Fix Price PJSC · RUS:FIXR
Fix Price PJSC — Fix Price — Investor Presentation (April 2025)
55 slides from Fix Price PJSC's investor presentation, April 2025
Slide 1: Undisputed Leader in Russian Value Retail
UNDISPUTED LEADER IN RUSSIAN VALUE RETAIL April 2025
Slide 2: Disclaimer
DISCLAIMER IMPORTANT: This document does not constitute or form part of, and should not be because they relate to events and depend on circumstances that may or may not occur the results of the Company's operations presented under IAS 17 after 1 January 2019 construed as an offer for sale or subscri
Slide 3: Undisputed Leader in Russian Value Retail
Undisputed Leader in Russian Value Retail 3
Slide 4: Undisputed Leader in Russian Value Retail
UNDISPUTED LEADER IN RUSSIAN VALUE RETAIL OUR PROPOSITION OUR NUMBERS OUR AMBITION 7,200+ $3.4bn stores 2024 Revenue(1) c.18,600 Total store potential in Consistently low prices Treasure hunt & essentials 90% $573m Russia, Belarus and Kazakhstan(4) Market share in variety 2024 EBITDA(1) value retail
Slide 5: Fix Price – Purpose-Built from Inception to Disrupt the Retail Market at Scale
FIX PRICE – PURPOSE-BUILT FROM INCEPTION TO DISRUPT THE RETAIL MARKET AT SCALE (2007 – 2014) (2015 – 2020) (2021 – 2024) (2025 and beyond) Phase I & II Phase III & IV Phase IV Phase V Format development and Multi-price point evolution Cementing leadership Committed to further growth expansion and hi
Slide 6: Key Pillars of Fix Price Success
KEY PILLARS OF FIX PRICE SUCCESS 1 Leader in a large and growing market 2 Unique customer value proposition 3 Operational excellence 4 Substantial growth potential 5 Best-in-class financial KPIs 6 Strong management and corporate governance Undisputed Leader in Russian Value Retail
Slide 7: Leader in a Large and Growing Market
LEADER IN A LARGE AND GROWING MARKET 1
Slide 8: Value Retail Is Proven Globally
VALUE RETAIL IS PROVEN GLOBALLY FIX PRICE IS AMONGST THE GLOBAL SECTOR LEADERS (1) LTM Revenue in USDbn(2) US USDbn(2) USDbn(2) Revenue 4.5(3) Revenue 7.2(4) Revenue 3.4(5) # stores 1,601 # stores 1,246 # stores 7,165 ~269m(7) ~150m(7) ~136m(7) USDbn(2) USDbn(2) USDbn(2) USDbn(2) Revenue 40.2 Revenu
Slide 9: We Are Disrupting Large and Growing TAM
WE ARE DISRUPTING LARGE AND GROWING TAM(1) SIGNIFICANT POTENTIAL IN THE GROWING ADDRESSABLE MARKET(1) FIX PRICE IS DRIVING ADDRESSABLE MARKET IN RUSSIA RUB(2) 55.6tr 2024 Russian Total Retail Market 81 90% presence in Russian market share in regions Variety Value Retail market in Russia(4) 2024 Russ
Slide 10: TAM and VVR Channel Are Gaining Shares in Retail Market
TAM AND VVR CHANNEL ARE GAINING SHARES IN RETAIL MARKET SUSTAINABLE GROWTH OF THE TAM(1) AND VVR(2) CHANNEL, RUB BN FILTERING ONLY RELEVANT PRODUCTS ACROSS CATEGORIES CAGR ‘20-’24 As % of +17% +13% addressable As % of total category TAM VVR market Food and Drinks 39% 6% 4,348 Homewares, Home Furnish
Slide 11: Fix Price = Variety Value Retail in Russia
FIX PRICE = VARIETY VALUE RETAIL IN RUSSIA FAVOURABLE CONDITIONS FOR VARIETY VALUE RETAIL STRONG INCUMBENT POSITION Number of stores, end of Market share(5) Year of Population in Russia and other core period 239m+ countries of operation(1) Company market entry / Exit 2017 2024 2019 2024 Population i
Slide 12: Unique Customer Value Proposition
UNIQUE CUSTOMER VALUE PROPOSITION 2
