Slide 1: Results Presentation
RESULTS PRESENTATION 1 AUGUST 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. H1 2025 SNAPSHOT 5. H1 2025 EBITDA PERFORMANCE 5.1. EBITDA 2. H1 2025 KEY FIGURES 5.2. EBITDA Margin 3. H1 2025 CAPEX 6. H1 2025 FINAL REMARKS 4. H1 2025 SALES PERFORMANCE 4.1. Group APPENDIX 4.2. Biedronka Outlook 2025 4.3. Hebe Sustainability Commitments 2024-2026 4.4. Pingo Doce Financ
Slide 4: H1 2025 Snapshot
Challenging context combining low basket inflation, rising wages, and stagnant food €1.1 bn 6.6% consumption EBITDA EBITDA Mg (+10.3%) (+21 bps) Focus on price competitiveness together with the quality of our value propositions enabled us to retain customer preference and drive sales +1.6% +196 LFL
Slide 5: Strong sales performance and operational efficiency more than offset pressure
STRONG SALES PERFORMANCE (€ Million) H1 25 H1 24 D AND OPERATIONAL EFFICIENCY Net Sales and Services 17,396 16,298 6.7% MORE THAN OFFSET PRESSURE Gross Profit 3,565 20.5% 3,318 20.4% 7.5% FROM COST INFLATION OVER Operating Costs -2,418 -13.9% -2,277 -14.0% 6.2% MARGINS EBITDA 1,148 6.6% 1,040 6.4% 1
Slide 6: Cash generation reflecting normal business seasonality
CASH GENERATION (€ Million) H1 25 H1 24 REFLECTING NORMAL EBITDA 1,148 1,040 BUSINESS SEASONALITY Capitalised Operating Leases Payment -198 -189 AND AMBITIOUS CAPEX Interest Payment -162 -136 PROGRAMME Other Financial Items 1 0 Income Tax -105 -197 Funds From Operations 683 519 Capex Payment -596 -5
Slide 7: Solid balance sheet
SOLID BALANCE SHEET (€ Million) H1 25 2024 H1 24 Net Goodwill 648 639 637 DIVIDENDS AMOUNTING TO Net Fixed Assets 6,046 5,891 5,605 Net Rights of Use (RoU) 3,714 3,530 3,365 €371 MN PAID IN MAY Total Working Capital -3,838 -4,062 -3,856 Others 354 318 343 Invested Capital 6,923 6,317 6,095 Total Bor
Slide 8: Execution of the investment continues to be a priority
Execution of the investment continues to be a priority 196 stores opened across the different banners 71 locations remodelled 81 Biedronka (72 net) 6 Biedronka Slovakia 3 Pingo Doce 96 Ara (93 net) 10 Hebe (7 net) 34 Biedronka 24 Pingo Doce 1 Recheio 12 Ara 8
Slide 9: Contribution to Sales Growth
Contribution to Sales Growth (Mn €) Strong delivery across banners Group LFL at 1.6% Expansion and remodelling programmes solidly contributing to top line growth 9
Slide 10: Biedronka: muted consumer demand and intense competition
Muted consumer demand and competitive context remaining intense and promotional Price leadership, together with assortment quality, was a primary tool driving performance Solid delivery against the outstanding volume growth registered in H1 24 Expansion and remodelling also key growth contributors –
Slide 11: Hebe performance impacted by basket deflation
Hebe performance impacted by substantial deflation in the basket driven by increased price competition 9 stores opened in Poland (6 net additions) over the period and one in Czech Republic 11
Slide 12: Pingo Doce: price sensitive consumers and promotions
Consumers staying price sensitive and promotions oriented Pingo Doce’s strong delivery benefited from its well recognized commercial actions and from store conversations to All About Food concept 3 new stores opened and 24 stores remodelled 12
Slide 13: Recheio overcame a challenging context
