Interim report
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This release includes, in Appendix 1, the Financial Statements excluding the effect of the IFRS16. 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 > FACTSHEET MARKET RELEASE 28 October 2026
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28 October, 2026 | 2 FIRST NINE MONTHS 2026 | KEY FIGURES ▪ Sales grew 4.8% to €27.8 BN (+3.8% at constant exchange rates). ▪ EBITDA increased 7.6% to €1. 9 BN (+ 7.2% at constant exchange rates), with the respective margin at 7.0% (6.8% in 9M 25). ▪ Net Profit reached €414 MN, translating into EPS of €0.66. ▪ Cash Flow in the period stood at -€183 MN. ▪ Including the execution of the € 603 MN investment programme and the payment of €408.5 MN in dividends, and excluding IFRS16, the Group ended the period with a net cash position of €118 MN. Including leases capitalization (‘rights of use’), net debt was at €4.4 BN. PERFORMANCE OVERVIEW AND KEY DRIVERS The first nine months of the year were marked by high geopolitical uncertainty, disinflation in food retail, which turned to deflation in Poland, a stronger consumer focus on low prices and promotions, intense competition, and rising fuel-related costs. In this context, our banners kept consumers at the centre of their decisions, reinforcing their commitment to competitive prices and strong promotions, while ensuring the quality of the assortment and the continuous improvement of the shopping experience. In Poland, the Biedronka team responded with determination and resilience to market challenges and strengthened its competitive position. Our largest banner delivered strong volume growth and mitigated the impact of significant basket deflation, posting solid sales and margin performance. Consolidated sales grew 4.8% (+3.8% at constant exchange rates), reaching 27.8 billion euros. Operating discipline, an improved sales mix, and stronger value propositions enabled the Group to grow, maintain competitive prices, and deliver improved EBITDA margins across all business areas. Consolidated EBITDA reached 1.9 billion euros, up 7.6% on 9M 25 (+ 7.2% at constant exchange rates), with the respective margin standing at 7.0% (6.8% in 9M 25). At the end of September, after the payment of dividends to shareholders, the Group had a net cash position, excluding IFRS 16, of 118 million euros. MESSAGE FROM THE CHAIRMAN AND CHIEF EXECUTIVE OFFICER PEDRO SOARES DOS SANTOS ‘Throughout the first nine months of the year, our banners responded assertively and effectively to a more challenging environment than initially expected, reinforcing their competitive positions and delivering a good sales and margin performance. The period was particularly marked by pressure on food prices in Poland and households’ strong focus on low prices and promotions. We now enter the final stage of the year , determined to deliver a strong Christmas and New Year season. The competitive environment remains very demanding, and no easing is expected in the pressure from fuel costs on businesses and household incomes. Nonetheless, our teams are prepared and focused on delivering the best offers at the best prices, while continuing to protect the efficiency of our business models. We are confident in the strength of our banners and in our teams’ ability to execute the defined priorities while preserving competitiveness, operating discipline, and financial strength. We will continue to invest selectively in growth and in the quality of our value propositions, closely monitoring market and context developments and remaining prepared to adjust execution whenever the context requires it.’ VERY STRONG PERFORMANCE WITH ROBUST VOLUME GROWTH IN THE FIRST NINE MONTHS OF THE YEAR
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28 October, 2026 | 3 -3.5% 5.3% 3.6% 2.4% 2.3% -1.6% -1.8% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Biedronka LFL 2025 2026 1.9% 0.7% -2.7% 3.7% 0.4% 4.3% 0.3% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Hebe LFL 2025 2026 We reiterate the outlook provided in our 29 July 2026 release. POLAND In Poland, food inflation slowed, averaging 0.8% in 9M 26 (-0.6% in Q3 26). In Food Retail, consumers’ focus on low prices and promotions fuelled competitive intensity. Faithful to its brand’s values, Biedronka continued to offer its customers the best savings opportunities, reflected in basket deflation and volume increases. The banner consistently combined its well-recognised price leadership and promotions campaigns with a constant evolution of the assortment, tailor ed to meet consumers’ preferences and incorporate new food trends. The focus on innovation, quality and relevance of the offer, together with the store