Jeronimo Martins

Quarterly Report • Nov 27, 2024

Jerónimo Martins | R&A First 9 Months 2024

1

INDEX

Message from the Chairman and CEO - Pedro Soares dos Santos	3
I – CONSOLIDATED MANAGEMENT REPORT
1. Performance Overview & Key Drivers	4
2. Performance Analysis by Banner	4
3. Consolidated Financial Information Analysis	6
4. Outlook for 2024	7
5. Management Report Appendix	9
5.1. The Impact of IFRS 16 on Financial Statements	9
5.2. Sales Detail	10
5.3. Stores Network	11
5.4. Definitions	11
6. Reconciliation Notes	12
7. Information Regarding Individual Financial Statements	14

II – CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1. Consolidated Financial Statements	15
2. Notes to the Financial Statements	20

Message from the Chairman and CEO

Pedro Soares dos Santos

'As expected, food inflation eased over the past nine months, ending the sizeable price increases of the previous two years. This decline in food inflation, combined with significant cost pressures, intensified competition and further strained profit margins.

In addition to these challenges, consumer demand in our primary market remained subdued.

While we could not fully mitigate the financial impact of deflation in our product baskets, we stayed focused on the consumer by offering the best prices and promotions. This strategy enabled us to achieve strong volume growth in Poland and Portugal and further strengthen our business model in Colombia.

In the last two months of the year, with the Christmas season approaching, our teams will continue to focus on expanding our customer base while managing multiple pressure factors. We remain committed to our long-term goal of ensuring the competitiveness of our banners and the efficiency of their business models, which is the most effective way to secure strong and profitable market positions.'

I - CONSOLIDATED MANAGEMENT REPORT

1. Performance Overview & Key Drivers

Despite challenging market conditions, our banners maintained their price competitiveness and strengthened their value propositions. This approach earned the consumer's preference, driving consistent volume growth and market share gains throughout the first nine months of the year.

As expected, operational margins were pressured by basket deflation and significant cost inflation, driven mostly by wage rises in all our geographies.

In Poland, consumer demand remained sluggish, intensifying market competition. With a leading position, resulting from consecutive years outperforming the food retail market in Poland, Biedronka continued to focus on creating savings opportunities for Polish families at a time when price is the critical factor in purchasing decisions. Once again, our main banner grew ahead of the market and gained market share.

Hebe performed well throughout these nine months, with sales growth supported by both its brick-and-mortar stores and e-commerce channel.

In Portugal, Pingo Doce's strong sales performance reflects the growing differentiation of its value proposition, bolstered by a new store concept that emphasizes ready-to-eat options, bakery items, coffee shops, and fresh products. Despite a slowdown in the HoReCa channel following years of significant growth, and a more recent pullback in domestic out-of-home consumption, Recheio maintained a consistent performance across various customer segments.

In Colombia, families continued to experience significant pressure from years of high food inflation that has eroded real incomes. Ara strengthened its promotional efforts maintaining its relevance to Colombian consumers at a time when access to affordable food is essential.

Group sales grew by 10.3% (+4.7% excluding the effect of the appreciation of the zloty and the Colombian peso).

Consolidated EBITDA increased by 2.7% (-2.9% at constant exchange rates), reflecting the pressure on operational leverage from food basket deflation and price investment. The EBITDA margin decreased by 49 bps compared to 9M 23.

At the end of September, the Group's balance sheet presented a net cash position (excluding IFRS16) of 413 million euros.

2. Performance Analysis by Banner

POLAND

In Poland, food inflation averaged 2.8% in the first nine months of the year (4% in Q3). After declining until March, food inflation rose in April with the reintroduction of VAT on basic food products and has continued rising since then.

The consumers remained cautious throughout the period, focusing on prices and promotions, with food retail sales at constant prices presenting a negative trend.

Biedronka maintained its price leadership, consistently providing the most competitive prices to Polish families. With its deep understanding of consumers and an agile response to their needs and expectations, our main banner has the trust of

its large customer base. Biedronka continued to outperform the market with strong volume growth on an LFL basis.

Sales increased 3.9% in local currency, with LFL at -0.7%. In euros, sales reached 17.5 billion, 10.4% more than in 9M 23. In Q3, sales in local currency grew 2.6%, registering a LFL of -1.9%. Sales in euros amounted to 5.9 billion, 7.8% more than in Q3 23.

After two years of steep inflation, the adjustment of food prices led Biedronka to operate with significant basket deflation in the first three quarters of this year. Despite the challenging comparisons to the prior year,

positive LFL volume growth in the nine months increased the company's market share.

EBITDA fell by 0.7% (-6.6% in local currency). In a year strongly impacted by the decision to significantly increase the wages of the operational teams and by price investments, the operational deleveraging caused by basket deflation pressured, as expected, the EBITDA margin, which stood at 7.7% (8.6% in 9M 23).

Biedronka opened 104 stores in the period (90 net stores) and carried out 156 renovations.

Hebe grew sales by 20.6% in the 9M (in local currency), with LFL at 11%. In euros, sales reached 422 million, 28.3% above 9M 23. In Q3, sales in local currency grew

18.3%, registering a LFL of 8.5%. In euros, sales amounted to 150 million, 24.4% more than in Q3 23.

The banner continued to perform well, both in-store and via its e-commerce operation, which is a key growth driver, representing c.19% of total sales.

EBITDA increased by 31.2% (+23.4% in local currency), with the respective margin rising to 8.3% (8.2% in 9M 23).

Throughout the nine months of 2024, Hebe opened 27 stores in the Polish market, ending the period with a total of 368 stores in Poland and two in the

Czech Republic.

PORTUGAL

In Portugal, food inflation was 2.1% in the 9M and 3% in Q3.

Consumers remained highly focused on price opportunities and promotions in the food retail market.

The HoReCa channel revealed some weakness following a strong performance in the previous years.

Pingo Doce's sales increased by 4.7% to reach 3.7 billion euros, with LFL at 4.4% (excluding fuel).

In Q3, sales grew 2.7% to reach 1.3 billion euros with an LFL of 1.5% (excluding fuel).

The banner's LFL, which incorporated basket deflation throughout the period, recorded solid volume growth, primarily supported by enhanced differentiation of the value proposition, namely in meal solutions, following the store remodelling programme designed to implement the All About Food concept.

Pingo Doce opened 6 stores (3 net additions) and remodelled 50 stores during this period.

Recheio recorded sales of 1 billion euros, 1.8% above the 9M 23, with an LFL of 1.9%. In Q3, sales were 376 million euros, 1.3% above Q3 23, with an LFL of 1.6%.

The performance of the HoReCa channel continued to reflect some weakness in domestic out-of-home consumption. Nevertheless, with increased investment to protect its market position, Recheio gained clients across all its segments.

Portugal Distribution's EBITDA amounted to 269 million euros, 0.3% above the same period of the previous year, with the respective margin reaching 5.7% (5.9% in 9M 23). The investment in pricing, which was recently increased for Recheio to protect the performance of the HoReCa channel, and cost inflation pressured the EBITDA margin during the period.

COLOMBIA

In Colombia, food inflation was 3.4% in 9M and 3.8% in Q3. Persistently high prices put constant pressure on families, reducing volumes and causing trading-down in the food retail market.

Ara maintained its commercial strategy, reinforcing the strength of its pricing positioning and presenting saving opportunities that are welcomed by Colombian families.

Sales grew 10.9% in local currency, with an LFL of -0.6%. In euros, sales reached 2.1 billion in the 9M, 21.5% above 9M 23.

In Q3, Ara's sales increased by 4.3% to 694 million euros, including an LFL of -3.1%, impacted by lower consumer demand.

The banner opened 87 new stores, closing the period with a network of 1,377 locations.

EBITDA was 65 million euros, 107.2% above 9M 23 (+89.1% in local currency), with the respective margin at 3.1% (1.8% in 9M 23). The EBITDA

margin increase reflects a change in commercial dynamic and cost savings that allowed the banner to face the challenges posed by weak consumer demand.

