Jeronimo Martins, Sgps S.a. · EURONEXT:JMT
Jeronimo Martins, Sgps — Jeronimo Martins Pe — Q1 2025 Earnings Presentation
37 slides from Jeronimo Martins, Sgps's earnings presentation, May 8, 2025
Slide 1: Results Presentation
RESULTS PRESENTATION 8 MAY 2025 RELATED DOCUMENTS > MARKET RELEASE > MARKET RELEASE > FACTSHEET > FACTSHEET
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: Content
CONTENT 1. Q1 2025 SNAPSHOT 4. Q1 2025 EBITDA PERFORMANCE 4.1. EBITDA 2. Q1 2025 KEY FIGURES 4.2. EBITDA Margin 3. Q1 2025 SALES PERFORMANCE 5. Q1 2025 FINAL REMARKS 3.1. Group 3.2. Biedronka 3.3. Hebe APPENDIX 3.4. Pingo Doce Outlook 2025 3.5. Recheio Sustainability Commitments 2024-2026 3.6. Ara F
Slide 4: Q1 2025 Snapshot: KPIs and Highlights
Consumers remained cautious and promotions-driven €528 mn 6.3% EBITDA EBITDA Mg (+3.8%) (in line with Q1 24) Challenging combination of low basket inflation and increasing labour costs -2.2% +71 Strategic focus on price competitiveness to LFL New Stores drive sales and on tight control over profitab
Slide 5: Sales grew despite significant calendar impact
SALES GREW DESPITE (€ Million) Q1 25 Q1 24 D SIGNIFICANT CALENDAR Net Sales and Services 8,377 8,066 3.8% IMPACT Gross Profit 1,741 20.8% 1,650 20.5% 5.5% Operating Costs -1,213 -14.5% -1,142 -14.2% 6.2% EBITDA 528 6.3% 508 6.3% 3.8% GROSS PROFIT BENEFITED Depreciation -279 -3.3% -251 -3.1% 11.5% FR
Slide 6: Cash generation reflecting business seasonality
CASH GENERATION (€ Million) Q1 25 Q1 24 REFLECTING BUSINESS EBITDA 528 508 SEASONALITY AND Capitalised Operating Leases Payment -100 -94 CALENDAR EFFECT Interest Payment -78 -65 Other Financial Items 0 0 Income Tax -59 -58 Funds From Operations 291 292 Capex Payment -319 -267 Change in Working Capit
Slide 7: Solid balance sheet maintained
SOLID BALANCE SHEET (€ Million) Q1 25 2024 Q1 24 MAINTAINED Net Goodwill 646 639 637 Net Fixed Assets 6,045 5,891 5,587 Net Rights of Use (RoU) 3,683 3,530 3,371 DIVIDENDS IN THE AMOUNT Total Working Capital -3,705 -4,062 -4,086 OF €370.8 MN APPROVED Others 340 318 224 TO BE PAID ON 15 MAY Invested
Slide 8: Main banners operating with low basket inflation
Main banners operating with low basket inflation Group LFL at -2.2%, strongly impacted by calendar Solid contribution from expansion over the period 8
Slide 9: Biedronka: cautious consumer behaviour and intense competition
Cautious consumer behaviour and intense competition remain as features of the food market Intense commercial dynamic maintained LFL impacted by significant calendar effect and the demanding comparison base of Q1 24, when the banner delivered extraordinary volume growth 56 stores opened during the pe
Slide 10: Hebe operated in a significantly more competitive context
Hebe operated in a significantly more competitive context that drove substantial deflation in the basket with immediate impact on sales 4 new stores in Poland and one in Czech Republic 10
Slide 11: Pingo Doce: highly promotion-driven consumer
Highly promotion-driven consumer Pingo Doce maintained its intense promotional activity and was able to offset the negative calendar effect on the top line The banner opened one store and remodeled 13 locations 11
Slide 12: Recheio: persistent pressure in the HoReCa channel
Persistent pressure in the HoReCa channel, driving the banner to further invest to protect sales performance 12
Slide 13: Ara: consumption environment remaining very challenging
Consumption environment remaining very challenging Ara maintained its assertive commercial strategy to respond to Colombian consumer saving needs Nine new stores and one new distribution centre opened over the period 13
Slide 14: Group EBITDA increased with sales
Group EBITDA increased with sales, following a strict management of margin mix and costs 14
Slide 15: EBITDA margin by banner
At Biedronka, stricter cost discipline and favourable margin mix vs. Q1 24 offset the impact of negative LFL and wage increases At Hebe, price investment drove significant basket deflation and pressured margin In Portugal the margin was pressured by increased personnel costs following the rise in th
Slide 16: Outlook 2025
Although market trends remain unclear in the first quarter of There is an increased uncertainty regarding geopolitical the year, particularly when not including Easter, our view is evolution and socio-economic dynamics that exacerbates that: the lack of visibility concerning consumer behaviour Readi
Slide 17: Q&A
Q&A Group CFO Ana Luísa Virgínia 17
Slide 18: Appendix
APPENDIX OUTLOOK 2025 SUSTAINABILITY COMMITMENTS 2024-2026 FINANCIAL STATEMENTS FINANCIAL CALENDAR 18
