X5 Corporate Center · RUS:X5
X5 Corporate Center — X5 Group — Q4 2025 Earnings Presentation
29 slides from X5 Corporate Center's earnings presentation, Sep 22, 2026
Slide 1: Investor Presentation
Investor Presentation X5.ru
Slide 2: Disclaimer
Disclaimer 2 This announcement includes statements that are, or may be deemed to be, “forward-looking statements”. These forward-looking statements can be identified by the fact that they do not only relate to historical or current events. Forward-looking statements often use words such as “anticipa
Slide 3: Trends across food retail market segments
Trends across food retail market segments Food retail 29,595 34,612 39,442 market, RUB bln 32% The e-grocery, hard 35% 36% discounter and proximity +4 p.p. store segments will Food retail is the largest continue to grow (the latter retail segment, with an include convenience stores 6% average annual
Slide 4: X5: the leader in Russian retail
Х5: the leader in Russian retail No. 1 in the food retail market No. 1 in e-grocery Top 10 Russian food retailers by market share 2023 2024 2025 Top 10 Russian e-grocery retailers by market share 2023 2024 2025 No. 1 14.5% 15.6% 16.6% No. 1 13.1% 16.1% 18.6% No. 2 10.5% 11.1% 11.5% No. 2 16.5% 18.1%
Slide 5: X5 today
X5 today No. 1 Building the most efficient supply chain on the market in ready-to-eat food sales among retailers 20,500+ 980 7,000+ 1,500+ Top-2 83 Perekrestok Pyaterochka supermarkets proximity stores with café and Direct import In transport cargo with coffee points coffee points Suppliers supplier
Slide 6: X5 businesses
X5 businesses 1,500+ Suppliers 420 9,544 Perekrestok Select cafés Stores with delivery service 1,004 Perekrestok supermarkets 7,258 Company-owned trucks 82 Mnogo Lososya dark kitchens 4,251 OKOLO branches affiliated with the 3,253 franchise programme Chizhik hard discounters 31,515 25,533 73,000 5Po
Slide 7: Pyaterochka: strengthening market leadership
Pyaterochka: strengthening market leadership Food retail market share Operational focus and strategic priorities 14% 13.0% 11.6% 12.2% 12% 10.8% Expansion and 9.3% 9.4% new store openings 10% 9.2% 9.1% 8% Competitor 1 6% 5.4% 4.3% 4.7% 4.0% 4% Customer value Competitor 2 proposition (CVP) 2% 0% 2022
Slide 8: Perekrestok: leader in the supermarket segment
Perekrestok: leader in the supermarket segment Supermarket segment Operational focus market share and strategic priorities 14% 12.6% 13.3% 12% 10.5% 11.1% Scaling the new 10% 9.3% store concept 8.6% 8% 7.1% Competitor 1 5.7% 6% 3.3% 3.6% 3.7% 4% 3.0% Customer value proposition (CVP) 2% Competitor 2
Slide 9: Chizhik: on the path to segment leadership
Chizhik: on the path to segment leadership Hard discounter segment 2028 strategic targets market share 35% 30.0% 30% 24.3% 5,000 25% Stores 20% 17.5% 15% 10.4% 10% 4.1% RUB 1 trln Revenue 5% 0% 2022 2023 2024 2025 2028F Source: INFOLine Significant positive contribution to 3,253 Stores1 9.0% Share o
Slide 10: X5 Digital: developing an omnichannel model
X5 Digital: developing an omnichannel model No. 1in the e-grocery segment in 2025 E-grocery market share 20% 19% 18.6% Single mobile platform 18.1% 18% 17% 16.5% 16.1% 16.0% 16% 15% 14.5% 14.2% Competitor 1 Hybrid infrastructure: delivery 14.0% from stores and dark stores 14% 13.1% 13.1% 13% 12.4% 1
Slide 11: X5's presence at each step of the customer journey
X5’s presence at each step of the customer journey Unified loyalty programme Leader in the proximity store segment and X5 ID service Leader in the supermarket segment Subscription and benefits service Leader in the hard discounter segment Top-4 among Russian logistics Direct franchise model for smal
Slide 12: Loyalty programme and digital customer engagement
Loyalty programme and digital customer engagement The best loyalty programme in grocery retail According to the NPS Ipsos market tracker and INFOLine research 95 mln “Apelsin” payment service integrated into Participants the X5 Club loyalty programme 2.4 х 85.2 % The average ticket for loyalty progr
Slide 13: Additional opportunities
Additional opportunities No. 1 media seller by audience reach: single portal for Technology platform Last-mile delivery communication with all X5 for non-chain retail stores logistics operator advertising and media channels Technology logistics platform OKOLO branches Audience reach of 4,251 affilia
Slide 14: Ready-to-eat food will become the largest category
Ready-to-eat food will become the largest category in X5 retail formats Our path to delivering results Market leader in sales of coffee and freshly baked goods in the HoReCa retail segment Ready-to-eat points in 15,000 stores across the country X5’s 2028 targets No. 1 modern urban café chain: Perekr