remodelling programme, enabled the banner to respond effectively to customers’ expectations. In 9M 26, sales grew 0.7% to 18.9 billion euros (+1.3% in local currency). LFL was -0.4%, reflecting, on the one hand, significant volume growth of c. 5% and, on the other, a high level of basket deflation. In Q3 26, sales rose slightly by 0.2% in local currency. In euros, sales reached 6.3 billion, 1.3% below Q3 25. LFL, pressured by basket deflation, which deteriorated versus Q2, was -1.8%, including volume growth of c.5%. In 9M 26, EBITDA increased 4.2% (+5.0% in local currency), and the respective margin reached 8.2% (7.9% in 9M 25). The positive evolution of the EBITDA margin reflects the optimisation of store processes and the favourable contribution to the sales mix resulting from the work carried out by the teams on the assortment and store layouts. During the period, Biedronka opened 54 new stores ( 25 net additions) and one distribution centre and remodelled 155 locations. Throughout 9M 26, Hebe operated in an environment of renewed competitive pressure on prices, which intensified basket deflation. Sales in local currency grew 4.7%, with LFL at 1.7%. In euros, sales totalled 469 million, an increase of 4.0% compared with 9M 25. In Q3 26, sales increased 2.1% (3.6% in local currency) to 157 million euros, with a 0.3% contribution from LFL. EBITDA reached 46 million euros in 9M 26, 22.3% (+23.1% in local currency) ahead of the previous year. EBITDA margin r ose to 9.8% (8.4% in 9M 25), reflecting disciplined work on the sales mix and cost management. During the period, Hebe opened 25 stores in Poland, ending the quarter with a presence in 419 locations. OUTLOOK 2026 PERFORMANCE ANALYSIS BY BANNER
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28 October, 2026 | 4 1.1% 6.5% 4.4% 3.6% 5.7% 1.9% 0.0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Pingo Doce LFL (excl. fuel) 2025 2026 -0.5% 3.5% 3.9% 4.7% 2.7% 0.3% -1.6% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Recheio LFL 2025 2026 PORTUGAL In Portugal, food inflation stood at 3.1% in 9M 26 ( 2.3% in Q3 26). As households face more pressure from higher fuel costs and interest rates, we observed growing demand for lower prices and promotional campaigns. The first quarter , for HoReCa channel, was strongly impacted by Storm Kristin, which particularly affected the centre of Portugal, with a long recovery and reconstruction process ahead. Adding to the effects of this very exceptional event, from the second quarter onwards, the HoReCa channel is also facing a very demanding base versus the same period of prior year, when tourism activities peaked in the country. Responding to growing demand for convenience and savings opportunities, Pingo Doce continued to enhance the attractiveness of its value proposition through the remodelling programme, an innovative food offer, particularly for ready-to-eat meals, and promotional campaigns valued by consumers. Sales increased 4.1% to 4.1 billion euros, with LFL of 2.4% (excluding fuel), including very low basket inflation, reflecting Pingo Doce’s price competitiveness. In Q3 26, sales grew 2.0% to 1.4 billion euros, with flattish LFL (excluding fuel), also reflecting the slowdown in basket inflation in the quarter. In the first nine months of the year, 25 stores were remodelled and two new locations opened. Despite the challenging context and tough comps from Q2 , Recheio maintained the strength of its value proposition, segmented between the HoReCa and Traditional Retail channels, and protected its market position. Sales grew 1.5% to 1.1 billion euros, with LFL at 0.2%. In Q3 26, also reflecting the slowdown in basket inflation, sale s were broadly stable , reaching 391 million euros, with LFL of -1.6%. EBITDA from Portugal Distribution reached €306 million, 6.4% above 9M 25, with the EBITDA margin at 5.9%, above the 5.8% recorded in 9M 25. The banners’ operating discipline, combined with sales performance, protected margins in a period marked by significant fuel price increases. COLOMBIA In Colombia, food inflation averaged 6.2% in the first nine months of the year ( 6.2% in Q3 26). Although food retail sales increased in the first nine months of the year, households continued to focus strongly on price and promotions and the consumption environment remains demanding. The socioeconomic impact of the large earthquake that struck Colombia on 10 August has been very significant. Reconstruction and recovery in the affected regions will take time. For Ara, despite the inevitable disruption to our operations and the fact that some of our stores remain closed due to structural damage, overall, the impact on the quarter’s performance was not material.