3. Consolidated Financial Information Analysis

Consolidated Results

(€ Million)	9M 24		9M 23		D	Q3 24		Q3 23		D
Net Sales and Services	24,765		22,451		10.3%	8,467		7,938		6.7%
Gross Profit		5,066 20.5%		4,600 20.5%	10.1%		1,749 20.7%		1,630 20.5%	7.2%
Operating Costs		-3,433 -13.9%		-3,010 -13.4%	14.1%		-1,156 -13.6%		-1,045 -13.2%	10.6%
EBITDA	1,633	6.6%	1,591	7.1%	2.7%	593	7.0%	586	7.4%	1.2%
Depreciation	-779	-3.1%	-660	-2.9%	18.0%	-265	-3.1%	-231	-2.9%	14.7%
EBIT	855	3.5%	931	4.1%	-8.2%	328	3.9%	355	4.5%	-7.6%
Net Financial Costs	-195	-0.8%	-142	-0.6%	37.1%	-64	-0.8%	-64	-0.8%	0.3%
Gains/Losses in Joint Ventures and Associates	- 1	0.0%	0	0.0%	n.a.	0	0.0%	0	0.0%	n.a.
Other Profits/Losses	-74	-0.3%	-36	-0.2%	n.a.	-12	-0.1%	-18	-0.2%	n.a.
EBT	585	2.4%	753		3.4% -22.2%	251	3.0%	272	3.4%	-7.9%
Income Tax	-140	-0.6%	-182		-0.8% -23.3%	-57	-0.7%	-65		-0.8% -12.2%
Net Profit	445	1.8%	570		2.5% -21.9%	193	2.3%	207	2.6%	-6.5%
Non-Controlling Interests	- 6	0.0%	-12		-0.1% -54.6%	- 6	-0.1%	- 5	-0.1%	15.8%
Net Profit Attributable to JM	440	1.8%	558		2.5% -21.2%	187	2.2%	202	2.5%	-7.1%
EPS (€)	0.70		0.89		-21.2%	0.30		0.32		-7.1%
EPS without Other Profits/Losses (€)	0.80		0.92		-13.8%	0.31		0.33		-7.0%

Balance Sheet

(€ Million)	9M 24	2023	9M 23
Net Goodwill	639	635	616
Net Fixed Assets	5,678	5,533	5,056
Net Rights of Use (RoU)	3,387	3,074	2,833
Total Working Capital	-3,726	-4,314	-3,872
Others	331	235	240
Invested Capital	6,308	5,163	4,873
Total Borrowings	847	765	697
Financial Leases	123	102	9 8
Capitalised Operating Leases	3,627	3,280	3,039
Accrued Interest	2 2	2 2	6
Cash and Cash Equivalents	-1,405	-2,074	-1,761
Net Debt	3,214	2,097	2,079
Non-Controlling Interests	244	252	249
Share Capital	629	629	629
Reserves and Retained Earnings	2,220	2,184	1,915
Shareholders Funds	3,094	3,066	2,793

At the end of September Net Debt stood at €3.2 BN. Excluding liabilities from capitalized operating leases, the Group posted a net cash position of €413 MN.

Cash Flow

(€ Million)	9M 24	9M 23
EBITDA	1,633	1,591
Capitalised Operating Leases Payment	-285	-250
Interest Payment	-205	-138
Other Financial Items	1	0
Income Tax	-242	-205
Funds From Operations	902	999
Capex Payment	-760	-834
Change in Working Capital	-472	2 2
Others	-57	-28
Cash Flow	-387	159

The Cash Flow generated in the period was negative by 387 million euros, impacted by the effects of deflation on growth.

Capex

(€ Million)		9M 24 Weight		9M 23 Weight
Biedronka	253	39%	344	44%
Distribution Portugal	220	34%	179	23%
Ara	107	16%	190	24%
Others	6 8	11%	7 7	10%
Total CAPEX	648	100%	790	100%

At year end the Investment Programme should be just over 1 billion euros.

4. Outlook 2024

The outlook disclosed in the report and accounts first half 2024, remains largely unchanged.

As expected, the Group is facing a rapid decrease in food prices and a significant cost increase. This combination, unprecedented in its severity, is straining our margins.

In this challenging context, we maintain our focus on sales while reinforcing cost discipline and seeking operational efficiency gains to protect profitability.

The strength and differentiation of our value propositions and the sales volume performance registered in the 9M reinforce our confidence in each of our businesses.

Despite Poland's substantial minimum wage increase, the food retail sector is still losing sales volume.

This weak consumer momentum has greatly intensified competition in the food market.

In an ever more competitive context where price has become the decisive buying factor, Biedronka will maintain its price leadership and prioritize sales growth in volume. Therefore, in this final phase of the year, facing a more demanding comparative in terms of volumes, Biedronka will continue to invest in price, reinforcing its competitive position and creating additional saving and value opportunities for Polish consumers.

Since our main banner expects basket deflation to continue, executing this strategy will maintain the pressure on the EBITDA margin.

Taking advantage of a high level of flexibility in adapting its format to market opportunities, Biedronka is adding 130 to 150 locations (net) to the store network in 2024. The refurbishment programme will cover c.275 stores.

Hebe will continue to focus its growth strategy on the e-commerce channel, which is also the base of its internationalization. The expansion of the store network in Poland involves opening c.30 new locations for the whole year.

In Portugal, families continue to feel the pressure of high interest and tax rates. As a result, consumption is expected to remain subdued for the rest of the year.

Pingo Doce will continue to implement its popular promotional campaigns and roll out its new store concept, emphasizing the brand's unique offerings in meal solutions and fresh products while introducing innovative services that customers value.

The Company expects to renovate c.60 stores and to open c. ten new locations in 2024.

Recheio will ensure that the value propositions tailored to each customer segment support ongoing market share growth. The gradual store refurbishments are designed to enhance the value proposition for the HoReCa channel. Additionally, the Amanhecer retail store partnerships will continue to expand.

In Colombia, consumer demand is expected to stay weak.

Ara will remain focused on protecting price leadership and consumer preference while executing its expansion programme.

Operational efficiency will remain at the center of management's agenda, contributing to the expected improvement in profitability for 2024 and the return of EBITDA (excluding the impact of IFRS16) to positive territory.

The banner expects to open c.150 new stores and invest in further logistics capacity in 2024 and 2025, having already opened a new distribution centre this year.

Our long-term vision remains unchanged, and we reiterate our commitment to our 2024 capex programme, which should be just over 1 billion euros across all businesses. In addition to expanding and remodelling the store networks, the program will also reinforce the logistic infrastructure in Poland, Portugal, and Colombia and the launch of operations in Slovakia.

We also anticipate higher working capital levels. Deflation, low growth, high interest rates, and credit constraints are pressuring our small local commercial partners, particularly in private brand and fresh categories, which may lead us to shorten payment periods.

Lisbon, 29 October 2024

The Board of Directors

5. Management Report Appendix

5.1. The impact of IFRS 16 on Financial Statements

Income Statement by Functions

	IFRS16		Excl. IFRS16
(€ Million)	9M 24	9M 23	9M 24	9M 23
Net Sales and Services	24,765	22,451	24,765	22,451
Cost of Sales	-19,699	-17,851	-19,699	-17,851
Gross Profit	5,066	4,600	5,066	4,600
Distribution Costs	-3,822	-3,303	-3,944	-3,402
Administrative Costs	-390	-367	-392	-369
Other Operating Profits/Losses	-74	-36	-74	-36
Operating Profit	781	895	657	794
Net Financial Costs	-195	-142	-33	-18
Gains/Losses in Other Investments	0	0	0	0
Gains/Losses in Joint Ventures and Associates	- 1	0	- 1	0
Profit Before Taxes	585	753	623	776
Income Tax	-140	-182	-146	-186
Profit Before Non Controlling Interests	445	570	477	590
Non-Controlling Interests	- 6	-12	- 7	-14
Net Profit Attributable to JM	440	558	470	576

Income Statement (Management View)

