Jeronimo Martins, Sgps S.a. · EURONEXT:JMT
Jeronimo Martins, Sgps — Jeronimo Martins Pe — Q3 2025 Earnings Presentation
36 slides from Jeronimo Martins, Sgps's earnings presentation, Oct 30, 2025
Slide 1: Results Presentation
RESULTS PRESENTATION 30 OCTOBER 2025 RELATED DOCUMENTS > MARKET RELEASE > 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. 9M 2025 SNAPSHOT 4. 9M 2025 EBITDA PERFORMANCE 4.1. EBITDA 2. 9M 2025 KEY FIGURES 4.2. EBITDA Margin 3. 9M 2025 SALES PERFORMANCE 5. 9M 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: 9M 2025 Snapshot
Relatively cautious consumer environments, with customers continuing to prioritize low prices and promotions €1.8 bn 6.8% EBITDA EBITDA Mg The strength and consistency or our banners’ (+10.9%) (+23 bps) value propositions and their focus on price leadership secured consumer preference and strong sal
Slide 5: Focus on sales and operational discipline boosted growth and ensured good results
FOCUS ON SALES AND (€ Million) 9M 25 9M 24 D OPERATIONAL DISCIPLINE Net Sales and Services 26,534 24,765 7.1% BOOSTED GROWTH AND Gross Profit 5,460 20.6% 5,066 20.5% 7.8% ENSURED GOOD RESULTS Operating Costs -3,648 -13.7% -3,433 -13.9% 6.3% EBITDA 1,811 6.8% 1,633 6.6% 10.9% Depreciation -848 -3.2%
Slide 6: Solid cash generation alongside an ambitious capex plan execution
SOLID CASH GENERATION (€ Million) 9M 25 9M 24 ALONGSIDE AN AMBITIOUS EBITDA 1,811 1,633 CAPEX PLAN EXECUTION Capitalised Operating Leases Payment -297 -285 Interest Payment -237 -205 Other Financial Items 0 1 Income Tax -192 -242 Funds From Operations 1,086 902 Capex Payment -798 -760 Change in Work
Slide 7: Solid balance sheet maintained
SOLID BALANCE SHEET (€ Million) 9M 25 2024 9M 24 MAINTAINED Net Goodwill 646 639 639 Net Fixed Assets 6,149 5,891 5,678 Net Rights of Use (RoU) 3,736 3,530 3,387 Total Working Capital -3,978 -4,062 -3,726 Others 379 318 331 Invested Capital 6,931 6,317 6,308 Total Borrowings 1,063 1,003 847 Financia
Slide 8: Contribution to Sales Growth
Contribution to Sales Growth (Mn €) Good sales delivery reflects overall solid LFL and ambitious expansion in Poland and Colombia Group LFL at 2.4% (3.8% in Q3) 8
Slide 9: Biedronka sales performance
Consumers remained cautious, focusing on low prices and promotional offers, fostering a highly competitive market context Biedronka honoured its commitment to offering the best savings opportunities to Polish families while working to evolve its assortment Continuing investment in the store network:
Slide 10: Hebe sales performance
Hebe is operating in an increasingly price competitive context with muted consumer demand LFL pressured by the market dynamic and high basket deflation 13 stores opened in Poland and two in Czech Republic Focus on offer differentiation and efficiency to protect competitiveness 10
Slide 11: Pingo Doce sales performance
Consumers remained price sensitive and promotions oriented Good LFL supported by intense promotional activity and All About Food store concept The banner opened five stores and remodelled 38 locations Renewed store concept, reinforcing differentiation and the uniqueness of the assortment, driving go
Slide 12: Improved HoReCa momentum in 2025
Improved HoReCa momentum in 2025 Recheio offer optimised to effectively target the Traditional Retailers and HoReCa segments Enhanced perishables proposition, supported by unique instore execution, delivered well Strong price positioning and specialized offer & service to the HoReCa segment drives g
Slide 13: Ara sales performance
Colombian families’ consumption patterns remained very conservative and focused on price Ara maintained an intense commercial dynamic, creating significant savings opportunities for its customers Opened 135 new stores (129 net additions), including the integration throughout the first seven months o
Slide 14: EBITDA growth driven by sales increase and cost discipline
EBITDA growth driven by sales increase, cost discipline, improved efficiency and greater productivity despite rising wage costs and intense competition 14
Slide 15: Good margin performance across all banners
