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First Quarter 2021 Results

Sales grow 1.5% in first quarter

The sales performance is off to a solid start this year, at a time when restrictive measures are still in place in the three countries where the Group does business and amidst high uncertainty due to progression of the pandemic.

Sales grew 1.5% to 4.8 billion euros (+5.7% at constant exchange rates). EBITDA increased 4% (+8.9% at constant exchange rates) to 322 million euros, with the respective margin standing at 6.7% (6.6% in the same period in 2020), reflecting the combined effect of sales performance, the assertiveness of margin mix management, and the Companies’ cost discipline.

In Q1 we invested 78 million euros, of which 55% was channelled to Biedronka. Net Profit increased 66.3% to 58 million euros.

4.8 B€
58 M€
322 M€
78 M€

Message from the Chairman and Chief Executive Officer

Pedro Soares dos Santos

This quarter is particularly difficult to compare with Q1 20. We registered an excellent performance in January and February 2020 before being strongly and unexpectedly impacted in March by the first effects of the Covid-19 pandemic.

The resilience and good work in 2020 allowed our banners to enter 2021 with reinforced value propositions and ready to face the uncertain evolution of the pandemic and its impacts.

Supported by the Group’s long term vision and strong financial position, and despite the current demanding circumstances, our businesses will take all actions necessary to continue to grow while maintaining our priorities: protecting our teams and clients, cooperating with our suppliers and supporting the communities we serve. At the same time, efficiency projects will continue to strengthen the business models and protect profitability.

Due to the seasonality of the business, the first quarter is the one with the lowest turnover in the year. These results are nonetheless encouraging and reinforce our confidence that all our banners will guarantee consumer preference and deliver profitable growth in 2021.

Note: The performance analysis in this release is presented including the impact of IFRS16