(€ Million)	(Excl. IFRS16)					(Excl. IFRS16)
	9M 24 9M 23				D	Q3 24		Q3 23		D
Net Sales and Services	24,765		22,451		10.3%	8,467		7,938		6.7%
Gross Profit	5,066	20.5%	4,600	20.5%	10.1%	1,749	20.7%	1,630	20.5%	7.2%
Operating Costs			-3,885 -15.7% -3,388 -15.1%				14.7% -1,309 -15.5% -1,176 -14.8%			11.3%
EBITDA	1,182	4.8%	1,213	5.4%	-2.5%	440	5.2%	454	5.7%	-3.3%
Depreciation	-451	-1.8%	-383	-1.7%	18.0%	-154	-1.8%	-134	-1.7%	14.3%
EBIT	730	2.9%	830		3.7% -12.0%	286	3.4%	320		4.0% -10.7%
Net Financial Costs	-33	-0.1%	-18	-0.1%	83.6%	-10	-0.1%	- 4	-0.1%	n.a.
Gains/Losses in Joint Ventures and Associates	- 1	0.0%	0	0.0%	n.a.	0	0.0%	0	0.0%	n.a.
Other Profits/Losses	-74	-0.3%	-36	-0.2%	n.a.	-12	-0.1%	-18	-0.2%	n.a.
EBT	623	2.5%	776		3.5% -19.7%	264	3.1%	298		3.8% -11.4%
Income Tax	-146	-0.6%	-186		-0.8% -21.5%	-59	-0.7%	-69		-0.9% -14.6%
Net Profit	477	1.9%	590		2.6% -19.2%	205	2.4%	228		2.9% -10.4%
Non-Controlling Interests	- 7	0.0%	-14		-0.1% -48.1%	- 7	-0.1%	- 6	-0.1%	13.1%
Net Profit Attributable to JM	470	1.9%	576		2.6% -18.5%	198	2.3%	222		2.8% -11.1%
EPS (€)	0.75		0.92		-18.5%	0.31		0.35		-11.1%
EPS without Other Profits/Losses (€)	0.84		0.95		-11.4%	0.33		0.37		-10.9%

Balance Sheet

	(Excl. IFRS16)
(€ Million)	9M 24	2023	9M 23
Net Goodwill	639	635	616
Net Fixed Assets	5,678	5,533	5,056
Total Working Capital	-3,721	-4,309	-3,867
Others	292	203	207
Invested Capital	2,888	2,061	2,012
Total Borrowings	847	765	697
Financial Leases	123	102	9 8
Accrued Interest	2 2	2 2	6
Cash and Cash Equivalents	-1,405	-2,074	-1,761
Net Debt	-413	-1,184	-959
Non-Controlling Interests	259	265	262
Share Capital	629	629	629
Reserves and Retained Earnings	2,413	2,350	2,081
Shareholders Funds	3,301	3,245	2,971

Cash Flow

		(Excl. IFRS16)
(€ Million)				9M 24		9M 23
EBITDA				1,182		1,213
Interest Payment				-38		-9
Other Financial Items				1		0
Income Tax				-242		-205
Funds From Operations				902		999
Capex Payment				-760		-834
Change in Working Capital				-473		2 1
Others				-57		-27
Cash Flow			159
EBITDA Breakdown
(€ Million)
Financial Results
(€ Million)

EBITDA Breakdown

	IFRS16				Excl. IFRS16
(€ Million)	9M 24	Mg	9M 23	Mg	9M 24	Mg	9M 23	Mg
Biedronka	1,343	7.7%	1,353	8.6%	1,035	5.9%	1,095	6.9%
Hebe	3 5	8.3%	2 7	8.2%	1 0	2.4%	6	1.7%
Distribution Portugal	269	5.7%	268	5.9%	208	4.4%	213	4.7%
Ara	6 5	3.1%	3 1	1.8%	1 0	0.5%	- 9	n.a.
Others & Cons. Adjustments	-79	n.a.	-89	n.a.	-82	n.a.	-91	n.a.
JM Consolidated	1,633	6.6%	1,591	7.1%	1,182	4.8%	1,213	5.4%

Financial Results

	IFRS16		Excl. IFRS16
	9M 24	9M 23	9M 24	9M 23
Net Interest	-31	-7	-31	-7
Interests on Capitalised Operating Leases	-167	-128	-	-
Exchange Differences	1 2	1	7	-3
Others	-9	-8	-9	-8
Net Financial Costs	-195	-142	-33	-18

5.2. Sales Detail

(€ Million)	9M 24		9M 23		D %		Q3 24		Q3 23		D %
		% total			% total excl. FX	Euro		% total			% total excl. FX	Euro
Biedronka	17,460	70.5%	15,810	70.4%	3.9%	10.4%	5,921	69.9%	5,494	69.2%	2.6%	7.8%
Hebe	422	1.7%	329	1.5%	20.6%	28.3%	150	1.8%	121	1.5%	18.3%	24.4%
Pingo Doce	3,714	15.0%	3,547	15.8%		4.7%	1,316	15.5%	1,282	16.1%		2.7%
Recheio	1,021	4.1%	1,003	4.5%		1.8%	376	4.4%	371	4.7%		1.3%
Ara	2,127	8.6%	1,750	7.8%	10.9%	21.5%	694	8.2%	666	8.4%	6.4%	4.3%
Others & Cons. Adjustments	2 1	0.1%	1 2	0.1%		n.a.	9	0.1%	5	0.1%		n.a.
Total JM	24,765	100%	22,451	100%	4.7%	10.3%	8,467	100%	7,938	100%	3.3%	6.7%

Sales Growth

	Total Sales Growth					LFL Growth
	Q1 24	Q2 24	H1 24	Q3 24	9M 24	Q1 24	Q2 24	H1 24	Q3 24	9M 24
Biedronka
Euro	18.8%	5.7%	11.9%	7.8%	10.4%
PLN	9.3%	0.1%	4.5%	2.6%	3.9%	4.6%	-4.6%	-0.2%	-1.9%	-0.7%
Hebe
Euro	39.2%	23.5%	30.6%	24.4%	28.3%
PLN	28.0%	16.8%	22.0%	18.3%	20.6%	18.2%	7.5%	12.4%	8.5%	11.0%
Pingo Doce	8.3%	3.7%	5.9%	2.7%	4.7%	9.1%	3.0%	5.9%	1.2%	4.2%
Excl. Fuel	8.7%	3.8%	6.2%	3.0%	5.0%	9.5%	3.1%	6.1%	1.5%	4.4%
Recheio	2.7%	1.6%	2.1%	1.3%	1.8%	3.4%	1.0%	2.1%	1.6%	1.9%
Ara
Euro	43.9%	22.2%	32.1%	4.3%	21.5%
COP	20.0%	7.3%	13.3%	6.4%	10.9%	5.8%	-3.8%	0.7%	-3.1%	-0.6%
Total JM
Euro	18.6%	6.8%	12.3%	6.7%	10.3%
Excl. FX	9.9%	1.7%	5.5%	3.3%	4.7%	5.5%	-2.9%	1.1%	-1.1%	0.3%

5.3. Stores Network

Number of Stores	2023		Openings		Closings
		Q1 24	Q2 24	Q3 24	9M 24	9M 24	9M 23
Biedronka *	3,569	2 8	3 2	4 4	1 4	3,659	3,473
Hebe **	345	7	1 0	1 0	2	370	328
Pingo Doce	482	1	3	2	3	485	479
Recheio	4 3	0	0	0	0	4 3	4 3
Ara ***	1,290	2 7	3 2	2 8	0	1,377	1,241

Sales Area (sqm)	2023	Openings			Closings / Remodellings	9M 24	9M 23
		Q1 24	Q2 24	Q3 24	9M 24
Biedronka *	2,525,397	18,522	22,223	31,826	-11,596	2,609,563	2,451,292
Hebe **	88,379	1,800	2,422	2,214	551	94,264	84,039
Pingo Doce	564,903	127	5,555	3,154	-1,950	575,689	561,754
Recheio	145,269	0	0	0	399	144,870	145,269
Ara ***	446,493	10,112	11,404	10,555	0	478,564	428,718

* Excluding the stores and selling area related to 22 Micro Fulfilment Centres (MFC) to supply Biek's operation (ultrafast delivery)

** Includes 2 stores outside Poland

*** Includes 66 Bodegas del Canasto (B2B)

5.4. Definitions

Like For Like (LFL) sales: sales made by stores and e-commerce platforms that operated under the same conditions in the two periods. Excludes stores opened or closed in one of the two periods. Sales of stores that underwent profound remodelling are excluded during the period of the remodelling (store closure).

