The European elections are behind us, but the wars in Northern and Southern Europe continue. In the Middle East, a ceasefire is nowhere in sight which intensifies problems in the supply chain and creates an appetite for opportunistic pricing for freight forwarders.

In Greece and Europe, inflation appears to be easing, but prices of many essential goods remain out of line with incomes.

As the first half of the year comes to an end, the market data does not justify enthusiasm at this stage, rather it supports defensive strategies and caution.

Jumbo Group's sales in May 2024 were up by c 10% y-o-y. Sales in May include part of the sales related to the Easter period.

• over the first five months of 2024, GroupΆs sales were up by c.+8% y-o-y.

JUMBO Group's management remains cautious about developments for the rest of the year. For the time being, management is maintaining its sales and earnings growth estimates for the year in a range of +8% to +10%. However, it will review its estimates for 2024 post 1H trading in July.

Sales performance by country:

Greece:

In May 2024, the net sales of the parent company - excluding intragroup sales – increased by c. 10% y-o-y.

Overall, for the first five months of 2024 the net sales of the parent company - excluding intragroup sales – increased by c. 8% y-o-y.

We note that at the beginning of June 2024 the restored Jumbo hyper-store in Karditsa restarted operations. The store was closed due to the unprecedented floods in early September 2023.

Cyprus

The network's sales increased by c. 1% y-o-y in May 2024. Overall, for the first five months of 2024 the network's sales increased by c. 3% y-o-y.

Bulgaria

The network's sales increased by c. 9% y-o-y in May 2024. Overall, for the first five months of 2024 the network's sales increased by c. 9% y-o-y.

Romania

The network's sales (including the on-line store www.e-jumbo.ro) increased by c. 16% y-o-y in May 2024. Overall, for the first five months of 2024 the network's sales increased by c. 13% y-o-y.

The annual general meeting of Jumbo Group shareholders was held in May.

• The shareholders approved the management proposal to distribute a dividend of EUR 1 per share (gross) out of 2023 earnings.
• Dividend payment starts on 16 July 2024.