Slide 15: X5 Media: a one-stop platform for Group-wide advertising and analytics
X5 Media: a one-stop platform for Group-wide advertising and analytics Market X5’s proprietary platform for advertising across omnichannel touchpoints No.1 Retail media: customer In-store E-commerce Х5 Blogger engagement at point of radio, TV, self- banners, video, search and more platform purchase
Slide 16: Strategic guidance
Strategic guidance Maintain leadership and become the most efficient omnichannel retailer The leader in the speed of No.1 No. 1 No. 1 technology adoption and innovation in the Russian food retail market in e-grocery in ready-to-eat food sales and the largest café chain Increase shareholder value STR
Slide 17: Track record of strong operational performance…
Track record of strong operational performance… Net retail sales, RUB bln Selling space, ths sqm1 CAGR 2021–2025: 20.3% CAGR 2021–2025: 9.5% 8.7% 18.3% 4,589 11,912 10,961 3,880 10,109 9,015 3,129 8,296 2,596 2,194 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 LFL sales, % y-o-y growth Number of
Slide 18: … amid consistently high growth rates
… amid consistently high growth rates Revenue CAGR above 18% Adj. ROIC3 CAGR 2021–2025: 20.5% 18.8% 4,642 30.3% 3,908 27.4% 25.6% 3,146 2,605 2,205 19.2% 17.1% 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 Adj. EBITDA margin1 consistently above 6.0% FCF CAGR 2021–2025: 14.8% 3.6% 7.5% 7.3% 6.9%
Slide 19: Growth and profitability driven by improved sales density
Growth and profitability driven by improved sales density Sales density leadership in proximity segment in key geographies (Moscow and St Petersburg) RUB ths/sqm (annualised) Overall Moscow & Moscow region +8.7% +7.9% 388 395 399 527 377 522 367 514 501 489 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q4
Slide 20: Social responsibility
Social responsibility X5 is a socially responsible company Contribution to National Development Goals that cares about society, the environment and healthy nutrition UN Sustainable Development Goals and the National Development Goals of the Russian Federation No. 1 Ensuring a comfortable and safe li
Slide 21: Investment case
Investment case Strategic opportunities Multi-format in the food retail market Strong leadership position business model Transparent dividend policy: balancing cash flow Business growth, efficiency Technological leadership Balanced growth distribution with financial and financial sustainability in t
Slide 22: Q4 2025 results
Q4 2025 results
Slide 23: Double-digit top-line growth supported by strong LFL sales dynamics
Double-digit top-line growth supported by strong LFL sales dynamics 1 2 Net retail sales Traffic, mln customers Net selling space (eop) 21.8% 20.7% 21.2% 18.0% 8.4% 8.7% 9.0% 9.3% 8.7% 14.6% 2,272 2,311 2,241 2,087 11,912 1,161 1,213 2,010 11,614 1,143 11,376 1,059 1,056 10,961 11,124 Q4 2024 Q1 202
Slide 24: Financial results
Financial results Revenue SG&A (excl. D&A&I, LTI and other employee incentives) 22.3% 20.7% 21.6% 18.5% 18.7% 19.2% 17.9% 18.5% 1800 14.9% 20.0% 270 17.4% 20.0% 1600 229.0 15.3% 15.0% 1400 1,174.2 1,160.1 1,238.0 10.0% 205.3 204.5 207.3 1,077.8 1,069.8 220 201.7 10.0% 188.9 1200 5.0% 1000 0.0% 170 0
Slide 25: Q4 2025: Adjusted SG&A expense analysis
Q4 2025: Adjusted SG&A expense analysis 1 Key Q4 2025 highlights: Expenses as a percentage of revenue in Q4 2025 Staff costs: optimisation initiatives in retail chains. 18.7% 18.5% (22) b.p. Lease expenses: positive operating leverage effect for fixed lease rates. 1.4% 1.3% 0.7% (7) b.p. Third-party
Slide 26: X5 capital expenditures
X5 capital expenditures Capital expenditure structure Capex trends by year, RUB bln RUB 215.2 bln +29.3% y-o-y 4.7% 4.5% 4.6% M&A 1% 4.4% CVP, ready-to-eat food and online sales 4.3% 7% 215.2 Strategic innovation and efficiency projects 14% 3.1% 166.4 148.4 Store maintenance and refurbishments 26% 9
Slide 27: X5 debt structure
X5 debt structure Debt profile, RUB bln Debt portfolio maturity 407.0 288.8 100% 30% 43.7% 60% 70.3% 56.3% 29.7% 10% 31 Dec 2025 31 Dec 2024 Short-term debt Long-term debt 31 Dec 2025 2026 2027 2028-2030 Liquidity metrics and covenants 773 X5’s available 100% RUB-denominated RUB bln credit facilitie
Slide 28: Financial and dividend policies
Financial and dividend policies Pre-IFRS 16 Financial policy Dividend policy 1.2–1.4x 2x per year Target net debt / Target number of EBITDA ratio dividend payments 18–24 months Cash flow distribution while maintaining the target net Target maturity profile of the loan debt / EBITDA ratio portfolio 5
Slide 29: X5 Investor Relations
X5 Investor Relations iro@x5.ru +7 (495) 662 88 88 ext. 13147 “Investors” section on X5’s IR Telegram X5 corporate blog on X5 corporate blog on the X5 corporate channel Pulse SMART-LAB website