Recheio overcame a challenging context and delivered well, particularly on the HoReCa segment 13
Slide 14: Ara: consumption environment remained very challenging
Consumption environment remained very challenging Ara continued to guarantee good saving opportunities to Colombian families gaining consumer preference in the neighbourhoods where it is present Network expansion advancing well – 96 new stores opened including the integration of 58 locations formerl
Slide 15: Group EBITDA growth driven by sales and cost discipline
Group EBITDA growth driven by sales, strict cost discipline and increased productivity 15
Slide 16: EBITDA performance by banner
At Biedronka, sales performance together with reinforced costs discipline and focus on productivity, more than offset the pressure on margin that also benefited from easier gross margin comps through the first four months of the year At Hebe, price investment drove significant basket deflation and p
Slide 17: Final remarks
Strong top line performance against the tough comparable Uncertainty regarding geopolitical evolution and socio- of H1 2024 economic dynamics limit visibility over evolution of consumer behaviour Market shares reinforced We will continue serving consumers with the most Strong sales and remarkable de
Slide 18: Q&A
Q&A Group CFO Ana Luísa Virgínia 18
Slide 19: Appendix
APPENDIX OUTLOOK 2025 SUSTAINABILITY COMMITMENTS 2024-2026 FINANCIAL STATEMENTS FINANCIAL CALENDAR 19
Slide 20: Outlook 2025: Group
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, continuing into the second
Slide 21: Outlook 2025: Biedronka
The banner will continue to lead in price competitiveness and design the best saving opportunities for Polish families. The priority will be sales performance, a significant challenge, given the outperformance consistently delivered by the banner in recent years focus on cost efficiency and implemen
Slide 22: Outlook 2025: Hebe, Pingo Doce and Recheio
In an increasingly competitive market Hebe is responding with reinforced price assertiveness to the intensifying competition while working to strengthen cost discipline and manage the resulting pressure on margins Hebe plans to open, in 2025, c.30 new stores, while maintaining the e-commerce channel
Slide 23: Outlook 2025: Ara
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 locations previously operated by Colsubsidio, in premium areas, were progre
Slide 24: Sustainability commitments: environment
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 25: Sustainability commitments: people and society
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 26: Sustainability commitments: business conduct
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 27: Financial Statements (1/11): Income Statement
FINANCIAL STATEMENTS (1/11) INCOME STATEMENT (Excl. IFRS16) (Excl. IFRS16) (€ Million) H1 25 H1 24 D Q2 25 Q2 24 D Net Sales and Services 17,396 16,298 6.7% 9,020 8,232 9.6% Gross Profit 3,565 20.5% 3,318 20.4% 7.5% 1,825 20.2% 1,667 20.3% 9.4% Operating Costs -2,747 -15.8% -2,576 -15.8% 6.7% -1,371
Slide 28: Financial Statements (2/11): Cash Flow
FINANCIAL STATEMENTS (2/11) CASH FLOW (Excl. IFRS16) (€ Million) H1 25 H1 24 EBITDA 818 742 Interest Payment -32 -27 Other Financial Items 1 0 Income Tax -105 -197 Funds From Operations 682 519 Capex Payment -596 -527 Change in Working Capital -192 -323 Others -51 -52 Cash Flow -157 -383 28
