved sales mix, drove volume growth and solid EBITDA performance Despite sharp basket deflation, Biedronka’s strong volume increase cushioned the impact on performance The Group ended September with net cash position of 118 million euros, excluding IFRS 16 1. 9M 2026 SNAPSHOT 7.0% EBITDA Mg (+18 bps) +172 New Stores -€183 MN CASH FLOW €4.4 BN NET DEBT
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5 2. 9M 2026 KEY FIGURES 2.1. INCOME STATEMENT SALES PERFORMANCE DRIVEN BY VOLUME GROWTH ACROSS ALL BANNERS EBITDA MARGIN IMPROVEMENT DRIVEN BY MIX, SCALE AND COST DISCIPLINE NET FINANCIAL COSTS AFFECTED BY FX FLUTUATION OTHER PROFITS AND LOSSES INCLUDE EXTRAORDINARY DONATION TO RESPOND TO SOCIAL AND HUMANITARIAN EMERGENCIES, NAMELY THE ONES CAUSED BY STORM KRISTIN IN PORTUGAL AND THE EARTHQUAKE IN COLOMBIA (€ Million) D Net Sales and Services 27,815 26,534 4.8% Gross Profit 5,824 20.9% 5,460 20.6% 6.7% Operating Costs -3,875 -13.9% -3,648 -13.7% 6.2% EBITDA 1,950 7.0% 1,811 6.8% 7.6% Depreciation -922 -3.3% -848 -3.2% 8.8% EBIT 1,027 3.7% 964 3.6% 6.6% Net Financial Costs -302 -1.1% -243 -0.9% 24.3% Gains/Losses in Joint Ventures and Associates -3 0.0% -1 0.0% n.a. Other Profits/Losses -135 -0.5% -66 -0.2% n.a. EBT 588 2.1% 654 2.5% -10.1% Income Tax -164 -0.6% -163 -0.6% 0.9% Net Profit 424 1.5% 492 1.9% -13.7% Non-Controlling Interests -11 0.0% -8 0.0% 30.8% Net Profit Attributable to JM 414 1.5% 484 1.8% -14.5% EPS (€) 0.66 0.77 -14.5% EPS without Other Profits/Losses (€) 0.86 0.87 -0.6% 9M 26 9M 25
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6 CASH GENERATION IMPACTED BY THE EFFECT OF DEFLATION ON GROWTH AND WORKING CAPITAL 2.2. CASH FLOW 2. 9M 2026 KEY FIGURES (€ Million) 9M 26 9M 25 EBITDA 1,950 1,811 Capitalised Operating Leases Payment -323 -297 Interest Payment -280 -237 Other Financial Items 0 0 Income Tax -126 -192 Funds From Operations 1,220 1,086 Capex and Financial Investments Payment -829 -798 Change in Working Capital -517 -102 Others -57 -58 Cash Flow -183 128
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7 2.3. BALANCE SHEET SOLID BALANCE SHEET MAINTAINED 2. 9M 2026 KEY FIGURES (€ Million) 9M 26 2025 9M 25 Net Goodwill 643 649 646 Net Fixed Assets 6,580 6,476 6,149 Net Rights of Use (RoU) 4,073 3,835 3,736 Total Working Capital -3,897 -4,577 -3,978 Others 466 448 379 Invested Capital 7,865 6,831 6,931 Total Borrowings 1,411 1,238 1,063 Financial Leases 157 155 153 Capitalised Operating Leases 4,478 4,167 4,048 Accrued Interest 13 10 14 Cash and Cash Equivalents -1,698 -2,268 -1,698 Net Debt 4,360 3,302 3,580 Non-Controlling Interests 234 238 238 Share Capital 629 629 629 Reserves and Retained Earnings 2,642 2,662 2,483 Shareholders Funds 3,505 3,529 3,351
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8 3.1. GROUP 3. 9M 2026 SALES PERFORMANCE All banners contributed to Group sales growth despite low or negative basket inflation, with Ara recording a particularly strong contribution Group LFL at 0.8%
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9 3.2. BIEDRONKA 3. 9M 2026 SALES PERFORMANCE Food inflation in Poland declined during the period, reaching -0.6% in Q3. Consumers’ active search for low prices and promotions further fuelled competition Strengthened value proposition - price and promotional leadership, continuous evolution of the assortment and improvements to store infrastructure At -0.4%, 9M LFL reflected volume growth of c.5%, offset by significant basket deflation. Despite sustained volume growth, deeper basket deflation than in Q2 put further pressure on Q3 LFL During the period, 54 stores (25 net stores) and one DC were opened and 155 stores were remodelled
