Jerónimo Martins, SGPS, S.A.

Factors to consider:

• Company pays dividends (annually): last record date 2026-05-11, amount 0.77$ (Y3.25%)
• Price in estimated range
• 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: [20.81$, 30.63$]
• 2026-12-31 to 2027-12-31 estimated range: [22.68$, 33.22$]

Financial Metrics affecting the JRONF estimates:

• Positive: with PPE of 19.1 at the end of fiscal year the price was neutral
• Positive: Operating cash flow per share per price, % of 17.92 > 12.90
• Positive: -5.39 < Operating profit margin, % of 3.71
• Positive: Interest expense per share per price, % of 2.43 <= 3.31
• Negative: Investing cash flow per share per price, % of -8.06 <= -4.41
• Positive: Inventory ratio change, % of 0.17 <= 0.78
• Positive: 19.24 < Shareholder equity ratio, % of 19.29 <= 42.59
• Positive: 0.05 < Industry earnings per price (median), % of 3.00
• Positive: Industry inventory ratio change (median), % of -0.03 <= 0