Slide 13: Deep Value Across a Diverse Product Offering
DEEP VALUE ACROSS A DIVERSE PRODUCT OFFERING UNCOMPROMISING EDLPs(1)(2)... …CONSTANTLY CHANGING ASSORTMENT… By 2024 retail sales $1.0 / ₽99 $1.5 / ₽149 Several $0.8 / ₽79 $2.0 / ₽199 anchor price points(3) $0.6 / ₽59 $2.4 / ₽249 ~66% of assortment is rotated ~85% $2.9 / ₽299 of our products $0.5/ ₽5
Slide 14: Driving Constant Newness in Assortment
DRIVING CONSTANT NEWNESS IN ASSORTMENT WHAT? HOW? C.60 PRODUCTS LAUNCHED EVERY WEEK 8 SEASONAL DEDICATED TRACKING OF GLOBAL TRENDS DRIVING TREASURE HUNT EXPERIENCE COLLECTIONS Week 1 Week 2 Week 3 Week 4 CONTINUOUS LEVERAGING LONG-STANDING Accessories BROWSING PARTNERSHIPS WITH SUPPLIERS Household &
Slide 15: Turning an Essential Trip into an Exciting Treasure Hunt
TURNING AN ESSENTIAL TRIP INTO AN EXCITING TREASURE HUNT “THINGS YOU NEED, THINGS YOU DREAMT OF AND THINGS YOU NEVER KNEW EXISTED” You can’t find this ₽299 1 item cheaper What a beautiful 2 ₽99 Flowers Celebration Seasonal goods Decoration toy! anywhere else! Entry Cosmetics Hair accessories Haberda
Slide 16: Growing Loyalty Programme with Attractive Benefits
GROWING LOYALTY PROGRAMME WITH ATTRACTIVE BENEFITS HOW IT WORKS BENEFITS FOR CUSTOMERS BENEFITS FOR US 29 1 point = RUB 1 when spent Get the maximum value Data and feedback of the up to 20% active client base m of purchase amount is returned to the card in form of through customised offers(3) points
Slide 17: We Know Our Customers and Their Shopping Habits
WE KNOW OUR CUSTOMERS AND THEIR SHOPPING HABITS LARGE AND GROWING PORTRAIT OF FIX PRICE RUSSIAN CUSTOMERS REMAIN BUDGET- KEY DEMOGRAPHICS CUSTOMER(2) SAVVY(3)… Russian population split by monthly income (%) (1) Division of audience by gender Russian customer Russian population 146 mm оf customers re
Slide 18: Introduction to Our Stores
INSTEAD OF THOUSANDS WORDS: INTRODUCTION TO OUR STORES YOU ARE WELCOME AT ANY TIME AT OUR VIRTUAL STORE https://fix-price.ru/ Welcome to Fix Price! Unique Customer Value Proposition 18
Slide 19: Operational Excellence
OPERATIONAL EXCELLENCE 3
Slide 20: Operational Excellence – Efficient, Hard to Replicate Business Model
OPERATIONAL EXCELLENCE – EFFICIENT, HARD TO REPLICATE BUSINESS MODEL 1 2 3 4 AGILE EFFICIENT PROPERTY WELL-INVESTED SOURCING STANDARDISATION MANAGEMENT Direct sourcing backed by Across all 7,200+ stores(1) Fueling expansion at scale and LOGISTICS Platform scaled for growth sophisticated algorithms d
Slide 21: Agile Sourcing Model and Long-Standing Supplier Relationships
Sourcing Standardisation Property Management Logistics Technology AGILE SOURCING MODEL AND LONG-STANDING SUPPLIER RELATIONSHIPS LARGE AND DIVERSIFIED HIGHLY EFFICIENT EFFECTIVELY MANAGING FX EXPOSURE SUPPLIER BASE TEAM ORGANISATION LEVERAGING A CLEAR SET OF TOOLS Department head 1 Increasing share o
Slide 22: Sourcing Right Goods at Right Prices
Sourcing Standardisation Property Management Logistics Technology SOURCING RIGHT GOODS AT RIGHT PRICES TRANSPARENT PROCUREMENT MODEL BEHIND LOW PRICE STRATEGY Fix Price: Supplier: price setter price taker Known to supplier Fixed price offered to customer Retail price (along with Fix Price’s forecast
Slide 23: 100% Standardised Store Portfolio Positioned to Drive Outstanding Unit Economics
