Jeronimo Martins SGPS S A : First Nine Months 2020 Results Presentation

2020 | 9M Results

October 29, 2020

Introductory note

The performance analysis in this presentation is presented under IFRS16.

The Financial Statements excluding the effect of the IFRS16 are presented in the Appendix of this presentation.

2

INDEX

1. 2020 9M HIGHLIGHTS
2. UPDATE Q3 2020 | COVID-19
   IMPACT
3. KEY FIGURES
4. 1. Overview
   2. Income Statement
   3. Cash Flow
   4. Balance Sheet
5. SALES PERFORMANCE
6. 1. Group
   2. Biedronka
   3. Hebe
   4. Pingo Doce
   5. Recheio
   6. Ara

1. EBITDA
2. 1. EBITDA Performance
   2. EBITDA Margin
3. 2020 9M SUMMARY
4. OUTLOOK

APPENDIX

FINANCIAL STATEMENTS

3

1. 2020 9M HIGHLIGHTS

FIRST 9 MONTHS OF 2020

Sales up with resilient performance. Three quarters | Three different momentums

Q1 - A strong start to the year with positive economic backdrop in our three markets combined with strong competitiveness of our banners

Q2 - The unexpected reality of the pandemic and its effects. Strong cost pressure and operational deleverage in Portugal an Colombia

Q3 - The push for a new normality

Poland - has showed resilience since the beginning of the health crisis

Portugal - performance improving

Colombia - in lockdown until the end of August

Biedronka continued to perform well, more than offsetting the slowdown in its basket inflation

Strict cost control in all Companies and improved sales performance allowed for Group EBITDA margin to be slightly up

4

2. UPDATE Q3 2020 | COVID-19 IMPACT (1/4)

POLAND

Limit to number of people inside stores:

Mar Apr May Jun

Jul Aug Sep Oct Nov Dec

1/4- 19/4	20/4 - 29/5
3 people per	1 person
checkout	per 15 sqm

17/10 - Colour scheme introduced

Red zone:

1 person per 15 sqm (stores > 100 sqm)

5 people per checkout (stores < 100 sqm)

Reinstated exclusive hours (from 10am to noon) to people older than 60

Circulation of people gradually increased since May but still well below the pre-crisis environment

In Q3 there was no specific measures addressing retail activity

5

2. UPDATE Q3 2020 | COVID-19 IMPACT (2/4)

PORTUGAL

Different stages impacting circulation of people:

Mar Apr May Jun

Jul Aug Sep Oct Nov Dec

19/3 - 2/5

State of emergency

Limit to nr. people inside the stores: 4/100 sqm

3/5 - 31/5	3/5 - 14/9
State of	State of alert
calamity	(with Lisbon under the
Limit to nr.	state of contingency)
people inside	Limit to nr. people inside
the stores:	the stores: 5/100 sqm
5/100 sqm

15/9 - 14/10 State of contingency

Limit to nr. people inside the stores: 5/100 sqm

Ban on the sale of alcoholic beverages after 8pm

15/10 -

State of calamity*

Limit to nr. people inside the stores: 5/100 sqm

Ban on the sale of alcoholic beverages after 8pm

Low circulation of people and poor tourism activity strongly impacting retail, restaurants and coffee shops

State of calamity* reinstated on October 15 with, amongst others, strict limitations to number of people in the same group with regards to the frequency of restaurants, cafes and gatherings on the street

6

2. UPDATE Q3 2020 | COVID-19 IMPACT (3/4)

COLOMBIA

Restrictions with impact on retail activity

Mar Apr May Jun

Jul Aug Sep Oct Nov Dec

Confinement measures progressively stricter imposing strong limitations to the circulation of people

Regional curfew hours and trading ban days put into force

Economy and unemployment reflect the long lasting confinement that has been in place

Lockdown measures progressively eased from September with signs of increasing circulation of people but still too early to understand the impact of the reopening on the consumer behaviour

