This release includes, in Appendix 1, for comparison purposes, the Financial Statements excluding the effect of the IFRS16

Financial Calendar: 9M Results: 25 October (after the closing of the market)

> FACTSHEET

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]

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

PRICE INVESTMENT BOOSTS SALES WITH GAINS IN VOLUMES AND MARKET SHARES

FIRST HALF 2023 | KEY FIGURES

Sales grow 22.1% to €14.5 BN (+23.3% excluding FX). In Q2, sales increase 21.0% to €7.7 BN (+20.4% excluding FX).
EBITDA increases 18.1% to €1 BN (+18.0% excluding FX), with the EBITDA margin at 6.9% (7.2% in H1 22). In Q2, EBITDA grows 16.5% to €559 MN (+14.4% excluding FX), translating into an EBITDA margin of 7.2% (7.5% in Q2 22).
Net Earnings reach €356 MN, corresponding to an EPS of €0.57.
Cash Flow in H1 is €-127 MN.
Net Debt stands at €2.3 BN. Excluding IFRS 16, the net cash position was at €721 MN by the end of June 2023.

PERFORMANCE OVERVIEW & KEY DRIVERS

In a demanding period of economic slowdown with consumers more price sensitive than ever, the Group maintained sales growth as a strategic priority. Investments made by the different banners to strengthen their competitiveness were crucial to limit the effects of trading-down, protect volumes, and reduce food inflation in the countries where we operate.

In Poland, in a market with declining volumes, Biedronka intensified its commercial dynamics and delivered a remarkable performance, adding 2 billion euros to its sales in the six months period and, once again, gaining market share.

In Portugal, Pingo Doce delivered solid growth, primarily driven by its aggressive pricing policy and by the contribution of meal solutions. Recheio presented a very good performance, raising profitability back to pre-pandemic levels.

In Colombia, where the environment is extremely difficult for households, Ara surpassed its commitment of having the best prices in the market. To celebrate its 10th anniversary, the banner took a bold step by initiating a ground-breaking savings campaign in May. This campaign increased traffic and sales volume, reinforcing price perception and strengthening our market position.

As anticipated, following price investments and cost inflation in the three countries, the Group EBITDA margin fell 24b.p. versus H1 22 (a decline of 28b.p. in Q2). Nevertheless, our steady commitment to price competitiveness and sales growth drove a solid EBITDA throughout the period.

At the end of June, after the 2022 dividend payment of 345.6 million euros, the Group's net cash position (excluding IFRS 16) was 721 million euros.

MESSAGE FROM THE CHAIRMAN AND CEO

PEDRO SOARES DOS SANTOS

'The good results for the first six months reflect the determination and ability of all our Companies in executing, with discipline, the defined strategy and reinforcing their price leadership and competitive positions in the respective markets.

We know that in uncertain times with intense pressure on real household disposal income, it is essential to continuously provide the best saving opportunities by strongly investing in price to guarantee that consumers choose our stores. We must also execute the expansion plans to reinforce proximity and convenience while investing in refurbishments to improve our stores' attractiveness and shopping experience. All this to capture the networks' growth potential.

In line with what I have always said, we will not hesitate to leverage our financial strength to maintain the flexibility and capacity to make a positive difference in the markets where we operate, as we did in Colombia in Q2.

Our priorities remain unchanged: to be the first choice of an increasingly fragile consumer, to grow sales, to reinforce efficiency, and to protect the profitability and sustainability of our businesses while continuing to invest in our teams.'

OUTLOOK 2023

Food inflation remained high at the beginning of the year but gradually fell in Q2. It is still difficult to anticipate the inflation reduction for the second half of the year.

Electricity, gas, and fuel prices remain volatile. Interest rates increased rapidly in 2022 and are likely to increase, namely in the Euro zone.

In the context of fragile consumer confidence, the rise in minimum wages and continuing low unemployment rates can partly compensate for the persistent inflation and high interest rates. Consumer resilience will depend on the balance between all these variables in the three countries where we operate.

