Jeronimo Martins, Sgps S.a. · EURONEXT:JMT
Jeronimo Martins, Sgps — Jeronimo Martins Pe — Q1 2026 Earnings Presentation
37 slides from Jeronimo Martins, Sgps's earnings presentation, May 7, 2026
Slide 1: Related Documents
RELATED DOCUMENTS > MARKET RELEASE > FACTSHEET LISBON, 7 MAY 2026
Slide 2: Introductory Note
INTRODUCTORY NOTE This presentation includes in the Appendix the Financial Statements excluding the effect of the IFRS16 2
Slide 3: Content
CONTENT 1. Q1 2026 SNAPSHOT 4. Q1 2026 EBITDA PERFORMANCE 4.1. EBITDA 2. Q1 2026 KEY FIGURES 4.2. EBITDA Margin 3. Q1 2026 SALES PERFORMANCE 3.1. Group 5. Q1 2026 FINAL REMARKS 3.2. Biedronka APPENDIX 3.3. Hebe Outlook 2026 3.4. Pingo Doce Sustainability Commitments 2024-2026 3.5. Recheio Financial
Slide 4: 1. Q1 2026 Snapshot
1. Q1 2026 SNAPSHOT Good performance in deteriorating +3.1% geopolitical context +78 LFL New Stores Strategic priorities maintained ▪ Price competitiveness and assertive €572 MN 6.4% promotions ensured consumer trust EBITDA EBITDA Mg and preference (+8.4%) (+13 bps) ▪ Offer enhancement and store rem
Slide 5: Q1 2026 Key Figures: Income Statement
2. Q1 2026 KEY FIGURES 2.1. INCOME STATEMENT (€ Million) Q1 26 Q1 25 D GOOD SALES PERFORMANCE ALSO SUPPORTED BY AN EARLY Net Sales and Services Gross Profit 8,904 1,873 21.0% 8,377 1,741 20.8% 6.3% 7.6% EASTER SEASON VS. 2025 Operating Costs -1,301 -14.6% -1,213 -14.5% 7.3% EBITDA 572 6.4% 528 6.3%
Slide 6: Q1 2026 Key Figures: Cash Flow
2. Q1 2026 KEY FIGURES 2.2. CASH FLOW (€ Million) Q1 26 Q1 25 CASH GENERATION EBITDA 572 528 REFLECTS BUSINESS Capitalised Operating Leases Payment -106 -100 SEASONALITY Interest Payment -86 -78 Other Financial Items 0 0 Income Tax -32 -59 Funds From Operations 349 291 Capex and Financial Investment
Slide 7: Q1 2026 Key Figures: Balance Sheet
2. Q1 2026 KEY FIGURES 2.3. BALANCE SHEET SOLID BALANCE SHEET (€ Million) Q1 26 2025 Q1 25 MAINTAINED Net Goodwill Net Fixed Assets 644 6,510 649 6,476 646 6,045 Net Rights of Use (RoU) 3,899 3,835 3,683 Total Working Capital -4,015 -4,577 -3,705 DIVIDENDS IN THE Others 447 448 340 Invested Capital
Slide 8: Q1 2026 Sales Performance: Group
3. Q1 2026 SALES PERFORMANCE 3.1. GROUP All banners delivered good contribution to growth Group LFL at 3.1%, also supported by early Easter season 8
Slide 9: Q1 2026 Sales Performance: Biedronka
3. Q1 2026 SALES PERFORMANCE 3.2. BIEDRONKA Cautious consumer behaviour and very intense competition in food retail market Biedronka maintained its leadership in price and promotions, while advancing with assortment adjustments and store refurbishments LFL driven by solid volume growth. The banner o
Slide 10: Q1 2026 Sales Performance: Hebe
3. Q1 2026 SALES PERFORMANCE 3.3. HEBE Highly intense price competitive context 14 new stores opened in Poland 10
Slide 11: Q1 2026 Sales Performance: Pingo Doce
3. Q1 2026 SALES PERFORMANCE 3.4. PINGO DOCE Good sales performance driven by differentiated store model and assortment with a consistent and well recognised commercial strategy LFL also benefited from the early Easter season 11 stores remodelled over the period 11
Slide 12: Q1 2026 Sales Performance: Recheio
3. Q1 2026 SALES PERFORMANCE 3.5. RECHEIO Volatile trading environment during the first months of the year due to several storms that impacted particularly the centre of the country and affected the HoReCa channel Solid sales delivery supported by price competitiveness and segmented value propositio
