INVESTOR RELATIONS OFFICE

+351 21 752 61 05 [email protected] Cláudia Falcão: [email protected] Hugo Fernandes: [email protected]

MEDIA RELATIONS OFFICE +351 21 752 61 80

[email protected] Rita Fragoso: [email protected] Nuno Abreu: [email protected]

FINANCIAL CALENDAR 2024

FY 2023 Results: 6 March * General Shareholders Meeting: 18 April Q1 Results: 26 April (before the market opening) H1 Results: 24 July * 9M Results: 30 October * (* after the closing of the market)

Jerónimo Martins, SGPS, S.A. | Head office: Rua Actor António Silva, n. º7, 1649-033 Lisbon Share Capital: Euro 629,293,220.00 Registered at the C.R.C. of Lisbon and Tax Number: 500 100 144 www.jeronimomartins.com

2023 - One more year of market outperformance

Focus on price competitiveness and volume growth boosts strong sales performance in a year marked by progressively reducing food inflation and persistent pressure on consumption by families. The commercial dynamics and the ability of our banners to create saving opportunities for consumers, allows us to enter 2024 with strengthened competitive positions.

(€ Million)	2023	% (Euros)	% (w/o FX)	LFL	Q4 23	% (Euros)	% (w/o FX)	LFL
Net Sales	30,608	20.6%	18.1%	12.8%	8,157	16.7%	9.9%	5.1%
Biedronka	21,500	22.3%	18.2%	14.2%	5,690	17.2%	9.4%	5.1%
Hebe	469	30.9%	26.6%	17.0%	140	32.0%	23.9%	14.9%
Pingo Doce	4,853	7.9%	-	7.7%*	1,306	5.4%	-	5.8%*
Recheio	1,332	15.1%	-	14.1%	329	6.8%	-	6.9%
Ara	2,435	37.7%	42.7%	10.9%	685	43.8%	28.2%	1.3%
Others	19	-	-	-	7	-	-	-

(*excluding fuel)

MESSAGE FROM THE CHAIRMAN AND CEO - PEDRO SOARES DOS SANTOS

'In the already long history of our Group, 2023 will be remembered as the year in which we surpassed the 30 billion euros sales milestone. This achievement reflects the recognition by consumers of our banners' consistent focus on price leadership and on the continuous improvement of their offer and shopping experience.

Having sales as the key priority, the clarity of our commercial policy, the hard work of our teams, and the remarkable execution of the banners' ambitious expansion and remodeling programmes has resulted in sales increasing by 10 billion euros over the last two years.

The strength of this performance in the very demanding contexts in which we have being operating has only been possible due to our people's high level of commitment and dedication. Therefore, and having in mind the significant increase in the families' cost of living, we decided, once again, to allocate exceptionally, in the last quarter of the year, 25 million euros in recognition of the efforts of our operational teams. This adds to the performance bonuses in place.

Against a particularly uncertain international context, and recognising that consumer behaviour will be highly dependent on the evolution of pricing, household income and economic growth overall, we remain confident that our banners' reinforced competitiveness will be pivotal to maintaining the sales' dynamic which, in 2024, will remain a priority for all our Companies.'

SALES PERFORMANCE

Group sales grew by 20.6 % (+18.1% at constant exchange rates) to reach 30.6 billion euros, with LFL at 12.8%.

In Q4, sales increased by 16.7% (+9.9% at constant exchange rates) to 8.2 billion euros with LFL at 5.1%.

POLAND

In Poland, food inflation fell consistently throughout 2023, averaging 15.1% for the year and 7.1% in Q4.

Consumers were turning more cautious by the end of 2022, due to high inflation, and in 2023 demonstrated greater price sensitivity and were more promotions' driven.

Biedronka maintained a strong commercial dynamic throughout the year and outperformed the market even in a more aggressive competitive context, gaining market share.

In the year, sales grew 18.2% in local currency, with LFL at 14.2%. In euros, sales reached 21.5 billion, 22.3% above 2022.

In Q4, sales in local currency grew 9.4%, with LFL standing at 5.1%. In euros, sales reached 5.7 billion, 17.2% above Q4 22.

In a market that experienced volume pressure during the year, the banner consistently delivered significant growth in both value and volume.