7

2. UPDATE Q3 2020 | COVID-19 IMPACT (4/4)

OUR BANNERS

Facing different market realities, each banner developed specific action plans, quickly adjusting to the circumstances, permanently supported by the Executive Team of the Group and committed to strategic priorities

Incremental costs to manage the business under the pandemic amounted to €35 mn in the 9M of which €32 mn at the EBITDA level

Priorities remained unchanged since the beginning of the health crisis:

Safety of our teams and clients - protecting the vulnerable team members, proactive testing for COVID-19, reinforced cleaning procedures of stores and distribution centres, clear signage inside the stores, etc

Stability of the supply chain with special attention and support to the more fragile suppliers and producers - extension of purchases to small regional producers; reduction of payment terms and credit facilities, with JM's risk coverage, made available, to small and medium suppliers

Offer good quality food at good prices - assortment and price/promotions remain key priorities Being present in the community - financial support and donations

8

3.1. KEY FIGURES | OVERVIEW

(Million Euro)

9M 19

9M 20

Net Sales & Services	13,662	+3.9%	14,198
Excl. FX		+6.6%
EBITDA	1,049	-1.9%	1,029
Excl. FX		+0.3%
Margin	7.7%		7.3%
Net Profit attr. to JM	267	-17.8%	219
Excl. Other Profits/Losses	270	-13.2%	234
EPS (€)	0.42		0.35
Excl. Other Profits/Losses (€)	0.43		0.37
Net Debt	2,185		1,894
Excl. capitalized operating	-64		-311
leases

9

3.2. KEY FIGURES | INCOME STATEMENT Q3

(Million Euro)	Q3 20	Q3 19	∆
Net Sales and Services	4,881		4,754		2.7%
Gross Profit	1,084	22.2%	1,058	22.3%	2.5%
Operating Costs	-690	-14.1%	-676	-14.2%	2.0%
EBITDA	395	8.1%	382	8.0%	3.3%
Depreciation	-183	-3.8%	-177	-3.7%	3.8%
EBIT	211	4.3%	206	4.3%	2.8%
Net Financial Costs	-45	-0.9%	-49	-1.0%	-9.3%
Gains in Joint Ventures and Associates	0	0.0%	0	0.0%	n.a.
Other Profits/Losses	-1	0.0%	-2	0.0%	n.a.
EBT	166	3.4%	155	3.3%	7.6%
Income Tax	-41	-0.8%	-39	-0.8%	4.4%
Net Profit	125	2.6%	115	2.4%	8.6%
Non-Controlling Interests	-10	-0.2%	-12	-0.2%	-13.6%
Net Profit Attributable to JM	115	2.4%	103	2.2%	11.2%
EPS (€)	0.18		0.16		11.2%
EPS without Other Profits/Losses (€)	0.18		0.17		10.3%

10

3.2. KEY FIGURES | INCOME STATEMENT 9M

(Million Euro)	9M 20	9M 19	∆
Net Sales and Services	14,198		13,662		3.9%
Gross Profit	3,116	21.9%	2,991	21.9%	4.2%
Operating Costs	-2,087	-14.7%	-1,941	-14.2%	7.5%
EBITDA	1,029	7.3%	1,049	7.7%	-1.9%
Depreciation	-545	-3.8%	-528	-3.9%	3.1%
EBIT	485	3.4%	521	3.8%	-7.0%
Net Financial Costs	-140	-1.0%	-127	-0.9%	10.4%
Gains in Joint Ventures and Associates	0	0.0%	0	0.0%	n.a.
Other Profits/Losses	-21	-0.1%	-6	0.0%	n.a.
EBT	324	2.3%	389	2.8%	-16.7%
Income Tax	-95	-0.7%	-99	-0.7%	-4.1%
Net Profit	229	1.6%	289	2.1%	-21.1%
Non-Controlling Interests	-9	-0.1%	-23-0.2%-59.3%
Net Profit Attributable to JM	219	1.5%	267	2.0%	-17.8%
EPS (€)	0.35		0.42		-17.8%
EPS without Other Profits/Losses (€)	0.37		0.43		-13.2%

