Zabka Group · GPW:ZAB
Zabka — Investor Presentation (August 2026)
62 slides from Zabka's investor presentation, August 2026
Slide 1: Investor Presentation August 2026
Investor c Presentation August 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: Agenda
Agenda 1 Introduction to Żabka 2 Key Investment Highlights 3 Consistent, Profitable Growth and Highly Attractive Financial Profile 4 Multiple, Tangible Drivers of Future Growth 5 H1 2026 Results 6 Appendix: FY 2025 Results 7 Appendix: Q2 2026 Results 8 Appendix: Supporting slides 4
Slide 5: Introduction To Żabka
1 Introduction To Żabka
Slide 6: Żabka is the Ultimate Tech-powered Convenience Ecosystem
Żabka is the Ultimate Tech-powered Convenience Ecosystem Serving time-sensitive consumers across …playing across three physical and digital channels… consumer megatrends Leading convenience network of +13k stores in PL & RO Ultimate 34% 24% of consumers willing to higher average weekly Open every wa
Slide 7: Constantly Innovating Convenience for 27+ years
Constantly Innovating Convenience for 27+ years Old concept ` Format Evolution Ultimate Tech-powered Now & Corner Store Modern Convenience Convenience Ecosystem Future Polish TAM3 Polish DAM4 2000-2015 2016-2019 2020-2023 PLN 615bn PLN 123bn +4.4% CAGR2 +8.5% CAGR2 Selected Grocery Adjusted Grocery
Slide 8: Key Investment Highlights
2 Key Investment Highlights
Slide 9: Key Investment Highlights
Key Investment Highlights 1 Ultimate Tech-powered Convenience Ecosystem disrupting a PLN615bn+ Polish TAM 2 Engaging time-constrained consumers through a differentiated proposition 3 Operating at the intersection of three consumer megatrends: Ultimate Convenience, Digital Engagement and Responsible
Slide 10: Ultimate Tech-Powered Convenience Ecosystem Touching Consumers' Every Waking Hour
Ultimate Tech-Powered Convenience Ecosystem Touching Consumers’ Every Waking Hour Physical Channels Digital Channels DCO DCO Gross 90% Brand Awareness 1 4.3m Average Daily Transactions 2 13,063 Store Network 3 12.2m User Base 4 11.0m Active Shoppers 5 16.6% Merchandise Value 6 ,YoY Growth Leading co
Slide 11: Żabka's Polish DAM Grows at Almost Double the Rate of TAM
Żabka’s Polish DAM Grows at Almost Double the Rate of TAM Żabka today plays in a Directly Addressable Market ~4.5x its size… …growing at almost double rate of a wider TAM Żabka and market size, PLNbn 2024-28F growth rate DAM growth driven by secular trends including: Growing real Time- disposable Ur
Slide 12: Targeting a Distinctive Mix of Shopping Missions
Targeting a Distinctive Mix of Shopping Missions Targeting convenience missions for immediate … and customers are willing to pay to consumption … “free up their time” Split of shopping missions, 20241 Rebased to Żabka, 20244 24% 100 ~60% 76% 42 ~40% Discounters5 Discounters5 For Same Day2 Rural & No
Slide 13: Stores Tactically Designed for On-the-Go Consumption
Stores Tactically Designed for On-the-Go Consumption NEW NEW Tobacco Alcohol Wine and Alcohol Alcohol Wine Beverages (fridge) (fridge) (fridge) alternatives NEW Bread / Bakeries Prepaid Żabka Café 2.0 GSM / Żabka Café 2.0 Impulse Chips Snacks Self Lotto HPC Snacks checkout Confectionery Beverages Be
Slide 14: QMS is at the Core of Żabka's Differentiated Proposition
QMS is at the Core of Żabka’s Differentiated Proposition Pre-2012 2016-22 2024 - Now % QMS <3%1 <7%1 Towards 20% Traffic All stores are equipped with street food ovens2 ensuring seamless expansion into street food category Our new Street Food offer included 20+ SKUs3 and is actively developed, e.g.
