Jeronimo Martins, Sgps S.a. · EURONEXT:JMT
Jeronimo Martins, Sgps — Jerónimo Martins — 9M 2026 Earnings Presentation
32 slides from Jeronimo Martins, Sgps's earnings presentation, Oct 29, 2026
Slide 1: 9M 2026 Results Presentation
LISBON, 29 OCTOBER 2026 RELATED DOCUMENTS > MARKET RELEASE > FACTSHEET
Slide 2: Introductory Note
INTRODUCTORY NOTE This presentation includes in the Appendix, the Financial Statements excluding the effect of the IFRS16 2
Slide 3: 9M 2026 Content
9M 2026 CONTENT 1 9M 2026 SNAPSHOT 2 9M 2026 KEY FIGURES 3 9M 2026 SALES PERFORMANCE 4 9M 2026 EBITDA PERFORMANCE LISBON, 29 OCTOBER 2026 5 9M 2026 FINAL REMARKS APPENDIX 2026 Outlook Sustainability Commitments 2024-2026 Financial Statements
Slide 4: 1. 9M 2026 Snapshot
1. 9M 2026 SNAPSHOT The nine months were marked by high geopolitical uncertainty, pressure on food prices, particularly in Poland, consumer €1.9 BN 7.0% focus on prices and promotions, intense EBITDA EBITDA Mg competition and rising fuel costs (+7.6%) (+18 bps) All banners’ reinforced commitment to
Slide 5: 2.1 Income Statement
2. 9M 2026 KEY FIGURES 2.1. INCOME STATEMENT SALES PERFORMANCE DRIVEN BY (€ Million) 9M 26 9M 25 D VOLUME GROWTH ACROSS ALL BANNERS Net Sales and Services 27,815 26,534 4.8% Gross Profit 5,824 20.9% 5,460 20.6% 6.7% Operating Costs -3,875 -13.9% -3,648 -13.7% 6.2% EBITDA MARGIN IMPROVEMENT EBITDA 1,
Slide 6: 2.2 Cash Flow
2. 9M 2026 KEY FIGURES 2.2. CASH FLOW CASH GENERATION (€ Million) 9M 26 9M 25 IMPACTED BY THE EFFECT EBITDA 1,950 1,811 Capitalised Operating Leases Payment -323 -297 OF DEFLATION ON Interest Payment -280 -237 GROWTH AND WORKING Other Financial Items Income Tax 0 -126 0 -192 CAPITAL Funds From Opera
Slide 7: 2.3 Balance Sheet
2. 9M 2026 KEY FIGURES 2.3. BALANCE SHEET SOLID BALANCE SHEET (€ Million) 9M 26 2025 9M 25 MAINTAINED Net Goodwill Net Fixed Assets 643 6,580 649 6,476 646 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
Slide 8: 3.1 Group Sales Performance
3. 9M 2026 SALES PERFORMANCE 3.1. GROUP All banners contributed to Group sales growth despite low or negative basket inflation, with Ara recording a particularly strong contribution Group LFL at 0.8% 8
Slide 9: 3.2 Biedronka
3. 9M 2026 SALES PERFORMANCE 3.2. BIEDRONKA Food inflation in Poland declined during the period, reaching -0.6% in Q3. Consumers’ active search for low prices and promotions further fuelled competition Strengthened value proposition - price and promotional leadership, continuous evolution of the ass
Slide 10: 3.3 Hebe
3. 9M 2026 SALES PERFORMANCE 3.3. HEBE Hebe operated in a context of renewed competitive pressures on prices, which intensified basket deflation, impacting sales growth 25 new stores opened in Poland over the period 10
Slide 11: 3.4 Pingo Doce
3. 9M 2026 SALES PERFORMANCE 3.4. PINGO DOCE Food inflation slowed in Q3. As households face more pressure from higher fuel prices and interest rates, appetite for low prices and promotions gained traction Sharpened value proposition - remodelled stores, innovative food solutions and high-impact pro
Slide 12: 3.5 Recheio
3. 9M 2026 SALES PERFORMANCE 3.5. RECHEIO HoReCa, that in the first quarter was strongly impacted by Storm Kristin, which particularly affected the centre of Portugal – with a long recovery and reconstruction process ahead, operated, from the second quarter onwards, against very demanding base vs th
Slide 13: 3.6 Ara
3. 9M 2026 SALES PERFORMANCE 3.6. ARA The socioeconomic impact of the large earthquake that struck some regions of Colombia in August has been very significant. For Ara, despite the inevitable disruptions of operations, the overall impact was not material Households remained highly price-conscious a
Slide 14: 4.1 EBITDA
4. 9M 2026 EBITDA PERFORMANCE 4.1. EBITDA Group EBITDA grew ahead of sales supported by cost discipline, efficiencies and improved sales mix across business areas 14
Slide 15: 4.2 EBITDA Margin
4. 9M 2026 EBITDA PERFORMANCE 4.2. EBITDA MARGIN Biedronka’s margin expansion reflects positive mix impact of the ongoing commercial dynamic together with more efficient store processes and strict cost management At Hebe, margin improvement was supported by a stronger sales mix and productivity gain
Slide 16: 5. 9M 2026 Final Remarks
5. 9M 2026 FINAL REMARKS CHALLENGING MARKET CLEAR STRATEGIC SOLID PERFORMANCE CONTEXTS PRIORITIES DELIVERY Basket deflation at Biedronka Drive sales growth ✓ Solid volume growth Price and promotional across banners leadership Consumers focused on prices and promotions, Assortment innovation ✓ Strong
Slide 17: Q&A
Q&A Group CFO Ana Luísa Virgínia 17
Slide 18: Appendix
APPENDIX 2026 OUTLOOK SUSTAINABILITY COMMITMENTS 2024-2026 FINANCIAL STATEMENTS 18
Slide 19: 6. 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 20: 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 21: 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 22: Financial Statements (1/9): Income Statement
FINANCIAL STATEMENTS (1/9) INCOME STATEMENT (Excl. IFRS16) (Excl. IFRS16) (€ Million) 9M 26 9M 25 D Q3 26 Q3 25 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
Slide 23: Financial Statements (2/9): Cash Flow
FINANCIAL STATEMENTS (2/9) CASH FLOW (Excl. IFRS16) (€ Million) 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 -5
Slide 24: Financial Statements (3/9): Balance Sheet
FINANCIAL STATEMENTS (3/9) BALANCE SHEET (Excl. IFRS16) (€ Million) 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 15
Slide 25: Financial Statements (4/9): EBITDA Breakdown
FINANCIAL STATEMENTS (4/9) EBITDA BREAKDOWN IFRS16 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% Ot
Slide 26: Financial Statements (5/9): Net Financial Costs
FINANCIAL STATEMENTS (5/9) NET FINANCIAL COSTS IFRS16 Excl. IFRS16 (€ Million) 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 26
Slide 27: Financial Statements (6/9): Sales Breakdown
FINANCIAL STATEMENTS (6/9) SALES BREAKDOWN 9M 26 9M 25 D% Q3 26 Q3 25 D% (€ 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,
Slide 28: Financial Statements (7/9): Sales Growth
FINANCIAL STATEMENTS (7/9) SALES GROWTH Total Sales Growth LFL Growth 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
Slide 29: Financial Statements (8/9): Store Network
FINANCIAL STATEMENTS (8/9) STORE NETWORK Openings Closings Number of Stores 2025 9M 26 9M 25 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 Openings
Slide 30: Financial Statements (9/9): Capex
FINANCIAL STATEMENTS (9/9) CAPEX (€ 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) 30
Slide 31: 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 32: Jerónimo Martins
Jeronimo Martins