Eurocash S.a. · GPW:EUR
Eurocash — H1 2025 Earnings Presentation
16 slides from Eurocash's earnings presentation, Aug 28, 2025
Slide 1: Eurocash Group 2Q'25 & 1H'25 Results Presentation
EUROCASH GROUP 2Q'25 & 1H'25 Results Presentation 28 August 2025
Slide 2: Eurocash Group 2Q'25 Highlights
Eurocash Group 2Q'25 Highlights ▪ Market Conditions: In 2Q'25, market conditions remained challenging, with significantly weaker dynamics in the beer, alcohol, and tobacco categories due to changes in consumer behaviour and excise tax increases. ▪ The Eurocash Wholesale Relevant Market decreased by
Slide 3: Market Overview
Market Overview ▪ Total Market Dynamics: the total market grew by 6% y/y in 1H’25 (+6% y/y in 2Q'25), driven primarily by discounters +10% y/y in 1H’25 (+11% y/y in 2Q25) ▪ The Eurocash Wholesale Relevant Market (WRM) declined 3% y/y in 1H’25 (-3.5% y/y in 2Q25), impacted by lower transaction volume
Slide 4: 2Q'25 Results Summary
2Q'25 Results Summary ▪ Sales: In 2Q’25, Eurocash's sales declined by 1.2% y/y, driven by weaker performance in C&C and Delikatesy Centrum stores, primarily due to declines in key categories (beer, spirits) and changes in consumer behaviour ▪ EBITDA: The adj. EBITDA margin improved by 20 bps y/y, su
Slide 5: 2Q'25 Sales dynamics by Segments and Business Units
2Q'25 Sales dynamics by Segements and Business Units Wholesale Segment Growth Platforms ▪ Wholesale: sales declined by 1.4% +9.6% y/y in 2Q'25. EC Service grew by -1.4% 277 5.7% y/y, supported by higher 5 960 5 879 253 7 2.4% tobacco sales following the excise Other 86 90 -11.5% Other Projects 16 11
Slide 6: 2Q'25 EBITDA by Segments
2Q'25 EBITDA by Segments ▪ Wholesale: in 2Q'25, EBITDA margin increased by 30 bps y/y to 3.4%, despite lower sales performance. This improvement was supported by a strong focus on margin management and cost discipline ▪ Retail: EBITDA in retail segment was negatively impacted by store portfolio opti
Slide 7: Growth Platforms Segment: first-ever break-even at EBITDA level
Growth Platforms Segment: first-ever break-even at EBITDA level EBITDA: Negative contribution improved vs. last year, Sales development (PLNm) turning positive in 2Q'25 23% Sales 2Q'25: Active customers: +11% y/y 533 +25% y/y Orders +12% y/y 434 384 Average Basket in 2Q25: +8% y/y 278 25% 217 154 ▪
Slide 8: Frisco: Expansion into Łódź and stable growth across Poland
Frisco: Expansion into Łódź and stable growth across Poland • Expansion into the Łódź metropolitan area and surroundings: • Hundreds of thousands of new potential customers • All-day delivery, 6 days a week, with an assortment of nearly 15,000 SKUs • Stable growth of Frisco in 1H'25: Presentation of
Slide 9: Cash Conversion and Net Financial Expenses
Cash Conversion and Net Financial Expenses days Cash conversion cycle in 2024-2025 PLN m Net financial expenses in 2Q'24-2Q'25 (Pre-IFRS16) 20 24 22 15 13 13 20 19 17 10 15 14 14 15 14 -22 -22 -28 -28 -25 -38 -39 -57 -55 -56 -46 -45 -46 -66 -65 -56 -54 -58 -58 -60 2Q24 3Q24 4Q24 1Q25 2Q25 2Q24 3Q24
Slide 10: Net debt ratio evolution
Net debt ratio evolution Net debt/EBITDA (pre-IFRS16) Net debt/EBITDA (post-IFRS16) PLNm PLNm 1.12 2.63 2.68 2.71 2.59 2.53 2.56 0.95 0.87 0.85 0.89 0.63 549 523 2 696 2 617 2 500 487 2 365 2 495 2 376 423 425 417 448 415 362 400 368 260 1 039 996 934 934 921 930 1Q24 2Q24 3Q24 4Q2024 1Q 2025 2Q 202
Slide 11: Key Financials 2Q'25
Key Financials 2Q'25 2Q 2025 2Q 2024 Change %* PLN million Sales revenues (traded goods. materials) 7 886,48 7 982,31 -1,20% Gross profit on sales 1 012,67 1 029,44 -1,63% Gross profitability margin (%) 12,84% 12,90% -0,06 p.p. EBITDA 229,54 218,62 5,00% EBITDA margin (%) 2,91% 2,74% 0,17 p.p. Adjus
Slide 12: 1H'25 Results Summary
1H'25 Results Summary ▪ Sales: Eurocash’s sales decreased by 4.3% y/y in 1H’25, mainly due to changes in consumer behaviour and excise tax hikes on alcohol and tobacco, which drove volume declines in these categories ▪ EBITDA: Adj. EBITDA margin remained stable, supported by improved gross margin an
Slide 13: Cost Analysis: 1H'25
Cost Analysis: 1H'25 ▪ Total Costs: decreased by 2.7% YoY (in 1H'25 PLN 52m lower costs y/y), driven mainly by: ▪ Salary expenses –9.7% y/y, reflecting efficiency initiatives and the conversion of own stores to agency model ▪ Third-party services +10.2% y/y, due to conversion of own stores to the ag
Slide 14: Key Financials 1H'25
Key Financials 1H'25 1H 2025 1H 2024 Change %* PLN million Sales revenues (traded goods. materials) 14 760,26 15 418,80 -4,27% Gross profit on sales 1 952,44 2 000,07 -2,38% Gross profitability margin (%) 13,23% 12,97% 0,26 p.p. EBITDA 350,62 355,14 -1,27% EBITDA margin (%) 2,38% 2,30% 0,07 p.p. Adj
Slide 15: Q&A
Slide 16: Thank you!
Thank you!