Eurocash S.a. · GPW:EUR
Eurocash — H1 2026 Earnings Presentation
27 slides from Eurocash's earnings presentation, Aug 27, 2026
Slide 1: Eurocash Group Strategy 2026–27 execution update and H1/Q2 2026 Results
Eurocash Group Strategy 2026–27 execution update and H1/Q2 2026 Results 27 August 2026
Slide 2: Eurocash Group Q2/H1 2026 Highlights
Eurocash Group Q2/H1 2026 Highlights Q2 2026 ADJUSTED EBITDA SAVINGS SECURED ADJUSTED OPERATING CASH FLOW ADJUSTED NET DEBT / EBITDA PLN 251m PLN 279m PLN 343m 1.6x Reported Q2 2026: PLN 202m PLN 200m delivered; PLN 79m in active Adjusted for PLN 30m of restructuring-related vs 1.8x at the end of Q1
Slide 3: 2026–27 Strategy Execution
2026–27 Strategy Execution Eurocash Group | Q2 & H1 2026 Results 3
Slide 4: Fourfold Increase in EBIT Value, Reaching PLN 600m EBIT by 2027
We Aim to Deliver a Fourfold Increase in EBIT Value over the Next Two Years, Reaching PLN 600m EBIT by 2027 Financial milestones to achieve PLN 600m pre-IFRS EBIT 2 3 4 PLN 600m³ 1 +PLN 100m² +PLN 100m² +PLN 200m² PLN 160m¹ 2025 HQ & Channel Optimization Logistics Optimization Own Store Restructurin
Slide 5: Key Group Restructuring Milestones Delivered
Key Group Restructuring Milestones Delivered One organisation, one operating model — key changes delivered across the Group AREA BEFORE AFTER EFFECT 5 different buying departments across business units and retail banners One Group-wide Buying Organization consolidating supplier negotiations, Ca. 35%
Slide 6: Transformation Ahead of Plan: PLN 279m Secured
Transformation Ahead of Plan: PLN 279m Secured, Including PLN 200m Delivered and 79m in Active Implementation H1 2026 savings exceeded plan, supported by accelerated workforce reduction and own-store restructuring SAVINGS DELIVERY • All major strategic initiatives launched on schedule; H1 2026 savin
Slide 7: Q2 & H1 2026 Results Update
Q2 & H1 2026 Results Update Eurocash Group | Q2 & H1 2026 Results 7
Slide 8: Eurocash Banners Gained Share within WRM Despite Weaker Market Dynamics
Q2 2026: Eurocash Banners Gained Share within WRM Despite Weaker Market Dynamics • Total market growth slowed to 0.5% y/y in Q2 2026 (1.6% y/y in H1 2026), from 5.9% y/y a year earlier, reflecting accelerating disinflation and weaker LfL performance across the market. • Convenience remained the stro
Slide 9: Franchise Banners Broadly Tracked the Market
Q2 2026: Franchise Banners Broadly Tracked the Market Eurocash Franchise Chains – LFLs in 2Q26 (%) 1% READING THE LFLs • Franchise-banner LfL sales ranged from −0.3% to −3.0% in Q2 2026, broadly reflecting weaker market dynamics and deflationary pressure in fresh categories, to which proximity forma
Slide 10: Eurocash Group Segments and Business Units
Q2 2026: Eurocash Group Segments and Business Units • Wholesale: sales decreased by 7.5% y/y, as stable Wholesale Sales (PLNm) Retail Sales (PLNm) Growth Platforms (PLNm) EC Service sales (+0.3% y/y) were more than offset −14.5% +1.6% −7.5% by declines in EC Distribution (–16.2% y/y) and Cash & Carr
Slide 11: New Strategy Focused on a Sustainable Franchise Core
H1 2026: New Strategy Focused on a Sustainable Franchise Core Core Franchise Partner Wholesale Sales • In 1H26, sales to Eurocash core franchise clients (ABC, Delikatesy Centrum Franchise, Euro H1 2025 vs H1 2026 (PLNbn) Sklep, Groszek, Lewiatan and PSD) declined by just 1.3% y/y (blended). • Delika
Slide 12: H1 2026 Sales Bridge: ~59% of the Decline Is Deliberate Management Action
H1 2026 Sales Bridge: ~59% of the Decline Is Deliberate Management Action EC Group sales by market effects and management decisions, H1 2025 → H1 2026 (mPLN) MANAGEMENT DECISIONS (−533m) mPLN • Closure of unprofitable Delikatesy own stores (−169m) — retail exit per strategy. Management decisions: −5
Slide 13: A V-Shape Margin Trajectory: Contribution Margin Recovery
A V-Shape Margin Trajectory: Contribution Margin Recovered from the April Disruption, Returning Close to Prior- Year Levels by June Integrated One Firm – monthly contribution margin for the core franchise business (%) THE V-SHAPE TELLS THE STORY • The contribution margin reached its trough in April,
Slide 14: Wholesale Transformation Weighed on EBITDA, Partly Offset by Retail