11

3.3. KEY FIGURES | CASH FLOW

(Million Euro)	9M 20	9M 19
EBITDA	1,029	1,049
Capitalised Operating Leases Payment	-203	-194
Interest Payment	-114	-120
Other Financial Items	0	0
Income Tax	-142	-116
Funds From Operations	572	619
Capex Payment	-367	-399
Change in Working Capital	18	140
Others	-17	-5
Cash Flow	205	356

12

3.4. KEY FIGURES | BALANCE SHEET

(Million Euro)	9M 20	2019	9M 19
Net Goodwill	621	641	632
Net Fixed Assets	3,853	4,140	3,906
Net Rights of Use (RoU)	2,109	2,318	2,209
Total Working Capital	-2,573	-2,793	-2,576
Others	140	94	85
Invested Capital	4,150	4,400	4,256
Total Borrowings	548	732	654
Financial Leases	13	17	17
Capitalised Operating Leases	2,205	2,368	2,249
Accrued Interest	1	3	-1
Cash and Cash Equivalents	-872	-949	-734
Net Debt 1	1,894	2,172	2,185
Non-Controlling Interests	248	254	246
Share Capital	629	629	629
Reserves and Retained Earnings	1,379	1,346	1,196
Shareholders Funds	2,256	2,229	2,071

1 Net Debt amount was restated in 2019. Cash in hand previously considered in Total Working Capital was restated to Cash and Cash Equivalents heading.

Taking into account the Group's performance, the cash position at the end of September, and the need to maintain financial flexibility, the Board will propose to the Extraordinary General Meeting to be held on November 26, the payment of €86.7 mn from the Company's free reserves, representing a gross amount of €0.138 per share, excluding own shares.

Added to the dividend paid in July this represents a 50% payout of the 2019 results, which is in line with the Group's dividend policy

13

4.1. SALES PERFORMANCE | GROUP

Contribution to Group Sales Growth (Mn €)			LFL Sales Growth
13,662	955		140	5	14,570	14,198
-68	-118		-7		-372
						9.5%
					+6.6%		+3.9%

3.5%

2.2%

-0.7%

Q1 Q2 Q3 9M

• Biedronka's superior execution, in a less strict context of health-crisis-management, allowed for a strong sales delivery across the entire period more than compensating for the pressure in the other markets and the currencies devaluation
• Group LFL progression in Q3 reflects both the improved performance in Portugal and Biedronka's impressive sales growth

14

4.1. SALES PERFORMANCE | GROUP

Three quarters, three different market momentums - Contribution to Group Sales Growth (Mn €)

4,715	4,661	-1.3%	4,601	4,754	+2.7%	4,881
+11.0%

4,247

Biedronka		+12.6%	+3.4%	+6.4%
		7.3%		7.3%

Pingo Doce	+3.5%			-8.8%			-1.2%
Recheio	+0.2%			-26.7%			-17.5%
	Ara	+38.9%			+0.5%			-5.6%
	Q1 19	Q1 20		Q2 19	Q2 20		Q3 19	Q3 20

• Strong consistent delivery from Biedronka despite decelerating food inflation across the 9M period
• Improvement of performance in Portugal as the confinement measures started to ease in Q3 but still impacted by low circulation of people and very weak tourism activity
• Ara's performance reflecting the long lasting lockdown in Colombia and currency devaluation

15

4.2. SALES PERFORMANCE | BIEDRONKA

LFL SALES GROWTH		SALES (Mn €)
			11.1%	640	315	10,191	9,909
			9,236
						-282
8.6%
7.8%	7.7%

6.0%

4.8%

+10.3% +7.3%

-1.1%	Q2		Q3	Q4	Q1	Q2	Q3
	Q1
	2019			2020

• Strong start to the year in a positive consumer environment, followed by superior execution during Q2, in the beginning of the pandemic crisis, that created a strong performance momentum maintained in Q3
• Basket inflation slowing down across the period, was at 2.9% in 9M (1.0% in Q3)
• 52 new stores (45 net additions to a total network of 3,047 locations). 167 stores remodelled in 9M
• Strong market share gains across the period led to an increase of c.2p.p.

