Jerónimo Martins SGPS S A : Full Year 2025 Results Presentation pdf2,54 MB (ResultsPresentationFY2025)

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>MARKET RELEASE

>MEDIA PRESENTATION

LISBON, 19 MARCH 2025

FY 2025 CONTENT

1. FY 2025 SNAPSHOT

2. FY 2025 KEY FIGURES

3. FY 2025 SALES PERFORMANCE

4. FY 2025 EBITDA PERFORMANCE

5. FY 2025 FINAL REMARKS

6. 2026 OUTLOOK

7. APPENDIX

Sustainability Commitments 2024-2026 Financial Statements

Financial Calendar

1. FY 2025 SNAPSHOT (1/2)

SALES BY BUSINESS AREAS

Cautious consumer behaviour fuelled further competition in the food retail sector

€2.5 BN EBITDA (+11.1%)

6.9% EBITDA Mg

(+22 bps)

+2.5% LFL

+448

New Stores

€537 MN

CASH FLOW

(before dividend

payment)

€3.3 BN

NET DEBT

GROUP KPIs

Price leadership combined with continuous innovation in the assortment and shopping experience, earned us consumers' preference

Sales growth and reinforced operational discipline enabled margins protection

Net cash position (excluding capitalized operating lease liabilities) at 866 million euros at the year end, already considering the execution of the capex programme

Pre-Tax ROIC at 20.1%

BUSINESS

HIGHLIGHTS

1. FY 2025 SNAPSHOT (2/2)

   Environmental highlights

   
   
   

   Carbon emissions (scopes 1 and 2) reduced by 18.4% compared with 2021 Energy consumption (per million euros of sales) fell 32% versus 2021 Photovoltaic solar panels in more than 2,700 establishments

   Packaging materials were reduced by 3.7% (per million euros of sales) compared with 2024

   
   
   
   
   

   Social highlights

   More than 360 million euros invested in employee recognition and 18 million euros in training 54 million euros allocated to internal social responsibility measures

   Neighbouring communities supported with 91 million euros, over 12% more than in 2024

   320 tonnes of sugar, 275 tonnes of fats and 39 tonnes of salt prevented from entering the market through nutritional reformulations from our Private Brands and perishables products' ranges

   
   
   

   Governance highlights

   
   
   More than 118 thousand employees (80% of our workforce) have now received training on the Code of Conduct, and more than 31 thousand on the Anti Corruption Policy
   
   

   Over 90% of food product purchases were made from local suppliers

   We paid over one billion euros in taxes and social contributions in the main markets where we have food distribution operations

   
   
   
2. FY 2025 KEY FIGURES
   1. FY INCOME STATEMENT

      (€ Million)	2025	2024	Δ
      Net Sales and Services	35,991	33,464	7.6%
      Gross Profit	7,434 20.7%	6,851 20.5%	8.5%
      Operating Costs	-4,955 -13.8%	-4,619 -13.8%	7.3%
      EBITDA	2,480 6.9%	2,232 6.7%	11.1%
      Depreciation	-1,142 -3.2%	-1,043 -3.1%	9.4%
      EBIT	1,338 3.7%	1,189 3.6%	12.6%
      Net Financial Costs	-322 -0.9%	-267 -0.8%	20.5%
      Gains/Losses in Joint Ventures and Associates	-2 0.0%	-1 0.0%	n.a.
      Other Profits/Losses	-131 -0.4%	-119 -0.4%	n.a.
      EBT	883 2.5%	801 2.4%	10.1%
      Income Tax	-225 -0.6%	-195 -0.6%	15.3%
      Net Profit	658 1.8%	606 1.8%	8.5%
      Non-Controlling Interests	-11 0.0%	-7 0.0%	54.3%
      Net Profit Attributable to JM	646 1.8%	599 1.8%	7.9%
      EPS (€)	1.03	0.95	7.9%
      EPS without Other Profits/Losses (€)	1.21	1.11	9.3%

      SALES GROWTH AND REINFORCED COST DISCIPLINE, OPERATIONAL EFFICIENCY AND PRODUCTIVITY GAINS ENABLED MARGIN PROTECTION AGAINST COST INFLATION AND STRONG COMPETITION IN THE FOOD RETAIL SECTOR