Slide 15: Engaging Close to 40m Consumers Nationwide Across 12.8k+ Points of Sale
Engaging Close to 40m Consumers Nationwide Across 12.8k+ Points of Sale 12.8k+ Points of Sale – largest convenience network nationally2 With relevant stores for a variety of catchments Warsaw Nationwide footprint Warsaw 1,077 Village 357 8.8% 710 244 <20k ~18m consumers 500k-1m 565 within 500 meters
Slide 16: Leveraging AI, Data and Technology in all Core Operating Processes
Leveraging AI, Data and Technology in all Core Operating Processes The AI-powered backbone at the core of Żabka’s success AI model scoring >9m Polish 20+ unique AI-generated addresses for store expansion Hype store segments red owe Asso r-Loc P n AI- ansio rtm al en p Ex t In-House AI and Lo Prom De
Slide 17: Easily Scalable Fully Franchised Operating Model
Easily Scalable Fully Franchised Operating Model Clear split of responsibilities Selected proof points Store location selection ~11k 2,625 Store design and equipment # of Franchisees1 Franchisees Żabka’s recruited in 20252 responsibilities Central sourcing and delivery Lease ownership Stable and pos
Slide 18: Competitive Franchise Proposition, Resulting In High Engagement Of Our Franchisees
Competitive Franchise Proposition, Resulting In High Engagement Of Our Franchisees Illustrative Store Economics Split Between Franchisee Take Home Pay Franchisee Engagement Żabka and the Franchisee Franchisee take home pay Attractive proposition and designed to be attractive in franchisee-centricty
Slide 19: Nationwide Logistics Platform and Dedicated Centralised Procurement Function
Nationwide Logistics Platform and Dedicated Centralised Procurement Function Well-invested modern logistics platform Steadily improving and resilient direct gross margin Gdańsk 98% own delivery Poznań Warszawa 8 Plewiska Nadarzyn distribution centres Wrocław Gliwice 19 cross-docking facilities Tychy
Slide 20: Key Non-financial Highlights: In 2025 We Delivered On ESG Expectations
Key Non-financial Highlights: In 2025 We 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 familiarized w
Slide 21: Consistent, Profitable Growth and Highly Attractive Financial Profile
3 CONSISTENT, PROFITABLE GROWTH AND HIGHLY ATTRACTIVE FINANCIAL PROFILE
Slide 22: Uninterrupted +25-years Track Record of Top-line Growth
Uninterrupted +25-years Track Record of Top-line Growth 12.3 11.1 10.0 9.0 8.0 Number of 6.0 6.9 stores 4.0 4.2 4.5 4.9 5.5 +14% 2.6 2.8 3.3 1.6 1.8 1.9 2.0 2.1 2.4 2000-25 CAGR (‘000)1 0.6 0.9 1.2 1.4 0.4 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Slide 23: Robust Growth In Top Line And LfL Growth
Robust Growth In Top Line And LfL1 Growth YoY 22.8% 27.8% 22.9% 19.8% 14.1% growth LfL1 9.8% 17.0% 10.8% 8.3% 5.3% Sales to End Customers2 PLNm 31,135 27,277 22,775 18,530 14,498 2021 2022 2023 2024 2025 Source: Company Information. Note: 1 Like-for-Like growth - defined as comparison of daily recei
Slide 24: Outstanding Financial Profitability
Outstanding Financial Profitability Strong Adjusted EBITDA growth, margin exceeded the expected full-year range of 12–13% Margin1 13.7% 13.1% 12.4% 12.8% 13.1% (%) Adjusted EBITDA 4,066 3,505 2,834 2,419 1,986 PLNm 2021 2022 2023 2024 2025 Adjusted EBITDA CAGR of ~20% between 2021-25, +16% YoY growt
Slide 25: Overview of Historical Income Statement
Overview of Historical Income Statement % of Sales to End Customers Selected KPIs (PLNm) 2022 2023 2024 2025 2022 2023 2024 2025 Sales to End Customers1 18,530 22,775 27,277 31,135 - - - - % Growth 27.8% 22.9% 19.8% 14.1% - - - - Franchisee margin (%) 2 15.9% 16.5% 16.7% 17.0% P&L (PLNm) - - - - Rev
Slide 26: Multiple, Tangible Drivers of Growth & Romanian Opportunity
4 MULTIPLE, TANGIBLE DRIVERS OF GROWTH & ROMANIAN OPPORTUNITY
Slide 27: We Remain On Track To Deliver On Our Long-term Strategy Of More Than Doubling STeC
We Remain On Track To Deliver On Our Long-term Strategy LfL Growth ini t iti ati n rk expansio ves Ne two Of More Than Doubling STeC Between 2023 – 2028 es gin n hE New Growt Strategic aspirations moving fast-forward with the guidance Strategy execution in line with the guidance Execution Guidance +
Slide 28: Our Whitespace Potential Across Both Markets Allow Us To Double Our Current Footprint
Our Whitespace Potential Across Both Markets Allow Us To LfL Growth ini t iti ati n rk expansio ves Ne two Double Our Current Footprint es gin n hE New Growt Total long-term white space potential 2x Total ~27.5k whitespace: ~19.5k in PL ~7.6k in RO vs 14.5k previously ~11.0k Incremental runaway ~15.
