Jeronimo Martins, Sgps S.a. · EURONEXT:JMT
Jeronimo Martins, Sgps — Jeronimo Martins Pe — FY2024 Earnings Presentation
40 slides from Jeronimo Martins, Sgps's earnings presentation, Mar 20, 2025
Slide 1: Related documents
RELATED DOCUMENTS > MARKET RELEASE > MARKET RELEASE > MEDIA PRESENTATION > MEDIA PRESENTATION
Slide 2: Introductory note
INTRODUCTORY NOTE This presentation includes in the Appendix, for comparison purposes, the Financial Statements excluding the effect of the IFRS16 2
Slide 3: Agenda
1. 2024FY SNAPSHOT 6. 2024FY EBITDA PERFORMANCE 6.1. EBITDA 2. 2024FY THE CONTEXT 6.2. EBITDA Margin 3. 2024FY KEY FIGURES 7. 2024FY FINAL REMARKS 4. 2024FY CAPEX 8. OUTLOOK 2025 5. 2024FY SALES PERFORMANCE 5.1. Group APPENDIX 5.2. Biedronka Financial Statements 5.3. Hebe Financial Calendar 5.4. Pin
Slide 4: 2024 FY snapshot: key figures
combined basket deflation, €2.2 bn 6.7% significant rise in costs and lack of consumer EBITDA EBITDA Mg dynamism, particularly in our main market, leading to (+2.9%) (-41 bps) intensified competition for volumes ensured consumer +0.6% +385 preference and strengthened our market positions LFL NEW STO
Slide 5: ESG highlights: employees, communities, nutrition, climate
We invested 354 million euros in recognising our employees (13% more than in 2023), and 17 million euros in training them We invested over 48.4 million euros in Internal Social Responsibility (ISR) measures and 7.8 million euros in initiatives and programmes that promote wellbeing More than 121 mill
Slide 6: Business conduct training and local sourcing
We continued our efforts to promote training on business conduct within the organisation. In 2024, 27,455 employees received training on the Group’s Code of Conduct, and 21,953 were trained on the Group’s Anticorruption Policy, representing increases of 22,204 and 6,316 employees compared to 2023, r
Slide 7: Sharp drop in food inflation after extraordinary price increases
Sharp drop in food inflation after the extraordinary price increases of the previous two years High food prices continued to loom over food retail markets Cautious and promotion-driven consumer behaviour across geographies despite wages’ increases and higher household income 7
Slide 8: Income statement 2024
driven by volumes and expansion (€ Million) 2024 2023 D Q4 24 Q4 23 D programmes, despite deflation Net Sales and Services 33,464 30,608 9.3% 8,700 8,157 6.7% in the baskets Gross Profit 6,851 20.5% 6,251 20.4% 9.6% 1,785 20.5% 1,651 20.2% 8.1% Operating Costs -4,619 -13.8% -4,083 -13.3% 13.1% -1,18
Slide 9: Cash flow
(€ Million) 2024 2023 Cash flow impacted by the effects on growth of the EBITDA 2,232 2,168 Capitalised Operating Leases Payment -380 -337 Interest Payment -283 -192 Higher due to the rise Other Financial Items 1 1 in net debt and the effects of Income Tax -280 -254 financing Ara in Colombian pesos
Slide 10: Balance sheet and dividend proposal
(€ Million) 2024 2023 Net Goodwill 639 635 Net Fixed Assets 5,891 5,533 Net Rights of Use (RoU) 3,530 3,074 Total Working Capital -4,062 -4,314 Others 318 235 The Board will propose the payment of Invested Capital 6,317 5,163 370.8 million euros of Total Borrowings 1,003 765 (gross 0.59 euros per sh
Slide 11: Capex and store openings by banner
(352 net) 186 Biedronka (161 net) 39 Hebe (36 net) 10 Pingo Doce (7 net) 150 Ara (148 net) 280 Biedronka 6 Hebe 64 Pingo Doce 1 Recheio 15 Ara 11
Slide 12: Group sales performance
delivery throughout the year in our main banners in Poland and Portugal slowed growth Group at 0.6% 12
Slide 13: Biedronka sales performance
Biedronka remained focused on offering to Polish families, securing price leadership, and kept a strong commercial dynamic The banner operated with throughout the year despite the muted food retail market and challenging comparison against the previous year 13