In Poland, consumer price sensitivity has increased in 2023. Biedronka is living up to its brand promise by prioritizing low prices, ensuring consumer preference, protecting sales growth, and limiting potential trading-down effects.

To get closer to its customers and improve the shopping experience, Biedronka plans to add 130-150 locations to its store network and remodel c.350 stores in the full year, seizing available opportunities.

In 2023, Hebe is focusing its growth effort on the e-commerce channel through which international sales in the Czechia and Slovakia are expected to progressively gain relevance. The banner continues to pursue an omnichannel approach, maintaining its pace of openings (c.30 stores).

In Portugal, the challenges posed by lower consumer demand and trading-down trends will likely continue in H2 23. Tourism is expected to remain the main growth engine for the HoReCa sector.

Pingo Doce is investing in intensifying its promotional dynamics and maintaining a low-price policy. In addition, the Company is accelerating its refurbishment programme to roll out its food store model for the future. Taking advantage of the banner's competitive advantages, this new store should enhance Pingo Doce's differentiation factors: perishables, private brand, and meal solutions. The Company plans to remodel up to 60 stores and open c.10 new locations.

Recheio will continue to invest in reinforcing its competitive positioning in the HoReCa channel and Traditional Retail by expanding the Amanhecer network, where it already works with more than 500 partners.

In Colombia, we are witnessing further deterioration of household purchasing power already weakened by a severe pandemic crisis followed by two years of very high food inflation.

In this context, Ara will remain firm in its commitment to low prices, focused on reinforcing its presence in the country, and committed to being the preferred neighbourhood store of Colombian families.

The expansion of the store network will continue to be a priority in 2023. The banner plans to add more than 200 new locations, maintaining its long-term vision regarding the market potential and the fit of its business model to the existing opportunities.

Despite recognizing that these are demanding times, we are confident in our Companies' ability and motivation to continue to grow in sales and number of stores while at the same time improving efficiency to protect profitability. Because of cost inflation, the focus on increasing sales volumes and EBITDA will continue to pressure the EBITDA margin as a percentage of sales.

In accordance with our long-term goals, investment continues to be a priority. Our capex programme is expected to be in line with 2022: c.1 billion euros (c.45% of which in Poland).

PERFORMANCE ANALYSIS BY BANNER

24.5%

17.0%

22.5% 23.3% 23.4%

Q1 Q2 Q3 Q4 Q1 Q2

POLAND

In Poland, food inflation reached 20.8% in H1 23 (22.9% in Q1 and 18.8% in Q2). Consumer demand has weakened since the end of last year, with families becoming more price sensitive.

Biedronka kept reinforcing its price competitiveness, implementing an unstoppable commercial dynamic. In Q2, the Group's main banner increased the gap between its basket inflation and the country's food inflation.

This effort continued to be recognized by Polish consumers, and the banner added 2 billion euros to its sales, grew volumes, and continued to gain market share.

In H1, sales grew 24.0% in local currency, with LFL at 20.5%. In euros, sales reached 10.3 billion, 24.5% above H1 22. When considering Q2, sales in local currency grew 20.4%, with LFL standing at 17.0%. In euros, sales reached 5.5 billion, 23.1% above Q2 22.

The strong sales growth drove EBITDA to increase by 21.0% (+20.5% in local currency). The price investment and cost inflation, particularly high in labour, pressured the EBITDA margin to decline by 24b.p. to 8.5%.

Biedronka opened 50 stores in the first six months of the year (37 net additions) and remodelled 164 locations.

Hebe's sales in local currency grew 27.5% in H1, with LFL at 17.9%. In euros, sales reached 208 million, 27.9% above H1 22.

In Q2, sales grew 24.0% in local currency, with LFL at 14.2%. In euros, sales reached 115 million, 26.7% above Q2 22.

EBITDA grew 37.5% (+37.0% in local currency), with the respective margin reaching 6.8% (6.3% in H1 22). Operational leverage limited the impact on EBITDA of the investment required to launch the banner's online operations in new geographies.

Hebe opened 12 stores over the period (eight net additions) and ended H1 with 323 stores.