      
      
      2. FY 2025 KEY FIGURES
   2. Q4 INCOME STATEMENT

      (€ Million)	Q4 25	Q4 24	Δ
      Net Sales and Services	9,457	8,700	8.7%
      Gross Profit	1,975 20.9%	1,785 20.5%	10.7%
      Operating Costs	-1,307 -13.8%	-1,186 -13.6%	10.2%
      EBITDA	668 7.1%	598 6.9%	11.6%
      Depreciation	-294 -3.1%	-264 -3.0%	11.2%
      EBIT	374 4.0%	334 3.8%	12.0%
      Net Financial Costs	-79 -0.8%	-73 -0.8%	9.2%
      Gains/Losses in Joint Ventures and Associates	-1 0.0%	0 0.0%	n.a.
      Other Profits/Losses	-65 -0.7%	-45 -0.5%	n.a.
      EBT	228 2.4%	216 2.5%	5.6%
      Income Tax	-63 -0.7%	-55 -0.6%	12.9%
      Net Profit	166 1.8%	161 1.8%	3.1%
      Non-Controlling Interests	-3 0.0%	-2 0.0%	83.8%
      Net Profit Attributable to JM	163 1.7%	159 1.8%	2.3%
      EPS (€)	0.26	0.25	2.3%
      EPS without Other Profits/Losses (€)	0.35	0.31	11.3%

      EBITDA MARGIN PERFORMANCE IN LINE WITH DELIVERY FOR THE YEAR

      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      2. FY 2025 KEY FIGURES
   3. CASH FLOW

      (€ Million)	2025	2024
      EBITDA	2,480	2,232
      Capitalised Operating Leases Payment	-396	-380
      Interest Payment	-329	-283
      Other Financial Items	0	1
      Income Tax	-286	-280
      Funds From Operations	1,469	1,290
      Capex Payment	-1,164	-1,054
      Change in Working Capital	365	-202
      Others	-133	-96
      Cash Flow	537	-62

      STRONG CASH GENERATION

      SOLID OPERATIONAL PERFORMANCE AND NORMALISATION OF FUNDS GENERATED BY WORKING CAPITAL, FOLLOWING THE ADJUSTMENTS RECORDED IN 2024

      
      
      2. FY 2025 KEY FIGURES
   4. BALANCE SHEET

      (€ Million)	2025	2024
      Net Goodwill	649	639
      Net Fixed Assets	6,476	5,891
      Net Rights of Use (RoU)	3,835	3,530
      Total Working Capital	-4,577	-4,062
      Others	448	318
      Invested Capital	6,831	6,317
      Total Borrowings	1,238	1,003
      Financial Leases	155	128
      Capitalised Operating Leases	4,167	3,790
      Accrued Interest	10	25
      Cash and Cash Equivalents	-2,268	-1,882
      Net Debt	3,302	3,064
      Non-Controlling Interests	238	247
      Share Capital	629	629
      Reserves and Retained Earnings	2,662	2,377
      Shareholders Funds	3,529	3,253

      SOLID BALANCE SHEET

      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      2. FY 2025 KEY FIGURES
   5. CAPEX Ambitious execution of capex programme Addressing expansion, remodelling, operational standards and logistics
      
      

      448 New Stores (403 net)

      181 Biedronka (152 net)

      15 Biedronka Slovakia

      18 Hebe (13 net)

      9 Pingo Doce (8 net)

      225 Ara (215 net)

      281 Refurbished Stores

      200 Biedronka

      1 Hebe

      52 Pingo Doce

      1 Recheio

      
      
      
      
      

      27 Ara

      
      
      
3. FY 2025 SALES PERFORMANCE

   1. GROUP

      
      
      Robust sales delivery driven by strong value propositions and ambitious execution of expansion programmes in Poland and Colombia
      
      
      
      

      All Group's banners delivered volume growth Group LFL at 2.5% (3.0% in Q4)

      10

      
      
