First Quarter 2026 Results Presentation pdf2,38 MB (ResultsPresentationQ12026)

‌RELATED DOCUMENTS

LISBON, 7 MAY 2026

This presentation includes in the Appendix the Financial Statements excluding the effect of the IFRS16

1. Q1 2026 SNAPSHOT

2. Q1 2026 KEY FIGURES

3. Q1 2026 SALES PERFORMANCE

   1. Group

   2. Biedronka

   3. Hebe

   4. Pingo Doce

   5. Recheio

   6. Ara

4. Q1 2026 EBITDA PERFORMANCE

   1. EBITDA

   2. EBITDA Margin

5. Q1 2026 FINAL REMARKS APPENDIX

Outlook 2026

Sustainability Commitments 2024-2026 Financial Statements

Financial Calendar

1. ‌Q1 2026 SNAPSHOT
   
   

   +3.1% LFL

   €572 MN EBITDA (+8.4%)

   €-428 MN CASH FLOW

   +78

   New Stores

   6.4% EBITDA Mg

   (+13 bps)

   €3.9 BN

   NET DEBT

   Good performance in deteriorating geopolitical context

   
   
   
   
   

   Strategic priorities maintained

   • Price competitiveness and assertive promotions ensured consumer trust and preference

   • Offer enhancement and store

   remodellings progressing as planned

   Net cash position (excl. capitalized operating lease liabilities) at 385 million euros at the end of March

   
   
   
   
   

   SALES PERFORMANCE

   GROUP KPIs

   BUSINESS HIGHLIGHTS

   
   
   
2. ‌Q1 2026 KEY FIGURES

   1. INCOME STATEMENT

      (€ Million)	Q1 26		Q1 25		Δ
      Net Sales and Services	8,904		8,377		6.3%
      Gross Profit	1,873	21.0%	1,741	20.8%	7.6%
      Operating Costs	-1,301	-14.6%	-1,213	-14.5%	7.3%
      EBITDA	572	6.4%	528	6.3%	8.4%
      Depreciation	-300	-3.4%	-279	-3.3%	7.5%
      EBIT	272	3.1%	249	3.0%	9.4%
      Net Financial Costs	-99	-1.1%	-71	-0.8%	38.8%
      Gains/Losses in Joint Ventures and Associates	-1	0.0%	0	0.0%	n.a.
      Other Profits/Losses	-13	-0.2%	-8	-0.1%	n.a.
      EBT	159	1.8%	169	2.0%	-6.2%
      Income Tax	-41	-0.5%	-43	-0.5%	-5.3%
      Net Profit	118	1.3%	126	1.5%	-6.5%
      Non-Controlling Interests	1	0.0%	2	0.0%	n.a.
      Net Profit Attributable to JM	119	1.3%	127	1.5%	-6.8%
      EPS (€)	0.19		0.20		-6.8%
      EPS without Other Profits/Losses (€)	0.21		0.21		-2.3%

      GOOD SALES PERFORMANCE ALSO SUPPORTED BY AN EARLY EASTER SEASON VS. 2025

      DISCIPLINED MANAGEMENT OF ALL PROFTABILITY LEVERS -GROWTH, MIX, SCALE AND COSTS

      NON-CASH ITEMS (IFRS16 RELATED) IMPACTED FINANCIAL COSTS EVOLUTION IN Q1

      
      
      ‌2. Q1 2026 KEY FIGURES

   2. CASH FLOW

      (€ Million)	Q1 26	Q1 25
      EBITDA	572	528
      Capitalised Operating Leases Payment	-106	-100
      Interest Payment	-86	-78
      Other Financial Items	0	0
      Income Tax	-32	-59
      Funds From Operations	349	291
      Capex and Financial Investments Payment	-311	-319
      Change in Working Capital	-452	-366
      Others	-13	-5
      Cash Flow	-428	-398

      CASH GENERATION REFLECTS BUSINESS SEASONALITY

      
      