PORTUGAL

In Portugal, food inflation was 15.6% in H1. It fell from 20.5% in Q1 23 to 11.1% in Q2 23.

General price increases and higher interest rates reduced real household disposable income, weakening demand and leading to trading-down in food.

Tourism growth remained solid throughout the period driving HoReCa channel performance.

12.2%

Hebe LFL

Biedronka LFL

2022 2023

Pingo Doce maintained its strong promotional activity and delivered good sales growth despite the significant impact of trading-down in the food basket.

Sales in H1 grew 8.6%, with LFL at 8.2% (excluding fuel), reaching 2.3 billion euros. In Q2, sales increased 7.8%, with LFL at 8.0% (excluding fuel), reaching 1.2 billion euros.

EBITDA grew 7.6% to reach 129 million euros, with the respective margin at 5.7% (5.8% in H1 22). The good sales performance diluted the impact of higher costs.

Pingo Doce opened six new stores, closed one, and remodelled 20 locations during the period. At the end of the period, six stores undergoing remodelling works remained closed.

Recheio continued to reinforce its value propositions for the different customer segments and to take advantage of the HoReCa channel dynamics in Portugal.

Sales reached 632 million euros in H1, an increase of 23.2% vs. the same period of the prior year, with LFL at 21.2%.

In Q2, sales grew 18.3% to 337 million euros, with LFL at 16.4%. The slowdown of LFL performance reflected the tough comparable base of Q2 22 when strict traveling restrictions on tourism were lifted and ceased to impact HoReCa.

EBITDA reached 32 million euros, 35.4% above H1 22, with the respective margin recovering to pre-pandemic levels and standing at 5.1%.

COLOMBIA

In Colombia, food inflation was 19.9% in H1 (24.0% in Q1 and 16.1% in Q2), below 20% for the first time in 14 months.

In food retail, a contraction in consumer demand is evident, with intense pressure over volumes and increasing trading-down trends.

Ara has consistently invested in its price leadership, gaining consumers' recognition and market share.

To consolidate its market position and price perception with Colombian families, Ara celebrated its 10th anniversary by launching a strong and bold promotional campaign with significant price reductions.

With the motto 'Nothing compares to Ara,' this campaign received widespread attention and drove a significant increase in the number of clients and volumes sold in Q2.

In H1, sales reached 1.1 billion euros, 31.6% above H1 22. In local currency, sales grew 52.4%, with LFL at 18.1%.

In Q2, sales reached 590 million euros, 33.4% above Q2 22. In local currency, sales grew 53.9%, with LFL at 17.4%.

EBITDA margin stood at 1.7% (3.1% in H1 22). This margin was clearly affected by the massive price investment campaign executed in Q2. It was also impacted by the effect of trading-down on the margin mix and by the presence of more than a quarter of the store network with less than 12 months of operation. EBITDA declined from 26 million euros in H1 22 to 18 million euros in H1 23.

The banner remains focused on executing its expansion plan, and in the first six months, Ara opened 110 new stores and closed two, ending June with 1,201 stores under operation.

CONSOLIDATED FINANCIAL HEADINGS

Net Financial Costs amounted to -78 million euros, compared to the -85 million euros recorded in H1 22. These costs include currency translation gains relating to value adjustments in the capitalisation of operating lease liabilities in Poland denominated in euros.

Other Profits and Losses were -18 million euros, which included indemnities, write-offs, and increased provisions for contingencies.

The Investment Programme reached 459 million euros in the period, of which c.43% was invested in Biedronka.

The Cash Flow generated in H1 was minus 127 million euros, reflecting capex payments and effects over the working capital, including the Portuguese Government's measure to reduce VAT that impacted the amount in trade payables at the end of the period.