Sourcing Standardisation Property Management Logistics Technology 100% STANDARDISED STORE PORTFOLIO POSITIONED TO DRIVE OUTSTANDING UNIT ECONOMICS WE HAVE 100% STANDARDISED BOXES DELIVERING TO OUR CUSTOMERS (1)… …value… …convenience… …and experience Same assortment High traffic locations 75 shelves
Slide 24: Proven Store Rollout Process
Sourcing Standardisation Property Property Management Management Logistics Technology PROVEN STORE ROLLOUT PROCESS Fit out, recruitment City / location selection Premises evaluation Financial appraisal Terms negotiation and marketing Assessment of Target terms Size / Traffic Revenue / Predominantly
Slide 25: Efficient Property Management Framework
Sourcing Standardisation Property Property Management Management Logistics Technology EFFICIENT PROPERTY MANAGEMENT FRAMEWORK KEY REAL ESTATE STRATEGY HIGHLIGHTS(1) CONSTANT FOCUS ON PORTFOLIO OPTIMISATION Highly automated store roll-out and property management procedures help streamline 100% store
Slide 26: Logistics Infrastructure Scaled for Growth
Sourcing Standardisation Property Management Logistics Technology LOGISTICS INFRASTRUCTURE SCALED FOR GROWTH thous. sqm - DC space owned leased STEADY GROWTH OF DISTRIBUTION CENTER SPACE… St Petersburg thous. sqm, eop 36 thous. sqm 483 5 • Proactive launch of new DCs to support STRATEGICALLY Moscow
Slide 27: State of the Art IT Infrastructure Constantly Enhanced to Support Future Growth
Sourcing Standardisation Property Management Logistics Technology STATE OF THE ART IT INFRASTRUCTURE CONSTANTLY ENHANCED TO SUPPORT FUTURE GROWTH WE LEVERAGE TECHNOLOGY TO AUTOMATE DECISION-MAKING, STRATEGY FOR RESULTING IN BETTER DECISIONS AND LOWER COSTS SCALING BUSINESS Data powering every facet
Slide 28: Substantial Growth Potential
SUBSTANTIAL GROWTH POTENTIAL 4
Slide 29: Over 15 Years of Store Runway Potential Ahead
OVER 15 YEARS OF STORE RUNWAY POTENTIAL AHEAD(1) SIZEABLE WHITE SPACE POTENTIAL ACROSS RUSSIA AND OTHER INTERNATIONAL GEOGRAPHIES... ...SUPPORTED BY STRUCTURAL FORMAT ADVANTAGES Potential total number of variety value retail stores in Russia and other international geographies(2) ~18,600(8) Ability
Slide 30: Tested Levers to Drive LFL Growth
TESTED LEVERS TO DRIVE LFL GROWTH Creating Growing active Investing in store Delivering constant range “Bonus Card” Managing pricing and customer essential products “newness” holders experience Attractive, clean, well-lit stores to Flexible price Higher spend, shop comfortably Drives desire Drives n
Slide 31: Best-in-Class Financial KPIs
BEST-IN-CLASS FINANCIAL KPIS 5
Slide 32: Strong Growth, Profitability and Cashflow
STRONG GROWTH, PROFITABILITY AND CASHFLOW 1 SCALE SUPPORTS GROWTH 2 STRONG PROFITABILITY # of Stores (EoP) Revenue (RUBbn) Adj. IFRS16 EBITDA Margin +11.7% +7.9% Standardised Asset store portfolio light model 7,165 314.9 6,414 291.9 с. 11 2.8% 19.5% 18.6% 17.0% Months Store 2024 CAPEX as a CAPEX Pay
Slide 33: Strong Growth Algorithm
1 STRONG GROWTH ALGORITHM STRONG AND CONSISTENT UNIT GROWTH CADENCE SALES DENSITY(1) REVENUE GROWTH Unit development (# of stores as of end of period) Sales density (RUB thous. per sqm) Revenue dynamics (RUBm) % of % wholesale franchise 11% 11% 10% 11% 11% 10% revenue stores 12% 7% CAGR CAGR 7,165 2
Slide 34: Efficient Work with Assortment Supports Solid Profitability