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28 October, 2026 | 5 3.0% 7.7% 6.2% 6.1% 6.0% 7.5% 11.0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Ara LFL 2025 2026 Ara continued to gain relevance among Colombian consumers, supported by consistent, disciplined expansion and a competitive offer well suited to the preferences and needs of the local market. This approach enabled the banner to maintain robust sales growth, despite the challenging consumption environment. In local currency, sales increased 20.6%, driven by LFL of 8.2%. In euros, sales reached 3.2 billion in the period, representing growth of 37.9% compared with 9M 25. With very low basket inflation throughout the period, volumes were the main driver of sales growth. In Q3 26, sales grew 52.7% (19.8% in local currency) to 1.2 billion euros, with LFL of 11.0%. In 9M 26, Ara opened 85 new stores, corresponding to 68 net additions, and inaugurated a new distribution centre. EBITDA increased 62.6% compared with 9M 25 (+42.3% in local currency) to reach 151 million euros. The respective margin rose to 4.7% (4.0% in 9M 25), reflecting the focus on LFL growth, the increased scale of the operation and disciplined cost management. Net Financial Costs were 302 million euros (243 million euros in 9M 25). The increase reflects the execution of the expansion programme, with an impact on interest on capitalised operating leases, and the foreign exchange effect from translating interest denominated in Colombian pesos, in a context of strong appreciation of the peso. Other Profits and Losses amounted to -135 million euros, reflecting items not directly associated with the operating performance of the banners. These included the allocation, from 2025 results, of 40 million euros to the Jerónimo Martins Foundation and an additional one-off contribution also of 40 million euros (without which, net profit would stand at 454 million euros). This exceptional amount aims to strengthen the scale and reach of the response to social and humanitarian emergency caused by devastating events, as the ones that occurred in the first nine months of the year in two of the countries where the Group operates: Storm Kristin in cent ral Portugal and the powerful earthquake recorded in Colombia. Given the scale of the impact and of the economic and social damage, the Board of Directors approved this additional contribution on an extraordinary basis . Jerónimo Martins Foundation will design and implement, in coordination with public institutions and civil society, support initiatives for the communities affected in both countries. The heading also includes write -offs related to remodelling works, restructuring costs, and provisions and/or compensation associated with legal proceedings. Execution of the investment programme totalled 603 million euros in the first nine months of the year. Cash Flow for the period, before dividend payments, was negative in 183 million euros, reflecting also the impact of deflation, including stronger promotional dynamic, on sales growth and working capital. CONSOLIDATED FINANCIAL HEADINGS
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28 October, 2026 | 6 KEY PERFORMANCE FIGURES CONSOLIDATED RESULTS BALANCE SHEET CASH FLOW (€ Million) 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 -3,875 -13.9% -3,648 -13.7% 6.2% -1,296 -13.6% -1,230 -13.5% 5.3% EBITDA 1,950 7.0% 1,811 6.8% 7.6% 714 7.5% 664 7.3% 7.6% Depreciation -922 -3.3% -848 -3.2% 8.8% -313 -3.3% -286 -3.1% 9.4% EBIT 1,027 3.7% 964 3.6% 6.6% 401 4.2% 378 4.1% 6.3% Net Financial Costs -302 -1.1% -243 -0.9% 24.3% -108 -1.1% -85 -0.9% 27.1% 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 588 2.1% 654 2.5% -10.1% 227 2.4% 286 3.1% -20.5% Income Tax -164 -0.6% -163 -0.6% 0.9% -63 -0.7% -63 -0.7% 0.0% Net Profit 424 1.5% 492 1.9% -13.7% 164 1.7% 223 2.4% -26.3% Non-Controlling Interests -11 0.0% -8 0.0% 30.8% -10 -0.1% -8 -0.1% 22.1% Net Profit Attributable to JM 414 1.5% 484 1.8% -14.5% 154 1.6% 214 2.3% -28.2% EPS (€) 0.66 0.77 -14.5% 0.24 0.34 -28.2% EPS without Other Profits/Losses (€) 0.86 0.87 -0.6% 0.34 0.35 -0.7% 9M 25 Q3 26 Q3 259M 26 (€ 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 (€ 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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28 October, 2026 | 7 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.