      ‌2. Q1 2026 KEY FIGURES

   3. BALANCE SHEET

      (€ Million)	Q1 26	2025	Q1 25
      Net Goodwill	644	649	646
      Net Fixed Assets	6,510	6,476	6,045
      Net Rights of Use (RoU)	3,899	3,835	3,683
      Total Working Capital	-4,015	-4,577	-3,705
      Others	447	448	340
      Invested Capital	7,485	6,831	7,009
      Total Borrowings	1,272	1,238	1,102
      Financial Leases	156	155	137
      Capitalised Operating Leases	4,258	4,167	3,954
      Accrued Interest	14	10	34
      Cash and Cash Equivalents	-1,826	-2,268	-1,605
      Net Debt	3,873	3,302	3,622
      Non-Controlling Interests	220	238	228
      Share Capital	629	629	629
      Reserves and Retained Earnings	2,763	2,662	2,530
      Shareholders Funds	3,612	3,529	3,387

      SOLID BALANCE SHEET MAINTAINED

      DIVIDENDS IN THE AMOUNT OF €408.5 MN APPROVED TO BE PAID ON 12 MAY

      
      
      
3. ‌Q1 2026 SALES PERFORMANCE

   1. GROUP

      
      
      All banners delivered good contribution to growth
      
      Group LFL at 3.1%, also supported by early Easter season
      
      

      8

      
      
      ‌3. Q1 2026 SALES PERFORMANCE

   2. BIEDRONKA

      
      
      
      
      Cautious consumer behaviour and very intense competition in food retail market
      
      

      Biedronka maintained its leadership in price and promotions, while advancing with assortment adjustments and store refurbishments

      LFL driven by solid volume growth. The banner operated with basket deflation over the period 12 stores opened during the period (3 net stores) and 36 remodellings

      
      
      ‌3. Q1 2026 SALES PERFORMANCE

   3. HEBE

      
      
      
      
      Highly intense price competitive context
      
      14 new stores opened in Poland
      
      
      
      ‌3. Q1 2026 SALES PERFORMANCE

   4. PINGO DOCE

      
      
      
      
      Good sales performance driven by differentiated store model and assortment with a consistent and well recognised commercial strategy
      
      
      
      

      LFL also benefited from the early Easter season 11 stores remodelled over the period

      
      
      ‌3. Q1 2026 SALES PERFORMANCE

   5. RECHEIO

      
      
      
      
      Volatile trading environment during the first months of the year due to several storms that impacted particularly the centre of the country and affected the HoReCa channel
      
      Solid sales delivery supported by price competitiveness and segmented value propositions serving HoReCa channel and Traditional Retail
      
      New flagship store opened in Lisbon. One small-size-store closed by the end of the period
      
      
      
      ‌3. Q1 2026 SALES PERFORMANCE

   6. ARA

      
      
      
      
      Consumer environment remained very challenging, despite the recovery in private consumption and household confidence
      
      Enhanced brand awareness along with competitive value proposition - price, quality and assertive offer - drove good sales performance
      
      
      
      

      LFL driven by volumes. Low basket inflation due to commercial intensity and competitive price positioning

      51 new stores were added to Ara's network (45 net additions)

      
      
      
4. ‌Q1 2026 EBITDA PERFORMANCE

   1. EBITDA

      
      
      Solid EBITDA delivery reflects sales performance and focused management of all margin drivers
      
      ‌4. Q1 2026 EBITDA PERFORMANCE

   2. EBITDA MARGIN

      
      
      
      
      At Biedronka, sales growth and the focus on disciplined cost management protected margin in a highly competitive context
      
      At Hebe, the margin recovery benefited from the work carried from Q2 25 to protect profitability through sales mix and cost management
      
      In Portugal, Pingo Doce and Recheio protected margins in a market that remains promotion oriented
      
      At Ara, the margin improvement reflects the consistent increase in scale of operations, as well as the remarkable work in cost management
      
      
      
      
5. ‌Q1 2026 FINAL REMARKS

Q1 2026

Despite the impact of deteriorating geopolitics on consumer sentiment, our banners delivered solid sales and EBITDA While also maintaining a disciplined approach to executing the Capex programme over the quarter

Going Forward

The war in Iran has already pushed up prices for fuel and fertilizers, adding to cost pressures ahead of the upcoming food production cycle

We will continue to place the consumer at the centre of our strategy with price competitiveness remaining a fundamental pillar of our execution

We continue to closely monitor the effects of geopolitical instability and our teams stand ready to respond promptly to emerging challenges

The outlook as presented on 18 March 2026 is kept unchanged

‌Q&A

Group CFO Ana Luísa Virgínia

OUTLOOK 2026

SUSTAINABILITY COMMITMENTS 2024-2026 FINANCIAL STATEMENTS

FINANCIAL CALENDAR

As presented on 18 March 2026

Heightened geopolitical uncertainty remains, affecting the sentiment of families and other economic agents

