Pepco Group Bv · GPW:PCO
Pepco Group Bv — Q3 FY26 Earnings Presentation
21 slides from Pepco Group Bv's earnings presentation, Jul 9, 2026
Slide 1: Q3 FY26 Trading Update
Q3 FY26 Trading Update 9 July 2026
Slide 2: Q3 FY26 Highlights
Q3 FY26 Highlights Stephan Borchert | Chief Executive Officer
Slide 3: Q3 FY26 Highlights
Q3 FY26 HIGHLIGHTS +8.5% Strong Q3 growth - led by Western Europe, with solid contribution from CEE Revenue +8.5% (cc) and LFL (excl FMCG) +5.4% with continued gross-margin progress. A clean exit from FMCG, creating a pure-play Pepco Dealz sale agreed Sale of Dealz Poland agreed on 3 June 2026 — com
Slide 4: Simplifying the Group around Pepco
SIMPLIFYING THE GROUP AROUND PEPCO A clear, sequenced transformation to a focused, higher-margin business 1 2 3 4 Exit FMCG retail Sell Poundland Separate Dealz Pure-play Pepco Successful exit of FMCG from Divestment of the Poundland Sale of Dealz Poland agreed. A scalable, efficient, single-format
Slide 5: The Strengths of a Pure-Play Pepco
THE STRENGTHS OF A PURE-PLAY PEPCO 1 Strong store THE MODEL economics A self-funding growth engine. Low-cost, standardised format 5 2 Shareholder Rapid cash returns payback Low-cost, scalable, standardised stores pay back fast , generating €400m buyback, ~40% <24-month store regular dividend PURE-PL
Slide 6: Pepco Strategy for Growth
PEPCO STRATEGY FOR GROWTH Continued strategic progress, pillar one complete SIMPLIFY AND TOPLINE GROWTH WIN IN WESTERN REFOCUS AND UPGRADE CORE STREAMLINE THE THROUGH EUROPE DIGITISE PEPCO’S OPERATING GROUP PORTFOLIO MEASURED CUSTOMER PLATFORM EXPANSION IN CEE PROPOSITION 6
Slide 7: Financial review
Financial review Willem Eelman | Chief Financial Officer
Slide 8: Dealz Sale Agreed
DEALZ SALE AGREED • Agreed the sale of Dealz Poland (100% of shares) to Modella Capital on 3 June 2026, for nominal consideration (PLN 1). • Anti-trust approval received by Modella Capital, completion expected imminently. • 18-month asset-backed vendor financing facility of up to GBP 20m; Pepco reta
Slide 9: The Group Excluding Dealz Is Stronger
THE GROUP EXCLUDING DEALZ IS STRONGER Pepco is a higher-growth business — the Group is stronger LFL revenue growth (%, H1 FY26) with Pepco as its sole brand. Pepco +4.6 Dealz -8.3 Pepco has structurally higher margins and has continued to overperform, driving Group profitability and cash generation.
Slide 10: Pepco Trading Strong Across Regions
PEPCO TRADING STRONG ACROSS REGIONS Q3 FY26 LFL by region (%) W. Europe +15.0 • Q3 revenue +8.5% at constant currency, driven by new space and +5.4% LFL. South CEE +3.6 • Particularly strong May and June performance North CEE +3.6 • Supported by improved availability, sharper price leadership, 9M FY
Slide 11: LFL Excluding FMCG Converging with Reported
LFL EXCLUDING FMCG CONVERGING WITH REPORTED Quarterly LFL development in FY26 (%) 1.2ppts • Pepco FMCG-exit began in March 2025 and completed August 2025 3.2ppts • As we lap this period, reported and excluding FMCG LFL figures are converging 5.2 5.4 3.5ppts 4.2 4.2 • Going into Q4 there is negligibl
Slide 12: Continued Momentum on Gross Margin
CONTINUED MOMENTUM ON GROSS MARGIN Gross margin development • Strong gross margin improvement +290 bps 9M FY26 Y-o-Y. • FMCG exit drives sustained improvement in product margin, replacing +360 bps low margin FMCG with higher margin clothing and GM sales. • Sourcing efficiencies and continued FX tail
Slide 13: Guidance
GUIDANCE Restated to exclude Dealz and upgraded to reflect the strong performance of Pepco Previous FY26 guidance New FY26 guidance (Group excluding Dealz) Metric FY25 base Growth Metric FY25 base Growth Revenue €4,523m 6-8% Gross margin 48% At least 49.4% Underlying EBITDA €865m Low-teens Underlyin
Slide 14: Summary
pepco® group Summary Stephan Borchert | Chief Executive Officer
Slide 15: Summary: Strong execution, simpler Group
SUMMARY Strong execution, simpler Group +5.4% Strong Q3 growth LFL (excl FMCG) +5.4%, revenue +8.5% (cc), led by Western Europe. A clean exit from FMCG, creating a pure-play Pepco Dealz sale agreed Sale of Dealz Poland agreed on 3 June 2026 — completing the Group's exit from FMCG retail. Pepco-only
Slide 16: Pepco
pepco
Slide 17: Appendix
Appendix
Slide 18: Group Excl Dealz Pro-Forma P&L
GROUP EXCL DEALZ PRO-FORMA P&L €m H1 FY26 H1 FY25 FY25 6 months 6 months 12 months Revenue 2,301 2,171 4,184 Gross profit 1,181 1,048 2,060 Gross margin 51.3% 48.3% 49.2% Underlying EBITDA (IFRS 16) 515 425 841 Underlying EBITDA margin (IFRS 16) 22.4% 19.6% 20.1% Underlying EBIT (IFRS 16) 337 214 38
Slide 19: Group Excl Dealz IFRS 16 Impact
GROUP EXCL DEALZ IFRS 16 IMPACT H1 FY26 H1 FY25 FY25 H1 FY26 IFRS 16 Impact Pre-IFRS 16 H1 FY25 IFRS 16 Impact Pre-IFRS 16 FY25 IFRS 16 Impact Pre-IFRS 16 Underlying EBITDA 515 (163) 352 425 (154) 271 841 (309) 532 Depreciation & amortisation (179) 140 (39) (210) 139 (71) (421) 278 (143) Impairment
Slide 20: Group Excl Dealz Cash Flow Statement
GROUP EXCL DEALZ CASH FLOW STATEMENT H1 FY26 H1 FY25 FY25 6 months 6 months 12 months Underlying EBITDA pre-IFRS 16 352 271 532 Working capital (12) (129) 8 Tax paid (88) (43) (77) Operating Cash Flow 252 99 463 Non-underlying items (11) (9) (19) Capex (48) (35) (91) Free Cash Flow (unlevered) 193 5
Slide 21: Group Excl Dealz Balance Sheet Statement
GROUP EXCL DEALZ BALANCE SHEET STATEMENT H1 FY26 H1 FY25 FY25 31 March 2026 31 March 2025 30 September 2025 Assets Property, plant and equipment 454 485 455 Right of Use Asset 1,537 1,012 933 Intangible assets 21 29 18 Assets Held for Sale 23 66 42 Trade and other receivables 54 62 58 External loan