I have never tried to do this, but I assume that Calibre adds a page break after each jpeg file. But if the jpeg already fills the page, the page break is on the next page. So you have:
image (page 1)
page break (page 2)
image (page 3)
page break (page 4)
etc
You should probably ask your question in the Calibre forum to get more useful answers.
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