KEY PERFORMANCE FIGURES

CONSOLIDATED RESULTS

(€ Million)	H1 23		H1 22		D	Q2 23		Q2 22		D
Net Sales and Services	14,513		11,883		22.1%	7,709		6,370		21.0%
Gross Profit	2,970	20.5%	2,507	21.1%	18.5%	1,556	20.2%	1,323	20.8%	17.7%
Operating Costs		-1,965 -13.5%		-1,656 -13.9%	18.7%		-998 -12.9%		-843 -13.2%	18.3%
EBITDA	1,005	6.9%	851	7.2%	18.1%	559	7.2%	479	7.5%	16.5%
Depreciation	-429	-3.0%	-385	-3.2%	11.2%	-222	-2.9%	-195	-3.1%	13.5%
EBIT	576	4.0%	466	3.9%	23.7%	337	4.4%	284	4.5%	18.6%
Net Financial Costs	-78	-0.5%	-85	-0.7%	-8.9%	-36	-0.5%	-40	-0.6%	-8.7%
Other Profits/Losses	-18	-0.1%	-25	-0.2%	n.a.	-12	-0.2%	-12	-0.2%	n.a.
EBT	480	3.3%	356	3.0%	35.1%	288	3.7%	232	3.6%	24.3%
Income Tax	-117	-0.8%	-85	-0.7%	37.1%	-67	-0.9%	-54	-0.8%	24.7%
Net Profit	363	2.5%	270	2.3%	34.5%	221	2.9%	178	2.8%	24.2%
Non-Controlling Interests	-7	0.0%	-9	-0.1%	-21.2%	-5	-0.1%	-5	-0.1%	0.8%
Net Profit Attributable to JM	356	2.5%	261	2.2%	36.3%	217	2.8%	173	2.7%	24.8%

EPS (€)	0.57		0.42		36.3%	0.34		0.28		24.8%
EPS without Other Profits/Losses (€)	0.59		0.45		32.2%	0.36		0.29		24.6%

BALANCE SHEET

(€ Million)	H1 23	2022	H1 22
Net Goodwill	628	613	612
Net Fixed Assets	4,994	4,589	4,207
Net Rights of Use (RoU)	2,868	2,420	2,280
Total Working Capital	-3,708	-3,837	-3,175
Others	173	161	185
Invested Capital	4,955	3,946	4,109
Total Borrowings	612	470	470
Financial Leases	92	82	38
Capitalised Operating Leases	3,051	2,597	2,444
Accrued Interest	8	14	1
Cash and Cash Equivalents	-1,434	-1,802	-1,101
Net Debt	2,330	1,360	1,851
Non-Controlling Interests	244	254	245
Share Capital	629	629	629
Reserves and Retained Earnings	1,752	1,702	1,383
Shareholders Funds	2,625	2,585	2,258

CASH FLOW

(€ Million)	H1 23	H1 22
EBITDA	1,005	851
Capitalised Operating Leases Payment	-165	-148
Interest Payment	-87	-77
Other Financial Items	0	0
Income Tax	-123	-106
Funds From Operations	630	520
Capex Payment	-495	-405
Change in Working Capital	-243	5
Others	-19	-24
Cash Flow	-127	97

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

INCOME STATEMENT BY FUNCTIONS

	1.
Financial
Statements

	IFRS16		Excl. IFRS16
(€ Million)	H1 23	H1 22	H1 23	H1 22
Net Sales and Services	14,513	11,883	14,513	11,883
Cost of Sales	-11,543	-9,377	-11,543	-9,377
Gross Profit	2,970	2,507	2,970	2,507
Distribution Costs	-2,146	-1,843	-2,211	-1,894
Administrative Costs	-248	-198	-249	-199
Other Operating Profits/Losses	-18	-25	-18	-25
Operating Profit	558	441	492	389
Net Financial Costs	-78	-85	-14	-12
Gains/Losses in Other Investments	0	0	0	0
Profit Before Taxes	480	356	478	377
Income Tax	-117	-85	-116	-89
Profit Before Non Controlling Interests	363	270	362	288
Non-Controlling Interests	-7	-9	-8	-10
Net Profit Attributable to JM	356	261	354	278

INCOME STATEMENT (Management View)

