Zabka Group · GPW:ZAB
Zabka — Q1 2026 Earnings Presentation
23 slides from Zabka's earnings presentation, Apr 29, 2026
Slide 1: Q1 2026 Results Presentation
Q1 2026 Results Presentation 29 April 2026
Slide 2: Disclaimer
Disclaimer This presentation (the “Presentation”) has been prepared by Zabka Group S.A. with its registered office in Luxembourg, Grand Duchy of Luxembourg (the “Company”, together with its subsidiary undertakings, the “Group”) to provide a general overview of the Company and the Group through a set
Slide 3: Alternative Performance Measures - Disclaimer
Alternative Performance Measures - Disclaimer This presentation contains certain financial metrics which are not defined or specified under IFRS and therefore qualify as Alternative Performance Measures (“APMs”) in accordance with the ESMA Guidelines on Alternative Performance Measures (ESMA/2015/14
Slide 4: Today’s Presenters
Today’s Presenters Tomasz Blicharski Marta Wrochna- Tomasz Suchański Group Chief Strategy Łastowska Group CEO & Development Group CFO Officer 4
Slide 5: Strategic Highlights
Strategic Highlights
Slide 6: Q1 2026: Strong execution of network expansion and resilient operating performance
Q1 2026: Strong execution of network expansion and resilient operating performance Q1 26 Sales to End Customers* Q1 26 Like-for-Like* Store network1 as of 31 March 2026 PLN 7.4bn 12,750 +3.2% +1,393 YoY +12.0% YoY Gross store openings2 Q1 26 Adjusted EBITDA* Q1 26 Adjusted EBITDA margin3 Q1 26 Net d
Slide 7: On track to deliver our strategic ambitions
On track to deliver our strategic ambitions External factors in Q1 2026 LfL Growt Q1 26 +1,3931 LTM gross openings hi Progressing in line with guidance of n 1,300+ store openings p.a. in PL and RO iti At the start of 2026, consumer n at ork expansio sentiment was broadly stable, with ive a temporar
Slide 8: Market Environment And Strategy Execution
Market Environment And Strategy Execution
Slide 9: External environment remains broadly neutral for our business
External environment remains broadly neutral for our business TheThe market market has is showing been a combination showing of positive a combination andand of positive uncertain trends uncertain trends Stabilizing Inflation inflation inched higherinto2025, combined 3% in early 2026, with increase
Slide 10: Żabka continues growing ahead of the market
Żabka continues growing ahead of the market Żabka has been a clear winning format, which has led… …to continuously increasing market share. Polish physical grocery total growth (incl. space) by channel1, Q1 2026 Rolling LTM Market share evolution of Żabka2, 2025-2026 10.9% 11.0% 10.8% Żabka 10.5% 10
Slide 11: Sequential improvement in LfL performance through Q1
Sequential improvement in LfL performance through Q1 LfL evolution in Q1 26 The colder period from Jan to mid-Feb, with heavy snowfall, had a significant impact on footfall and, in turn, on overall LfL. LfL on days when temperatures were in line with or higher than the PY was already firmly in the m
Slide 12: Strategic Pillars update
Strategic Pillars update LfL Growth LfL Growth LfL Growth ini ini ini t t t iti iti iti ati ati n n ati n rk expansio rk expansio rk expansio ves ves ves two two two Ne Ne Store openings on track with the …with LfL initiatives gaining traction… …and New Growth Engines rolling out s s Ne es e e gin g
Slide 13: Financials
Financials
Slide 14: Key Financial Highlights: Solid execution across growth and profitability
Key Financial Highlights: Solid execution across growth and profitability, with continued operational resilience Q1 26 StEC Q1 26 LfL New Q2’25 store Gross openings Profit StEC reached PLN 7.4bn(+12% YoY), LfL of 3.2% , with performance strengthening 435 new stores in Poland and Romania in Q1 demons
Slide 15: Double digit top-line growth and maintained profitability
Double digit top-line growth and maintained profitability Key financial metrics Q1 Selected KPIs Q1 26 Q1 25 Δ YoY Number of Stores (EoP)1 12,750 11,460 11.3% Healthy mix of organic growth, LFL and expansion with 435 new stores, 403 in Poland and LFL2 3.2% 6.0% (2.9pp) 32 in Romania. Franchisee marg
Slide 16: Robust adjusted EBITDA performance driven by sales growth and increased profitability in Poland
Robust adjusted EBITDA performance driven by sales growth and increased profitability in Poland x Adjusted EBITDA % of Sales to End Customers (PLNm, Q1 2026) Żabka Group excl. NGE, Conso. eliminations & Adj. ▪Further improvement of Adj. EBITDA margin and Reclass. despite challenging environment in Q
Slide 17: Generating positive cash flow amid continued investments in growth
Generating positive cash flow amid continued investments in growth... Q1 2025 Q1 2026 (PLNm) (PLNm) Adjusted EBITDA 596 674 ▪Positive cash flow generation, driven by: ▪ Adjusted EBITDA, which continues to Rent (266) (299) demonstrate robust and sustained growth Adjusted EBITDA ▪ Our prudent approach
Slide 18: Consistently supporting further deleveraging YoY
… consistently supporting further deleveraging YoY Net leverage1: Net debt excl. leases2 / adjusted EBITDA post-rent* (0.5x) 1.5x 1.6x 1.2x • The leverage* was reduced from 1.6x at the 1.0x 1.0x 1.1x Net debt excl. leases / end of March 2025 to 1.0x at end of December adjusted EBITDA (post-rent)2 20
Slide 19: We remain confident in the medium-term outlook and reiterate our expectations
We remain confident in the medium-term outlook and reiterate our expectations New stores 2026 We aim to open over 1,300 new stores in 2026 and continue targeting opening 1,300+ c. 1,300+ stores p.a. in the medium-term in Poland and Romania. LfL 2026 We anticipate delivering mid-to-high single-digit
Slide 20: Q&A
group Q&A s) 3 2)
Slide 21: APMs – Abbreviations and Definitions
APMs – Abbreviations and Definitions This slide provides the definitions, relevance explanations and calculation methodologies for all Alternative Performance Measures (“APMs”) referenced in this Presentation. These measures are not defined under IFRS and are therefore presented in accordance with t
Slide 22: APMs – Abbreviations and Definitions
APMs – Abbreviations and Definitions APMs – Abbreviations and Definitions Table (2/2) No. APM Abbreviation Definition Relevance EPS is a key indicator of value creation for shareholders, illustrating Earnings per share (EPS) represents a company’s net profit attributable to common shareholders, divi
Slide 23: Thank you
Thank you