16

4.3. SALES PERFORMANCE | HEBE

LFL SALES GROWTH										SALES (Mn €)
5.4%	10.3%	8.1%	6.0%
						1.7%
											-1.7%

+3.0% +0.1%

						-26.6%
Q1	Q2	Q3	Q4	Q1	Q2	Q3
2019			2020

• From March to May, Hebe's performance heavily impacted by the closure of shopping centres and confinement measures
• Signs of improvement registered towards the end of June confirmed in Q3
• In Q3, Hebe closed its 48 pharmacies, 20 of which were inside Hebe's drugstores

17

4.4. SALES PERFORMANCE | PINGO DOCE

LFL SALES GROWTH (EXCL. FUEL)	SALES (Mn €)

	5.1%				2,912	2,844
		3.5%
			2.7%		-64	-4
1.6%
	0.6%
						-1.5%	-2.3%
					-8.5%
Q1	Q2	Q3	Q4	Q1	Q2	Q3
		2019	2020				* Includes fuel sales

• April, at the beginning of the health crisis, was the most challenging month. Easing of confinement measures and Pingo Doce initiatives allowed the performance to progressively improve
• Limit to the number of visits continued to pressure the historically high level of visits to our stores, which in Q3 was also impacted by the poor tourist activity
• Activity of the banner's restaurants, coffee corners and take away category impacted by low traffic
• 9 new stores opened; 17 stores were refurbished (of which 6 were liftings)

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4.5. SALES PERFORMANCE | RECHEIO

	LFL SALES GROWTH													SALES (Mn €)
3.7%	3.2%			3.4%			2.4%			0.1%
																														-15.6%
																								-17.7%
																	-26.9%
	Q1			Q2		Q3	Q4	Q1				Q2	Q3
				2019				2020
																					* Includes export activity

• Performance strongly impacted by the closure of HoReCa in April and May and a very poor performance of this sector in the following months reflecting weak tourism and lack of traffic in the streets

19

4.6. SALES PERFORMANCE | ARA

LFL SALES GROWTH	SALES (Mn €)
34.3%

		1.1%						+25.1%		+9.9%
				-1.7%
	Q1		Q2		Q3

2020

• Strict lockdown in place from April to the end of August pressured the economy and consumer demand
• Confinement measures imposed reduced Ara's trading hours by c.30% in Q2 and by c.16% in Q3
• Ara protected its value proposition in a difficult environment
• 33 stores opened over the period (25 net additions)

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5.1. EBITDA PERFORMANCE

Contribution to the consolidated EBITDA growth (Mn €) - 9M and Q3

76	2
1,049	1,053	1,029
-52	-22		-23

+0.3%		-1.9%	30		0	+0.3%	-1.9%
	382	4	403		395
				-13				-9
						+5.5%			+3.3%

• Biedronka's consistent good performance mitigated the pressure from additional pandemic related costs, from the operating deleveraging in Portugal and from zloty devaluation
• Improvement of performance in Portugal in Q3
• Additional costs related to COVID-19 impacted Group EBITDA by c.€32 mn in 9M
• EBITDA from Ara and Hebe at €-12 mn, from €-17 mn in 9M 19

21

5.2. EBITDA MARGIN

9M 19		9M 20

Q3 19	Q3 20
9.6%

9.4% 9.2%

6.6%

7.7% 7.3%

9.6%
7.4%	8.0%	8.1%
6.7%

5.5%

Biedronka

Distribution Portugal

JM

Biedronka

Distribution Portugal

JM

• EBITDA margin pressured in the 9M mainly by COVID-19 related costs and operational deleveraging in Portugal due to the pressure over sales
• Better margin performance in Q3 driven by successful cost control initiatives across businesses and improved top line performance in Portugal