      3. FY 2025 SALES PERFORMANCE
      
      
   2. THE CONTEXT - POLAND

      Sound economic growth

Tight labour market

Cautious consumer behaviour

Declining from September on, reaching 2.4% in December

3. FY 2025 SALES PERFORMANCE

1. 1. BIEDRONKA
      
      
      
      

      Cautious consumer behaviour fuelling intense competition

      In the year of its 30th anniversary, Biedronka maintained its price leadership combined with a strong commercial dynamic Continuous work to evolve assortment and store layout

      Q4 performance purely driven by volumes as basket inflation turned slightly negative

      Solid contribution from new store openings

      
      
      3. FY 2025 SALES PERFORMANCE
   2. HEBE
      
      
      
      Operating context marked by intense and increasing price competition led Hebe to operate with basket deflation
      
      

      Hebe leveraged the exclusivity of its product range and maintained its distinctive differentiation, protecting performance and competitive positioning

      
      
      3. FY 2025 SALES PERFORMANCE
      
      
2. THE CONTEXT - PORTUGAL

   Resilient economic growth

Tight labour market

Value-oriented consumer

3. FY 2025 SALES PERFORMANCE

1. 1. PINGO DOCE
      
      

      * Includes fuel sales

      
      
      In a promotion-driven context, Pingo Doce maintained the intensity of its well-known commercial activities
      
      

      The implementation of All About Food concept advanced, further strengthening differentiation in fresh products and ready-to-eat meal solutions and enhancing differentiation

      
      
      3. FY 2025 SALES PERFORMANCE
   2. RECHEIO
      
      
      
      Good performance across segments
      
      
      
      

      Competitive offer, combining price, quality of assortment - particularly differentiated in perishables - and the level of service provided to drive growth in HoReCa

      Amanhecer partnership store network reached 758 locations (+52 vs 2024) supporting growth in Traditional retail segment

      
      
      3. FY 2025 SALES PERFORMANCE
      
      
2. THE CONTEXT - COLOMBIA

   Tough context for families

Recovery signs in macroeconomic variables

Food inflation remained relatively high

1. FY 2025 SALES PERFORMANCE
   1. ARA
   
   
   
   
   Consumption environment remained challenging
   
   Ara rigorously executed its promotional strategy ensuring consumer preference in the neighbourhoods where it operates
   
   Good volume growth. Basket inflation consistently below country food inflation
   
   
   
   
2. FY 2025 EBITDA PERFORMANCE
   1. EBITDA
      
      
      
      

      Robust sales increase and cost discipline drove EBITDA growth Good contribution from all Companies

      
      
      4. FY 2025 EBITDA PERFORMANCE
   2. EBITDA MARGIN
      
      At Biedronka, the solid sales growth, disciplined cost management and a reinforced focus on efficiency mitigated the pressure from competitive pricing and cost inflation
      
      At Hebe, the assertive management of sales-mix together with cost control protected margin in a highly promotional context
      
      At Pingo Doce and Recheio, margin performance was driven by sales growth and initiatives aimed at boosting productivity and mitigating cost pressures
      
      At Ara, the strong margin performance reflects, in addition to sales growth, the work initiated in 2024 to protect gross margin and limit the effects of inflation and labour reform on costs
      
      
      
      
3. FY 2025 FINAL REMARKS

   WE SUCCESSFULLY NAVIGATED A

   CHALLENGING CONTEXT BY…

   FOCUSING ON CONSUMER NEEDS

   Leading price positions Assortment innovation

   Enhanced store formats and service solutions

   AND GAINING THEIR PREFERENCE

   Solid sales growth

   Volume increases in all banners Increased market shares

   WHILE TIGHTLY MANAGING THE BUSINESS MODELS

   Reinforcing costs discipline, focusing on efficiency and operations productivity - stores and DCs

   DELIVERING STRONGLY FOR THE SHORT

   AND LONG TERM…

   SOLID RETURNS - PRE TAX ROIC AT 20.1%

   STRONG CASH FLOW GENERATION AT €537 MN

   DELIVERED ON CAPITAL ALLOCATION PRIORITIES

   Ambitious Capex programme executed Dividend policy delivered

   Solid balance sheet (positive cash position reinforced)