At Biedronka, margin protection resulted from combined focus on sales growth, disciplined cost and productivity management, which allowed the Company to mitigate the pressure caused by price competitiveness and cost inflation Hebe worked to safeguard profitability through its sales mix and cost mana
Slide 16: Final remarks
Global geopolitical uncertainty marked the 9M and contributed to cautious, price-oriented consumer behaviour Solid sales growth driven by LFL following the commitment to offer the best saving opportunities by expansion of the store networks through the on-track execution of the capex plan Good EBITD
Slide 17: Q&A
Q&A Group CFO Ana Luísa Virgínia 17
Slide 18: Appendix
APPENDIX OUTLOOK 2025 SUSTAINABILITY COMMITMENTS 2024-2026 FINANCIAL STATEMENTS 18
Slide 19: 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 20: 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 21: 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 22: 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 23: 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 24: Sustainability commitments: People and community
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: 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 26: Financial Statements (1/9): Income Statement
FINANCIAL STATEMENTS (1/9) INCOME STATEMENT (Excl. IFRS16) (Excl. IFRS16) (€ Million) 9M 25 9M 24 D Q3 25 Q3 24 D Net Sales and Services 26,534 24,765 7.1% 9,138 8,467 7.9% Gross Profit 5,460 20.6% 5,066 20.5% 7.8% 1,894 20.7% 1,749 20.7% 8.3% Operating Costs -4,146 -15.6% -3,885 -15.7% 6.7% -1,399
Slide 27: Financial Statements (2/9): Cash Flow
FINANCIAL STATEMENTS (2/9) CASH FLOW (Excl. IFRS16) (€ Million) 9M 25 9M 24 EBITDA 1,313 1,182 Interest Payment -38 -38 Other Financial Items 0 1 Income Tax -192 -242 Funds From Operations 1,084 902 Capex Payment -798 -760 Change in Working Capital -101 -473 Others -57 -57 Cash Flow 128 -387 27
Slide 28: Financial Statements (3/9): Balance Sheet
FINANCIAL STATEMENTS (3/9) BALANCE SHEET (Excl. IFRS16) (€ Million) 9M 25 2024 9M 24 Net Goodwill 645 639 639 Net Fixed Assets 6,149 5,891 5,678 Total Working Capital -3,975 -4,058 -3,721 Others 330 277 292 Invested Capital 3,149 2,749 2,888 Total Borrowings 1,063 1,003 847 Financial Leases 153 128
Slide 29: Financial Statements (4/9): EBITDA Breakdown
FINANCIAL STATEMENTS (4/9) EBITDA BREAKDOWN IFRS16 Excl. IFRS16 (€ Million) 9M 25 Mg 9M 24 Mg 9M 25 Mg 9M 24 Mg Biedronka 1,477 7.9% 1,343 7.7% 1,138 6.1% 1,035 5.9% Hebe 38 8.4% 35 8.3% 10 2.2% 10 2.4% Distribution Portugal 287 5.8% 269 5.7% 223 4.5% 208 4.4% Ara 93 4.0% 65 3.1% 31 1.3% 10 0.5% Oth
Slide 30: Financial Statements (5/9): Net Financial Costs
FINANCIAL STATEMENTS (5/9) NET FINANCIAL COSTS IFRS16 Excl. IFRS16 (€ Million) 9M 25 9M 24 9M 25 9M 24 Net Interest -35 -31 -35 -31 Interests on Capitalised Operating Leases -199 -167 - - Exchange Differences -1 12 -2 7 Others -8 -9 -8 -9 Net Financial Costs -243 -195 -45 -33 30
Slide 31: Financial Statements (6/9): Sales Breakdown
FINANCIAL STATEMENTS (6/9) SALES BREAKDOWN 9M 25 9M 24 D% Q3 25 Q3 24 D% (€ Million) % total % total excl. FX Euro % total % total excl. FX Euro Biedronka 18,753 70.7% 17,460 70.5% 5.8% 7.4% 6,397 70.0% 5,921 69.9% 7.4% 8.0% Hebe 451 1.7% 422 1.7% 5.3% 6.9% 154 1.7% 150 1.8% 1.7% 2.3% Pingo Doce 3,9
Slide 32: Financial Statements (7/9): Sales Growth
FINANCIAL STATEMENTS (7/9) SALES GROWTH Total Sales Growth LFL Growth Q1 25 Q2 25 H1 25 Q3 25 9M 25 Q1 25 Q2 25 H1 25 Q3 25 9M 25 Biedronka Euro 3.4% 10.7% 7.1% 8.0% 7.4% PLN 0.3% 9.7% 5.0% 7.4% 5.8% -3.5% 5.3% 0.9% 3.6% 1.8% Hebe Euro 11.9% 7.2% 9.4% 2.3% 6.9% PLN 8.5% 6.2% 7.3% 1.7% 5.3% 1.9% 0.7%
Slide 33: Financial Statements (8/9): Store Network
FINANCIAL STATEMENTS (8/9) STORE NETWORK Openings Closings Number of Stores 2024 9M 25 9M 24 Q1 25 Q2 25 Q3 25 9M 25 Biedronka ** 3,730 56 25 30 12 3,829 3,659 Hebe *** 381 5 5 5 3 393 370 Pingo Doce 489 1 2 2 0 494 485 Recheio 43 0 0 0 0 43 43 Ara **** 1,438 9 87 39 6 1,567 1,377 Closings Openings
Slide 34: Financial Statements (9/9): Capex
FINANCIAL STATEMENTS (9/9) CAPEX 34
Slide 35: 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 36: Jeronimo Martins
Jeronimo Martins