Eurocash S.a. · GPW:EUR
Eurocash — Q1 2026 Earnings Presentation
20 slides from Eurocash's earnings presentation, May 11, 2026
Slide 1: Eurocash Group Presentation of the Q1 2026 Results
Eurocash Group Presentation of the Q1 2026 Results 11 May 2026
Slide 2: Eurocash Group 1Q 2026 Highlights
Eurocash Group 1Q 2026 Highlights ▪ FMCG market growth slowed materially in 1Q26 (to 3.0% y/y vs 5.2% y/y in 1Q25), with the WRM declining by 5.0% y/y (vs. -1.2% y/y in 1Q25), impacted by disinflation, weaker consumer traffic, adverse weather conditions, excise tax increases and DRS implementation.
Slide 3: 1Q26: Market Overview
1Q26: Market Overview ▪ Total market growth slowed to 3.0% y/y in 1Q26 (vs. +5.2% y/y in 1Q25), reflecting a disinflationary environment and weaker LFL trends across the market, with growth increasingly supported by store roll-outs ▪ The key growth driver remained discounters, which grew by 5.8% y/y
Slide 4: Structural Shift in Revenue Impacts Gross Margin
1Q26: Structural Shift in Revenue Impacts Gross Margin Sales Performance 1Q26 Sales and Profitability (PLNm; %) ▪ In 1Q26, Group sales declined by 3.2% y/y, outperforming -3.2% WRM by 1.8pp, driven by strategic internal decisions, 6 874 6 657 including (1) a reduction in sales to unprofitable custom
Slide 5: Eurocash Group Segments and Business Units
1Q26: Eurocash Group Segments and Business Units Wholesale Sales (PLNm) Growth Platforms (PLNm) ▪ Wholesale: growth in -1.9% +3.1% Tobacco & Impulse (+7% 4 982 4 886 282 79 274 y/y) nearly offset Other 78 -11% 6 5 +3% -14% Projects Other declines in Cash & Carry 98 Cash&Carry Duży Ben 114 (-11% y/y)
Slide 6: Eurocash Franchise Stores Continue to Show Relative Resilience
1Q26: Eurocash Franchise Stores Continue to Show Relative Resilience Eurocash Franchise Chains – LFLs in 1Q26 (%) 3 2.1% LFL 2 1.2% 1 0.4% 0.4% 0.0% 0.0% 0 -1 -2 -2.0% -3 -4 -5 -6 -7 DC franchise DC own Groszek Euro Sklep ABC Lewiatan Gama ▪ Almost all Eurocash franchise banners delivered positive L
Slide 7: New Strategy Focused on a Sustainable Franchise Core
1Q26: New Strategy Focused on a Sustainable Franchise Core 1Q26 Franchise Client Performance – Wholesale Sales (PLNbn) ▪ In 1Q26, sales to Eurocash franchise clients (ABC, Delikatesy Centrum own stores, Delikatesy Centrum 5 Franchise, Eurosklep, Groszek, Lewiatan and PSD) increased by 0.2% y/y (blen
Slide 8: Stable EBITDA in Line with the New Strategy Roadmap
1Q26: Stable EBITDA in Line with the New Strategy Roadmap 1Q26 EBITDA (post-IFRS16) (PLNm; %) +0.2% EBITDA 121.1 121.4 ▪ In 1Q26, EBITDA margin increased slightly to 1.82% (vs. 1.76% a year ago), with the largest positive contribution coming from the cost optimisation programme EBITDA 1.76% 1.82% ma
Slide 9: EBITDA Performance by Segment
1Q26: EBITDA Performance by Segment ▪ Group EBITDA (pre-IFRS 16) increased to PLN 10m from PLN 1m a year ago, reflecting improvement in Retail (closure of unprofitable stores), Projects (strong Frisco performance partly offset by challenging conditions for Duży Ben), and Other (costs decrease) ▪ Who
Slide 10: Early Effects of Cost Optimisation Visible in Results