   
   
   
4. 2026 OUTLOOK (1/4)

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

6. 2026 OUTLOOK (2/4)

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

Biedronka will…

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

6. 2026 OUTLOOK (3/4)

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

Recheio has opened a new store this February, in the Lisbon area, strengthening the banner's presence in a strategic market for the HoReCa channel. The Amanhecer partnership network will continue its growth trajectory, and currently operates 758 locations

1. 2026 OUTLOOK (4/4)

   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

   
   
   
   
   

   Ara will…

   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)

   
   
   

   Q&A

   
   
   

   Group CFO Ana Luísa Virgínia

   
   
   
2. APPENDIX

SUSTAINABILITY COMMITMENTS 2024-2026 FINANCIAL STATEMENTS

FINANCIAL CALENDAR

SUSTAINABILITY COMMITMENTS 2024-2026 (1/3) Environment (non-exhaustive) 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 by 5% (in tonnes of CO2e per pallet transported) by 2026, compared to 2021

Reduce energy consumption by 10% (per thousand euros of sales) by 2026, compared to 2021

Ensure that at least 25% of Private Brand products' packaging is included in the Ecodesign project by 2026, considering the 2023 assortment

Limit annual food waste to 2.5% of total food sales (in tonnes), in the 2024-2026 period

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

SUSTAINABILITY COMMITMENTS 2024-2026 (2/3) Social (non-exhaustive) 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 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

Monitoring and disclosure of at least 70% (in value) of the social impacts resulting from the annual support offered by all Jerónimo Martins Companies, according to the Business for Societal Impact (B4SI) model and aligned with criteria for the financial materiality

In all countries reinforce the offer of food alternatives such as vegan, plant-based, low carbohydrates, fat and salt, low sugar content/sugar-free, lactose-free, gluten-free and/or organic

Ensure that, by 2026, 100% of our Private Brand food portfolio does not contain acesulfame nor aspartame

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

SUSTAINABILITY COMMITMENTS 2024-2026 (3/3) Business Conduct (non-exhaustive) 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 euros, in the 2024-2026 period

In Portugal and Poland, ensure, by 2026, that animal welfare topics are included in the scope of audits to perishable suppliers who manufacture products containing at least 80% animal protein, and publicly disclose the results

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

FINANCIAL STATEMENTS (1/11) INCOME STATEMENT

(€ Million)	(Excl. IFRS16) 2025 2024 Δ					(Excl. IFRS16) Q4 25 Q4 24 Δ
Net Sales and Services	35,991		33,464		7.6%	9,457		8,700		8.7%
Gross Profit	7,434	20.7%	6,851	20.5%	8.5%	1,975	20.9%	1,785	20.5%	10.7%
Operating Costs	-5,624	-15.6%	-5,229	-15.6%	7.6%	-1,478	-15.6%	-1,344	-15.5%	9.9%
EBITDA	1,811	5.0%	1,622	4.8%	11.6%	497	5.3%	440	5.1%	12.9%
Depreciation	-672	-1.9%	-603	-1.8%	11.5%	-175	-1.9%	-151	-1.7%	15.9%
EBIT	1,139	3.2%	1,020	3.0%	11.7%	322	3.4%	289	3.3%	11.4%
Net Financial Costs	-57	-0.2%	-45	-0.1%	27.4%	-12	-0.1%	-11	-0.1%	7.4%
Gains/Losses in Joint Ventures and Associates	-2	0.0%	-1	0.0%	n.a.	-1	0.0%	0	0.0%	n.a.
Other Profits/Losses	-131	-0.4%	-119	-0.4%	n.a.	-65	-0.7%	-45	-0.5%	n.a.
EBT	949	2.6%	855	2.6%	10.9%	243	2.6%	233	2.7%	4.6%
Income Tax	-233	-0.6%	-203	-0.6%	14.8%	-63	-0.7%	-57	-0.7%	9.9%
Net Profit	715	2.0%	652	1.9%	9.7%	180	1.9%	175	2.0%	2.9%
Non-Controlling Interests	-15	0.0%	-10	0.0%	50.3%	-4	0.0%	-2	0.0%	75.0%
Net Profit Attributable to JM	701	1.9%	642	1.9%	9.1%	176	1.9%	173	2.0%	1.9%
EPS (€)	1.12		1.02		9.1%	0.28		0.27		1.9%
EPS without Other Profits/Losses (€)	1.30		1.18		10.3%	0.37		0.33		10.4%