6. Reconciliation Note

(Following ESMA guidelines on Alternative Performance Measures from October 2015)

Income Statement

Income Statement (page 6)	Consolidated Income Statement by Functions (in Consolidated Financial Statements) First Nine Months 2024
Net Sales and Services	Net sales and services
Gross Profit	Gross profit
Operating Costs	Includes headings of Distribution costs; and Administrative costs; excluding €-779 million related with Depreciations and amortisations (note 3 - Segments Reporting)
EBITDA
Depreciation	Value reflected in the note 3 - Segments Reporting
EBIT
Net Financial Costs	Net financial costs
Gains/Losses in Joint Ventures and Associates	Gains (losses) in joint ventures and associates
Other Profits/Losses	Includes headings of Other operating profits/losses; Gains/Losses in disposal of business (when applicable) and Gains/Losses in other investments (when applicable)
EBT	Profit before taxes
Income Tax	Income tax
Net Profit	Profit before non-controlling interests
Non-Controlling Interests	Non-Controlling interests
Net Profit Attributable to JM	Net profit attributable to Jerónimo Martins Shareholders

Balance Sheet

Balance Sheet (page 6)	Consolidated Balance Sheet at 30 September 2024 (in Consolidated Financial Statements)
Net Goodwill	Amount reflected in the heading of Intangible assets
Net Fixed Assets	Includes the headings Tangible and Intangible assets (excluding the Net goodwill of €639 million); and adding the Financial leases (€140 million)
Net Rights of Use (RoU)	Includes the heading of Net rights of use excluding the Financial leases (€140 million)
Total Working Capital	Includes the headings Current trade debtors, accrued income and deferred costs; Inventories; Biological assets; Trade creditors, accrued costs and deferred income; Employee benefits; and also, €-32 million related to 'Others' due to its operational nature. Excludes €-11 million related with Interest accruals and deferrals heading (note 15 - Net financial debt); and when applicable short-term investments that do not qualify as cash equivalents (note 9 - Debtors, accruals and deferrals)
Others	Includes the headings Investment property; Investments in joint ventures and associates; Other financial investments; Non-Current trade debtors, accrued income and deferred costs; Deferred tax assets and liabilities; Income tax receivable and payable; Provisions for risks and contingencies. Excludes €-32 million related to 'Others' due to its operational nature
Invested Capital
Total Borrowings	Includes the heading Borrowings current and non-current
Financial Leases	Includes the heading of Financial leases (2024: €123 million; 2023: €102 million) according with IAS 17 in place before IFRS16 adoption
Capitalised Operating Leases	Amount in the heading of Lease liabilities current and non-current, excluding Financial leases (heading above)
Accrued Interest	Includes the headings Derivative financial instruments and €-11 million related with Interest accruals and deferrals (note 15 - Net financial debt)
Cash and Cash Equivalents	Includes the heading Cash and cash equivalents; and, when applicable, the amount of Short-term investments that do not qualify as cash equivalents (note 9 - Debtors, accruals and deferrals)
Net Debt
Non-Controlling Interests	Non-Controlling interests
Share Capital	Share capital
Reserves and Retained Earnings	Includes the heading Share premium, Own shares, Other reserves and Retained earnings

Shareholders' Funds

Cash Flow

Cash Flow (page 7)	Consolidated Cash Flow Statement (in Consolidated Financial Statements) First Nine Months 2024
EBITDA	Includes the headings Cash generated from operations before changes in working capital, including headings which did not generate cash flow, and excluding profit and losses that do not have operational nature (€57 million)
Capitalised Operating Leases Payment	Included in the heading Leases paid, excluding €9 million related with the payment of financial leases according with previous accounting standards
Interest Payment	Includes the headings of Loans interest paid, Leases interest paid and Interest received
Income Tax	Income tax paid
Funds from Operations
Capex Payment	Includes the headings Disposal of tangible and intangible assets; Disposal of other financial investments and investment property; Acquisition of tangible and intangible assets; Acquisition of other financial investments and investment property; and Acquisition of businesses, net of cash acquired. It also includes acquisitions of tangible assets classified as finance leases under previous accounting standards (€-29 million)
Change in Working Capital	Includes Changes in working capital
Others	Includes the headings Disposal of business (when applicable); and Profit and losses which generated cash flow, although not having operational nature (€-57 million)
Cash Flow	Corresponds to the Net change in cash and cash equivalents, deducted from Dividends paid; Acquisition of subsidiaries to non-controlling interests; Net change in loans; and Net change in Short-term investments that do not qualify as cash. It also includes acquisitions of tangible assets classified as finance leases (€-29 million); and deducted from the payment of financial leases (€9 million), both according with previous accounting standards

7. Information Regarding Individual Financial Statements

In accordance with number 5 of article 10 of the Regulation number 5/2008 of the Portuguese Securities Market Commission (CMVM), the Individual Financial Statements of Jerónimo Martins SGPS, S.A., regarding the first nine months, are not disclosed as they do not include additional relevant information, compared to the one presented in this report.

1. Consolidated Financial Statements
CONSOLIDATED INCOME STATEMENT BY FUNCTIONS	16
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME	16
CONSOLIDATED BALANCE SHEET	17
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY	18
CONSOLIDATED CASH FLOW STATEMENT	19
Index to the Notes to the Consolidated Financial Statements	Page
1. Activity	20
2. Accounting policies	20
3. Segments reporting	21
4. Operating costs by nature	22
5. Net financial costs	23
6. Income tax recognised in the income statement	23
7. Tangible assets, intangible assets, investment property and right-of-use assets	24
8. Derivative financial instruments	24
9. Trade debtors, accrued income and deferred costs	25
10. Cash and cash equivalents	25
11. Dividends	25
12. Basic and diluted earnings per share	25
13. Borrowings	25
14. Lease liabilities	26
15. Financial net debt	26
16. Provisions and employee benefits	26
17. Trade creditors, accrued costs and deferred income	27
18. Contingencies	27
19. Related parties	28
20. Subsidiaries	28

21. Events after the balance sheet date 29

II – Condensed Consolidated Financial Statements

CONSOLIDATED INCOME STATEMENT BY FUNCTIONS

For the periods ended 30 September 2024 and 2023

			€ Million
		September	September
	Notes	2024	2023
Sales and services rendered	3	24,765	22,451
Cost of sales	4	(19,699)	(17,851)
Gross profit		5,066	4,600
Distribution costs	4	(3,822)	(3,303)
Administrative costs	4	(390)	(367)
Other operating profits/losses	4.1	(74)	(36)
Operating profit		781	895
Net financial costs	5	(195)	(142)
Gains (losses) in joint ventures and associates		(1)	(0)
Profit before taxes		585	753
Income tax	6	(140)	(182)
Profit before non-controlling interests		445	570
Attributable to:
Non-controlling interests		6	12
Jerónimo Martins Shareholders		440	558
Basic and diluted earnings per share – euros	12	0.6998	0.8878

To be read with the attached notes to the consolidated financial statements.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the periods ended 30 September 2024 and 2023

				€ Million
	September	September	3rd Quarter	3rd Quarter
	2024	2023	2024	2023
Net profit	445	570	193	207
Other comprehensive income:
Change in fair value of equity instruments	‐	2	‐	4
Items that will not be reclassified to profit or loss	‐	2	‐	4
Currency translation differences	12	13	6	(46)
Change in fair value of cash flow hedges	0	1	(0)	3
Change in fair value of hedging instruments on foreign operations	(2)	(15)	(1)	5
Related tax	1	0	1	(4)
Items that may be reclassified to profit or loss	11	(1)	5	(42)
Other comprehensive income, net of income tax	11	1	5	(39)
Total comprehensive income	457	571	199	168
Attributable to:
Non-controlling interests	6	12	6	5
Jerónimo Martins Shareholders	451	559	192	163
Total comprehensive income	457	571	199	168

To be read with the attached notes to the consolidated financial statements.

CONSOLIDATED BALANCE SHEET

As at 30 September 2024 and 31 December 2023

			€ Million
		September	December
	Notes	2024	2023
Assets
Tangible assets	7	5,381	5,253
Intangible assets	7	796	790
Investment property	7	8	9
Right-of-use assets	7	3,527	3,198
Biological assets		8	8
Investments in joint ventures and associates		83	80
Other financial investments		2	2
Trade debtors, accrued income and deferred costs	9	57	59
Deferred tax assets		241	230
Total non-current assets		10,101	9,629
Inventories		1,878	1,790
Biological assets		20	19
Income tax receivable		97	86
Trade debtors, accrued income and deferred costs	9	724	829
Derivative financial instruments	8	1	6
Cash and cash equivalents	10	1,405	1,938
Total current assets		4,126	4,668
Total assets		14,227	14,297
Shareholders' equity and liabilities
Share capital		629	629
Share premium		22	22
Own shares		(6)	(6)
Other reserves		(99)	(110)
Retained earnings		2,303	2,278
		2,850	2,814
Non-controlling interests		244	253
Total shareholders' equity		3,094	3,066
Borrowings	13	345	280
Lease liabilities	14	3,163	2,853
Trade creditors, accrued costs and deferred income	17	4	4
Derivative financial instruments	8	10	6
Employee benefits	16	83	78
Provisions for risks and contingencies	16	66	79
Deferred tax liabilities		113	104
Total non-current liabilities		3,785	3,404
Borrowings	13	502	485
Lease liabilities	14	587	530
Trade creditors, accrued costs and deferred income	17	6,248	6,705
Derivative financial instruments	8	2	13
Income tax payable		10	94
Total current liabilities		7,349	7,827
Total shareholders' equity and liabilities		14,227	14,297

To be read with the attached notes to the consolidated financial statements.

