Zabka Group · GPW:ZAB
Zabka — Investor Presentation (March 2026)
61 slides from Zabka's investor presentation, March 2026
Slide 1: Investor Presentation March 2026
Investor c Presentation March 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 FY 2025 Results 6 Appendix: Q4 2025 Results 6 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 +12.3k stores Ultimate 34% 24% of consumers willing to higher average weekly Open every waking hour
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 12,549 Store Network 3 11.4m User Base 4 10.2m Active Shoppers 5 PLN 2.3bn Merchandise 6 Value Leading consumer a
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 Beverages Snacks Self Lotto HPC Snacks checkout Confectionery Beverage
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 12.4k+ Points of Sale
Engaging Close to 40m Consumers Nationwide Across 12.4k+ Points of Sale 12.4k+ Points of Sale – largest convenience network nationally2 With relevant stores for a variety of catchments Warsaw Nationwide footprint Warsaw 1,043 Village 341 8.8% 685 232 <20k ~18m consumers 500k-1m 546 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 ~10.6k 2,625 Store design and equipment # of Franchisees1 Franchisees Żabka’s recruited in 20252 responsibilities Central sourcing and delivery Lease ownership Consistently
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 designed to Attractive proposition and franchisee- be attractive in context o
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: 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 23: 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 24: 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% - - - - P&L (PLNm) - - - - Revenue 16,003 19,806 23,797 27,153 86.4% 87.0% 87.
Slide 25: Multiple, Tangible Drivers of Growth & Romanian Opportunity
4 MULTIPLE, TANGIBLE DRIVERS OF GROWTH & ROMANIAN OPPORTUNITY
Slide 26: 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 27: 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 ~11.0k previously Incremental ~15.0k runaw
Slide 28: 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 29: This Approach Allows Us To Open Even Better Stores, 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 30: After 1+ Year in Romania, We Operate Over 173 Active Stores
After 1+ Year in Romania, We Operate Over 173 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 31: 2025 LfL Growth Was Driven By A Number Of Strategic Initiatives
2025 LfL Growth Was 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 32: Digital Strategy Initiatives Providing Customer Engagement Points and Enhancing Group Offering
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 Strengthened integration with Żabka, launching new Double-digit- internally developed fresh products growth for both New app volume (
Slide 33: 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 34: 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 35: FY 2025 Results
5 FY 2025 Results
Slide 36: FY'25 Key financial highlights
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 37: Strong Performance Driven By Focused Execution In FY 25
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 38: 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 39: Structural Winner In The Competitive Landscape, Translating Into 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 40: 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 41: 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 42: 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 43: 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 44: 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 45: 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 46: 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 47: 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 48: 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 49: 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 50: … 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 51: We Remain Confident In The Medium-term Outlook
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 52: Appendix: Q4 2025 Results
») Appendix: Q4 2025 Results
Slide 53: Q4'25 Key financial highlights
Q ’ 5 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 54: Strong Q4 2025 Performance Across Key Metrics
Strong Q4 2025 Performance Across Key Metrics Sales to End Customers* Like for Like* Net store openings1 Capex2 (PLNm) (%) (# of stores) (PLNm) Poland Romania +14.3% +98 (13.4%) 7,867 6,884 267 623 539 (2.3pp) 7.1% 169 4.8% 216 135 34 51 Q4 24 Q4 25 Q4 24 Q4 25 Q4 24 Q4 25 Q4 24 Q4 25 Adjusted EBITD
Slide 55: Appendix: Supporting slides
7 Appendix: Supporting slides
Slide 56: Sales' Seasonality Profile
Sales’ Seasonality Profile Sales to End Customers (PLNm) and % of annual Sales to End Customers based on 2025 values (%) 21.3% 26.1% 27.4% 25.3% 8,517 8,133 7,867 7,499 7,126 2023 6,884 6,618 2024 6,410 2025 5,767 5,854 5,833 4,679 Q1 Q2 Q3 Q4 Source: Company Information. Note: The 2025 numbers are
Slide 57: 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 58: 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 59: 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. 59
Slide 60: 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 61: 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