Slide 19: Outlook 2025: heightened instability
2025 started with heightened instability, driven by global geopolitical turbulence and the socio-economic dynamics 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 least in the first half
Slide 20: Biedronka outlook
The banner will continue to 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 profi
Slide 21: Hebe, Pingo Doce and Recheio outlook
In an increasingly competitive market 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 Consumer behaviour to remain promotional driven Pingo Doce, leveraging th
Slide 22: Ara outlook
Consumption growth is expected to remain modest 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 integrate
Slide 23: Reduce the Group's scopes 1 and 2 emissions
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 initiative Reduce carbon emissions resulting from transporting goods to stores b
Slide 24: Strengthen the promotion of gender equality across the Group
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 • ensuring a gender pay ratio variation of +/- 3% compared to the par
Slide 25: Guarantee that at least 80% of purchases are local
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, based on a risk assessment and with a purchase volume greater than one million e
Slide 26: Financial Statements (1/9): Income Statement
FINANCIAL STATEMENTS (1/9) INCOME STATEMENT (Excl. IFRS16) (€ Million) Q1 25 Q1 24 D Net Sales and Services 8,377 8,066 3.8% Gross Profit 1,741 20.8% 1,650 20.5% 5.5% Operating Costs -1,376 -16.4% -1,288 -16.0% 6.9% EBITDA 364 4.3% 363 4.5% 0.4% Depreciation -164 -2.0% -146 -1.8% 12.1% EBIT 201 2.4%
Slide 27: Financial Statements (2/9): Cash Flow
FINANCIAL STATEMENTS (2/9) CASH FLOW (Excl. IFRS16) (€ Million) Q1 25 Q1 24 EBITDA 364 363 Interest Payment -14 -12 Other Financial Items 0 0 Income Tax -59 -58 Funds From Operations 291 293 Capex Payment -319 -267 Change in Working Capital -366 -192 Others -4 -2 Cash Flow -398 -168 27
Slide 28: Financial Statements (3/9): Balance Sheet
FINANCIAL STATEMENTS (3/9) BALANCE SHEET (Excl. IFRS16) (€ Million) Q1 25 2024 Q1 24 Net Goodwill 646 639 637 Net Fixed Assets 6,045 5,891 5,587 Total Working Capital -3,701 -4,058 -4,080 Others 297 277 190 Invested Capital 3,288 2,749 2,334 Total Borrowings 1,102 1,003 790 Financial Leases 137 128
Slide 29: Financial Statements (4/9): EBITDA Breakdown
FINANCIAL STATEMENTS (4/9) EBITDA BREAKDOWN IFRS16 Excl. IFRS16 (€ Million) Q1 25 Mg Q1 24 Mg Q1 25 Mg Q1 24 Mg Biedronka 461 7.7% 444 7.7% 349 5.9% 344 6.0% Hebe 3 2.0% 7 5.4% -6 n.a. -1 n.a. Distribution Portugal 78 5.2% 78 5.3% 57 3.8% 59 4.0% Ara 27 3.5% 18 2.5% 7 0.9% 0 0.0% Others & Cons. Adju
Slide 30: Financial Statements (5/9): Net Financial Costs
FINANCIAL STATEMENTS (5/9) NET FINANCIAL COSTS IFRS16 Excl. IFRS16 (€ Million) Q1 25 Q1 24 Q1 25 Q1 24 Net Interest -12 -8 -12 -8 Interests on Capitalised Operating Leases -64 -53 - - Exchange Differences 7 3 0 1 Others -3 -3 -3 -3 Net Financial Costs -71 -61 -15 -10 30
Slide 31: Financial Statements (6/9): Sales Breakdown
FINANCIAL STATEMENTS (6/9) SALES BREAKDOWN Q1 25 Q1 24 D% (€ Million) % total % total excl. FX Euro Biedronka 5,946 71.0% 5,751 71.3% 0.3% 3.4% Hebe 145 1.7% 130 1.6% 8.5% 11.9% Pingo Doce 1,200 14.3% 1,166 14.5% 2.8% Recheio 302 3.6% 303 3.8% -0.4% Ara 775 9.3% 711 8.8% 13.0% 9.1% Others & Cons. Ad
Slide 32: Financial Statements (7/9): Sales Growth
FINANCIAL STATEMENTS (7/9) SALES GROWTH Total Sales Growth LFL Growth Q1 25 Q1 25 Biedronka Euro 3.4% PLN 0.3% -3.5% Hebe Euro 11.9% PLN 8.5% 1.9% Pingo Doce 2.8% 1.0% Excl. Fuel 2.9% 1.1% Recheio -0.4% -0.5% Ara Euro 9.1% COP 13.0% 3.0% Total JM Euro 3.8% Excl. FX 1.9% -2.2% 32
Slide 33: Financial Statements (8/9): Store Network
FINANCIAL STATEMENTS (8/9) STORE NETWORK Number of Stores 2024 Openings Q1 25 Closings Q1 25 Q1 25 Q1 24 Biedronka ** 3,730 56 6 3,780 3,596 Hebe *** 381 5 0 386 352 Pingo Doce 489 1 0 490 483 Recheio 43 0 0 43 43 Ara **** 1,438 9 0 1,447 1,317 Closings Openings Sales Area (sqm) 2024 Remodellings *
Slide 34: Financial Statements (9/9): Capex
FINANCIAL STATEMENTS (9/9) CAPEX (€ Million) Q1 25 Weight Q1 24 Weight Biedronka 146 55% 61 35% Distribution Portugal 48 18% 77 44% Ara 35 13% 30 17% Others 38 14% 8 5% Total CAPEX 267 100% 176 100% 34
Slide 35: Financial Calendar
Dividend payment: 15 May H1 2025 Results: 1 August (before the opening of the market) 9M 2025 Results: 29 October (after the closing of the market) 35
Slide 36: Forward-looking statements
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 resu
Slide 37: Jeronimo Martins
Jeronimo Martins