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY

For the periods ended 30 September 2024 and 2023

										€ Million
	Shareholders' equity attributable to Shareholders of Jerónimo Martins, SGPS, S.A.
					Other reserves				Non	Shareholders'
	Share capital	Share premium	Own shares	Cash flow hedge	Fair Value of financial assets	Currency translation reserves	Retained earnings	Total	controlling interests	equity
Balance Sheet as at 1 January 2023	629	22	(6)	‐	(2)	(182)	1,869	2,331	254	2,585
Equity changes in 2023
Currency translation differences	‐	‐	‐	‐	‐	13	‐	13	‐	13
Change in fair value of cash flow hedging	‐	‐	‐	1	‐	‐	‐	1	‐	1
Change in fair value of hedging instruments on foreign operations	‐	‐	‐	‐	‐	(15)	‐	(15)	‐	(15)
Change in fair value of equity instruments	‐	‐	‐	‐	2	‐	‐	2	‐	2
Other comprehensive income	-	-	-	1	2	(2)	‐	1	‐	1
Net profit	‐	‐	‐	‐	‐	‐	558	558	12	570
Total comprehensive income	-	-	-	1	2	(2)	558	559	12	571
Dividends	‐	‐	‐	‐	‐	‐	(346)	(346)	(17)	(363)
Balance Sheet as at 30 September 2023	629	22	(6)	1	-	(183)	2,081	2,544	249	2,793
				,
Balance Sheet as at 1 January 2024	629	22	(6)	‐	-	(110)	2,278	2,814	253	3,066
Equity changes in 2024
Currency translation differences	‐	‐	‐	‐	‐	13	‐	13	‐	13
Change in fair value of hedging instruments on foreign operations	‐	‐	‐	‐	‐	(2)	‐	(2)	‐	(2)
Other comprehensive income	-	-	-	‐	-	11	-	11	‐	11
Net profit	‐	‐	‐	‐	‐	‐	440	440	6	445
Total comprehensive income	-	-	-	‐	-	11	440	451	6	457
Dividends (note 11)	‐	‐	‐	‐	‐	‐	(412)	(412)	(17)	(429)
Acquisitions/Disposal of non-controlling interests	‐	‐	‐	‐	‐	‐	(3)	(3)	3	(1)
Balance Sheet as at 30 September 2024	629	22	(6)	‐	-	(99)	2,303	2,850	244	3,094

To be read with the attached notes to the consolidated financial statements.

CONSOLIDATED CASH FLOW STATEMENT

For the periods ended 30 September 2024 and 2023

			€ Million
		September	September
	Notes	2024	2023
Net results		440	558
Adjustments for:
Non-controlling interests		6	12
Income tax		140	182
Depreciations and amortisations		779	660
Net financial costs		195	142
Gains/losses in joint ventures and associates		1	0
Gains/losses on derivatives instruments at fair value		4	(7)
Gains/losses in tangible, intangible and right-of-use assets		12	15
Operating cash flow before changes in working capital		1,576	1,563
Changes in working capital:
Inventories		(90)	8
Trade debtors, accrued income and deferred costs		25	(0)
Trade creditors, accrued costs and deferred income		(398)	20
Provisions and employee benefits		(8)	(4)
Cash generated from operations		1,105	1,585
Income tax paid		(242)	(205)
Cash flow from operating activities		862	1,381
Investment activities
Disposals of tangible and intangible assets		4	1
Disposals of other financial investments and investment property		2	‐
Interest received		33	33
Dividends received		1	0
Acquisition of tangible and intangible assets		(719)	(763)
Acquisition of other financial investments and investment property		(1)	(0)
Acquisition of businesses, net of cash acquired		(17)	(46)
Acquisition of subsidiaries to non-controlling interests		(3)	‐
Short-term investments that don't qualify as cash equivalents	9	136	(59)
Cash flow from investment activities		(564)	(834)
Financing activities
Loans interest paid		(66)	(40)
Leases interest paid	5	(172)	(131)
Net change in loans	13	138	153
Leases paid	14	(294)	(258)
Dividends paid	11	(429)	(363)
Cash flow from financing activities		(823)	(638)
Net changes in cash and cash equivalents		(525)	(91)
Cash and cash equivalents changes
Cash and cash equivalents at the beginning of the year		1,938	1,781
Net changes in cash and cash equivalents		(525)	(91)
Effect of currency translation differences		(8)	(8)
Cash and cash equivalents at the end of September	10	1,405	1,682

To be read with the attached notes to the consolidated financial statements.

				€ Million
	September	September	3rd Quarter	3rd Quarter
	2024	2023	2024	2023
Cash Flow from operating activities	862	1,381	393	761
Cash Flow from investment activities	(564)	(834)	(210)	(320)
Cash Flow from financing activities	(823)	(638)	(100)	(87)
Cash and cash equivalents changes	(525)	(91)	83	354

*The amounts presented in 2020 in Provisions and other operating gains and losses are no longer adjusted to the Net results and are now included in Changes in

working capital

1. Activity

Jerónimo Martins, SGPS, S.A. (JMH), is the parent Company of Jerónimo Martins (Group) and has its head office in Lisbon.

The Group operates mainly in the areas of Food Distribution in Portugal, Poland and Colombia and Agrifood Production in Portugal. In 2023 it began activity in other geographies, namely in the Agrifood sector (aquaculture) in Morocco, and in Specialized Retail from Poland to Czechia and Slovakia.

Head Office: Rua Actor António Silva, n.º 7, 1649-033 Lisboa, Portugal.

Share Capital: 629,293,220 euros.

Registered at the Commercial Registry Office and Tax Number: 500 100 144.

JMH has been listed on the Euronext Lisbon since 1989.

The Board of Directors approved these Consolidated Financial Statements on 29 October 2024.

2. Accounting policies

2.1. Basis for preparation

All amounts are shown in million euros (€ million) unless otherwise stated. Due to rounding's, the arithmetic result of the numbers shown in the plots may not exactly match the totals.

JMH condensed consolidated financial statements were prepared in accordance with the interim financial reporting standard (IAS 34), and all other International Financial Reporting Standards (IFRS) issued by International Accounting Standards Board (IASB) and with the interpretations of the International Financial Reporting Interpretations Committee (IFRIC) as adopted by the European Union (EU).

The JMH consolidated financial statements were prepared in accordance with the same standards and accounting policies adopted by the Group in the preparation of the annual financial statements, except for the adoption of new standards, amendments and interpretations, effective as of 1 January 2024, and essentially including an explanation of the events and relevant changes for the understanding of variations in the financial position and Group performance since the last annual report. Thus, the accounting policies as well as some of the notes from the 2023 annual report are omitted because no changes occurred, or they are not materially relevant for the understanding of the interim financial statements.

As mentioned in the Consolidated Financial Statements chapter of the 2023 Annual Report, note 29 - Financial risks, the Group, as a result of its normal activity, is exposed to several risks which are monitored and mitigated throughout the year. During the first nine months of 2024, there was no material changes in addition to the notes detailed below, that could significantly change the assessment of the risks that the Group is exposed to.

Change in accounting policies and basis for preparation:

2.1.1. New standards, amendments and interpretations adopted by the Group

Between November 2023 and May 2024, the EU issued the following Regulations, which were adopted by the Group with effect from 1 January 2024:

EU Regulation	IASB Standard or IFRIC Interpretation endorsed by EU	Standard / interpretation issued in	Mandatory for financial years beginning on or after
Regulation no. 2579/2023	IFRS 16 Leases: Lease Liability in a sale and leaseback (amendments)	September 2022	1 January 2024
Regulation no. 2822/2023	IAS 1 Presentation of Financial Statements: i) Classification of Liabilities as Current or Non-current (amendments); ii) Non-current Liabilities with Covenants (amendments)	January and July 2020, and October 2022	1 January 2024
Regulation no. 1317/2024	IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures: Supplier Finance Arrangements (amendments)	May 2023	1 January 2024

The Group adopted the above amendments, with no significant impact on its Consolidated Financial Statements.

