Jerónimo Martins, SGPS, S.A.

Factors to consider:

• Company pays dividends (annually): last record date 2026-05-11, amount 0.77$ (Y3.25%)
• Earnings for 3 months up through Q1 are close to our estimates

Stock Forecast*

* forecast is subjective and experimental, should not be used for any investment decisions

Long term estimates were made for the period from 2025-12-31 to 2027-12-31

• 2025-12-31 to 2026-12-31 estimated range: [20.35$, 29.95$]
• 2026-12-31 to 2027-12-31 estimated range: [22.19$, 32.50$]

Financial Metrics affecting the JRONF estimates:

• Positive: with PPE of 18.5 at the end of fiscal year the price was neutral
• Positive: Operating cash flow per share per price, % of 18.51 > 12.98
• Positive: -4.17 < Operating profit margin, % of 3.64
• Negative: Industry earnings per price (median), % of 3.00 <= 4.29
• Negative: Investing cash flow per share per price, % of -8.32 <= -4.44
• Positive: 1.89 < Return on assets ratio (scaled to [-100,100]) of 3.65
• Positive: 19.10 < Shareholder equity ratio, % of 19.29 <= 42.34
• Positive: Interest expense per share per price, % of 2.84 <= 3.33
• Negative: Industry operating cash flow per share per price (median), % of 7.40 <= 10.39