Zabka Group · GPW:ZAB
Zabka — FY2025 Earnings Presentation
38 slides from Zabka's earnings presentation, Mar 20, 2026
Slide 1: Annual Results Presentation 2025
Annual Results Presentation 2025 20 March 2026
Slide 2: Żabka Group disclaimer
Żabka Group disclaimer This presentation (“Presentation”) has been prepared by Zabka Group, a public limited liability company (société anonyme) incorporated and existing under the laws of the Grand Duchy of Luxembourg, having its registered office at 2, rue Jean Monnet L-2180 Luxembourg, Grand Duch
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 5
Slide 6: Key events of 2025
Key events of 2025 Żabka Ads launched in-store PLN 3.5bn retail media, scaling to 5,969 screens across Highest ESG rating in the MSCI We reduced interest costs and 4,000+ stores, ESG Review, placing us in the secured a new PLN 3.5bn facility GOOD MOOD by the end top 10% of the Retail & Staples with
Slide 7: FY 2025 financial performance: robust growth delivered alongside stronger profitability
FY 2025 financial performance: robust growth delivered alongside stronger profitability FY 25 Sales to End FY 25 Revenue FY 25 Adjusted EBITDA* FY 25 Adjusted Net profit* Customers* PLN 31.1bn PLN 27.2bn PLN 4.1bn PLN 1,003m +14.1% YoY +14.1% YoY +16.0% YoY +40.6% YoY FY 25 Like for Like* Store netw
Slide 8: On track to more than double Sales to End Customers between 2023–2028
We remain on track to deliver on our long-term strategy of more than doubling Sales to End Customers between 2023 – 2028 Strategic aspirations moving fast-forward with the guidance Strategy execution in line with the guidance Execution Guidance +14.1% 2x+ 2025 StEC* growth driven by: StEC increase +
Slide 9: Strong performance driven by focused execution in FY
Strong performance driven by focused execution in FY 25 External factors in 2025 LfL Grow FY 25 +1,3941 gross openings Consumer sentiment remained th NEW guidance of c. 1,300+ store ini openings in 2025 delivered. broadly neutral through 2025, with tia mixed signals regarding the tiv n economic sit
Slide 10: Market environment
Market environment 10
Slide 11: FY 25 reflected a blend of optimistic signals and persistent uncertainty
FY 25 reflected a blend of optimistic signals and persistent uncertainty The market is showing a combination of positive and uncertain trends Stabilizing inflation in 2025, combined with Gross wage increase in wage growth, albeit at a slower pace growth compared to a rebound period of 2024, has led
Slide 12: Structural winner in the competitive landscape, steady market share gains
Structural winner in the competitive landscape, translating into steady market share gains Żabka has been a clear winning format, which has led… …to continuously increasing market share. Polish physical grocery total growth (incl. space) by channel1, 2025 Rolling LTM Market share evolution of Żabka2
Slide 13: Strategy execution
Strategy execution 13
Slide 14: Delivering on our 2x+ Sales to End Customers growth ambition
Delivering on our 2x+ Sales to End Customers growth ambition - with the bar set even higher for 2028 Strategic aspirations moving fast-forward with the guidance Strategy execution in line with the guidance Execution Guidance +14.1% 2x StEC increase 2025 StEC* growth driven by: on track Robust perfor
Slide 15: Acceleration in Poland and Romania on the back of ample store network headroom
Acceleration in Poland and Romania on the back of ample store LfL Growth ini tia n tiv rk expansio es Ne two network headroom es gin n hE New Growt Location availability in Poland and …with the consistency of our expansion …and conviction in Romania expansion as Romania… being guarded by the near-te
Slide 16: 2025 LfL growth driven by strategic initiatives driving traffic and basket size
2025 LfL growth was driven by a number of strategic LfL Growth ini tia n tiv rk expansio es Ne two initiatives driving traffic and basket size es gin n hE New Growt Żabka Cafe 2.0 & Street Food Continued innovation of Expanded range of everyday Digitally enabled products services All stores 622 new
Slide 17: New digital initiatives complement our Digital Customer Offering
New digital initiatives complement our portfolio of Digital LfL Growth ini t iti ati n rk expansio ves Ne two Customer Offering es gin n hE New Growt Existing businesses driving our DCO platform New initiatives building on the DCO platform Strengthened integration with Żabka, launching new Double-di
Slide 18: ESG as our business strategy enabler
LfL Growth ini ESG as our business strategy enabler tia n tiv rk expansio es two Ne es gin n hE New Growt ESG agenda integrated throughout ESG as 1 out of 4 the organization 1/4 integrated business strategy enablers Ahead of target 4 Pillars of ESG ambitions ESG Index result for 2025 delivered at 11
Slide 19: Financials
Financials 19
Slide 20: FY’25 Key financial highlights
FY’25 Key financial highlights: Top-line delivery in challenging environment; exceeding expectations on profitability metrics FY 25 Trading FY 25 Trading FY 25 Gross Profit & margin FY 25 Adjusted EBITDA* PLN 27.2bn Revenue 1 PLN 31.1bn StEC * PLN 5.1bn Gross Profit PLN 4.1bn adj. EBITDA PLN 27.2bn
