Eurocash S.a. · GPW:EUR
Eurocash — FY2025 Earnings Presentation
29 slides from Eurocash's earnings presentation, Apr 30, 2026
Slide 1: Presentation of the FY2025 and 4Q2025 Results
Eurocash Group Presentation of the FY2025 and 4Q2025 Results 30 April 2025
Slide 2: Eurocash Group FY 2025 Highlights
Eurocash Group FY 2025 Highlights ▪ FY2025 was characterised by a sharp contraction of the Wholesale Relevant Market, driven by category pressure (beer, alcohol, soft drinks), regulatory changes and consumer down trading. Against this backdrop, Eurocash deliberately accelerated portfolio optimisatio
Slide 3: Market Overview
G@ EUROCASH Market Overview as
Slide 4: FMCG Market Overview
FMCG Market in Consumer Prices (PLNbn) FMCG Market Overview 4.6% 4.4% 442 422 404 29 29 ▪ FMCG market growth remained subdued at c. 4.6% in 2025 (vs. 29 4.4% in 2024), reflecting still weak consumer sentiment and early signs of a deflationary environment towards the end of the year. 199 217 185 ▪ Di
Slide 5: Eurocash Wholesale Relevant Market
Eurocash Wholesale Relevant Market (PLNbn) Eurocash Wholesale Relevant Market -2.7% -3.0% 114 111 108 Addressable Market for Eurocash Wholesale consists mainly of: ▪ Independent & Soft Franchise segment 25.1% 25.4% 25.3% ▪ Selected Organized Proximity Chains 2023 2024 2025 Key Trends in the Eurocash
Slide 6: Eurocash Group Key Formats
Eurocash Group Key Formats #1 e-grocery retailer in Poland Eurocash Group Sales in kPLN • Frisco 30,024 • Duży Ben #1 Convenience & Alcohol 1,116 Others specialist with 397 stores (4%) Projects • Delikatesy 1 344 Proximity Supermarkets 6,690 Centrum Retail (806 hard franchise + 638 own+JV stores) (2
Slide 7: Eurocash Retail Store Universe: 14.8k stores with 10.3% FMCG market share
Eurocash Retail Store Universe: 14.8k stores with 10.3% FMCG market share Eurocash’s franchise stores, which form the strategic foundation of its business, remained steady. Although the total number of smaller stores decreased slightly following the mid-2025 implementation of a mandate requiring all
Slide 8: Five Strategic Pillars Shaping Our New Strategy
Five Strategic Pillars Shaping Our New Strategy 01 Franchise Integration Operational Excellence & Growth Engines Locality, Fresh and Digital Cost Leadership Private Label Backbone • Transform Eurocash into a fully • Optimize costs across the value • Deliver revenue growth via • Differentiate from di
Slide 9: FY 2025 Results Summary
FY 2025 Results Summary 9
Slide 10: FY 2025: Early Impact of Strategy Pivot Visible at the End of Year (1/2)
FY 2025: Early Impact of Strategy Pivot Visible at the End of Year (1/2) Sales Performance 2025 Sales and Profitability (PLNm; %) 40 000 Negative sales dynamics in FY25 were driven by strategic internal decisions, including the closure of -4.6% unprofitable Cash & Carry stores, discontinuation of PD
Slide 11: FY 2025: Early Impact of Strategy Pivot Visible at the End of Year (2/2)
FY 2025: Early Impact of Strategy Pivot Visible at the End of Year (2/2) 2025 Recurring EBITDA after IFRS 16 (PLNm) EBITDA 904 867 In FY25, recurring EBITDA margin remained stable at 2.9%, unchanged vs 2024. 140 Recurring EBITDA in 2025 amounted to PLN 867m (vs. 424 EBITDA IFRS 16 PLN 904m last year
Slide 12: FY 2025: Eurocash Group Segments and Business Units
FY 2025: Eurocash Group Segements and Business Units Wholesale Sales (PLNm) Growth Platforms (PLNm) ▪ Wholesale: Growth in -4.3% +4.6% Tobacco & Impulse 23 128 1 115 category (+1% y/y) did 328 22 137 1 067 Other 12% 25 352 Projects Other 53 +8% -2% not offset decline in Cash 471 & Carry (-12% y/y) a
Slide 13: FY 2025: EBITDA (pre-IFRS16) Adjusted for Restructuring Provisions and One-offs
FY 2025: EBITDA (pre-IFRS16) Adjusted for Restructuring Provisions and One-offs Group adj. EBITDA (pre-IFRS16) (PLNm) Group EBITDA (pre-IFRS): Declined by 8% y/y, -80m from PLN 424m in 2024 to PLN 389m in 2025, 2024 -14% 2025 primarily impacted by Wholesale (PLN -80m 561 y/y) and Retail (PLN -59m y/
Slide 14: FY 2025: Cost Analysis - Tightened Cost Control, in Line with Plan
FY 2025: Cost Analysis - Tightened Cost Control, in Line with Plan Total Costs: Total reported costs decreased by 3.2% y/y, mainly driven by: ▪ Personal costs (incl. social security) - decrease by 8% y/y despite of minimal salary growth (PLN 137M savings), in line with company’s cost optimization po
Slide 15: FY 2025: Further improvement in Working Capital Components
