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Preliminary Results 2020/21 Simon Roberts Chief Executive Officer Kevin O’Byrne Chief Financial Officer Agenda

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Preliminary Results 2020/21 Simon Roberts Chief Executive Officer Kevin O’Byrne Chief Financial Officer Agenda Preliminary Results 2020/21 Simon Roberts Chief Executive Officer Kevin O’Byrne Chief Financial Officer Agenda 01 02 Financial highlights Operational performance 4 J Sainsbury plc Preliminary Results 2020/21 Financials Operational Performance Appendix Retail sales growth by category Grocery General Merchandise Clothing Total Retail FY Sales FY Sales FY Sales FY Sales growth1 up 7.8 % up 8.3% down 8.5% up 7.3 % 9.2% 8.5% 10.5% 1 7.6 % 4.2% 6.8% 0.4% 5.2% 7.4 % 7.1 % Q1 Q2 Q3 Q4 5.1% 7.2 % 7.6 % Q1 Q2 Q3 Q4 6.0% (7.5) % 7.3 % Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 (26.7)% Fuel 0.1% Exc. Fuel Inc. Fuel sales sales growth growth 1 Exc. fuel (39.1)% 5 J Sainsbury plc Preliminary Results 2020/21 Financials Operational Performance Appendix Group performance overview Retail Financial Services Underlying profit Statutory profit/ operating profit1 operating profit1 before tax loss before tax down 22% down 39% 938 48 586 255 730 FY 356 19/20 FY 19/20 FY 20/21 FY FY FY 20/21 FY FY 19/20 20/21 19/20 20/21 (21) (261) All figures £m 1 Underlying 6 J Sainsbury plc Preliminary Results 2020/21 Financials Operational Performance Appendix Group performance overview Free cash flow Working capital Net debt Dividend movement excluding leases per share 1 up 28% down £539m 10.6p 10.6p 784 453 1,179 7.3 p 7.4 p 611 640 3.3p 3.2p FY 20/21 FY FY FY FY FY Interim Special Interim Final 19/20 20/21 19/20 19/20 20/21 19/20 20/21 20/21 20/21 (97) All figures £m 1 Special dividend in 2020/21 paid in lieu of final dividend for 2019/20 following the deferral of dividend decision. The total dividend paid in respect of each year is equal at 10.6p per share 7 J Sainsbury plc Preliminary Results 2020/21 Financials Operational Performance Appendix Underlying profit before tax Retail COVID costs H1 H2 FY UPBT YoY movement £m 20/21 20/21 20/21 £m Colleague costs 1 (179) (139) (318) Operating costs 2 (84) (29) (113) 586 Other (28) (26) (54) Total Retail COVID costs3 (291) (194) (485) (208) Interest Retail (69) +47 356 Financial Services 19/20 UPBT 20/21 UPBT 1 Higher absence costs, pay for vulnerable colleagues isolating, front line colleague bonus 2 Customer and colleague protection measures, distribution costs, reduced rental income 3 Does not include business rates relief of £43m for closed Argos stores in FY20/21 8 J Sainsbury plc Preliminary Results 2020/21 Financials Operational Performance Appendix Financial Services: UPBT bridge UPBT waterfall H1/H2 Split £m £m COVID 34 provision (H1) 48 H1 20/21 (21) H2 FY 19/20 Reduced Cost action 20/21 UPBT lending Funding FY 20/21 costs One-off Travel debt sale (H2) UPBT Money and ATMs (55) Impairment impacts 9 J Sainsbury plc Preliminary Results 2020/21 Financials Operational Performance Appendix Financial Services: performance drivers and coverage Customer assets Credit provisions Total Capital Ratio £bn Unsecured lending Coverage Ratio % down 27% 4.9% 6.3% 7.4 £5.8bn 20.2 % £0.3bn 17.0 % 2.7 5.4 £4.4bn £0.3bn 1.9 Personal loans 2.0 1.4 Credit cards 1.9 1.3 Mortgages 0.9 0.8 Store cards Provisions FY FY FY FY FY FY 19/20 20/21 19/20 20/21 19/20 20/21 Gross unsecured lending 10 J Sainsbury plc Preliminary Results 2020/21 Financials Operational Performance Appendix Items excluded from underlying results FY FY £m 2020/21 2019/20 Guidance 1 • Restructuring, impairment Restructuring programmes (423) (202) and integration one-off costs Impairment charges (Retail and FS) 2, 3 (220) (126) of £900m-£1bn from FY20/21 to FY23/24 (c. £300m cash). Of Financial Services transition and other (17) (29) this, £643m incurred in Of which cash £(54)m ATM business rates reimbursement 42 - FY20/21 IAS 19 pension income/(expenses) 6 19 • We expect to incur the remaining costs evenly over Property, finance and acquisition adjustments (5) 7 the next 3 years, including £125m of restructuring cash Total items excluded from underlying results (617) (331) costs in 2021/22 1 PY restructuring includes Property Strategy Programme and Retail Restructuring. Impairment charges and closure provisions relating to Argos store closures and logistics integration 2 The effect of COVID-19 and accelerated structural integration programme are deemed an impairment indicator in line with IAS 36. A full review has therefore been performed covering Retail and Financial Services assets 3 PY impairment charges were reported within the Property Strategy Programme 11 J Sainsbury plc Preliminary Results 2020/21 Financials Operational Performance Appendix Net debt and Retail free cash flow FY FY £m – IFRS 16 basis 2020/21 2019/20 Working capital movement Net cash from operating activities 1,809 1,453 356 of which working capital movements 453 (97) 550 Capital expenditure (568) (599) Disposal proceeds 1 49 224 • Sainsbury’s stock Bank capital injections - (35) • Fuel payables Lease repayments 2 (506) (432) +£453m In-flow Retail free cash flow 784 611 • Trade payables Dividends paid on ordinary shares (232) (247) • Argos stock Other 3 (74) 35 Movement in net debt 478 399 FY20/21 working capital Opening net debt 4 (6,947) (7,346) 4 Closing net debt (6,469) (6,947) 1 Includes dividends received from JVs, net of JV capital injections. FY19/20 included £143m of dividends received following sale of British Land Of which: 2 Includes initial direct costs on right-of-use assets 3 Includes the net movement to lease liabilities, reflecting non-cash Lease liabilities (5,829) (5,768) additions in the period offset by payments made. Also includes cash Net debt excluding lease liabilities4 (640) (1,179) (539) impact of share purchases and share issuances. 4 Net debt definition excludes derivatives not linked to borrowings, and includes perpetual securities as debt 12 J Sainsbury plc Preliminary Results 2020/21 Financials Operational Performance Appendix Retail free cash flow Retail free cash flow £m £500m+ £500m+ average average 784 611 FY FY FY FY FY FY 19/20 20/21 21/22E 22/23E 23/24E 24/25E 13 J Sainsbury plc Preliminary Results 2020/21 Financials Operational Performance Appendix Balance sheet targets • Previous net debt reduction of £750m+ from 18/19 to 22/23 updated to £950m+ Net debt exc. Lease liabilities1 reduction by 22/23 £m • Medium leverage reduction target: Net debt/EBITDA2 less than 3x 2,125 (£603m) 1,522 (£950m)+ 1,179 640 Target FY FY FY FY FY FY 15/16 18/19 19/20 20/21 21/22E 22/23E 1 Net debt definition excludes derivatives not linked to borrowings, and includes perpetual securities as debt 2 Net debt (inc. perpetual securities) on a post-IFRS 16 basis divided by Group underlying EBITDA. Net debt/ EBITDA for FY20/21 was 3.4 times 14 J Sainsbury plc Preliminary Results 2020/21 Financials Operational Performance Appendix Bridge to 21/22 UPBT Drivers of 21/22 UPBT Guidance £m • 2021/22 UPBT ahead of • Ongoing COVID costs 2019/20, comfortable with • Colleague costs consensus of around £620m1 • Financial Services • Financial Services to return to profit in 21/22 586 • Net finance costs of around £340m-£350m, including around £290m-£300m lease interest • Sainsbury’s underlying profit • Argos underlying profit • Finance costs 19/20 UPBT 21/22 UPBT 1 Analyst consensus published on our website as at 9 February 2021 15 J Sainsbury plc Preliminary Results 2020/21 Financials Operational Performance Appendix Summary and Outlook Strong performance Outlook • Excellent execution through a challenging year • 2021/22 UPBT ahead of 2019/20, comfortable with consensus of around £620m1 • Strong, profitable digital sales growth in both Sainsbury’s and Argos • Average free cash flow £500m+ p.a. 3 years to • Offset by material COVID costs March 2025 • One-off costs reflecting accelerated ambition and change within • Upgrading net debt reduction target to strategy update £950m+ for four years to 22/23 (previously £750m+) • Good underlying free cash flow generation • Stable dividend payment 1 Analyst consensus published on our website as at 9 February 2021 16 J Sainsbury plc Preliminary Results 2020/21 Simon Roberts Chief Executive Officer Financials Operational Performance Appendix A year that has made us stronger A year trading A strong operating A strong start Bolder choices, through COVID performance towards delivering bigger decisions, on our priorities good momentum Food First More competitive and Brands that Deliver better positioned for a rapidly changing retail Save to Invest environment 18 J Sainsbury plc Preliminary Results 2020/21 Financials Operational Performance Appendix Building momentum, closer to customers 12 million Increased Increased orders delivered to online delivery Uber Eats online delivery Market leading Product elderly and slots to Deliveroo slots to purchasing vulnerable 650,000 partnerships Safety CSAT 850,000 limits customers a week launched scores a week Mar Apr May Jun Aug Sept Nov Dec Feb Mar Closed 15,000 Reopened 12,000 £100m Over 50m cafes; meat, colleagues 383 seasonal roles Total thank you Smartshop fish and pizza redeployed Argos stores for Christmas payments transactions counters, From Argos, Habitat, Travel Money and to store in the year standalone colleagues Argos stores Convenience 19 J Sainsbury plc Preliminary Results 2020/21 Financials Operational Performance Appendix Strong digital platform, enabling scale transformation Total Digital Groceries online Argos Digital Smartshop Nectar Sales up Sales up Sales up Sales up Users up 102% 120% 68% 173% 2.9m 42% 3% 90% 30% 7.4 m C&C 3% 14% Delivery 12% 0.3% 60% 4.5m 22% 8% 14% FY FY FY H1 FY FY FY FY FY FY FY 19/20 20/21 19/20 20/21 20/21 19/20 20/21 19/20 20/21 19/20 20/21 Digital participation 1 Digital participation 2 Digital participation3 Sales participation 4 Digital app users 1 Of total Retail sales exc.
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