Slide 14: Hebe sales performance
Hebe leveraged its , delivering a strong performance in an increasingly competitive market grew fast and represented c.20% of sales, strongly supporting the banner’s internationalization 14
Slide 15: Pingo Doce sales performance
The banner mantained and implemented its popular promotional campaigns while expanding its that reinforces its unique offer in meal solutions and fresh products With a reinforced value proposition, Pingo Doce performed well, with The company operated with slightly 15
Slide 16: Recheio sales performance
Recheio tailored to each customer segment partnerships continued to expand, surpassing 700 locations in the year Despite some weakness in the - mainly in restaurants - due to fragile domestic out-of-home consumption, Recheio protected its market position with increased investment 16
Slide 17: Ara sales performance
Ara executed its , offering good saving opportunities to the Colombian families impacted LFL Solid contribution from through the period 17
Slide 18: Group EBITDA impacted by deflation and cost inflation
Group EBITDA impacted by basket deflation, high cost inflation and price investment 18
Slide 19: EBITDA margin by banner
margin pressured by operational deleveraging due to basket deflation, significant salary increases and price investment ’s margin benefited from good sales performance, careful margin mix management and tight cost control margin protected by solid sales delivery, good contribution from the Meal Solu
Slide 20: 2024 a challenging year: final remarks
Following consecutive years of outperformance, and against a difficult context, 2024 was, as anticipated, a challenging year Invest in price competitiveness, further Sales growth driven by volumes increases enhance our offers, expand our networks Market share reinforced and remodel existing stores t
Slide 21: Outlook 2025
2025 started with , driven by global geopolitical turbulence and the uncertainty surrounding the elections in major European economies In an environment that will remain volatile, we foresee that customers will stay prudent and restrained, and that market competitive dynamics will be fierce, at leas
Slide 22: 2025 outlook: Biedronka and expansion plans
lead in price competitiveness and design the best promotions for Polish families. Sales performance will remain the priority, a big challenge given the outperformance consistently delivered in recent years work on cost efficiency and productivity measures to protect profitability and respond to an e
Slide 23: 2025 outlook: Hebe, Pingo Doce, Recheio
Hebe will continue to strengthen its store network in Poland with c.30 new locations, while the e-commerce channel will remain at the center of its growth and internationalization strategy Pingo Doce, leveraging the success of its All About Food store concept, will continue its remodeling programme,
Slide 24: 2025 outlook: Ara
Ara will work to maintain consumer preference, implement its expansion plan and improve its profitability The banner expects to open more than 150 new stores. In addition, c.70 stores, previously operated by Colsubsidio, will be progressively integrated in Ara’s network To support store network expa
Slide 25: Q&A
Q&A Group CFO Ana Luísa Virgínia 25
Slide 26: Appendix: financial statements, financial calendar
APPENDIX FINANCIAL STATEMENTS FINANCIAL CALENDAR 26
Slide 27: Financial statements (1/11): income statement
FINANCIAL STATEMENTS (1/11) INCOME STATEMENT (Excl. IFRS16) (Excl. IFRS16) (€ Million) 2024 2023 D Q4 24 Q4 23 D Net Sales and Services 33,464 30,608 9.3% 8,700 8,157 6.7% Gross Profit 6,851 20.5% 6,251 20.4% 9.6% 1,785 20.5% 1,651 20.2% 8.1% Operating Costs -5,229 -15.6% -4,596 -15.0% 13.8% -1,344
Slide 28: Financial statements (2/11): cash flow