Slide 29: Our Confidence In The White Space Potential Is Built On A Scientific Approach
Our Confidence In The White Space Potential Is Built On A LfL Growth ini t iti ati n rk expansio ves Ne two Foundation Of Scientific Approach To An AI-based Model es gin n hE New Growt … allowing our store format to work in all Quality of our expansion is safeguarded by the robust AI model… types of
Slide 30: Open Even Better Stores, With Higher Ramp Up Resulting In Lower Paybacks
This Approach Allows Us To Open Even Better Stores, With LfL Growth ini t iti ati n rk expansio ves Ne two Higher Ramp Up Resulting In Lower Paybacks es gin n hE New Growt There is a strong emphasis on quality of new store openings… … reflected in an attractive payback profile Average Sales per stor
Slide 31: After 1+ Year in Romania, We Operate Over 240 Active Stores
After 1+ Year in Romania, We Operate Over 240 Active LfL Growth ini t iti ati n rk expansio ves Ne two Stores and Became Local Convenience Offering Frontrunner es gin n hE New Growt Format has been so far well-received by the local customer, which … with Romanian operations ramping up quickly and po
Slide 32: LfL Growth Has Been Driven By A Number Of Strategic Initiatives
LfL Growth Has Been Driven By A Number Of Strategic LfL Growth ini t iti ati n rk expansio ves 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 n
Slide 33: Digital Strategy Initiatives Providing Customer Engagement Points
Digital Strategy Initiatives Providing Customer Engagement LfL Growth ini t iti ati n rk expansio ves Ne two Points and Enhancing Group Offering es gin n hE New Growt Double-digit- Partnership with Jamie Oliver, introducing chef-selected menu combining taste, nutrition and global cuisine inspiration
Slide 34: Capital Allocation Policy - Building Long-term Value For Shareholders
Capital Allocation Policy - Building Long-term Value For Shareholders Four guiding principles underpinning the Policy +1,300 The primary focus of the Group’s operations and capital allocation is growth, with +1,000 New Stores Focus on Growth an increased target of 1,300+ new store openings per year
Slide 35: Focused Organizational Setup Primed for Success
Focused Organizational Setup Primed for Success Tomasz Tomasz Marta Wrochna - Anna Adam Jolanta Wojciech Suchański Blicharski Łastowska Grabowska Manikowski, PhD Bańczerowska Krok Chief Executive EVP, Chief Strategy Chief Financial EVP, Managing EVP, CEO, Chief People Managing Director, Officer, and
Slide 36: Q2 & H1 2026 Results
5 Q2 & H1 2026 Results
Slide 37: Strong execution keeps us on track to achieve our strategic ambitions
Strong execution keeps us on track to achieve our strategic ambitions External factors in Q2 2026 LfL Growt Q2 26 +1,3681 LTM gross openings Consumers remained cautious amid hi Progressing in line with guidance of ongoing macroeconomic and n 1,300+ store openings p.a. in PL and RO geopolitical unce
Slide 38: Q2 2026: Consistent execution translating into further growth, margin improvement and cash generation
Q2 2026: Consistent execution translating into further growth, margin improvement and outstanding cash generation Q2 26 Sales to End Customers* Q2 26 Like-for-Like* Store network1 as of 30 June 2026 PLN 9.2bn +4.0% 13,063 +13.2% YoY +1,368 YoY Gross store openings2 Q2 26 Adjusted EBITDA* Q2 26 Adjus
Slide 39: External environment stabilizing, with consumer indicators on an improving trajectory
External environment stabilizing, with consumer indicators on an improving trajectory Consumer fundamentals remain resilient despite a mixed market backdrop… ...highlighting Żabka's ability to gain market share in a mixed environment ▪ CPI remained subdued across key Rolling LTM Market share evoluti
Slide 40: 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 41: Key Financial Highlights: Profitable growth underpinned by operational resilience
Key Financial Highlights: Profitable growth underpinned by operational resilience, robust cash generation and further balance sheet strengthening Q2 26 StEC Q2 26 LfL New Q2’25 store Gross openings Profit StEC reached PLN 9.2bn (+13.2% YoY), LfL accelerated to 4.0% in Q2 from 3.2% in 343 new stores
Slide 42: Resilient growth and continued efficiency improvements keep us on track