(€ Million)	(Excl. IFRS16)					(Excl. IFRS16)
	H1 23		H1 22		D	Q2 23		Q2 22		D
Net Sales and Services	14,513		11,883		22.1%	7,709		6,370		21.0%
Gross Profit	2,970	20.5%	2,507	21.1%	18.5%	1,556	20.2%	1,323	20.8%	17.7%
Operating Costs	-2,212	-15.2%	-1,871	-15.7%	18.2%	-1,126	-14.6%	-953	-15.0%	18.1%
EBITDA	758	5.2%	635	5.3%	19.3%	431	5.6%	370	5.8%	16.4%
Depreciation	-248	-1.7%	-222	-1.9%	11.9%	-128	-1.7%	-112	-1.8%	14.4%
EBIT	510	3.5%	414	3.5%	23.3%	303	3.9%	258	4.1%	17.2%
Net Financial Costs	-14	-0.1%	-12	-0.1%	17.1%	-10	-0.1%	-3	0.0%	n.a.
Other Profits/Losses	-18	-0.1%	-25	-0.2%	n.a.	-12	-0.2%	-12	-0.2%	n.a.
EBT	478	3.3%	377	3.2%	26.8%	280	3.6%	243	3.8%	15.5%
Income Tax	-116	-0.8%	-89	-0.7%	31.3%	-66	-0.9%	-55	-0.9%	18.5%
Net Profit	362	2.5%	288	2.4%	25.4%	215	2.8%	188	2.9%	14.6%
Non-Controlling Interests	-8	-0.1%	-10	-0.1%	-18.5%	-5	-0.1%	-5	-0.1%	0.2%
Net Profit Attributable to JM	354	2.4%	278	2.3%	27.0%	209	2.7%	182	2.9%	15.0%

EPS (€)	0.56		0.44		27.0%	0.33		0.29		15.0%
EPS without Other Profits/Losses (€)	0.59		0.47		23.6%	0.35		0.30		15.3%

BALANCE SHEET

(€ Million)	(Excl. IFRS16)
	H1 23	2022	H1 22
Net Goodwill	628	613	612
Net Fixed Assets	4,994	4,589	4,207
Total Working Capital	-3,703	-3,832	-3,170
Others	144	132	158
Invested Capital	2,062	1,501	1,807
Total Borrowings	612	470	470
Financial Leases	9 2	8 2	3 8
Accrued Interest	8	1 4	1
Cash and Cash Equivalents	-1,434	-1,802	-1,101
Net Debt	-721	-1,236	-593
Non-Controlling Interests	256	265	255
Share Capital	629	629	629
Reserves and Retained Earnings	1,899	1,843	1,516
Shareholders Funds	2,784	2,737	2,400

CASH FLOW

(€ Million)	(Excl. IFRS16)
	H1 23	H1 22
EBITDA	758	635
Interest Payment	-5	-10
Other Financial Items	0	0
Income Tax	-123	-106
Funds From Operations	630	520
Capex Payment	-495	-405
Change in Working Capital	-244	5
Others	-18	-23
Cash Flow	-127	97

EBITDA BREAKDOWN

(€ Million)	IFRS16				Excl. IFRS16
	H1 23	Mg	H1 22	Mg	H1 23	Mg	H1 22	Mg
Biedronka	872	8.5%	721	8.7%	703	6.8%	574	6.9%
Hebe	1 4	6.8%	1 0	6.3%	0	0.1%	-2	n.a.
Pingo Doce	129	5.7%	120	5.8%	9 5	4.2%	8 7	4.2%
Recheio	3 2	5.1%	2 4	4.6%	2 9	4.6%	2 1	4.1%
Ara	1 8	1.7%	2 6	3.1%	-7	n.a.	5	0.6%
Others & Cons. Adjustments	-61	n.a.	-49	n.a.	-62	n.a.	-51	n.a.
JM Consolidated	1,005	6.9%	851	7.2%	758	5.2%	635	5.3%

NET FINANCIAL COSTS

(€ Million)	IFRS16		Excl. IFRS16
	H1 23	H1 22	H1 23	H1 22
Net Interest	-2	-7	-2	-7
Interests on Capitalised Operating Leases	-82	-67	-	-
Exchange Differences	11	-7	-6	-1
Others	-5	-3	-5	-3
Net Financial Costs	-78	-85	-14	-12