2 EFFICIENT WORK WITH ASSORTMENT SUPPORTS SOLID PROFITABILITY GROSS MARGIN ADJUSTED EBITDA MARGIN ADJUSTED EBITDA Gross margin (%) Adjusted EBITDA margin (%) IFRS 16 IAS 17 Adjusted EBITDA (RUBbn) IFRS 16 IAS 17 54.2 54.2 53.4 19.5% 18.6% 34.0% 33.9% 17.0% 33.1% 41.4 15.5% 43.1 38.7 14.2% 12.3% 2022
Slide 35: Asset Light Model with Consistent Unit Returns
3 ASSET LIGHT MODEL WITH CONSISTENT UNIT RETURNS LAST THREE YEARS CAPEX(1) CAPEX COMPOSITION CAPEX (RUBm) (12M 2024, %) CAPEX (% of revenue) 4.3% 2.2% 2.8% 25% New stores openings Distribution RUB 50% DC centre CAPEX 2.4% 0.6% 0.7% 8.8bn (% of revenue) IT and Other 25% OUTSTANDING UNIT ECONOMICS 12,
Slide 36: Fast Inventory Turnover Drives Growth
3 FAST INVENTORY TURNOVER DRIVES GROWTH NET TRADE WORKING CAPITAL DEVELOPMENT(1) ROBUST INVENTORY DAYS AND DAYS PAYABLE LEVELS (RUBm) Inventory days(2) (days) and Days payable(3) (days) % of Inventory days Days payable 3.3% 5.0% 7.1% revenue 2022 80 2022 68 56,727 47,957 22,321 2023 84 2023 67 41,02
Slide 37: Commitment to Sustainable Development
COMMITMENT TO SUSTAINABLE DEVELOPMENT 6
Slide 38: Company Overview: Four Pillars to Drive ESG Agenda
COMPANY OVERVIEW: FOUR PILLARS TO DRIVE ESG AGENDA ESG strategic priorities – the 4Ps Our ESG practices are guided by four strategic priorities, the 4Ps – People, Product, Partners and Planet People Product We strive to form an assortment made up We want to create a comfortable and safe of high qual
Slide 39: Undisputed Leader in Value Retail
UNDISPUTED LEADER IN VALUE RETAIL Value retail business model proven globally 7.9% Revenue Growth(8) 7,100+ ~18,600(3) ~1/4bn addressable Strong financial algorithm 17.0% Fix Price stores(1) population – over 15 years of Adjusted EBITDA Margin (IFRS 16)(7) ~8,000 roll-out potential ahead 36% ROIC (I
Slide 40: Q1 2025 Operating and Financial Results
Q1 2025 OPERATING AND FINANCIAL RESULTS
Slide 41: Key Achievements in Q1 2025
KEY ACHIEVEMENTS IN Q1 2025 RUB 74.4bn 117 13.1% Revenue Net store openings (1) Loyal customer base growth year-on-year 33.3% RUB 10.0bn RUB 3.4bn Gross margin EBITDA Net profit Source: Company information, Management accounts for Q1 2025 Notes: 1 Including Company-operated and franchise stores Q1 2
Slide 42: Continuous Store Expansion
CONTINUOUS STORE EXPANSION GEOGRAPHICAL COVERAGE (2024 and 3М 2025, eop) LEGEND KEY RUSSIA NORTH-WESTERN FD(1) SIBERIAN FD(1) Russia (Number of stores) +99 +2 +16 CENTRAL FD(1) +xx 6,499 614 812 612 796 +33 xx 6,400 xx 1,860 1,893 FAR-EASTERN FD(1) +2 SOUTHERN FD(1) +11 126 128 794 805 URALS FD(1) +
Slide 43: Continuous Store Expansion
CONTINUOUS STORE EXPANSION FIX PRICE STORE PORTFOLIO GROWTH SELLING SPACE EXPANSION(1) (Number of stores) (Thous. sq. m) +11.3% +11.0% 7,282 6,545 721 1,575 709 1,419 160 158 6,561 5,836 1,415 1,262 31 March 2024 31 March 2025 31 March 2024 31 March 2025 Company-operated Franchised Company-operated
Slide 44: LFL Performance
LFL PERFORMANCE 2-YEAR STACKED LFL SALES DYNAMICS(1)(2) COMMENTS ON QUARTERLY DYNAMICS LFL Sales (Current Year) LFL Sales (Prior Year) • In Q1 2025, adjusted LFL sales grew by 1.6%, due 2-year to the LFL average ticket increase by 3.1% and LFL stacked LFL sales 5.9% 6.3% 8.0% 3.0% (4.7)% (5.0)% (2.8
Slide 45: Extended CVP and Continued Robust Price Advantage