2.1.2. New standards, amendments and interpretations endorsed by EU but not effective for the financial year beginning 1 January 2024 and not early adopted

During the first nine months of 2024, the EU did not issue any Regulation regarding the endorsement of new standards, amendments or interpretations that have not yet been implemented by the Group.

2.1.3. New standards, amendments and interpretations issued by IASB and IFRIC, but not yet endorsed by EU

IASB issued between April and July 2024 the following standards and amendments that are still pending endorsement by the EU:

IASB Standard or IFRIC Interpretation	Standard / interpretation issued in	Expected application for financial years beginning on or after
IFRS 18 Presentation and Disclosure in Financial Statements (new)	April 2024	1 January 2027
IFRS 7 Financial Instruments: Disclosures and IFRS 9 Financial Instruments: Classification and measurement of financial instruments (amendments)	May 2024	1 January 2026
IFRS 19 Subsidiaries without Public Accountability: Disclosures (new)	May 2024	1 January 2027
Annual Improvements to IFRS's - Volume 11: IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 7 Financial Instruments: Disclosures, IFRS 9 Financial Instruments, IFRS 10 Consolidated Financial Statements and IAS 7 Statement of Cash Flows (amendments)	July 2024	1 January 2026

The Management is currently evaluating the impact of adopting the new standards and amendments to the existing standards, and so far, does not expect a significant impact on the Group's Consolidated Financial Statements.

2.1.4. Change of accounting policies

Except as disclosed above, the Group has not changed its accounting policies during the first nine months of 2024, nor were identified errors regarding previous years, which compel the restatement of the Consolidated Financial Statements.

2.2. Transactions in foreign currencies

Transactions in foreign currencies are translated into the functional currency (euro) at the exchange rate prevailing on the transaction date.

At the balance sheet date, monetary assets and liabilities expressed in foreign currencies are translated at the exchange rate prevailing on that date, and exchange differences arising from this conversion are recognised in the income statement. When qualifying as cash flow hedges or hedges on investments in foreign subsidiaries or when classified as other financial investments, which are equity instruments, the exchange differences are deferred in equity.

The main exchange rates applied on the balance sheet date are those listed below:

Euro foreign exchange reference rates (x foreign exchange units per 1 euro)	Polish Zloty (PLN)	Colombian Peso (COP)
Rate at 30 September 2024	4.2788	4,662.2500
Average rate for the period	4.3049	4,325.8100
Rate at 30 September 2023	4.6283	4,328.2500
Average rate for the period	4.5776	4,742.2000

In addition to these currencies, the Group carries out transactions based on other currencies and holds subsidiaries with other functional currencies, which, however, have no materiality.

3. Segments reporting

Segment information is presented in accordance with internal reporting to Management. Based on this report, the Management evaluates the performance of each segment and allocates the available resources.

Management monitors the performance of the business based on a geographical and business perspective. Since the business units in the distribution area in Portugal share a set of competences, the Group analyses, on a quarterly basis, its segments in an aggregate performance perspective. In addition, the Group also separates the business units Poland Retail and Colombia Retail. Apart from these there are also other businesses which due to their low materiality, are not reported separately.

The identified operating segments are:

• Portugal Distribution: comprises the business unit of JMR (Pingo Doce supermarkets) and the business unit Recheio (Wholesale operation of cash & carry and foodservice);

• Poland Retail: the business unit which operates under Biedronka banner;

• Colombia Retail: the business unit which operates under Ara banner;

• Others, eliminations and adjustments: include i. business units with reduced materiality (Coffee Shops Chocolate Stores and Agribusiness in Portugal, and Health and Beauty Retail in Poland); ii. the Holding Companies; and iii. Group's consolidation adjustments.

Detailed information by operating segments as at September 2024 and 2023

	Portugal Distribution		Poland Retail			Colombia Retail		Others, eliminations and adjustments		Total JM Consolidated
	2024	2023	2024	2023	2024	2023	2024	2023	2024	2023
Net sales and services	4,730	4,546	17,460	15,810	2,127	1,750	448	345	24,765	22,451
Inter-segments	2	1	‐	‐	‐	‐	(2)	(1)	‐	‐
External customers	4,729	4,545	17,460	15,810	2,127	1,750	449	346	24,765	22,451
Operational cash flow (EBITDA)	269	268	1,343	1,353	65	31	(44)	(62)	1,633	1,591
Depreciations and amortisations	(173)	(152)	(475)	(408)	(79)	(57)	(52)	(43)	(779)	(660)
Earnings before interest and taxes (EBIT)	96	117	868	944	(14)	(26)	(96)	(105)	855	931
Other operating profits/losses									(74)	(36)
Financial results and gains in investments									(195)	(142)
Income tax									(140)	(182)
Minority interests									(6)	(12)
Net result attributable to JM									440	558
Total assets (1)	3,144	3,128	8,648	8,633	1,616	1,722	819	814	14,227	14,297
Total liabilities (1)	2,636	2,585	7,125	7,057	1,599	1,692	(227)	(103)	11,133	11,231
Investments in tangible and intangible assets	221	179	225	320	107	190	49	30	601	720

(1) The comparative report is 31 December of 2023

Reconciliation between EBIT and operating profit

	2024	2023
EBIT	855	931
Other operating profits/losses	(74)	(36)
Operational result	781	895

4. Operating costs by nature

	Sep 2024	Sep 2023
Cost of goods sold and materials consumed	(19,428)	(17,604)
Changes in inventories of finished goods and work in progress	15	26
Net cash discount and interest paid to suppliers	72	45
Electronic payment commissions	(67)	(57)
Other supplementary costs	(257)	(231)
Supplies and services	(886)	(842)
Advertising costs	(130)	(97)
Rents	(17)	(20)
Staff costs	(2,193)	(1,849)
Transportation costs	(268)	(240)
Depreciation and amortisation of tangibles and intangibles assets	(440)	(372)
Depreciation of right-of-use assets	(339)	(288)
Profit/loss with tangible and intangible assets	(13)	(16)
Profit/loss with right-of-use assets	1	1
Other natures of profit/loss	(34)	(14)
Total	(23,984)	(21,556)

4.1. Other operating profits/losses

Operating costs by nature include the following Other operating losses and gains considered material, which are excluded from the Group's performance indicators, to assure a better comparability between financial periods:

	Sep 2024	Sep 2023
Donation to Jerónimo Martins Foundation	(40)	‐
Donations to other entities	(4)	(5)
Increase of provisions for legal contingencies	(0)	(13)
Costs with organizational restructuring programmes	(16)	(14)
Assets write-offs and gains/losses in sale of tangible assets	(9)	(10)
Fair value of energy price fixing derivative instruments	(4)	7
Total	(74)	(36)

As communicated on March 22, 2024, the Jerónimo Martins Foundation was created, with an initial endowment of €40 million, that will increase the scale and extend the reach of the Group's social and solidarity initiatives.

5. Net financial costs

	Sep 2024	Sep 2023
Loans interest expense	(60)	(38)
Leases interest expense	(172)	(131)
Interest received	34	34
Net foreign exchange	12	1
Net foreign exchange on leases	5	4
Other financial gains and losses	(9)	(8)
Fair value of financial investments held for trade:
Derivative instruments (note 8)	(6)	(4)
Total	(195)	(142)

Interest expense includes the interest on loans measured at amortised cost.

Exchange differences on Net foreign exchange on leases refer to the exchange rate update, reported on 30 September, on the euro-denominated lease contracts of the subsidiaries Jeronimo Martins Polska, SA (JMP or Biedronka), Jeronimo Martins Drogerie i Farmacja Sp.zo.o. (JMDiF or Hebe) and Hebe Cesko, s.r.o. (Hebe Czechia), compared to the amount recognised at the end of the previous year (31 December).

Other financial gains and losses include costs with debt issued by the Group, recognised in results through effective interest method.