Resilient growth and continued efficiency improvements keep us firmly on track to deliver on our profitability ambitions Key financial metrics Q2 YTD Healthy mix of organic growth with LFL growing versus Q1 and expansion with 343 new stores, 303 in Poland and 40 in Romania (778, 706 and 72 respectiv
Slide 43: Solid adjusted EBITDA delivery reflecting topline growth and stronger profitability in Poland
Solid adjusted EBITDA delivery reflecting topline growth and stronger profitability in Poland x Adjusted EBITDA % of Sales to End Customers (PLNm, Q2 2026) ▪Further Adj. EBITDA margin expansion, reflecting continued improvements in Żabka Group excl. NGE, Conso. eliminations & Adj. and Reclass. opera
Slide 44: Robust cash generation underscores the quality and resilience of our business model
Robust cash generation once again underscores the quality and resilience of our business model… Q2 2025 Q2 2026 (PLNm) (PLNm) ▪Strong cash flow generation, driven by: Adjusted EBITDA 1,057 1,228 ▪ Adjusted EBITDA increased, supporting overall growth momentum. Rent (273) (305) ▪ Rigorous capital disc
Slide 45: ...driving further balance sheet strengthening
...driving further balance sheet strengthening Net leverage1: Net debt excl. leases2 / adjusted EBITDA post-rent* • Leverage improved from 1.2x to 0.7x year-on- year, supported by higher Adjusted EBITDA and favourable working capital dynamics, which 1.5x (0.5x) translated into substantial net cash g
Slide 46: 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 47: Appendix: FY 2025 Results
») Appendix: FY 2025 Results
Slide 48: FY'25 Key financial highlights: Top-line delivery in challenging environment
FY’ 5 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 / +14.1% gr
Slide 49: Acceleration in Poland and Romania On The Back Of Ample Store Network Headroom
Acceleration in Poland and Romania On The Back Of Ample Store Network Headroom Location availability in Poland and …with the consistency of our expansion …and conviction in Romania expansion as Romania… being guarded by the near-term pipeline… traffic catches up to Polish operations… Store openings
Slide 50: New Digital Initiatives Complement Our Portfolio Of Digital Customer Offering
New Digital Initiatives Complement Our Portfolio Of Digital Customer Offering Existing businesses driving our DCO platform New initiatives building on the DCO platform Strengthened integration with Żabka, launching new Double-digit- internally developed fresh products growth for New production facil
Slide 51: Efficiency Gains Delivered Alongside Strong Growth Lifted EBITDA Margin To 13.1%
Efficiency Gains Delivered Alongside Strong Growth Lifted EBITDA Margin To 13.1%, Exceeding The Full-year Guidance 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
Slide 52: 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 53: A Healthy Mix Of New Store Openings, LfL, And New Strategic Initiatives
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 54: 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 55: Strong Franchisee Value Proposition, Seamless Recruitment, And Controlled Churn
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 56: 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 57: Appendix: Supporting slides
7 Appendix: Supporting slides
Slide 58: Overview Of Żabka's Franchise Business Model
Overview Of Żabka’s Franchise Business Model Store design & Maintenance, rent, Costs of the recruitment equipment costs (initial Lease ownership electricity, logistics, and initial onboarding Capex & store stock up marketing costs upfront) • Store selection • Business model • Store preparation • Sto
Slide 59: Żabka Group's Strategic Capex allocation
Żabka Group’s Strategic Capex allocation Illustrative Żabka Group’s Capex breakdown Strategic Capex allocation-prioritizing growth-driven …alongside maintenance investments to sustain a initiatives… high-quality operational backbone Of which: (% split within Of which: (% split within Growth Capex Gr
Slide 60: Launching our street food offering: echoes of our coffee beginnings
Launching our street food offering: echoes of our coffee beginnings Coffee sales per store, 2023 = 100% 120% Galaxy Full Coverage 100% 2017 - 2019 80% 60% 40% 20% 0% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Source: Company information. 60
Slide 61: 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 62: 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, Earnings per share (EPS) represents a company’s net profit attributable to common shareholders, divided by the il