Jerónimo Martins, SGPS, S.A.

Overall performance (Group): resilient growth despite tough backdrop - Sales: EUR 27.8bn, +4.8% YoY (+3.8% constant FX), like-for-like +0.8%. - Profitability: EBITDA EUR 1.9bn, +7.6% (+7.2% constant FX), margin +18 bps to 7%—EBITDA grew faster than sales due to mix improvements, gross margin outperformance, and tight cost control/efficiency. - Key headwinds acknowledged: geopolitical uncertainty, food disinflation turning to deflation in Poland, very selective/promotion-driven consumers, intense competition, and rising costs (mainly fuel/transport and labor).

Poland/Biedronka: volume strength offset by basket deflation; Q4 tougher comps - Biedronka volumes: +5% in the nine months, helping manage the impact of significant basket deflation. - Sales: +1.3% in local currency (+0.7% in EUR). Market share ~30.8% YTD (to Aug), despite some like-for-like decline (-0.4% LFL). - Q3 basket deflation: ~-7% (very strong deflation). - Q4 expectation (answer to Q): management does not give a specific plan for negative LFL, but says it will be challenging for Biedronka given that the banner already traded in deflation and Christmas is a difficult comp; they believe deflation may slightly improve (less negative), but inflection is uncertain.

Margin mechanics & Q4 prospects at Biedronka: maintain effort, but tougher year-on-year basis - Management expects drivers used in Q3 to continue into Q4 (promotions designed for mix, refurbished stores for efficiency/mix, and cost discipline). - Important negative: a Q4 gross margin “one-off” won’t repeat this year, so Q4 gross margin headwind vs last year is expected. - Net assessment: if Biedronka can protect margins while facing deflation + competition, it would still be an “impressive” result, but visibility remains limited.