6. Income tax recognised in the income statement

	Sep 2024	Sep 2023
Current income tax
Current tax of the year	(146)	(208)
Adjustment to prior year estimation	4	8
Total	(143)	(200)
Deferred tax
Temporary differences created and reversed	4	23
Change to the recoverable amount of tax losses and temporary differences from previous years	(3)	(3)
Total	1	19
Other gains/losses related to tax
Impact of changes in estimates for tax litigations	2	(2)
Total	2	(2)
Total income tax	(140)	(182)

In 2024 and 2023, the Corporate Income Tax rate (CIT) applied to companies operating in Portugal was 21%. For companies with a positive tax result, there is a surcharge of 1.5% regarding municipal tax, and an additional state tax that varies between 3%, 5% and 9%, for taxable profits higher than €1.5 million, €7.5 million and €35 million, respectively.

Additionally, in 2023 it was in force a temporary solidarity contribution on the food distribution sector (CST Food Distribution), approved in 2022, applicable to companies that carry out food retail activities in Portugal, with the indication that it is intended to tackle the inflationary phenomenon. The CST Food Distribution corresponded to an

additional rate of 33% on the taxable income that exceeded 20% of the average taxable income for the reference period (2018–2021). Its application was limited to the years 2022 and 2023.

In Poland, for 2024 and 2023, the income tax rate applied to taxable income was 19%.

In Colombia, the income tax rate was 35% in 2024 and 2023.

7. Tangible assets, intangible assets, investment property and right-of-use assets

	Tangible assets	Intangible assets	Investment property	Right-of-use assets	Total
Net value at 31 December 2023	5,253	790	9	3,198	9,251
Foreign exchange differences	(37)	6	‐	(19)	(50)
Increases	589	11	‐	191	792
Contracts update	‐	‐	‐	512	512
Disposals and write-offs	(17)	(0)	(2)	‐	(18)
Contracts cancellation	‐	‐	‐	(14)	(14)
Transfers	1	1	‐	(1)	0
Acquisitions/Disposals of business	18	0	‐	‐	18
Depreciation, amortisation and impairment losses	(427)	(13)	‐	(339)	(779)
Net value at 30 September 2024	5,381	796	8	3,527	9,711

The increase in tangible assets correspond mainly to the Group's investments in new stores and distribution centres and remodelling of the existing ones.

Net value of intangible assets at 30 September 2024 include Goodwill in the amount of €639 million.

Due to currency translation adjustment of the assets in the Group's businesses reported in foreign currency, the net amount of tangible and intangible assets and right-of-use assets decreased €50 million. This change includes an increase of €4 million related to Goodwill from businesses in Poland.

8. Derivative financial instruments

		Sep 2024				Dec 2023
	Notional	Assets		Liabilities		Notional	Assets		Liabilities
		Current	Non current	Current	Non current		Current	Non current	Current	Non current
Derivatives held for trading
Currency forwards - stock purchase (COP/EUR)	2.7 million EUR	0	‐	‐	‐	1.6 million EUR	‐	‐	0	‐
Currency forwards - stock purchase (COP/USD)	3.3 million USD	0	‐	‐	‐	2.7 million USD	‐	‐	0	‐
Currency forwards - stock purchase (PLN/EUR)	24 million EUR	‐	‐	0	-	3.0 million EUR	‐	‐	0	‐
Currency forwards - treasury applications (PLN/EUR)	-	‐	‐	‐	‐	89.8 million EUR	6	‐	‐	‐
Commodities swap - energy purchase (PLN/EUR)	n/a	‐	‐	‐	10	n/a	‐	‐	‐	6
Cash flow hedging derivatives
Currency forwards - stock purchase (PLN/USD)	9 million USD	0	‐	0	‐	-	‐	‐	‐	‐
Currency forwards - stock purchase (PLN/USD)	-	‐	‐	‐	‐	9.9 million EUR	‐	‐	0	‐
Currency forwards - stock purchase (COP/EUR)	6.9 million EUR	0	‐	0	‐	0.8 million EUR	‐	‐	0	‐
Currency forwards - stock purchase (COP/USD)	3.0million USD	0	‐	0	‐	1.2 million USD	‐	‐	0	‐
Foreign operation investments hedging derivatives
Currency forwards (PLN)	774 million PLN	0	‐	1	‐	1,241 million PLN	‐	‐	12	‐
Total derivatives held for trading		‐	‐	‐	10		6	‐	‐	6
Total hedging derivatives		‐	‐	2	‐		‐	‐	12	‐
Total assets/liabilities derivatives		1	‐	2	10		6	‐	13	6

9. Trade debtors, accrued income and deferred costs

Sep 2024	Dec 2023
Non-current
Other debtors 52	56
Deferred costs 4	3
Total 57	59
Current
Commercial customers 84	72
Other debtors 162	189
Other taxes receivable 12	11
Accrued income and deferred costs 466	423
Short-term investments that don't qualify as cash equivalents	‐ 135
Total 724	829

10. Cash and cash equivalents

	Sep 2024	Dec 2023
Bank deposits	292	587
Short-term investments	1,109	1,348
Cash in hand	4	4
Total	1,405	1,938

11. Dividends

Dividends in the amount of €429 million were paid in 2024, to JMH shareholders in the amount of €412 million and to partners with non-controlling interests in the Group companies in the amount of €17 million.

12. Basic and diluted earnings per share

	Sep 2024	Sep 2023
Ordinary shares issued at the beginning of the year	629,293,220	629,293,220
Own shares at the beginning of the year	(859,000)	(859,000)
Weighted average number of ordinary shares	628,434,220	628,434,220
Diluted net results of the year attributable to ordinary shares	440	558
Basic and diluted earnings per share – Euros	0.6998	0.8878

13. Borrowings

The Group has negotiated commercial paper programs in the total amount of €350 million, of which €100 million are committed. The utilizations under these programs are remunerated at the Euribor rate for the respective issue period plus variable spreads and can also be issued on auctions. In the first nine months of the year some emissions were carried out, for short periods of time, to meet cash requirements whose use as of 30 September 2024 was of €30 million.

JMP made a scheduled repayment of a medium and long-term financing in the amount of 74.4 million zloty, around €17 million. It was made the first utilization of the medium and long-term financing line contracted at the end of last year, with a disbursement of 300 million zloty, around €70 million, at a fixed rate, for a period of 8 years. Short-term credit facilities were increased by 350 million zloty, around €82 million.

Jeronimo Martins Colombia, SAS (JMC) issued two new loans, in a total amount of 380 thousand million Colombian pesos, for a period of 1 year, through international banks, equivalent to €82 million. It was issued a new loan, for a period of 2 years, with a local bank, in a total amount of 250 thousand million Colombian pesos, equivalent to around €54 million. JMC paid 80 thousand million Colombian pesos, around €17.2 million, related to capital repayments of three medium and long-term loans.

13.1. Current and non-current loans

Sep 2024	Opening balance	Cash flows	Transfers	Foreign exchange difference	Closing balance
Non-current loans
Bank loans	280	92	(17)	(15)	345
Total	280	92	(17)	(15)	345
Current loans
Bank overdrafts	73	(36)	‐	(4)	33
Bank loans	412	81	17	(41)	469
Total	485	45	17	(46)	502

14. Lease liabilities

Sep 2024	Current	Non-current	Total
Opening balance	530	2,853	3,382
Increases (new contracts)	22	169	191
Payments	(294)	(0)	(294)
Transfers	254	(254)	‐
Contracts change/ cancel	77	420	497
Foreign exchange difference	(2)	(25)	(27)
Closing balance	587	3,163	3,750

15. Financial net debt

As the Group contracted several foreign exchange rate risk and interest risk hedging operations, as well as short-term investments, the net consolidated financial debt as at the balance sheet date is:

	Sep 2024	Dec 2023
Non-current loans (note 13.1)	345	280
Current loans (note 13.1)	502	485
Financial lease liabilities - non-current (note 14)	3,163	2,853
Financial lease liabilities - current (note 14)	587	530
Derivative financial instruments (note 8)	11	12
Interest on accruals and deferrals	11	10
Cash and cash equivalents (note 10)	(1,405)	(1,938)
Short-term investments that don't qualify as cash equivalents (note 9)	‐	(135)
Total	3,214	2,097

16. Provisions and employee benefits

2024	Risks and contingencies	Employee benefits
Balance as at 1 January	79	78
Set up, reinforced and transfers	3	8
Unused and reversed	(3)	‐
Foreign exchange difference	0	1
Used	(14)	(3)
Balance as at 30 September	66	83