FINANCIAL STATEMENTS (2/11) CASH FLOW

(€ Million)	(Excl. IFRS16) 2025	2024
EBITDA	1,811	1,622
Interest Payment	-58	-54
Other Financial Items	0	1
Income Tax	-286	-280
Funds From Operations	1,467	1,288
Capex Payment	-1,164	-1,054
Change in Working Capital	366	-201
Others	-132	-95
Cash Flow	537	-62

FINANCIAL STATEMENTS (3/11) BALANCE SHEET

(€ Million)	(Excl. IFRS16) 2025	2024
Net Goodwill	649	639
Net Fixed Assets	6,476	5,891
Total Working Capital	-4,575	-4,058
Others	398	277
Invested Capital	2,948	2,749
Total Borrowings	1,238	1,003
Financial Leases	155	128
Accrued Interest	10	25
Cash and Cash Equivalents	-2,268	-1,882
Net Debt	-866	-726
Non-Controlling Interests	258	262
Share Capital	629	629
Reserves and Retained Earnings	2,927	2,584
Shareholders Funds	3,814	3,475

FINANCIAL STATEMENTS (4/11) EBITDA BREAKDOWN

(€ Million)	2025	IFRS16 Mg 2024		Mg
Biedronka	1,991	7.9%	1,814	7.7%
Hebe	65	10.4%	59	10.2%
Pingo Doce	322	6.0%	296	5.8%
Recheio	72	5.2%	69	5.1%
Ara	132	4.1%	96	3.4%
Others & Cons. Adjustments	-103	n.a.	-103	n.a.
JM Consolidated	2,480	6.9%	2,232	6.7%

2025	Excl. IFRS16 Mg 2024		Mg
1,538	6.1%	1,397	5.9%
28	4.5%	26	4.4%
242	4.5%	221	4.4%
66	4.7%	63	4.7%
48	1.5%	23	0.8%
-111	n.a.	-108	n.a.
1,811	5.0%	1,622	4.8%

FINANCIAL STATEMENTS (5/11) NET FINANCIAL COSTS

(€ Million)	IFRS16 2025	2024
Net Interest	-49	-41
Interests on Capitalised Operating Leases	-270	-228
Exchange Differences	7	14
Others	-9	-12
Net Financial Costs	-322	-267

Excl. IFRS16 2025	2024
-49	-41
-	-
1	8
-9	-12
-57	-45

FINANCIAL STATEMENTS (6/11) SALES BREAKDOWN

(€ Million)	2025 2024 Δ % Q4 25 Q4 24 Δ % % total % total excl. FX Euro % total % total excl. FX Euro
Biedronka	25,343	70.4%	23,571	70.4%	5.9%	7.5%	6,590	69.7%	6,110	70.2%	6.1%	7.8%
Hebe	626	1.7%	583	1.7%	5.7%	7.4%	175	1.8%	161	1.9%	6.8%	8.5%
Pingo Doce	5,342	14.8%	5,073	15.2%		5.3%	1,426	15.1%	1,359	15.6%		5.0%
Recheio	1,399	3.9%	1,357	4.1%		3.0%	351	3.7%	336	3.9%		4.3%
Ara	3,228	9.0%	2,850	8.5%	17.4%	13.3%	897	9.5%	724	8.3%	18.8%	24.0%
Others & Cons. Adjustments	54	0.1%	30	0.1%		n.a.	18	0.2%	9	0.1%		n.a.
Total JM	35,991	100%	33,464	100%	6.7%	7.6%	9,457	100%	8,700	100%	7.0%	8.7%