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28 October, 2026 | 8 APPENDIX 1. Financial Statements INCOME STATEMENT BY FUNCTIONS INCOME STATEMENT (Management View) BALANCE SHEET 9M 26 9M 25 9M 26 9M 25 Net Sales and Services 27,815 26,534 27,815 26,534 Cost of Sales -21,990 -21,075 -21,990 -21,075 Gross Profit 5,824 5,460 5,824 5,460 Distribution Costs -4,337 -4,072 -4,494 -4,217 Administrative Costs -460 -424 -463 -426 Other Operating Profits/Losses -135 -66 -135 -66 Operating Profit 893 898 733 751 Net Financial Costs -302 -243 -77 -45 Gains/Losses in Other Investments 0 0 0 0 Gains/Losses in Joint Ventures and Associates -3 -1 -3 -1 Profit Before Taxes 588 654 654 706 Income Tax -164 -163 -174 -170 Profit Before Non Controlling Interests 424 492 480 535 Non-Controlling Interests -11 -8 -13 -10 Net Profit Attributable to JM 414 484 467 525 IFRS16 (€ Million) Excl. IFRS16 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% (€ Million) Q3 26 (Excl. IFRS16)(Excl. IFRS16) 9M 259M 26 Q3 25 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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28 October, 2026 | 9 CASH FLOW EBITDA BREAKDOWN NET FINANCIAL COSTS SALES BREAKDOWN 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) 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 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 IFRS16 Excl. IFRS16 (€ Million) % 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% (€ Million) 9M 26 9M 25 D % Q3 26 Q3 25 D %
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28 October, 2026 | 10 2. Notes SALES GROWTH STORE NETWORK CAPEX Like For Like (LFL) sales: sales made by stores and e-commerce platforms 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). 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 (€ 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) 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 7 stores outside Poland 9M 26 9M 26 * 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 *** Includes 70 Bodegas del Canasto (B2B)
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28 October, 2026 | 11 3. Reconciliation notes INCOME STATEMENT Following ESMA guidelines on Alternative Performance Measures from October 2015 Income Statement in this Release (Management View) Consolidated Income Statement by Functions (in Consolidated Report and Accounts) First Nine Months 2026 Results Net Sales and Services Net sales and services Gross Profit Gross profit Operating Costs Includes headings of Distribution costs ; and Administrative costs, excluding €-922 million related with Depreciations and amortisations (note - Segments Reporting) EBITDA Depreciation Value reflected in the note - Segments Reporting EBIT Net Financial Costs Net financial costs Gains/Losses in Joint Ventures and Associates Gains (losses) in joint ventures and associates Other Profits/Losses Includes headings of Other operating profits/losses; Gains (losses) on disposal of business (when applicable); and Gains (losses) in other investments (when applicable) EBT Profit before taxes Income Tax Income tax Net Profit Profit before non-controlling interests Non-Controlling Interests Non-Controlling interests Net Profit Attributable to JM Net profit attributable to Jerónimo Martins Shareholders
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28 October, 2026 | 12 BALANCE SHEET Following ESMA guidelines on Alternative Performance Measures from October 2015 Balance Sheet in this Release Consolidated Balance Sheet at 30 September 2026 (in Consolidated Report and Accounts) Net Goodwill Goodwill Net Fixed Assets Includes the headings Tangible and Intangible assets and adding the Financial leases (€154 million) Net Rights of Use (RoU) Includes the heading Rights of use excluding the Financial leases (€154 million) Total Working Capital Includes the headings Current trade debtors, accrued income and deferred costs; Inventories; Biological assets; Trade creditors, accrued costs and deferred income; Employee benefits; and €-127 million related to 'Others' due to its operational nature. Excludes €4 million related with Interest accruals and deferrals receivable heading (note - Net financial