Jeronimo Martins, Sgps S.a. · EURONEXT:JMT
Jeronimo Martins, Sgps — Jeronimo Martins Pe — H1 2026 Earnings Presentation
39 slides from Jeronimo Martins, Sgps's earnings presentation, Jul 30, 2026
Slide 1: Related Documents
RELATED DOCUMENTS > MARKET RELEASE > FACTSHEET LISBON, 30 JULY 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: H1 2026 Content
H1 2026 CONTENT 1 H1 2026 SNAPSHOT 2 H1 2026 KEY FIGURES 3 H1 2026 SALES PERFORMANCE 4 H1 2026 EBITDA PERFORMANCE 5 H1 2026 FINAL REMARKS 6 2026 OUTLOOK APPENDIX Sustainability Commitments 2024-2026 Financial Statements Financial Calendar 3
Slide 4: H1 2026 Snapshot
1. H1 2026 SNAPSHOT Consumers remained cautious in their food spending, favouring low prices and promotions €1.2 BN 6.8% EBITDA EBITDA Mg In Poland, Biedronka faced significant (+7.6%) (+16 bps) basket deflation Solid sales performance driven by strong volume growth across all banners +1.4% +124 LFL
Slide 5: H1 2026 Key Figures: Income Statement
2. H1 2026 KEY FIGURES 2.1. INCOME STATEMENT SALES PERFORMANCE DRIVEN (€ Million) H1 26 H1 25 D Q2 26 Q2 25 D BY STRONG VOLUME GROWTH Net Sales and Services Gross Profit 18,282 3,814 20.9% 17,396 3,565 20.5% 5.1% 7.0% 9,378 1,941 20.7% 9,020 1,825 20.2% 4.0% 6.4% ACROSS BANNERS Operating Costs -2,57
Slide 6: H1 2026 Key Figures: Cash Flow
2. H1 2026 KEY FIGURES 2.2. CASH FLOW CASH GENERATION (€ Million) H1 26 H1 25 IMPACTED ALSO BY THE EBITDA 1,235 1,148 EFFECT OF DEFLATION ON Capitalised Operating Leases Payment -214 -198 Interest Payment -187 -162 WORKING CAPITAL Other Financial Items 0 1 Income Tax -63 -105 Funds From Operations 7
Slide 7: H1 2026 Key Figures: Balance Sheet
2. H1 2026 KEY FIGURES 2.3. BALANCE SHEET SOLID BALANCE SHEET (€ Million) H1 26 2025 H1 25 Net Goodwill 644 649 648 Net Fixed Assets 6,589 6,476 6,046 Dividends in the amount Net Rights of Use (RoU) 4,058 3,835 3,714 of 408.5 million euros Total Working Capital -3,958 -4,577 -3,838 Others 450 448 35
Slide 8: H1 2026 Key Figures: Capex
2. H1 2026 KEY FIGURES 2.4. CAPEX 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 Do
Slide 9: H1 2026 Sales Performance: Group
3. H1 2026 SALES PERFORMANCE 3.1. GROUP In challenging contexts, all banners contributed to Group growth Group LFL at 1.4% 9
Slide 10: H1 2026 Sales Performance: Biedronka
3. H1 2026 SALES PERFORMANCE 3.2. BIEDRONKA 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
Slide 11: H1 2026 Sales Performance: Hebe
3. H1 2026 SALES PERFORMANCE 3.3. HEBE Highly price-competitive environment continuing to drive basket deflation Strong and unique offer strengthened differentiation and supported sales delivery 11
Slide 12: H1 2026 Sales Performance: Pingo Doce
3. H1 2026 SALES PERFORMANCE 3.4. PINGO DOCE 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
Slide 13: H1 2026 Sales Performance: Recheio
3. H1 2026 SALES PERFORMANCE 3.5. RECHEIO 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 proposit
Slide 14: H1 2026 Sales Performance: Ara
3. H1 2026 SALES PERFORMANCE 3.6. ARA 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 supporte
Slide 15: H1 2026 EBITDA Performance: EBITDA
4. H1 2026 EBITDA PERFORMANCE 4.1. EBITDA EBITDA supported by volume-led sales growth, operational discipline, improving sales mix and strong value propositions 15
Slide 16: H1 2026 EBITDA Performance: EBITDA Margin
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 pro
Slide 17: H1 2026 Final Remarks
5. H1 2026 FINAL REMARKS IN A MORE CHALLENGING CONTEXT THAN ANTICIPATED, WITH BIEDRONKA FACING SUBSTANCIAL BASKET DEFLATION, THE GROUP DELIVERED A SOLID PERFORMANCE ✓ GOOD VOLUME GROWTH IN ALL BANNERS We delivered a solid sales performance by keeping consumers, as always, at the centre of our strate
Slide 18: 2026 Outlook
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 competitiven
Slide 19: 2026 Outlook: Poland
6. 2026 OUTLOOK POLAND 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 com
Slide 20: 2026 Outlook: Portugal and Colombia
6. 2026 OUTLOOK PORTUGAL 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
Slide 21: Q&A
Q&A Group CFO Ana Luísa Virgínia 21
Slide 22: Appendix
APPENDIX SUSTAINABILITY COMMITMENTS 2024-2026 FINANCIAL STATEMENTS FINANCIAL CALENDAR 22
Slide 23: Sustainability Commitments 2024-2026 (1/3)
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)
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)
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 (1/11): Income Statement
FINANCIAL STATEMENTS (1/11) INCOME STATEMENT (Excl. IFRS16) (Excl. IFRS16) (€ Million) H1 26 H1 25 D Q2 26 Q2 25 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
Slide 27: Financial Statements (2/11): Cash Flow
FINANCIAL STATEMENTS (2/11) CASH FLOW (Excl. IFRS16) (€ Million) 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 Fl
Slide 28: Financial Statements (3/11): Balance Sheet
FINANCIAL STATEMENTS (3/11) BALANCE SHEET (Excl. IFRS16) (€ Million) 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 1
Slide 29: Financial Statements (4/11): EBITDA Breakdown
FINANCIAL STATEMENTS (4/11) EBITDA BREAKDOWN IFRS16 Excl. IFRS16 (€ Million) 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.
Slide 30: Financial Statements (5/11): Net Financial Costs
FINANCIAL STATEMENTS (5/11) NET FINANCIAL COSTS IFRS16 Excl. IFRS16 (€ Million) 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 30
Slide 31: Financial Statements (6/11): Sales Breakdown
FINANCIAL STATEMENTS (6/11) SALES BREAKDOWN H1 26 H1 25 D% Q2 26 Q2 25 D% (€ Million) % 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
Slide 32: Financial Statements (7/11): Sales Growth
FINANCIAL STATEMENTS (7/11) SALES GROWTH Total Sales Growth LFL 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%
Slide 33: Financial Statements (8/11): Store Network
FINANCIAL STATEMENTS (8/11) STORE NETWORK Openings Closings Number of Stores 2025 H1 26 H1 25 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 Openings Sales Area (sqm) 2
Slide 34: Financial Statements (9/11): Capex
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) 34
Slide 35: Financial Statements (10/11): Working Capital
FINANCIAL STATEMENTS (10/11) WORKING CAPITAL IFRS16 Excl. IFRS16 (€ Million) 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
Slide 36: Financial Statements (11/11): Total Borrowings
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
Slide 37: Financial Calendar
FINANCIAL CALENDAR 9M 2026 Results: 28 October (after the closing of the market) 37
Slide 38: 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 39: Jerónimo Martins
Jeronimo Martins