FINANCIAL STATEMENTS (7/11) SALES GROWTH

	Q1 25	Q2 25	Total Sales Growth H1 25 Q3 25 9M 25			Q4 25	2025	Q1 25	Q2 25	LFL Growth H1 25 Q3 25 9M 25			Q4 25	2025
Biedronka Euro PLN	3.4% 0.3%	10.7% 9.7%	7.1% 5.0%	8.0% 7.4%	7.4% 5.8%	7.8% 6.1%	7.5% 5.9%	-3.5%	5.3%	0.9%	3.6%	1.8%	2.4%	1.9%
Hebe Euro PLN	11.9% 8.5%	7.2% 6.2%	9.4% 7.3%	2.3% 1.7%	6.9% 5.3%	8.5% 6.8%	7.4% 5.7%	1.9%	0.7%	1.3%	-2.7%	-0.1%	3.7%	1.0%
Pingo Doce Excl. Fuel	2.8% 2.9%	8.3% 8.8%	5.7% 5.9%	5.0% 5.2%	5.4% 5.7%	5.0% 5.2%	5.3% 5.5%	1.0% 1.1%	6.1% 6.5%	3.7% 3.9%	4.2% 4.4%	3.9% 4.1%	3.4% 3.6%	3.7% 4.0%
Recheio	-0.4%	3.9%	1.9%	3.9%	2.6%	4.3%	3.0%	-0.5%	3.5%	1.6%	3.9%	2.4%	4.7%	3.0%
Ara Euro COP	9.1% 13.0%	5.0% 18.1%	7.0% 15.6%	14.9% 19.5%	9.6% 16.9%	24.0% 18.8%	13.3% 17.4%	3.0%	7.7%	5.3%	6.2%	5.6%	6.1%	5.8%
Total JM Euro Excl. FX	3.8% 1.9%	9.6% 10.0%	6.7% 6.0%	7.9% 7.9%	7.1% 6.6%	8.7% 7.0%	7.6% 6.7%	-2.2%	5.4%	1.6%	3.8%	2.4%	3.0%	2.5%

FINANCIAL STATEMENTS (8/11) STORE NETWORK

Number of Stores	2024	Q1 25	Q2 25	Openings	Q3 25	Q4 25	Closings 2025	2025
Biedronka **	3,730	56	25	30		70	29	3,882
Hebe ***	381	5	5	5		3	5	394
Pingo Doce	489	1	2	2		4	1	497
Recheio	43	0	0	0		0	0	43
Ara ****	1,438	9	87	39		90	10	1,653

Sales Area (sqm)	2024	Q1 25	Openings Q2 25 Q3 25		Q4 25	Closings/ Remodellings * 2025	2025
Biedronka **	2,666,757	39,353	18,004	20,441	50,353	6,064	2,788,843
Hebe ***	97,041	1,285	1,260	1,249	786	1,158	100,463
Pingo Doce	578,755	200	2,480	1,467	4,147	-3,516	590,565
Recheio	144,870	0	0	0	0	-1,307	146,177
Ara ****	502,215	3,251	45,075	16,267	31,055	3,666	594,197

*Inc ludes adjustments to sales areas

**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)

FINANCIAL STATEMENTS (9/11) CAPEX

(€ Million)	2025	Weight	2024	Weight
Biedronka	604	50%	418	42%
Pingo Doce	222	19%	276	28%
Recheio	35	3%	29	3%
Ara	228	19%	171	17%
Others	107	9%	92	9%
CAPEX *	1,197	100%	986	100%

* Excluding financial investments (which in 2025 amounted to €85 Mn and in 2024 €21 Mn)

FINANCIAL STATEMENTS (10/11) WORKING CAPITAL

(€ Million)	IFRS16 2025	2024
Inventories	2,292	2,027
in days of sales	23	22
Customers	42	45
in days of sales	0	0
Suppliers	-5,337	-4,786
in days of sales	-54	-52
Others	-1,574	-1,348
Total Working Capital	-4,577	-4,062
in days of sales	-46	-44

Excl. IFRS16 2025	2024
2,292	2,027
23	22
42	45
0	0
-5,337	-4,786
-54	-52
-1,572	-1,345
-4,575 -46	-4,058 -44