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10 3.3. HEBE 3. 9M 2026 SALES PERFORMANCE Hebe operated in a context of renewed competitive pressures on prices, which intensified basket deflation, impacting sales growth 25 new stores opened in Poland over the period
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11 3.4. PINGO DOCE 3. 9M 2026 SALES PERFORMANCE Food inflation slowed in Q3. As households face more pressure from higher fuel prices and interest rates, appetite for low prices and promotions gained traction Sharpened value proposition - remodelled stores, innovative food solutions and high-impact promotional campaigns With very low basket inflation, sales growth was supported by good volume performance In 9M 26, 25 stores were remodelled and 2 new locations opened
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12 3.5. RECHEIO 3. 9M 2026 SALES PERFORMANCE HoReCa, that in the first quarter was strongly impacted by Storm Kristin, which particularly affected the centre of Portugal – with a long recovery and reconstruction process ahead, operated, from the second quarter onwards, against very demanding base vs the same period of 2025, when tourism activities peaked Recheio, despite the challenging context and tough comps, maintained the competitiveness of its value proposition, segmented between the HoReCa and Traditional Retail channels, and protected its market position
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13 3.6. ARA 3. 9M 2026 SALES PERFORMANCE The socioeconomic impact of the large earthquake that struck some regions of Colombia in August has been very significant. For Ara, despite the inevitable disruptions of operations, the overall impact was not material Households remained highly price-conscious amid continued challenges to consumer spending Ara continued to gain relevance among Colombian consumers thanks to a disciplined expansion and a price competitive offer tailored to local needs Sales maintained strong momentum throughout the period, with volume growth accounting for most of the increase amid very low basket inflation During the period, Ara opened 85 new stores (68 net additions) and one new distribution centre
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14 4. 9M 2026 EBITDA PERFORMANCE 4.1. EBITDA Group EBITDA grew ahead of sales supported by cost discipline, efficiencies and improved sales mix across business areas
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15 4. 9M 2026 EBITDA PERFORMANCE 4.2. EBITDA MARGIN Biedronka’s margin expansion reflects positive mix impact of the ongoing commercial dynamic together with more efficient store processes and strict cost management At Hebe, margin improvement was supported by a stronger sales mix and productivity gains In Portugal, solid sales performance and operating discipline at Pingo Doce and Recheio helped protect margins despite progressively higher fuel prices Ara’s margin growth reflects stronger LFL performance, increased scale and disciplined cost control