FINANCIAL STATEMENTS (2/11) CASH FLOW (Excl. IFRS16) (€ Million) 2024 2023 EBITDA 1,622 1,655 Interest Payment -54 -16 Other Financial Items 1 1 Income Tax -280 -254 Funds From Operations 1,288 1,385 Capex Payment -1,054 -1,153 Change in Working Capital -201 175 Others -95 -63 Cash Flow -62 345 28
Slide 29: Financial statements (3/11): balance sheet
FINANCIAL STATEMENTS (3/11) BALANCE SHEET (Excl. IFRS16) (€ Million) 2024 2023 Net Goodwill 639 635 Net Fixed Assets 5,891 5,533 Total Working Capital -4,058 -4,309 Others 277 203 Invested Capital 2,749 2,061 Total Borrowings 1,003 765 Financial Leases 128 102 Accrued Interest 25 22 Cash and Cash Eq
Slide 30: Financial statements (4/11): EBITDA breakdown
FINANCIAL STATEMENTS (4/11) EBITDA BREAKDOWN IFRS16 Excl. IFRS16 (€ Million) 2024 Mg 2023 Mg 2024 Mg 2023 Mg Biedronka 1,814 7.7% 1,838 8.5% 1,397 5.9% 1,489 6.9% Hebe 59 10.2% 43 9.1% 26 4.4% 14 3.0% Pingo Doce 296 5.8% 282 5.8% 221 4.4% 213 4.4% Recheio 69 5.1% 73 5.4% 63 4.7% 67 5.0% Ara 96 3.4%
Slide 31: Financial statements (5/11): financial results
FINANCIAL STATEMENTS (5/11) FINANCIAL RESULTS IFRS16 Excl. IFRS16 (€ Million) 2024 2023 2024 2023 Net Interest -41 -12 -41 -12 Interests on Capitalised Operating Leases -228 -176 - - Exchange Differences 14 25 8 0 Others -12 -11 -12 -11 Net Financial Costs -267 -174 -45 -23 31
Slide 32: Financial statements (6/11): sales breakdown
FINANCIAL STATEMENTS (6/11) SALES BREAKDOWN 2024 2023 D% Q4 24 Q4 23 D% (€ Million) % total % total excl. FX Euro % total % total excl. FX Euro Biedronka 23,571 70.4% 21,500 70.2% 4.1% 9.6% 6,110 70.2% 5,690 69.8% 4.8% 7.4% Hebe 583 1.7% 469 1.5% 18.1% 24.3% 161 1.9% 140 1.7% 11.8% 15.1% Pingo Doce
Slide 33: Financial statements (7/11): sales growth
FINANCIAL STATEMENTS (7/11) SALES GROWTH Total Sales Growth LFL Growth Q1 24 Q2 24 H1 24 Q3 24 9M 24 Q4 24 2024 Q1 24 Q2 24 H1 24 Q3 24 9M 24 Q4 24 2024 Biedronka Euro 18.8% 5.7% 11.9% 7.8% 10.4% 7.4% 9.6% PLN 9.3% 0.1% 4.5% 2.6% 3.9% 4.8% 4.1% 4.6% -4.6% -0.2% -1.9% -0.7% 1.1% -0.3% Hebe Euro 39.2%
Slide 34: Financial statements (8/11): store network
FINANCIAL STATEMENTS (8/11) STORE NETWORK Openings Closings Number of Stores 2023 2024 Q1 24 Q2 24 Q3 24 Q4 24 2024 Biedronka * 3,569 28 32 44 82 25 3,730 Hebe ** 345 7 10 10 12 3 381 Pingo Doce 482 1 3 2 4 3 489 Recheio 43 0 0 0 0 0 43 Ara *** 1,290 27 32 28 63 2 1,438 Closings/ Openings Sales Area
Slide 35: Financial statements (9/11): capex
FINANCIAL STATEMENTS (9/11) CAPEX (€ Million) 2024 Weight 2023 Weight Biedronka 418 42% 559 46% Pingo Doce 277 28% 249 21% Recheio 29 3% 35 3% Ara 171 17% 258 21% Others 111 11% 109 9% Total CAPEX 1,006 100% 1,209 100% 35
Slide 36: Financial statements (10/11): working capital
FINANCIAL STATEMENTS (10/11) WORKING CAPITAL IFRS16 Excl. IFRS16 (€ Million) 2024 2023 2024 2023 Inventories 2,027 1,816 2,027 1,816 in days of sales 22 22 22 22 Customers 45 55 45 55 in days of sales 0 1 0 1 Suppliers -4,786 -4,752 -4,786 -4,752 in days of sales -52 -57 -52 -57 Others -1,348 -1,433
Slide 37: Financial statements (11/11): borrowings and financial leases
FINANCIAL STATEMENTS (11/11) TOTAL BORROWINGS AND FINANCIAL LEASES (€ Million) 2024 2023 Long Term Borrowings / Financial leases 622 371 as % of Total 55.0% 42.8% Average Maturity (years) 3.9 3.6 Short Term Borrowings / Financial leases 508 496 as % of Total 45.0% 57.2% Total Borrowings / Financial
Slide 38: Financial calendar
FINANCIAL CALENDAR General Shareholders Meeting: 24 April Q1 2025 Results: 7 May H1 2025 Results: 1 August (before the opening of the market) 9M 2025 Results: 29 October All releases will be published after the closing of the market unless otherwise stated 38
Slide 39: Disclaimer
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 increase
Slide 40: Jerónimo Martins
Jeronimo Martins