SALES BREAKDOWN

(€ Million)	H1 23			H1 22		D %		Q2 23		Q2 22		D %
		% total		% total	excl. FX	Euro		% total		% total	excl. FX	Euro
Biedronka	10,316	71.1%	8,289	69.8%	24.0%	24.5%	5,475	71.0%	4,446	69.8%	20.4%	23.1%
Hebe	208	1.4%	163	1.4%	27.5%	27.9%	115	1.5%	9 1	1.4%	24.0%	26.7%
Pingo Doce	2,265	15.6%	2,086	17.6%		8.6%	1,188	15.4%	1,102	17.3%		7.8%
Recheio	632	4.4%	513	4.3%		23.2%	337	4.4%	285	4.5%		18.3%
Ara	1,084	7.5%	824	6.9%	52.4%	31.6%	590	7.7%	442	6.9%	53.9%	33.4%
Others & Cons. Adjustments	8	0.1%	9	0.1%		n.a.	4	0.1%	5	0.1%		n.a.
Total JM	14,513	100%	11,883	100%	23.3%	22.1%	7,709	100%	6,370	100%	20.4%	21.0%

		Total Sales Growth		LFL Growth
	Q1 23	Q2 23	H1 23	Q1 23	Q2 23	H1 23
Biedronka
Euro	26.0%	23.1%	24.5%
PLN	28.3%	20.4%	24.0%	24.5%	17.0%	20.5%
Hebe
Euro	29.5%	26.7%	27.9%
PLN	31.9%	24.0%	27.5%	22.6%	14.2%	17.9%
Pingo Doce	9.4%	7.8%	8.6%	8.0%	7.2%	7.6%
Excl. Fuel	9.9%	8.6%	9.2%	8.4%	8.0%	8.2%
Recheio	29.2%	18.3%	23.2%	27.1%	16.4%	21.2%
Ara
Euro	29.4%	33.4%	31.6%
COP	50.8%	53.9%	52.4%	18.9%	17.4%	18.1%
Total JM
Euro	23.4%	21.0%	22.1%
Excl. FX	26.5%	20.4%	23.3%	21.2%	15.2%	18.0%

SALES GROWTH

STORE NETWORK

Number of Stores	2022	Openings		Closings	H1 23	H1 22
		Q1 23	Q2 23	H1 23
Biedronka *	3,395	1 7	3 3	1 3	3,432	3,283
Hebe	315	2	1 0	4	323	296
Pingo Doce	472	2	4	1	477	467
Recheio	4 3	0	0	0	4 3	4 2
Ara	1,093	6 4	4 6	2	1,201	875

Sales Area (sqm)	2022	Openings		Closings Remodellings	H1 23	H1 22
		Q1 23	Q2 23	H1 23
Biedronka *	2,373,630	12,323	23,827	-6,404	2,416,183	2,274,914
Hebe	81,068	485	2,351	1,035	82,869	76,356
Pingo Doce	551,250	1,413	4,164	-2,233	559,060	540,400
Recheio	139,381	0	0	1,504	137,877	134,321
Ara	376,242	21,672	15,996	710	413,200	298,280

* Excluding the stores and selling area related to 14 Micro Fulfilment Centres (MFC) to supply Biek's operation (ultrafast delivery)

CAPEX
(€ Million)	H1 23	Weight	H1 22	Weight
Biedronka	196	43%	161	51%
Distribution Portugal	114	25%	95	30%
Ara	127	28%	34	11%
Others	23	5%	28	9%
Total CAPEX	459	100%	318	100%

WORKING CAPITAL

	IFRS16		Excl. IFRS16
(€ Million)	H1 23	H1 22	H1 23	H1 22
Inventories	1,676	1,295	1,676	1,295
in days of sales	21	20	21	20
Customers	47	37	47	37
in days of sales	1	1	1	1
Suppliers 1	-4,212	-3,569	-4,212	-3,569
in days of sales 1	-53	-54	-53	-54
Others 1	-1,220	-937	-1,215	-933
Total Working Capital	-3,708	-3,175	-3,703	-3,170
in days of sales	-46	-48	-46	-48