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16 CHALLENGING MARKET CONTEXTS Basket deflation at Biedronka Consumers focused on prices and promotions, fueling competition across markets Wage inflation Rising fuel costs 5. 9M 2026 FINAL REMARKS CLEAR STRATEGIC PRIORITIES Drive sales growth Price and promotional leadership Assortment innovation Better shopping experience Protect margins Sales growth and mix management Cost discipline and efficiency SOLID PERFORMANCE DELIVERY ✓ Solid volume growth across banners ✓ Stronger competitive positions ✓ Improved EBITDA margins
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17 Q&A Group CFO Ana Luísa Virgínia
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18 APPENDIX 2026 OUTLOOK SUSTAINABILITY COMMITMENTS 2024-2026 FINANCIAL STATEMENTS
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19 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 outlook provided in our 29 July 2026 release
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20 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 outlook provided in our 29 July 2026 release
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21 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 outlook provided in our 29 July 2026 release
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22 FINANCIAL STATEMENTS (1/9) INCOME STATEMENT D D Net Sales and Services 27,815 26,534 4.8% 9,533 9,138 4.3% Gross Profit 5,824 20.9% 5,460 20.6% 6.7% 2,010 21.1% 1,894 20.7% 6.1% Operating Costs -4,413 -15.9% -4,146 -15.6% 6.4% -1,478 -15.5% -1,399 -15.3% 5.6% EBITDA 1,412 5.1% 1,313 5.0% 7.5% 532 5.6% 495 5.4% 7.5% Depreciation -544 -2.0% -497 -1.9% 9.5% -185 -1.9% -168 -1.8% 9.9% EBIT 867 3.1% 817 3.1% 6.2% 348 3.6% 327 3.6% 6.3% Net Financial Costs -77 -0.3% -45 -0.2% 72.0% -31 -0.3% -14 -0.2% 123.7% Gains/Losses in Joint Ventures and Associates -3 0.0% -1 0.0% n.a. -1 0.0% 0 0.0% n.a. Other Profits/Losses -135 -0.5% -66 -0.2% n.a. -65 -0.7% -6 -0.1% n.a. EBT 654 2.3% 706 2.7% -7.4% 251 2.6% 307 3.4% -18.2% Income Tax -174 -0.6% -170 -0.6% 2.1% -67 -0.7% -67 -0.7% 0.4% Net Profit 480 1.7% 535 2.0% -10.4% 184 1.9% 240 2.6% -23.4% Non-Controlling Interests -13 0.0% -10 0.0% 23.5% -11 -0.1% -9 -0.1% 19.6% Net Profit Attributable to JM 467 1.7% 525 2.0% -11.0% 173 1.8% 231 2.5% -25.1% EPS (€) 0.74 0.84 -11.0% 0.28 0.37 -25.1% EPS without Other Profits/Losses (€) 0.94 0.93 1.5% 0.37 0.37 0.5% 9M 26 Q3 259M 25 (€ Million) Q3 26 (Excl. IFRS16)(Excl. IFRS16)
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23 FINANCIAL STATEMENTS (2/9) CASH FLOW 9M 26 9M 25 EBITDA 1,412 1,313 Interest Payment -67 -38 Other Financial Items 0 0 Income Tax -126 -192 Funds From Operations 1,218 1,084 Capex and Financial Investments Payment -829 -798 Change in Working Capital -517 -101 Others -54 -57 Cash Flow -183 128 (Excl. IFRS16) (€ Million)
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24 FINANCIAL STATEMENTS (3/9) BALANCE SHEET 9M 26 2025 9M 25 Net Goodwill 643 649 645 Net Fixed Assets 6,580 6,476 6,149 Total Working Capital -3,898 -4,575 -3,975 Others 408 398 330 Invested Capital 3,733 2,948 3,149 Total Borrowings 1,411 1,238 1,063 Financial Leases 157 155 153 Accrued Interest 13 10 14 Cash and Cash Equivalents -1,698 -2,268 -1,698 Net Debt -118 -866 -467 Non-Controlling Interests 255 258 256 Share Capital 629 629 629 Reserves and Retained Earnings 2,967 2,927 2,731 Shareholders Funds 3,851 3,814 3,616 (Excl. IFRS16) (€ Million)