debt) Others Includes the headings Investment property; Investments in joint ventures and associates; Loans to joint ventures and associates; Other financial investments; Non-Current trade debtors, accrued income and deferred costs; Deferred tax assets and liabilities; Income tax receivable and payable; Provisions for risks and contingencies. Excludes €-127 million related to ‘Others’ due to its operational nature Invested Capital Total Borrowings Includes the heading Borrowings current and non-current deducted of €-19 million related with Accrued and deferred financial expenses (note – Current and non-current loans) Financial Leases Includes the heading of Financial leases (2026: €157 million) according with IAS 17 in place before IFRS16 adoption Capitalised Operating Leases Amount in the heading of Lease liabilities current and non- current, excluding Financial leases (heading above) Accrued Interest Includes the headings Derivative financial instruments and €4 million related with Interest accruals and deferrals receivable (note - Net financial debt), as well as, €-19 million related with Accrued and deferred financial expenses (note – Current and non-current loans) Cash and Cash Equivalents Includes the heading Cash and cash equivalents; Current loans to joint ventures and associates Net Debt Non-Controlling Interests Non-Controlling interests Share Capital Share capital Reserves and Retained Earnings Includes the headings Share premium; Own shares; Other reserves; and Retained earnings Shareholders’ Funds
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28 October, 2026 | 13 CASH FLOW Following ESMA guidelines on Alternative Performance Measures from October 2015 Cash Flow in this Release Consolidated Cash Flow Statement (in Consolidated Report and Accounts) First Nine Months 2026 EBITDA Includes the headings Cash generated from operations before changes in working capital, including headings which did not generate cash flow and excluding profit and losses that do not have operational nature (€126 million) Capitalised Operating Leases Payment Included in the heading Leases paid, excluding €8 million related with the payment of financial leases according with previous accounting standards Interest Payment Includes the headings of Loans interest paid; Leases interest paid; and Interest received Income Tax Income tax paid Funds from Operations Capex and Financial Investments Payment Includes the headings Disposal of tangible and intangible assets; Disposal of other financial investments and investment property; Acquisition of tangible and intangible assets; Acquisition of other financial investments and investment property; Acquisition of businesses, net of cash acquired; as well as, excludes Net changes in current loans to joint ventures and associates (€1 million). It also includes acquisitions of tangible assets classified as finance leases under previous accounting standards (€-14 million) Change in Working Capital Includes Changes in working capital added from headings which did not generate cash flow (€-69 million) Others Includes the headings Disposal of business (when applicable); and Profit and losses which generated cash flow, although not having operational nature (€-57 million) Cash Flow Corresponds to the Net change in cash and cash equivalents, deducted from Dividends paid; Acquisition of subsidiaries to non-controlling interests; Net change in loans; Net change in Short-term investments that do not qualify as cash; and Net changes in current loans to joint ventures and associates (€1 million). It also includes acquisitions of tangible assets classified as finance leases (€-14 million); and deducted from the payment of financial leases (€8 million), both according with previous accounting standards
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28 October, 2026 | 14 3. Reconciliation notes MEDIA RELATIONS OFFICE +351 21 752 61 80 comunicacao@jeronimo-martins.com Pedro Rio: pedro.rio@jeronimo-martins.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 This release includes, in Appendix 1, the Financial Statements excluding the effect of the IFRS16. 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