22

6. 2020 9M SUMMARY

The nine months period includes more than six months under the COVID-19 pandemic effects

All businesses had strong starts to the year, having then faced different market realities and limitations in the context of the pandemic situation

Biedronka acted to anticipate market restrictions and consumer needs. It gained market momentum and performed strongly in Q2 and Q3

In Portugal, Pingo Doce and Recheio were impacted in Q2 by the strict measures to manage the health crisis combined with the dramatic decline in tourism. Performance improved in Q3 on the back of the action plans implemented by the banners, strict cost containment and the easing of confinement measures

Ara, operated until the end of August under strict confinement rules that impacted the operating environment and the economy. The banner was able to protect the value proposition

We ended the period with a strong financial position and better prepared, through value propositions and costs measures, to face the challenges ahead

The Board of Directors will propose the payment of €86.7 mn from free reserves to be approved in the Extraordinary General Meeting to be held on November 26, 2020

23

7. OUTLOOK

The uncertainty remains very high and we believe that Christmas season will be challenging due to a more fragile consumer in the context of the current crisis

We are nevertheless confident in the proven capacity of our banners to deliver on the promise to the consumers while adapting to changing market conditions in a moment that further restrictions on mobility at a national level are likely to be introduced

Without losing sight of the long term, the execution of the investment programme, particularly in Poland where market circumstances have been clearer, has been resumed. Biedronka expects to add c.100 location to its network while Pingo Doce plans to open c.13 stores and Ara c.50

The Group capex in the full year 2020 is currently expected to reach c.€450 mn

24

APPENDIX

FINANCIAL STATEMENTS

25

APPENDIX

FINANCIAL STATEMENTS (1/9)

INCOME STATEMENT

		(Excl. IFRS16)			(Excl. IFRS16)
(Million Euro)	9M 20	9M 19	∆	Q3 20	Q3 19	∆
Net Sales and Services	14,198		13,662		3.9%	4,881		4,754		2.7%
Gross Profit	3,116	21.9%	2,991	21.9%	4.2%	1,084	22.2%	1,058	22.3%	2.5%
Operating Costs	-2,385-16.8%-2,234-16.4%	6.8%	-789	-16.2%	-773	-16.3%	2.1%
EBITDA	731	5.1%	757	5.5%	-3.4%	296	6.1%	285	6.0%	3.5%
Depreciation	-310	-2.2%	-294	-2.2%	5.6%	-105	-2.2%	-99	-2.1%	6.2%
EBIT	421	3.0%	463	3.4%	-9.2%	191	3.9%	187	3.9%	2.1%
Net Financial Costs	-25	-0.2%	-24	-0.2%	5.9%	-7	-0.1%	-8	-0.2%	-11.1%
Gains in Joint Ventures and Associates	0	0.0%	0	0.0%	n.a.	0	0.0%	0	0.0%	n.a.
Other Profits/Losses	-21	-0.1%	-6	0.0%	n.a.	-1	0.0%	-2	0.0%	n.a.
EBT	375	2.6%	434	3.2%	-13.6%	183	3.8%	177	3.7%	3.4%
Income Tax	-103	-0.7%	-106	-0.8%	-2.8%	-44	-0.9%	-43	-0.9%	1.7%
Net Profit	271	1.9%	328	2.4%	-17.1%	139	2.9%	134	2.8%	4.0%
Non-Controlling Interests	-11	-0.1%	-25	-0.2%	-54.9%	-11	-0.2%	-13	-0.3%	-13.6%
Net Profit Attributable to JM	260	1.8%	302	2.2%	-14.0%	128	2.6%	121	2.6%	5.8%
EPS (€)	0.41		0.48		-14.0%	0.20		0.19		5.8%
EPS without Other Profits/Losses (€)	0.44		0.49		-10.0%	0.20		0.19		5.1%