EXTENDED CVP AND CONTINUED ROBUST PRICE ADVANTAGE 83% OF ASSORTMENT UNDER RUB 199(1)(2)(3) RETAIL SALES MIX(2) % of retail sales % of SKU Q1 2024 Q1 2025 0.1% 0.2% 0.3% 15% 20% 12% 17% 15% 26% 30% 17% 12% 12% Food 22% 32% 22% 31% 26% 26% Drogerie 38% 28% 39% 26% 10% 8% 13% 10% 49% 45% Non-food Q1 20
Slide 46: Revenue Growth and Robust Profitability
REVENUE GROWTH AND ROBUST PROFITABILITY TOTAL REVENUE GROSS PROFIT (RUBm) (RUBm) LFL Sales (1) Gross profit 0.4% 0.4% 32.7% 33.3% dynamics margin + 3.9% + 5.8% 74,444 71,684 5,753 24,800 23,434 8,335 68,691 63,349 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Retail Wholesale Source: Management accounts for Q1 20
Slide 47: Revenue Growth and Robust Profitability (Cont'd)
REVENUE GROWTH AND ROBUST PROFITABILITY (CONT’D) ADJUSTED EBITDA (IFRS 16)(1) OPERATING PROFIT (RUBm) (RUBm) Adjusted 13.9% 13.7% Operating 8.0% 7.5% EBITDA margin profit margin (IFRS 16) + 2.3% 9,988 10,215 (2.9)% 5,730 5,561 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Source: Management accounts for Q1 2024 a
Slide 48: SG&A Expenses Analysis
SG&A EXPENSES ANALYSIS SG&A BREAKDOWN(1) COMMENTS (% of revenue) • SG&A costs (excl. LTIP(2) and D&A expenses), increased by 254 bps y-o-y to 21.5% of IFRS 16 revenue, mainly due to higher staff costs, repair and maintenance costs, utilities and other expenses 27.8% 0.2% 24.9% 3.5% • Staff costs exc
Slide 49: Capital Expenditures to Support Further Growth
CAPITAL EXPENDITURES TO SUPPORT FURTHER GROWTH CAPEX(1) CAPEX COMPOSITION (RUBm) (Q1 2025, %) New stores openings 30% CAPEX 1.9% 3.0% 39% (% of revenue) RUB DC 2.2bn IT and Other 31% COMMENTS 2,206 • CAPEX for Q1 2025 amounted to 2.2 billion, versus RUB 1.4 billion in Q1 2024, driven by investment i
Slide 50: Net Working Capital Dynamics
NET WORKING CAPITAL DYNAMICS NET TRADE WORKING CAPITAL DEVELOPMENT(1) ROBUST INVENTORY DAYS AND DAYS PAYABLE LEVELS (RUBm) Inventory days(3) (days) and Days payable(4) (days) Inventory days Days payable NTWC as % of revenue (2) 5.4% 7.1% 7.9% Q1 2024 92 Q1 2024 68 55,859 56,727 49,632 25,229 Q1 2025
Slide 51: Conservative Debt Level and Solid Cash Flow Generation
CONCERVATIVE DEBT LEVEL AND SOLID CASH FLOW GENERATION NET DEBT / (CASH)(1) FCF DYNAMICS(3) (RUBm) (RUBm) Leverage % of ratio(2) (0.3)x 0.2x revenue 2.8% 6.7% 2.2% 0.2x 21,045 8,321 12,464 6,808 10 ,0 00 5, 00 0 -- 2,012 1,648 (5, 000 ) 8,581 3,017 3,328 (1,005) (10 ,00 0) (1,680) (13,203) (15 ,00 0
Slide 52: Appendix
APPENDIX
Slide 53: P&L Summary
P&L SUMMARY In millions of Russian roubles 2022 2023 2024 Revenue 277,644 291,865 314,938 Retail revenue 246,212 258,967 284,855 Wholesale revenue 31,432 32,898 30,083 Cost of sales (185,650) (192,693) (208,192) Gross profit 91,994 99,172 106,746 Gross margin, % 33.1% 34.0% 33.9% SG&A (excl. LTIP an
Slide 54: Balance Sheet Summary
BALANCE SHEET SUMMARY In millions of Russian roubles 31.12.2022 31.12.2023 31.12.2024 ASSETS Non-current assets 40,532 45,045 50,377 Property, plant and equipment 19,692 29,317 30,921 Right-of-use assets (non-current) 11,598 12,586 14,016 Other non-current assets(1) 9,242 3,142 5,440 Current assets
Slide 55: Cash Flow Summary
CASH FLOW SUMMARY In millions of Russian roubles 2022 2023 2024 Profit before tax 37,825 38,038 35,279 Cash from operating activities before changes in working capital 56,889 55,416 54,789 Changes in working capital (1,688) (7,476) (12,167) Net cash generated from operations 55,201 47,940 42,622 Net