1 Restated

TOTAL BORROWINGS AND FINANCIAL LEASES

(€ Million)	H1 23	H1 22
Long Term Borrowings / Financial leases	309	309
as % of Total	43.9%	60.9%
Average Maturity (years)	3.5	3.7
Short Term Borrowings / Financial leases	395	198
as % of Total	56.1%	39.1%
Total Borrowings / Financial leases	705	507
Average Maturity (years)	1.7	2.4
% Total Borrowings / Financial leases in Euros	6.8%	0.8%
% Total Borrowings / Financial leases in Zlotys	27.0%	37.5%
% Total Borrowings / Financial leases in Colombian Pesos	66.3%	61.7%

Notes Like For Like (LFL) sales: sales made by stores 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).

3. INCOME STATEMENT

Reconciliation notes

Following ESMA guidelines on Alternative Performance Measures from October 2015

Income Statement in this Release (Management View)	Consolidated Income Statement by Functions (in Consolidated Report and Accounts) First Half 2023 Results
Net Sales and Services	Net sales and services
Gross Profit	Gross profit
Operating Costs	Includes headings of Distribution costs; and Administrative costs; excluding €-429 million related with Depreciations and amortisations (note - Segments Reporting)
EBITDA
Depreciation	Value reflected in the note - Segments Reporting
EBIT
Net Financial Costs	Net financial costs
Other Profits/Losses	Includes headings of Other operating profits/losses; Gains (losses) on 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

Following ESMA guidelines on Alternative Performance Measures from October 2015

Balance Sheet in this Release	Consolidated Balance Sheet at 30 June 2023 (in Consolidated Report and Accounts)
Net Goodwill	Amount reflected in note Intangible assets
Net Fixed Assets	Includes the headings Tangible and Intangible assets (excluding the Net goodwill of €628 million); and adding the Financial leases (€115 million)
Net Rights of Use (RoU)	Includes the heading of Net rights of use excluding the Financial leases (€115 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, €-68 million related to 'Others' due to its operational nature. Excludes €77 million of short-term investments that do not qualify as cash equivalents (note - Debtors, accruals and deferrals); €-5 million related with Interest accruals and deferrals heading (note - Net financial debt)
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 €-68 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 (2023: €92 million; 2022: €82 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 €-5 million related with Interest accruals and deferrals (note - Net financial debt)
Cash and Cash Equivalents	Includes the heading Cash and cash equivalents and €77 million of Short-term investments that do not qualify as cash equivalents, under accounting standards (IAS 7), (note - Debtors, accruals and deferrals)
Net Debt
Non-Controlling Interests	Non-Controlling interests
Share Capital	Share capital
Reserves and Retained Earnings	Includes the headings Share premium; Own shares; Other reserves; and Retained earnings

Shareholders' Funds

CASH FLOW

Following ESMA guidelines on Alternative Performance Measures from October 2015

Cash Flow in this Release	Consolidated Cash Flow Statement (in Consolidated Report and Accounts) First Half 2023
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 (€19 million)
Capitalised Operating Leases Payment	Included in the heading Leases paid, excluding €5 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 financial and investment property; Acquisition of tangible and intangible assets; Acquisition of financial investments and investment property. It also includes acquisitions of tangible assets classified as finance leases under previous accounting standards (€-14 million)
Change in Working Capital	Includes Changes in working capital added from headings which did not generate cash flow
Others	Includes the headings Disposal of business (when applicable); and Profit and losses which generated cash flow, although not having operational nature (€-19 million)
Cash Flow	Corresponds to the Net change in cash and cash equivalents, deducted from Dividends paid and received; 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 (€-14 million) and deducted from the payment of financial leases (€5 million), both according with previous accounting standards

This release includes, in Appendix 1, for comparison purposes, the Financial Statements excluding the effect of the IFRS16.

INVESTOR RELATIONS OFFICE

+351 21 752 61 05

2023 FIRST HALF RESULTS | RELEASE

[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]

26 July 2023 | 16

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

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