17. Trade creditors, accrued costs and deferred income

	Sep 2024	Dec 2023
Non-current
Trade payables	2	3
Accrued costs and deferred income	1	1
Total	4	4
Current
Trade payables	4,815	5,224
Non-trade payables	421	521
Other taxes payables	180	166
Contracts liabilities with customers	19	16
Refunds liabilities to customers	3	2
Accrued costs and deferred income	810	776
Total	6,248	6,705

18. Contingencies

Contingent liabilities

During the first nine months of 2024, the following changes occurred to the contingencies mentioned in the 2023 Annual Report:

Competition Authorities proceedings:

• In Poland, the subsidiary JMP was notified in 2020 by the Polish Office of Competition and Consumer Protection (UOKiK) on the opening of one proceeding related to the disclosure of country of origin of fruit and vegetable products at store level. On 22 April 2021 UOKiK notified JMP of the decision on the case, imposing a fine of 60 million zloty (c. €13 million). Disagreeing with the understanding and conclusion of this Authority, JMP filed an appeal before the Court of Competition and Consumer Protection (CCCP) that, on 17 April 2023 sustained UOKiK's decision. JMP filed the appeal to the Court of Appeal. On 28 March 2024 this Court also dismissed JMP's appeal, and the company paid the fine in April 2024. Convinced of the legal and factual grounds of its position, JMP decided to file an extraordinary appeal to the Supreme Court.
• In December 2020, UOKiK notified JMP of the decision of applying a fine of 723 million zloty (c. €169 million), for the alleged abuse of bargaining power in commercial relations with suppliers, namely of fruits and vegetables. JMP understands that the decision lacks both legal and factual grounds and has already filed an appeal to the CCCP. On October 17, this Court issued an oral ruling, disclosed by UOKiK and reported in the press, upholding UOKiK's decision in 7 of the 214 cases presented and, reducing the fine to 506 million zloty (c. €118 million).

JMP reiterates that it has always engaged in transparent and fair negotiations, aiming to build long-term relationships essential for its supply chain's sustainability and to serve consumers in Poland. During the trial, factual arguments (including testimonies from the suppliers in question) and legal arguments were presented, demonstrating the merits of its defence. JMP believes this should have led to a complete acquittal rather than a partial one. As such, JMP will appeal to the second-instance Court, pending receipt of the written ruling and respective reasoning.

Other tax and legal proceedings:

• c) The Portuguese Tax Authorities (PTA) carried out some corrections to the CIT from Companies included in the perimeter of the Tax Group headed by Recheio SGPS. With these corrections the total assessments concerning 2007 to 2014 amounted to €17 million, of which an amount of €16 million is still in dispute. The Lisbon Tax Court has already ruled in favour of Recheio SGPS regarding the 2008, 2009, 2010, 2011, 2013 and 2014 assessments. Up to this date, the PTA has appealed of all those decisions. In 2024 the Central Administrative Court ruled in favor of Recheio, regarding the year 2010 and the Supreme Administrative Court in favor of the PTA, regarding 2013, therefore, regarding the latter, Recheio has already filed an appeal;
• d) The PTA has informed JMH of the non-acceptance of the deductibility of capital losses, in the amount of €25 million, related to 2007, regarding the liquidation of one Company and the sale of another, which generated a correction on the Company's tax losses in the estimated tax amount of €7 million. Due to decisions favourable to JMH regarding corrections of losses from previous years, the amount currently in dispute is €5 million. In 2019, the Lisbon Tax Court ruled in favour of JMH, however, the PTA have appealed the said decision to a higher court. In 2024, the Central Administrative Court ruled in favour of JMH regarding the total amount, closing the process;

• g) The PTA notified JMR SGPS, for 2020 and 2021, of the settlement in the amount of € 7.5 million and corrected JMH's tax losses concerning 2020, in the amount of € 3.2 million, considering that the amortization of brands and, also in JMR's, donations granted, were not CIT deductible, a decision contrary to the legislative changes. The Board of Directors, supported by the opinion of its lawyers and tax advisers, believes the Company has sufficient grounds for its defence;

• h) Since 2012, the Food and Veterinary Department (Direção-Geral de Alimentação e Veterinária) claimed from Pingo Doce, Recheio and Hussel the payment of the Food Safety Tax (Taxa de Segurança Alimentar Mais – TSAM), which is charged every six months. Those settlements were and are challenged in court, as they are considered to be undue, either for reasons of constitutionality of the statute that created them, or for other reasons. Although decisions have already been made that do not consider the tax unconstitutional, the Group's companies maintain their understanding, and therefore continue to appeal against such decisions. Some of them have already become final and, therefore, in these cases, payment had to be made. The Group filed a complaint with the European Commission as it also understands that we are in the presence of illegal State aid. This complaint is still under appreciation. As mentioned, the Group's companies continue to regularly file objections to the rate (every six months), carrying out a regular analysis of the risk and probability of a favourable outcome in any of the processes and/or the complaint to the European Commission. Currently, the fees under discussion in the courts amount to around €21 million, €3 million and €0.05 million, for Pingo Doce, Recheio and Hussel, respectively;

• i) The court trustee of the company ZM Kania has brought a lawsuit against JMP for the amount of 23 million zloty (€5 million). The claim disputes all the discounts that JMP collected from this supplier in the period 2016-2019 with grounds on the Unfair competition act (all granted rappels are argued as not constituting a price element) and on the Law on protection of competition and consumers. On 29 February 2024, the Court dismissed all trustee's claims against JMP. The ZM Kania trustee has meanwhile filed an appeal to the second-instance Court.

19. Related parties

56.136% of the Group is owned by the Sociedade Francisco Manuel dos Santos, B.V., with Sociedade Francisco Manuel dos Santos, S.E. the entity that qualifies as the ultimate parent company of the Group.

	Joint ventures		Associates		Other related parties(*)
	Sep 2024	Sep 2023	Sep 2024	Sep 2023	Sep 2024	Sep 2023
Sales and services rendered	‐	‐	24	20	0	0
Stocks purchased and services supplied	3	4	(0)	(0)	85	77
	Joint ventures		Associates		Other related parties(*)
	Sep 2024	Dec 2023	Sep 2024	Dec 2023	Sep 2024	Dec 2023
Trade debtors, accrued income and deferred costs	0	2	8	5	1	0
Trade creditors, accrued costs and deferred income	0	0	(0)	0	18	23

Balances and transactions of Group Companies with related parties are as follows:

(*) Other related parties corresponds to Other financial investments, entities participated and/or controlled by the major shareholder of Jerónimo Martins and entities owned or controlled by members of the Board of Directors.

All the transactions with related parties were made under normal market conditions, meaning, the transaction value corresponds to prices that would be applicable between non-related parties.

Outstanding balances between Group Companies and related parties, as a result of trade agreements, are settled in cash, and are subject to the same payment terms as those applicable to other agreements contracted between Group Companies and their suppliers.

There are no provisions for doubtful debts and no costs were recognised during the year related with bad debts or doubtful debts with these related parties.

20. Subsidiaries

On 25 March 2024, through the subsidiary Jerónimo Martins – Agro-Alimentar, S.A. (JMAA), 20% of the capital of the company Outro Chão – Agricultura Biológica, Lda. were acquired, and the Group now owns 100% of the company.

On 19 June 2024, through the subsidiary JMAA, 30% of the capital of the company Supreme Fruits, Lda. (SF), were acquired, with the Group now holding 80% of said company. SF is thus now fully consolidated in the Group's financial statements (previously it was consolidated by the equity method), and the resulting impacts are not material.

21. Events after the balance sheet date

At the conclusion of this Report there were no relevant events to highlight that are not disclosed in the Financial Statements.

Lisbon, 29 October 2024

The Certified Accountant The Board of Directors

Jerónimo Martins | R&A First 9 Months 2024

Jerónimo Martins, SGPS, S.A. Head office: Rua Actor António Silva, n.º 7 Jerónimo Martins, SGPS, S.A. Head office: Rua Actor António Silva, n.º 7 1649-033 Lisboa Tel.: +351 21 753 20 00 Fax: +351 21 752 61 74 www.jeronimomartins.com

Consolidated Financial Statements 30

1649-033 Lisboa Tel.: +351 21 753 20 00 Fax: +351 21 752 61 74 www.jeronimomartins.com