Biedronka's basket inflation significantly fell quarter after quarter having, again in Q4, increased its gap against the country's food inflation.

Aware of the opportunities created by its value proposition with store formats adjusted to the locations, Biedronka remained highly focused on the execution of its expansion programme and opened 203 new stores (174 net openings), ahead the plan, and remodelled 375 locations.

With a competitive and well-designed assortment and rapidly expanding its ecommerce operation, Hebe recorded a strong sales performance, delivering growth, in local currency, of 26.6%, with LFL standing at 17%. In euros, sales totalled 469 million, 30.9% above 2022.

In Q4, sales in local currency grew by 23.9%, with LFL at 14.9%. In euros, sales were 140 million, 32% more than in Q4 22.

Online sales grew by 47.5%, representing c.17% of total sales for the year (c.14% in 2022).

Hebe opened 32 stores in Poland (28 net additions) and two stores in Czechia, which will be the flagships of the brand in this country, where growth will be primarily driven by the e-commerce operation.

Biedronka LFL

PORTUGAL

In Portugal, food inflation was 10% in 2023, having decreased throughout the year, reaching 3% in Q4.

The consumption context remained weak, with real household income exposed to pressures arising from persistently high prices and higher interest rates.

The tourist activity in Portugal remained the main growth driver of the Cash & Carry segment.

Pingo Doce reinforced its price positioning, maintaining a strong promotional intensity throughout the year.

This dynamic, which was combined with the remodelling of 60 locations to the new store concept, earned the trust of consumers and led the brand to post solid sales growth.

During the year, sales grew by 7.9% to 4.9 billion euros, with LFL at 7.7% (excluding fuel).

In Q4, sales increased by 5.4% to reach 1.3 billion euros, with LFL at 5.8% (excluding fuel), supported by solid volume growth.

Pingo Doce, in addition to carrying out the remodelling programme, opened 11 new stores, having closed one.

Recheio, supported by its value propositions, which are designed specifically for each of the customer segments it serves, benefited from the activity taking place in the HoReCa channel in Portugal, recording strong sales growth in the year.

Sales grew by 15.1% to 1.3 billion euros, with LFL at 14.1%.

In the Q4, sales increased by 6.8% to 329 million euros, with LFL reaching 6.9%.

COLOMBIA

In Colombia, food inflation, which was 14.8% in 2023, registered a substantial reduction throughout the year, reaching an average of 7.8% in Q4 23.

Despite this deceleration, prices remained at high levels, reflecting the continuous and material food inflation recorded both in 2021 and 2022.

The deterioration in consumption over the quarters was notable, with families showing limited capacity to react to price opportunities and focusing on the basic food basket. This context resulted in a drop in volumes in the market.

Ara maintained its focus on strengthening its price positioning, considering the needs of Colombian families.

In the year, sales in local currency, grew 42.7%, with LFL at 10.9%. Sales reached 2.4 billion in euros, 37.7% above 2022.

Recheio LFL

In Q4, sales amounted to 685 million euros, 43.8% above Q4 22. Sales grew 28.2% in local currency, with LFL at 1.3%.

The good execution of the expansion programme led Ara to open 200 new locations, ending the year with a total of 1,290 stores.

DISCLAIMER

This release's forward-looking statements are based on current expectations of future events. They are subject to risks and uncertainties that can cause actual results to differ materially from those expressed or implied by such statements. The risks and uncertainties, which have increased as a result of supply chain disruptions following the Covid-19 pandemic and of the war in Ukraine that drove a food and energy crisis and persistently high inflation, relate to factors that are beyond Jerónimo Martins' ability to control or estimate precisely and include but are not limited to general economic conditions, actions taken by governmental authorities to address these events' effects and their impacts over the economy, competition, industry trends, credit markets, foreign exchange fluctuations, and regulatory developments.