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25 FINANCIAL STATEMENTS (4/9) EBITDA BREAKDOWN 9M 26 Mg 9M 25 Mg 9M 26 Mg 9M 25 Mg Biedronka 1,540 8.2% 1,477 7.9% 1,189 6.3% 1,138 6.1% Hebe 46 9.8% 38 8.4% 17 3.5% 10 2.2% Distribution Portugal 306 5.9% 287 5.8% 239 4.6% 223 4.5% Ara 151 4.7% 93 4.0% 66 2.1% 31 1.3% Others & Cons. Adjustments -93 n.a. -83 n.a. -99 n.a. -89 n.a. JM Consolidated 1,950 7.0% 1,811 6.8% 1,412 5.1% 1,313 5.0% (€ Million) IFRS16 Excl. IFRS16
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26 FINANCIAL STATEMENTS (5/9) NET FINANCIAL COSTS 9M 26 9M 25 9M 26 9M 25 Net Interest -60 -35 -60 -35 Interests on Capitalised Operating Leases -213 -199 - - Exchange Differences -15 -1 -2 -2 Others -14 -8 -14 -8 Net Financial Costs -302 -243 -77 -45 (€ Million) IFRS16 Excl. IFRS16
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27 FINANCIAL STATEMENTS (6/9) SALES BREAKDOWN % total % total excl. FX Euro % total % total excl. FX Euro Biedronka 18,877 67.9% 18,753 70.7% 1.3% 0.7% 6,314 66.2% 6,397 70.0% 0.2% -1.3% Hebe 469 1.7% 451 1.7% 4.7% 4.0% 157 1.6% 154 1.7% 3.6% 2.1% Pingo Doce 4,077 14.7% 3,916 14.8% 4.1% 1,409 14.8% 1,382 15.1% 2.0% Recheio 1,064 3.8% 1,048 3.9% 1.5% 391 4.1% 391 4.3% 0.0% Ara 3,213 11.6% 2,331 8.8% 20.6% 37.9% 1,218 12.8% 798 8.7% 19.8% 52.7% Others & Cons. Adjustments 114 0.4% 36 0.1% n.a. 44 0.5% 16 0.2% n.a. Total JM 27,815 100% 26,534 100% 3.8% 4.8% 9,533 100% 9,138 100% 2.5% 4.3% 9M 26 9M 25 D % Q3 26 Q3 25 D % (€ Million)
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28 FINANCIAL STATEMENTS (7/9) SALES GROWTH Q1 26 Q2 26 H1 26 Q3 26 9M 26 Q1 26 Q2 26 H1 26 Q3 26 9M 26 Biedronka Euro 3.6% -0.1% 1.7% -1.3% 0.7% PLN 4.5% -0.4% 1.9% 0.2% 1.3% 2.3% -1.6% 0.2% -1.8% -0.4% Hebe Euro 1.6% 8.3% 5.0% 2.1% 4.0% PLN 2.5% 7.9% 5.3% 3.6% 4.7% 0.4% 4.3% 2.4% 0.3% 1.7% Pingo Doce 7.5% 3.3% 5.3% 2.0% 4.1% 5.6% 2.2% 3.8% 0.4% 2.6% Excl. Fuel 7.7% 3.0% 5.2% 1.6% 3.9% 5.7% 1.9% 3.7% 0.0% 2.4% Recheio 3.3% 1.8% 2.5% 0.0% 1.5% 2.7% 0.3% 1.3% -1.6% 0.2% Ara Euro 23.6% 36.9% 30.2% 52.7% 37.9% COP 21.2% 21.0% 21.1% 19.8% 20.6% 6.0% 7.5% 6.8% 11.0% 8.2% Total JM Euro 6.3% 4.0% 5.1% 4.3% 4.8% Excl. FX 6.7% 2.4% 4.5% 2.5% 3.8% 3.1% 0.0% 1.4% -0.3% 0.8% Total Sales Growth LFL Growth
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29 FINANCIAL STATEMENTS (8/9) STORE NETWORK Closings Q1 26 Q2 26 Q3 26 9M 26 Biedronka * 3,882 12 26 16 29 3,907 3,829 Hebe ** 394 14 4 7 0 419 393 Pingo Doce 497 0 1 1 0 499 494 Recheio 43 1 0 0 1 43 43 Ara *** 1,653 51 13 21 17 1,721 1,567 Closings Remodellings Q1 26 Q2 26 Q3 26 9M 26 Biedronka * 2,788,843 8,130 17,866 12,238 12,878 2,814,199 2,746,622 Hebe ** 100,463 3,846 999 1,752 0 107,060 100,239 Pingo Doce 590,565 0 315 210 -1,284 592,374 585,862 Recheio 146,177 5,188 0 0 76 151,289 146,177 Ara *** 594,197 16,860 5,000 7,676 3,792 619,941 564,597 *** 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 20 Biedronka stores in Slovakia 9M 25 9M 25 Number of Stores 2025 Openings Sales Area (sqm) 2025 Openings 9M 26 9M 26 ** Includes 7 stores outside Poland
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30 FINANCIAL STATEMENTS (9/9) CAPEX (€ Million) 9M 26 Weight 9M 25 Weight Biedronka 313 52% 388 51% Distribution Portugal 163 27% 172 23% Ara 62 10% 144 19% Others 65 11% 60 8% Total CAPEX * 603 100% 765 100% * Excluding financial investments (which in 9M 26 amounted to €34 Mn and in 9M 25 €51 Mn)
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31 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.