Slide 21: Q4’25 Key financial highlights
Q4’25 Key financial highlights: resilient and consistently delivered performance Q4’25 Trading Q4’25 Trading Q4’25 Gross Profit on Sales Q4’25 # of Stores (EoP, PL) PLN 6.9bn Revenue 1 PLN 7.9bn StEC* PLN 1.4bn Gross Profit # 12,166 Żabka stores3 / +14.0% growth YoY / +14.3% growth YoY / 18.4% margi
Slide 22: Efficiency gains lifted EBITDA margin to 13.1%
Efficiency gains delivered alongside strong growth lifted EBITDA margin to 13.1%, exceeding the full-year range of 12-13% Key financials 4th Quarter Full Year Results Selected KPIs Q4’25 Q4’24 Δ YoY FY’25 FY’24 Δ YoY Healthy mix of organic growth with solid LfL and expansion with 1,394 new stores, 1
Slide 23: Surpassed PLN 1bn in Adjusted Net Profit
Surpassed PLN 1bn in Adjusted Net Profit, exceeding assumptions and confirming efficiency improvements 4th Quarter Full Year Results Key financials (PLNm) Q4’25 Q4’24 Δ YoY FY’25 FY’24 Δ YoY Sales to End Customers 7,867 6,884 14.3% 31,135 27,277 14.1% Reported EBITDA 1,103 891 23.8% 3,876 3,363 15.3
Slide 24: Mix of new store openings, LfL and new initiatives contributing to sales growth
A healthy mix of New Store Openings, LfL, and new strategic initiatives - all contributing to sales growth Sales to End Customers* (PLNm) PLN +8,360m (+37%) 1,360 425 2,073 639 1,798 2,065 31,135 27,277 22,775 FY’23 New Stores Like-for-Like New Growth FY’24 New Stores Like-for-Like New Growth FY’25
Slide 25: Strong StEC and LfL performance through 2025, despite headwinds
Strong StEC and LfL performance through 2025, despite headwinds Sales to End Customers (PLNm) StEC* - the Group’s core % of Full year 31,135 commercial KPI: reached PLN 29.6bn in 21.3% 26.1% 27.4% 25.3% Żabka stores in 2025 (+13.1% YoY), supported by network expansion and solid LfL growth, 8,133 8,5
Slide 26: Strong franchisee value proposition underpinning profitable growth
Strong franchisee value proposition, underpinning profitable growth, seamless recruitment, and controlled churn Franchisee Margin1 FY PLNm • Franchisee margin1 increased 15% in 2025, 24A 25A with margin as a share of StEC rising from Sales to End Customers 26,167 29,600 16.7% to 17.0%, supported by
Slide 27: Robust growth in Adj. EBITDA driven by higher sales and margin expansion
Robust growth in Adj. EBITDA driven by Higher Sales and Margin Expansion Adjusted EBITDA & Reported EBITDA (PLNm) Adjusted EBITDA* margin dynamics remained x % of Sales to End Customers strong, with EBITDA growth of 16.0% and performance above the 12–13% target corridor. As a result, the full-year A
Slide 28: Disciplined capital expenditure targeted to funding growth
Disciplined capital expenditure targeted to funding growth Capex split by segments1 (PLNm) CAPEX* remained largely growth-oriented Ultimate Convenience New Growth Engines • CAPEX as a percentage of Sales to End Customers Property Fund Corporate & Strategic Leadership declined from 6.1% to 5.2 % YoY,
Slide 29: Strong cash generation
Strong cash generation… FY’24 (PLNm) FY’25 (PLNm) Adj EBITDA* 3,505 4,066 ▪Robust cash flow conversion, Rent (975) (1,094) driven by: • Larger scale of operations, store Adj EBITDA 2,529 2,972 expansion and improved post-rent* profitability across all key-metrics Capex* (1,518) (1,520) • Significant
Slide 30: Supported by reaching the leverage target
… supported by reaching the leverage target Net leverage1: Net debt excl. leases2 / adjusted EBITDA post-rent* (0.5x) 1.5x 1.6x 1.2x • Post-IPO balance-sheet strengthening 1.0x 1.0x enabled accelerated deleveraging. Net debt excl. leases / adjusted EBITDA (post-rent)2 • Leverage* improved to 1.0× fr
Slide 31: Key non-financial highlights: delivered on ESG expectations
Key non-financial highlights: in 2025 we have delivered on ESG expectations Sustainable lifestyle Mindful business impact Employees engagement 2025 result 2025 result 2025 result Multiply the sales value Percentage of business Get to top 25% of the best of own brand products 2.1bn partners familiari
Slide 32: Confident in medium-term outlook; reiterating expectations from Investor Day
We remain confident in the medium-term outlook and reiterate our expectations shared during 2025 Investor Day1 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. Like-for-Like 2026 We anti
Slide 33: Concluding remarks
Concluding remarks Żabka delivered solid FY25 performance, with LfL at 5.3%, StEC up +14.1% YoY to PLN 31.1bn, and Consistently Adjusted EBITDA (pre-rent) of PLN 4.07bn, meeting our growth objectives and marking Żabka’s Strong Results transition into a “PLN 1bn net-profit” company. We combined dynam
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Slide 35: Thank you
Thank you
Slide 36: Appendix
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Slide 37: 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 38: APMs – Abbreviations and Definitions (2/2)
APMs – Abbreviations and Definitions APMs – Abbreviations and Definitions Table (2/2) No. APM Abbreviation Definition Relevance Earnings per share (EPS) represents a company’s net profit attributable to common shareholders, divided by the weighted average EPS is a key indicator of value creation for