Slide 13: Q1 2026 Sales Performance: Ara
3. Q1 2026 SALES PERFORMANCE 3.6. ARA Consumer environment remained very challenging, despite the recovery in private consumption and household confidence Enhanced brand awareness along with competitive value proposition – price, quality and assertive offer – drove good sales performance LFL driven
Slide 14: Q1 2026 EBITDA Performance: EBITDA
4. Q1 2026 EBITDA PERFORMANCE 4.1. EBITDA Solid EBITDA delivery reflects sales performance and focused management of all margin drivers 14
Slide 15: Q1 2026 EBITDA Performance: EBITDA Margin
4. Q1 2026 EBITDA PERFORMANCE 4.2. EBITDA MARGIN At Biedronka, sales growth and the focus on disciplined cost management protected margin in a highly competitive context At Hebe, the margin recovery benefited from the work carried from Q2 25 to protect profitability through sales mix and cost manage
Slide 16: Q1 2026 Final Remarks
5. Q1 2026 FINAL REMARKS Q1 2026 Despite the impact of deteriorating geopolitics on consumer sentiment, our banners delivered solid sales and EBITDA While also maintaining a disciplined approach to executing the Capex programme over the quarter Going Forward The war in Iran has already pushed up pri
Slide 17: Q&A
Q&A Group CFO Ana Luísa Virgínia 17
Slide 18: Appendix
APPENDIX OUTLOOK 2026 SUSTAINABILITY COMMITMENTS 2024-2026 FINANCIAL STATEMENTS FINANCIAL CALENDAR 18
Slide 19: 2026 Outlook (1/4)
2026 OUTLOOK (1/4) As presented on 18 March 2026 Heightened geopolitical uncertainty remains, affecting the sentiment of families and other economic agents In our markets, consumers are likely to continue prioritising low prices and promotions, and competitive intensity is unlikely to ease -% We wil
Slide 20: 2026 Outlook (2/4): Biedronka
2026 OUTLOOK (2/4) As presented on 18 March 2026 In Poland, the competitive environment remains intense, with consumers focused on low prices and promotions. Food inflation is low, so operational discipline remains central to protecting profitability Biedronka will… maintain its price leadership, an
Slide 21: 2026 Outlook (3/4)
2026 OUTLOOK (3/4) As presented on 18 March 2026 Hebe will stay focused on the strategic management of its sales mix, to strengthen its differentiation and protect profitability in a highly competitive market 30 new stores planned for Poland, while the e-commerce channel will maintain its central ro
Slide 22: 2026 Outlook (4/4): Ara
2026 OUTLOOK (4/4) As presented on 18 March 2026 In Colombia, where inflation remains relatively high for now, food consumption is expected to remain modest, given the prevailing uncertainty and ongoing pressures over families’ budgets Ara will… remain dedicated to ensuring consumer preference, cont
Slide 23: Sustainability Commitments 2024-2026 (1/3): Environment
SUSTAINABILITY COMMITMENTS 2024-2026 (1/3) Environment (non-exhaustive) 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 initiati
Slide 24: Sustainability Commitments 2024-2026 (2/3): Social
SUSTAINABILITY COMMITMENTS 2024-2026 (2/3) Social (non-exhaustive) 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 •
Slide 25: Sustainability Commitments 2024-2026 (3/3): Business Conduct
SUSTAINABILITY COMMITMENTS 2024-2026 (3/3) Business Conduct (non-exhaustive) 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, bas
Slide 26: Financial Statements (1/9): Income Statement