In our markets, consumers are likely to continue prioritising low prices and promotions, and

competitive intensity is unlikely to ease

We will stay focused on consumer needs

Our banners will work to guarantee their price competitiveness and effective promotional campaigns and will focus on developing the respective assortments

We will enhance our presence in the market by expanding our networks, improving the quality of our stores and strengthening our logistics operations - a key pillar of operational competitiveness

Therefore, the investment programme remains the top priority for capital allocation and, in 2026, is expected to reach around 1.2 billion euros

Considering the escalation of geopolitical instability and its unpredictable socioeconomic impacts, we will stay particularly attentive to changes in the environment, specially during H1 26, and remain flexible to make any necessary adjustments

As presented on 18 March 2026

In Poland, the competitive environment remains intense, with consumers focused on low prices and promotions. Food inflation is low, so operational discipline remains central to protecting profitability

maintain its price leadership, and is determined to offer the best value proposition to Polish families

work on developing its assortment, including reformulations and new product launches, leveraging the impressive number of daily visits to increase basket value in identified growth categories

strategically execute its capex plan - opening more than 120 (net) stores and refurbishing c.250. The focus on logistics remains, with progress on our first automated warehouse project and the construction and opening of a new distribution centre, which will bring the total number to 18

In Slovakia, Biedronka plans to open about 35 stores, strengthening its presence among Slovak families and further adapting its business model for this market

As presented on 18 March 2026

Hebe will stay focused on the strategic management of its sales mix, to strengthen its differentiation and protect profitability in a highly competitive market

30 new stores planned for Poland, while the e-commerce channel will maintain its central role in the growth and internationalization strategy

In Portugal, families are likely to continue favouring strong promotional dynamics that offer significant savings opportunities

With reinforced differentiation through its All About Food store concept, Pingo Doce will continue to execute an investment plan that includes around 10 new store openings and about 40 refurbishments

As presented on 18 March 2026

In Colombia, where inflation remains relatively high for now, food consumption is expected to remain modest, given the prevailing uncertainty and ongoing pressures over families' budgets

remain dedicated to ensuring consumer preference, continuing its expansion to gain greater market presence and scale

maintain a disciplined approach to managing all profitability levers

strategically execute its capex plan by opening c.200 stores, and a new distribution centre (started operations in January 2026)

‌SUSTAINABILITY COMMITMENTS 2024-2026 (1/3)

Environment (non-exhaustive)

https://www.jeronimomartins.com/en/sustainability/commitments-and-progress

‌SUSTAINABILITY COMMITMENTS 2024-2026 (2/3)

Social (non-exhaustive)

• 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 parity ratio (100%), globally and by country

  Promote flexible and healthy work environment across the Group by, among others:
  
  

• ensuring that 100% of employees have access to a structured wellbeing programme

• supporting employees in vulnerable situations due to social and/or family emergencies across the Group

https://www.jeronimomartins.com/en/sustainability/commitments-and-progress

‌SUSTAINABILITY COMMITMENTS 2024-2026 (3/3)

Business Conduct (non-exhaustive)

https://www.jeronimomartins.com/en/sustainability/commitments-and-progress

* Exc luding the stores and selling area related to 28 Micro Fulfilment Centres (MFC) to supply Biek's operation (ultra- fast delivery) and the 15 Biedronka stores in Slovakia

** Inc ludes 7 stores outside Poland

*** Inc ludes 70 Bodegas del Canasto (B2B)

* Excluding financial investments (which in Q1 26 amounted to €15 Mn and in Q1 25 €19 Mn)

Dividend payment: 12 May (ex dividend on 8 May) H1 2026 Results: 29 July

9M 2026 Results: 28 October

All releases will be published after the closing of the market

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 result of the war in Ukraine, the conflict in the Middle East, the trade tensions, and climate-related phenomena, relate to factors that are beyond Jerónimo Martins' ability to control or estimate precisely and include but are not limited to general economic conditions, actions taken by governmental authorities and their impacts over the economy, competition, industry trends, credit markets, foreign exchange fluctuations, and regulatory developments.

The forward-looking statements herein refer only to this document and its publication date. Unless required by applicable law or regulation, Jerónimo Martins assumes no obligation to update the information contained in this release or notify a reader if any matter stated herein changes or becomes inaccurate.

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