Slide 29: Financial Statements (3/11): Balance Sheet
FINANCIAL STATEMENTS (3/11) BALANCE SHEET (Excl. IFRS16) (€ Million) H1 25 2024 H1 24 Net Goodwill 647 639 637 Net Fixed Assets 6,046 5,891 5,605 Total Working Capital -3,834 -4,058 -3,850 Others 308 277 307 Invested Capital 3,167 2,749 2,698 Total Borrowings 1,086 1,003 799 Financial Leases 146 128
Slide 30: Financial Statements (4/11): EBITDA Breakdown
FINANCIAL STATEMENTS (4/11) EBITDA BREAKDOWN IFRS16 Excl. IFRS16 (€ Million) H1 25 Mg H1 24 Mg H1 25 Mg H1 24 Mg Biedronka 956 7.7% 878 7.6% 732 5.9% 675 5.8% Hebe 18 6.2% 20 7.3% 0 0.0% 3 1.2% Pingo Doce 141 5.5% 132 5.5% 101 4.0% 95 4.0% Recheio 32 4.9% 30 4.6% 29 4.5% 27 4.2% Ara 60 3.9% 40 2.8%
Slide 31: Financial Statements (5/11): Net Financial Costs
FINANCIAL STATEMENTS (5/11) NET FINANCIAL COSTS IFRS16 Excl. IFRS16 (€ Million) H1 25 H1 24 H1 25 H1 24 Net Interest -24 -19 -24 -19 Interests on Capitalised Operating Leases -130 -109 - - Exchange Differences 2 4 -1 2 Others -6 -6 -6 -6 Net Financial Costs -158 -130 -31 -23 31
Slide 32: Financial Statements (6/11): Sales Breakdown
FINANCIAL STATEMENTS (6/11) SALES BREAKDOWN H1 25 H1 24 D% Q2 25 Q2 24 D% (€ Million) % total % total excl. FX Euro % total % total excl. FX Euro Biedronka 12,356 71.0% 11,539 70.8% 5.0% 7.1% 6,409 71.1% 5,788 70.3% 9.7% 10.7% Hebe 297 1.7% 271 1.7% 7.3% 9.4% 152 1.7% 142 1.7% 6.2% 7.2% Pingo Doce 2
Slide 33: Financial Statements (7/11): Sales Growth
FINANCIAL STATEMENTS (7/11) SALES GROWTH Total Sales Growth LFL Growth Q1 25 Q2 25 H1 25 Q1 25 Q2 25 H1 25 Biedronka Euro 3.4% 10.7% 7.1% PLN 0.3% 9.7% 5.0% -3.5% 5.3% 0.9% Hebe Euro 11.9% 7.2% 9.4% PLN 8.5% 6.2% 7.3% 1.9% 0.7% 1.3% Pingo Doce 2.8% 8.3% 5.7% 1.0% 6.1% 3.7% Excl. Fuel 2.9% 8.8% 5.9%
Slide 34: Financial Statements (8/11): Store Network
FINANCIAL STATEMENTS (8/11) STORE NETWORK Openings Closings Number of Stores 2024 H1 25 H1 24 Q1 25 Q2 25 H1 25 Biedronka ** 3,730 56 25 9 3,802 3,620 Hebe *** 381 5 5 3 388 361 Pingo Doce 489 1 2 0 492 485 Recheio 43 0 0 0 43 43 Ara **** 1,438 9 87 3 1,531 1,349 Closings Openings Sales Area (sqm) 2
Slide 35: Financial Statements (9/11): Capex
FINANCIAL STATEMENTS (9/11) CAPEX (€ Million) H1 25 Weight H1 24 Weight Biedronka 239 44% 121 31% Pingo Doce 90 16% 155 39% Recheio 9 2% 7 2% Ara 114 21% 68 17% Others 94 17% 45 11% Total CAPEX 546 100% 396 100% 35
Slide 36: Financial Statements (10/11): Working Capital
FINANCIAL STATEMENTS (10/11) WORKING CAPITAL IFRS16 Excl. IFRS16 (€ Million) H1 25 H1 24 H1 25 H1 24 Inventories 2,028 1,874 2,028 1,874 in days of sales 21 21 21 21 Customers 56 68 56 68 in days of sales 1 1 1 1 Suppliers -4,609 -4,479 -4,609 -4,479 in days of sales -48 -50 -48 -50 Others -1,312 -1
Slide 37: Financial Statements (11/11): Total Borrowings
FINANCIAL STATEMENTS (11/11) TOTAL BORROWINGS (€ Million) H1 25 H1 24 Long Term Borrowings / Financial leases 586 419 as % of Total 47.6% 45.9% Average Maturity (years) 4.2 3.2 Short Term Borrowings / Financial leases 645 494 as % of Total 52.4% 54.1% Total Borrowings / Financial leases 1,231 913 Av
Slide 38: Financial Calendar: 9M 2025 Results 29 October
9M 2025 Results: 29 October (after the closing of the market) 38
Slide 39: 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 40: Jeronimo Martins
Jeronimo Martins