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 6 months up through Q2 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: [19.74$, 29.23$]
• 2026-12-31 to 2027-12-31 estimated range: [21.53$, 31.70$]

Financial Metrics affecting the JRONF estimates:

• Positive: with PPE of 17.2 at the end of fiscal year the price was neutral
• Positive: 0.56 < Operating profit margin, % of 3.64
• Positive: 15.29 < Operating cash flow per share per price, % of 18.51
• Positive: 3.48 < Return on assets ratio (scaled to [-100,100]) of 3.65
• Positive: Interest expense per share per price, % of 2.84 <= 4.56
• Negative: Industry operating cash flow per share per price (median), % of 7.45 <= 9.52
• Positive: 0.59 < Industry operating profit margin (median), % of 1.23
• Negative: 12.78 < Shareholder equity ratio, % of 19.29 <= 25.20
• Negative: 0 < Inventory ratio change, % of 0.34