26

APPENDIX

FINANCIAL STATEMENTS (2/9)

CASH FLOW

	(Excl. IFRS16)
(Million Euro)	9M 20	9M 19
EBITDA	731	757
Interest Payment	-19	-22
Other Financial Items	0	0
Income Tax	-142	-116
Funds From Operations	571	619
Capex Payment	-367	-399
Change in Working Capital	18	141
Others	-16	-5
Cash Flow	205	356

27

APPENDIX

FINANCIAL STATEMENTS (3/9)

BALANCE SHEET

		(Excl. IFRS16)
(Million Euro)	9M 20	2019	9M 19
Net Goodwill	621	641	632
Net Fixed Assets	3,853	4,140	3,906
Total Working Capital	-2,569	-2,788	-2,571
Others	124	86	78
Invested Capital	2,029	2,079	2,045
Total Borrowings	548	732	654
Financial Leases	13	17	17
Accrued Interest	1	3	-1
Cash and Cash Equivalents	-872	-949	-734
Net Debt 1	-311	-196	-64
Non-Controlling Interests	253	257	248
Share Capital	629	629	629
Reserves and Retained Earnings	1,458	1,389	1,231
Shareholders Funds	2,341	2,275	2,108

1 Net Debt amount was restated in 2019.

Cash in hand previously considered in Total Working Capital was restated to Cash and Cash Equivalents heading.

28

APPENDIX

FINANCIAL STATEMENTS (4/9)

EBITDA BREAKDOWN

	(Million Euro)			IFRS16					Excl. IFRS16
		9M 20	Mg	9M 19	Mg		9M 20	Mg	9M 19	Mg
	Biedronka		913	9.2%		864	9.4%		709	7.2%	665	7.2%
	Distribution Portugal		190	5.5%		242	6.6%		139	4.0%	189	5.1%
	Ara		-23	n.a.		-25	n.a.		-47	n.a.	-51	n.a.
	Hebe		10	5.7%		9	4.8%		-7	n.a.	-5	n.a.
	Others & Cons. Adjustments		-62	n.a.		-39	n.a.		-64	n.a.	-41	n.a.
	JM Consolidated		1,029	7.3%		1,049	7.7%		731	5.1%	757	5.5%

29

APPENDIX

FINANCIAL STATEMENTS (5/9)

FINANCIAL RESULTS

(Million Euro)	IFRS16
9M 20	9M 19
Net Interest	-15	-18
Interests on Capitalised Operating Leases	-95	-98
Exchange Differences	-25	-8
Others	-5	-4
Financial Results	-140	-127

Excl. IFRS16

9M 20	9M 19
-15	-18
-	-
-5	-2
-5	-4
-25	-24

30

APPENDIX

FINANCIAL STATEMENTS (6/9)

SALES BREAKDOWN

(Million Euro)	9M 20	9M 19	∆ %		Q3 20	Q3 19	∆ %
	% total		% total	excl. FX	Euro		% total		% total	excl. FX	Euro
Biedronka	9,909	69.8%	9,236	67.6%	10.3%	7.3%	3,374	69.1%	3,172	66.7%	9.3%	6.4%
Pingo Doce	2,844	20.0%	2,912	21.3%		-2.3%	1,006	20.6%	1,019	21.4%		-1.2%
Recheio	639	4.5%	757	5.5%		-15.6%	240	4.9%	291	6.1%		-17.5%
Ara	615	4.3%	560	4.1%	25.1%	9.9%	192	3.9%	204	4.3%	10.9%	-5.6%
Hebe	180	1.3%	180	1.3%	3.0%	0.1%	65	1.3%	63	1.3%	6.4%	3.5%
Others & Cons. Adjustments	10	0.1%	17	0.1%		-42.1%	4	0.1%	6	0.1%		-21.7%
Total JM	14,198	100%	13,662	100%	6.6%	3.9%	4,881	100%	4,754	100%	5.4%	2.7%