FY 2025: Further improvement in Working Capital Components (2023-2025) Average Cash Conversion Cycle in 2023-2025 (days) Average Net Financial Expenses in 2023-2025 (PLNm) Avg. WIBOR 3M: 6.7% 5.7% 67 68 5.6% 56 22 23 20 15 14 14 -23 -28 -30 -241 -248 -253 -61 -64 -308 -316 -309 -65 2023 2024 2025 20
Slide 16: FY 2025: Ongoing Improvement in Debt Ratio
FY 2025: Ongoing Improvement in Debt Ratio (Adj. for Restructuring Provisions) Net debt/EBITDA (before IFRS16) (PLNm) Net debt/EBITDA (after IFRS16) PLN m 1.77 3.46 2.71 2.53 2.55 1.12 2.44 2.3x 0.89 adjusted 448 0.76 2 365 2 495 2 376 417 415 407 0.63 400 368 0.6x 2 253 1 961 309 adjusted 260 233 9
Slide 17: Key Financials FY 2025 (under IFRS16)
Key Financials FY 2025 (under IFRS16): FY 2024 FY 2025 Change %* PLN million Revenue from sale of products, goods and materials 31 468.0 30 023.9 -4.6% Gross profit on sales 4 158.8 3 997.1 -3.9% (Gross margin %) 13.2% 13.3% 0.1 p.p. EBITDA IFRS 16 904.2 541.9 -40.1% (EBITDA IFRS 16 margin %) 2.9% 1
Slide 18: 4Q2025 Results
4Q2025 Results 18
Slide 19: 4Q 2025: Results under pressure from market conditions and transformation
4Q 2025: Results under pressure from market conditions and transformation ▪ Sales: down 5.5% y/y, both in wholesale (-5.0% y/y) and retail segment (-8.5% y/y), driven by deflationary pressures ▪ Gross margin: down by 34 bps to 13.8%, reflecting pricing and competitive pressure ▪ Cost Optimization Im
Slide 20: 4Q 2025: Results under pressure from market conditions and transformation
4Q 2025: Results under pressure from market conditions and transformation Q4 2025 Recurring EBITDA after IFRS 16 (PLNm) EBITDA 255 In Q4 2025, recurring EBITDA margin remained 40 at 3.5% and decreased by 0.5pp vs Q4 2024. 312 Recurring EBITDA in Q4 2025 amounted to PLN 255m (vs. PLN 312m last year),
Slide 21: 4Q 2025: Wholesale Segment – under pressure from C&C and distribution
4Q 2025: Wholesale Segment – under pressure from C&C and distrubution Sales by formats (PLNm) Reported EBITDA margin (IFRS16) (%) -5.0% 164m Segment adj. EBITDA (PLN m) 5 611 232m 5 333 96m Segment EBITDA (PLN m) +0.8% 3.1% 2 531 2 550 -8.8% -12.0% 1 915 1 746 4.1% 1.8% 1 078 949 -0.3% 1.3% 88 87 Ca
Slide 22: 4Q 2025: Retail Segment – affected by optimization of store network
4Q 2025: Retail Segment – affected by optimization of store network Sales by formats (PLNm) Reported EBITDA (IFRS16) margin Segment adj. EBITDA -8.5% 93m (PLN m) 125m 1 823 Segment EBITDA 1 668 -103m (PLN m) 5.6% -10.0% -10.4% 954 859 11.8% 686 614 6.9% +6.6% 183 195 -6.2% Delikatesy Supermarkets Ar
Slide 23: 4Q 2025: Retail LFL Sales under early signs of basket deflation
4Q 2025: Retail LFL Sales under early signs of basket deflation LFLs of Delikatesy Centrum Franchise (%) 3 2.5% 2 LFL 1.0% 0.9% 1 0 -1 -0.8% -2 -3 -2.8% -4 -3.2% -5 -6 -5.8% -7 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 Avg. basket CPI 4Q 25 price inflation 4Q 25 ▪ In FY25, Delikatesy Centrum Franchise LFL sales
Slide 24: 4Q 2025: Sales and EBITDA (pre-IFRS) Performance Across All Segments
4Q 2025: Sales and EBITDA (pre-IFRS) Performance Across All Segments ▪ Sales: the largest impact came from decline in both Wholesale (PLN -279m) and Retail (PLN -155m) segment, while projects showed slight improvement, with positive dynamics in Frisco and negative in Duży Ben ▪ Reported EBITDA: PLN
Slide 25: 4Q 2025: Growth Segment turns EBITDA positive, driven by strong improvement in Frisco
4Q 2025: Growth Segment turns EBITDA positive, driven by strong improvement in Frisco Sales by formats (PLNm) Reported EBITDA (IFRS16) margin (PLNm) +2.2% 1 -14 19 3.5% 297 303 -2.2% PLN m 4Q 24 Duży Ben Frisco Other 4Q 25 4Q 24 4Q 25 ▪ In 4Q25, sales increased by PLN 7m y/y (+2.2% y/y), driven by s
Slide 26: 4Q 25: Frisco approaching BEP, Duży Ben in Optimization Mode
4Q 25: Frisco approaching BEP, Duży Ben in Optimization Mode Sales development (PLNm) 16% Sales 4Q25: Active customers: 10% y/y 619 +13% y/y Orders +12% y/y 533 Average Basket in 4Q25: 434 384 +4.2% y/y. 344 PLN vs 330 PLN 13% 278 152 172 ▪ Frisco: Assortment optimization, expansion into new product
Slide 27: Key Financials 4Q 2025 (under IFRS16)
Key Financials 4Q 2025 (under IFRS16) Q4 2024 Q4 2025 Change %* PLN million 7 751.2 7 326.2 -5.5% Revenue from sale of products. goods and materials Gross profit on sales 1 099.5 1 014.0 -7.8% Gross profitability on sales 14.2% 13.8% -0.4 p.p. EBITDA IFRS 16 312.0 -40.9 n.m. (EBITDA IFRS 16 margin %
Slide 28: Q&A
Q&A 28
Slide 29: Thank you
G@ EUROCASH Thank you as