Q2 2026: Wholesale Transformation Weighed on EBITDA, Partly Offset by Retail and Central-Cost Improvements • Reported EBITDA (post-IFRS 16) declined by 12.2% y/y to PLN 202m, reflecting the Wholesale business model transition and strategy implementation in 2Q as well as continued pressure at Duży Be
Slide 15: Q2 2026 EBITDA Adjusted for Restructuring-Related One-Offs
Q2 2026 EBITDA Adjusted for Restructuring-Related One-Offs Adjusted EBITDA excludes restructuring-related one-off items recognised in Q2 2026 and not covered by previously booked provisions PLNm One-offs booked in 2Q26: +49m +25 251 +8 +8 +9 202 Reported EBITDA IFRS 16 Contribution loss from own Pay
Slide 16: Continued Cost Optimisation Reflected in Results
Q2 2026: Continued Cost Optimisation Reflected in Results • Total reported costs decreased by 9.6% y/y (vs 10.1% y/y in Q1), mainly driven by: third-party services – decrease by 16.4% y/y, vast majority of cost reduction associated with own stores closure and logistic optimisation. 2Q26 Total Costs
Slide 17: Wholesale Impacted by Ongoing Optimisation, with Tobacco Resilient
Q2 2026: Wholesale Impacted by Ongoing Optimisation, with Tobacco Remaining Resilient Sales by formats (PLNm) Reported EBITDA (IFRS16) (PLNm) −13.6% +0.3% −16.2% −7.2% −7.5% −44.9% y/y 5 879 5 436 246,1 2 868 2 876 135,6 1 845 1 547 1 076 930 90 84 Cash&Carry Eurocash Service Eurocash Distribution O
Slide 18: Retail Segment – Portfolio Optimisation Reduced Sales but Improved Profitability
Q2 2026: Retail Segment – Portfolio Optimisation Reduced Retail Sales but Improved Underlying Profitability Sales by formats (PLNm) Reported EBITDA (IFRS16) (PLNm) −10.9% −18.7% −6.8% −14.5% +79.0% y/y 1 710 173,8 1 462 882 97,1 726 634 564 194 181 Delikatesy Centrum Franchise Supermarkets Own + Par
Slide 19: Growth Platforms Sales Grew 1.6%, Segment EBITDA-Positive
Q2 2026: Growth Platforms Sales Grew 1.6%, While the Segment Remained EBITDA-Positive Despite Duży Ben Pressure Sales bridge by format (PLNm) Reported EBITDA (post-IFRS16) (PLNm) +1.6% y/y 7,6 +17 282 277 −1 −12 2,2 2Q25 Duży Ben Frisco Other 2Q26 2Q25 2Q26 • Segment sales increased by PLN 4.5m, or
Slide 20: Frisco Double-Digit Growth and EBITDA-Positive; Duży Ben Under Pressure
Q2 2026: Frisco Sustained Double-Digit Growth and Turned EBITDA-Positive, While Duży Ben Remained Under Pressure Frisco Sales development (PLNm) Frisco: double-digit sales growth was +11% driven by higher order frequency and a 619 Sales 2Q26: +11% y/y larger average basket, supported by 533 assortme
Slide 21: Healthy Cash Conversion Cycle and Lower Net Financial Expenses
Q2 2026: Healthy Cash Conversion Cycle and Lower Net Financial Expenses Cash conversion cycle (in days) Net financial expenses (PLNm) 25 19 20 20 17 18 15 16 15 14 14 14 14 11 9 9 0 −25 −27 −28 -25 −30 −29 −40 −55 −54 −53 -50 −56 −60 −64 −60 −62 −69 −69 −64 −64 −72 −82 -75 2Q25 3Q25 4Q25 1Q26 2Q26 2
Slide 22: Strong Q2 2026 Cash Generation, Adjusted Operating Cash Flow Up
Strong Q2 2026 Cash Generation, with Adjusted Operating Cash Flow Up 43% y/y to PLN 343m A PLN 140m inventory release in the core franchise business was partly offset by higher inventories in Eurocash Serwis Adjusted operating cash flow, Q2 2025 vs Q2 2026 (PLNm) +41.2% y/y 343 243 2Q25 2Q26 Note: a
Slide 23: Decreased Sales in Q2 Impacted Net Debt / EBITDA
Q2 2026: Decreased Sales in Q2 Impacted Net Debt / EBITDA Net debt/EBITDA (before IFRS16) (PLNm) adjusted: 1.8x → 1.6x Net debt/EBITDA (after IFRS16) (PLNm) adjusted: 2.3x → 2.4x 7.69x 2 376 640 4.10x 2 317 2 253 3.65x 3.46x 1 961 1 962 500 415 407 4.57x 2.55x 368 2.44x 309 2.4x 2.3x 930 925 233 1.7
Slide 24: Q2 2026: Financials (under IFRS16)
Q2 2026: Financials (under IFRS16) PLN million Q2 2025 Q2 2026 Change %* Revenue from sale of products, goods and materials 7,886.48 7,202.27 −8.68% Gross profit on sales 1,012.67 849.28 −16.13% Gross profitability on sales 12.84% 11.79% −1.05 p.p. Adjusted EBITDA IFRS 16 229.54 250.60 +9.20% Report
Slide 25: H1 2026: Financials (under IFRS16)
H1 2026: Financials (under IFRS16) PLN million H1 2025 H1 2026 Change %* Revenue from sale of products, goods and materials 14,760.26 13,859.07 −6.11% Gross profit on sales 1,952.43 1,713.68 −12.24% Gross profitability on sales 13.23% 12.37% −0.86 p.p. Adjusted EBITDA IFRS 16 350.65 383.41 +9.34% Re
Slide 26: Q&A
Q&A Eurocash Group | Q2 & H1 2026 Results 27
Slide 27: Thank you
Thank you Eurocash Group | Q2 & H1 2026 Results 28