31

APPENDIX

FINANCIAL STATEMENTS (7/9)

SALES GROWTH

		Total Sales Growth				LFL Growth
	Q1 20	Q2 20	H1 20	Q3 20	9M 20	Q1 20	Q2 20	H1 20	Q3 20	9M 20
Biedronka
Euro	12.6%	3.4%	7.8%	6.4%	7.3%
PLN	13.2%	8.7%	10.9%	9.3%	10.3%	11.1%	4.8%	7.8%	6.0%	7.2%
Hebe
Euro	14.6%	-16.6%	-1.7%	3.5%	0.1%
PLN	15.2%	-11.8%	1.2%	6.4%	3.0%	-1.7%	-26.6%	-14.8%	1.7%	-9.4%
Pingo Doce	3.5%	-8.8%	-2.9%	-1.2%	-2.3%	2.8%	-10.2%	-4.0%	-2.5%	-3.5%
Excl. Fuel	4.3%	-7.1%	-1.6%	-0.1%	-1.1%	3.5%	-8.5%	-2.8%	-1.5%	-2.3%
Recheio	0.2%	-26.7%	-14.4%	-17.5%	-15.6%	0.1%	-26.9%	-14.5%	-17.7%	-15.7%
Ara
Euro	38.9%	0.5%	18.8%	-5.6%	9.9%
COP	52.3%	16.7%	33.4%	10.9%	25.1%	34.3%	1.1%	16.6%	-1.7%	9.8%
Total JM
Euro	11.0%	-1.3%	4.6%	2.7%	3.9%
Excl. FX	12.0%	3.1%	7.3%	5.4%	6.6%	9.5%	-0.7%	4.2%	2.2%	3.5%

32

APPENDIX

FINANCIAL STATEMENTS (8/9)

STORE NETWORK

	Number of Stores	2019		Openings		Closings					9M 20	9M 19
	Q1 20	Q2 20	Q3 20	9M 20
	Biedronka	3,002	11	23	18	7	3,047	2,932
	Hebe	273	8	3	1	29		256	255
	Pingo Doce	441	1	2	6	0			450	437
	Recheio	42	0	0	0	0		42	42
	Ara	616	19	4	10	8		641	578
				Openings		Closings/
	Sales Area (sqm)	2019			Remodellings					9M 20	9M 19
			Q1 20	Q2 20	Q3 20	9M 20
	Biedronka	2,021,345	8,394	16,694	12,708	-5,533		2,064,673	1,965,522
	Hebe		2,109	703	240	2,897		66,960	62,052
	66,805
	Pingo Doce	513,272	102	2,496	3,771	0			519,641	510,142
	Recheio	133,826	0	0	0	0					133,826	133,826
	Ara	207,982	6,235	1,502	3,622	3,001		216,340	195,506

33

APPENDIX

FINANCIAL STATEMENTS (9/9)

CAPEX

(Million Euro)	9M 20	Weight		9M 19	Weight
Biedronka	141	55%		221	55%
Distribution Portugal	71	28%		109	27%
Ara	16	6%		57	14%
Others	30	12%		18	4%
Total CAPEX	258	100%		405	100%

34

DISCLAIMER

All guidance is provided excluding IFRS16 basis.

Statements in this presentation that are forward-looking are based on current expectations of future events and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. The risks and uncertainties relate to factors that are beyond Jerónimo Martins' ability to control or estimate precisely, such as general economic conditions, credit markets, foreign exchange fluctuations and regulatory developments.

Except as required by any applicable law or regulation, Jerónimo Martins assumes no obligation to update the information contained in this presentation or to notify a reader in the event that any matter stated herein changes or becomes inaccurate.

35

Jerónimo Martins, SGPS, SA

Rua Actor António Silva, 7, 1649-033 Lisboa • Portugal • T.: [phone]

www.jeronimomartins.com