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

APPENDIX

SALES BREAKDOWN

(€ Million)	2023		2022		 %		Q4 23		Q4 22		 %
		% total		% total	excl. FX	Euro		% total		% total	excl. FX	Euro
Biedronka	21,500	70.2%	17,582	69.3%	18.2%	22.3%	5,690	69.8%	4,856	69.5%	9.4%	17.2%
Hebe	469	1.5%	358	1.4%	26.6%	30.9%	140	1.7%	106	1.5%	23.9%	32.0%
Pingo Doce	4,853	15.9%	4,499	17.7%		7.9%	1,306	16.0%	1,240	17.7%		5.4%
Recheio	1,332	4.4%	1,158	4.6%		15.1%	329	4.0%	308	4.4%		6.8%
Ara	2,435	8.0%	1,768	7.0%	42.7%	37.7%	685	8.4%	477	6.8%	28.2%	43.8%
Others & Cons. Adjustments	1 9	0.1%	2 0	0.1%		n.a.	7	0.1%	6	0.1%		n.a.
Total JM	30,608	100%	25,385	100%	18.1%	20.6%	8,157	100%	6,992	100%	9.9%	16.7%

SALES GROWTH

	Total Sales Growth						LFL Growth
	Q1 23	Q2 23	H1 23	Q3 23	9M 23	Q4 23	2023	Q1 23	Q2 23	H1 23	Q3 23	9M 23	Q4 23	2023
Biedronka
Euro	26.0%	23.1%	24.5%	23.8%	24.2%	17.2%	22.3%
PLN	28.3%	20.4%	24.0%	17.4%	21.7%	9.4%	18.2%	24.5%	17.0%	20.5%	12.8%	17.8%	5.1%	14.2%
Hebe
Euro	29.5%	26.7%	27.9%	35.0%	30.5%	32.0%	30.9%
PLN	31.9%	24.0%	27.5%	28.2%	27.8%	23.9%	26.6%	22.6%	14.2%	17.9%	17.7%	17.9%	14.9%	17.0%
Pingo Doce	9.4%	7.8%	8.6%	9.3%	8.8%	5.4%	7.9%	8.0%	7.2%	7.6%	8.4%	7.9%	5.5%	7.2%
Excl. Fuel	9.9%	8.6%	9.2%	9.6%	9.4%	5.7%	8.3%	8.4%	8.0%	8.2%	8.8%	8.4%	5.8%	7.7%
Recheio	29.2%	18.3%	23.2%	10.3%	18.1%	6.8%	15.1%	27.1%	16.4%	21.2%	9.5%	16.7%	6.9%	14.1%
Ara
Euro	29.4%	33.4%	31.6%	42.5%	35.5%	43.8%	37.7%
COP	50.8%	53.9%	52.4%	42.4%	48.7%	28.2%	42.7%	18.9%	17.4%	18.1%	9.3%	14.8%	1.3%	10.9%
Total JM
Euro	23.4%	21.0%	22.1%	22.0%	22.1%	16.7%	20.6%
Excl. FX	26.5%	20.4%	23.3%	17.4%	21.2%	9.9%	18.1%	21.2%	15.2%	18.0%	11.7%	15.8%	5.1%	12.8%

STORE NETWORK

Number of Stores	2022		Openings	Closings
		Q1 23	Q2 23	Q3 23	Q4 23	2023	2023
Biedronka *	3,395	1 7	3 3	4 2	111	2 9	3,569
Hebe	315	2	1 0	5	1 7	4	345
Pingo Doce	472	2	4	2	3	1	482
Recheio	4 3	0	0	0	0	0	4 3
Ara	1,093	6 4	4 6	4 1	4 9	3	1,290

Sales Area (sqm)	2022		Openings	Closings/ Remodellings	2023
		Q1 23	Q2 23	Q3 23	Q4 23	2023
Biedronka *	2,373,630	12,323	23,827	27,655	74,423	-13,539	2,525,397
Hebe	81,068	485	2,351	1,170	4,340	1,035	88,379
Pingo Doce	551,250	1,413	4,164	1,260	287	-6,528	564,903
Recheio	139,381	0	0	0	0	-5,888	145,269
Ara	376,242	21,672	15,996	15,856	17,775	1,048	446,493

* Excluding the stores and selling area related to 18 Micro Fulfilment Centres (MFC) to supply Biek's operation (ultra-fast delivery)

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 for the remodelling period (store closure). Notes

INVESTOR RELATIONS OFFICE

+351 21 752 61 05

2023 PRELIMINARY SALES | RELEASE

[email protected]

Cláudia Falcão: [email protected]

Hugo Fernandes: [email protected]