FINANCIAL STATEMENTS (1/9) INCOME STATEMENT (Excl. IFRS16) (€ Million) Q1 26 Q1 25 D Net Sales and Services 8,904 8,377 6.3% Gross Profit 1,873 21.0% 1,741 20.8% 7.6% Operating Costs -1,477 -16.6% -1,376 -16.4% 7.3% EBITDA 396 4.4% 364 4.3% 8.8% Depreciation -177 -2.0% -164 -2.0% 8.5% EBIT 219 2.5%
Slide 27: Financial Statements (2/9): Cash Flow
FINANCIAL STATEMENTS (2/9) CASH FLOW (Excl. IFRS16) (€ Million) Q1 26 Q1 25 EBITDA 396 364 Interest Payment -15 -14 Other Financial Items 0 0 Income Tax -32 -59 Funds From Operations 349 291 Capex and Financial Investments Payment -311 -319 Change in Working Capital -453 -366 Others -13 -4 Cash Flow
Slide 28: Financial Statements (3/9): Balance Sheet
FINANCIAL STATEMENTS (3/9) BALANCE SHEET (Excl. IFRS16) (€ Million) Q1 26 2025 Q1 25 Net Goodwill 644 649 646 Net Fixed Assets 6,510 6,476 6,045 Total Working Capital -4,016 -4,575 -3,701 Others 394 398 297 Invested Capital 3,532 2,948 3,288 Total Borrowings 1,272 1,238 1,102 Financial Leases 156 15
Slide 29: Financial Statements (4/9): EBITDA Breakdown
FINANCIAL STATEMENTS (4/9) EBITDA BREAKDOWN IFRS16 Excl. IFRS16 (€ Million) Q1 26 Mg Q1 25 Mg Q1 26 Mg Q1 25 Mg Biedronka 482 7.8% 461 7.7% 365 5.9% 349 5.9% Hebe 10 6.7% 3 2.0% 0 0.3% -6 n.a. Distribution Portugal 83 5.2% 78 5.2% 61 3.8% 57 3.8% Ara 44 4.6% 27 3.5% 18 1.8% 7 0.9% Others & Cons. Adj
Slide 30: Financial Statements (5/9): Net Financial Costs
FINANCIAL STATEMENTS (5/9) NET FINANCIAL COSTS IFRS16 Excl. IFRS16 (€ Million) Q1 26 Q1 25 Q1 26 Q1 26 Net Interest -16 -12 -16 -12 Interests on Capitalised Operating Leases -71 -64 - - Exchange Differences -7 7 -1 0 Others -5 -3 -5 -3 Net Financial Costs -99 -71 -22 -15 30
Slide 31: Financial Statements (6/9): Sales Breakdown
FINANCIAL STATEMENTS (6/9) SALES BREAKDOWN Q1 26 Q1 25 D% (€ Million) % total % total excl. FX Euro Biedronka 6,162 69.2% 5,946 71.0% 4.5% 3.6% Hebe 148 1.7% 145 1.7% 2.5% 1.6% Pingo Doce 1,290 14.5% 1,200 14.3% 7.5% Recheio 312 3.5% 302 3.6% 3.3% Ara 959 10.8% 775 9.3% 21.2% 23.6% Others & Cons. Ad
Slide 32: Financial Statements (7/9): Sales Growth
FINANCIAL STATEMENTS (7/9) SALES GROWTH Total Sales Growth LFL Growth Q1 26 Q1 26 Biedronka Euro 3.6% PLN 4.5% 2.3% Hebe Euro 1.6% PLN 2.5% 0.4% Pingo Doce 7.5% 5.6% Excl. Fuel 7.7% 5.7% Recheio 3.3% 2.7% Ara Euro 23.6% COP 21.2% 6.0% Total JM Euro 6.3% Excl. FX 6.7% 3.1% 32
Slide 33: Financial Statements (8/9): Store Network
FINANCIAL STATEMENTS (8/9) STORE NETWORK Openings Closings Number of Stores 2025 Q1 26 Q1 25 Q1 26 Q1 26 Biedronka * 3,882 12 9 3,885 3,780 Hebe ** 394 14 0 408 386 Pingo Doce 497 0 0 497 490 Recheio 43 1 1 43 43 Ara *** 1,653 51 6 1,698 1,447 Closings Openings Sales Area (sqm) 2025 Remodellings Q1
Slide 34: Financial Statements (9/9): Capex
FINANCIAL STATEMENTS (9/9) CAPEX (€ Million) Q1 26 Weight Q1 25 Weight Biedronka 131 63% 146 59% Distribution Portugal 52 25% 48 20% Ara 12 6% 35 14% Others 12 6% 19 8% Total CAPEX * 208 100% 248 100% * Excluding financial investments (which in Q1 26 amounted to €15 Mn and in Q1 25 €19 Mn) 34
Slide 35: Financial Calendar
FINANCIAL CALENDAR Dividend payment: 12 May (ex dividend on 8 May) H1 2026 Results: 29 July 9M 2026 Results: 28 October All releases will be published after the closing of the market 35
Slide 36: 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 37: Jerónimo Martins
Jeronimo Martins