1Q26: Early Effects of Cost Optimisation Visible in Results Total reported costs decreased by 10.1% y/y, mainly driven by: ▪ Personal costs (incl. social security) - decrease by 17.6% y/y despite of minimal salary growth (PLN 72m savings), in line with company’s cost optimisation plan, partially off
Slide 11: Strategy Implementation on Track – 24% of PLN 400m Savings Target
Strategy Implementation on Track – 24% of PLN 400m Savings Target Already Initiated in 1Q26 ▪ The overall impact of the cost-cutting strategy on 2027 EBIT is estimated at PLN 400m. Strategy execution progress ▪ Key initiatives include: (PLNm) ▪ optimisation of headquarters and channel FTE structures
Slide 12: Wholesale Segment - Tobacco Mitigates Pressure in C&C and Distribution
1Q26: Wholesale Segment - Tobacco Mitigates Pressure in C&C and Distribution Sales by formats (PLNm) Reported EBITDA margin (IFRS16) -1.9% 4 982 4 886 +7.0% -5.9% 2 297 2 458 -9.2% -10.9% 1 653 1 501 174.5 164.1 953 849 -1.0% 79 78 Cash&Carry Eurocash Eurocash Other Wholesale 1Q25 1Q26 Service Distr
Slide 13: Retail Segment – Lower Sales from Optimisation, but Improving EBITDA
1Q26: Retail Segment – Lower Sales from Optimisation, but Improving EBITDA pre-IFRS 16 Sales by formats (PLNm) Reported EBITDA (IFRS16) margin -8.2% 1 600 1 469 -4.4% -10.2% -7.5% 843 757 596 551 +0.1% 71.3 68.1 161 161 Delikatesy Supermarkets Arhelan Retail Centrum Own + Partners Franchise 1Q25 1Q2
Slide 14: Strong Frisco Performance Drives Positive EBITDA in the Segment
1Q26: Strong Frisco Performance Drives Positive EBITDA in the Segment Sales by formats (PLNm) Reported EBITDA (IFRS16) (PLNm) +3.1% -1 25 0.8 -16 274 282 -4.3 PLN m 1Q25 Duży Ben Frisco Other 1Q26 1Q25 1Q26 ▪ In 1Q26, sales increased by PLN 9m y/y (+3.1% y/y), driven by strong ▪ In 1Q26, reported EB
Slide 15: Frisco Accelerating Growth, Duży Ben Hit by Category Decline
1Q26: Frisco Accelerating Growth and Improving Profitability, Duży Ben Hit by Category Decline Sales development (PLNm) 16% Sales 1Q26: Active customers: 2% y/y 619 +16.4% y/y Orders +10.4% y/y 533 Average Basket in 1Q26: 434 384 +5.3% y/y. 336 PLN vs 319 PLN 16% 278 154 179 ▪ Frisco: Assortment opt
Slide 16: Stable Cash Conversion Cycle and Lower Net Financial Expenses
1Q26: Stable Cash Conversion Cycle and Lower Net Financial Expenses days Cash conversion cycle (in days) Net financial expenses (PLNm) 19 22 13 14 15 19 20 20 9 17 15 14 14 14 16 -28 -25 -27 -28 -30 -40 -46 -55 -54 -62 -60 -60 -56 -60 -69 -69 -65 -64 -64 -82 1Q25 2Q25 3Q25 4Q25 1Q26 1Q25 2Q25 3Q25 4
Slide 17: Decreased sales in Q1 impacted Net Debt / EBITDA, all ratios held on safe level
1Q26: Decreased sales in Q1 impacted Net Debt / EBITDA, all ratios held on safe level Net debt/EBITDA (before IFRS16) (PLNm) Net debt/EBITDA (after IFRS16) (PLNm) 4.57 4.10 3.46 2.71 2.7x 2.55 2.44 adjusted 2.3x 640 1.8x 2 495 2 376 adjusted 1.77 2 253 2 317 adjusted 1 961 448 0.6x 4001.12 415 0.89
Slide 18: Key Financials (under IFRS16)
1Q26: Key Financials (under IFRS16) Q1 2025 Q1 2026 Change %* PLN million 6 873.8 6 656.8 -3.2% Revenue from sale of products. goods and materials Gross profit on sales 939.8 864.4 -8.1% Gross profitability on sales 13.7% 13.0% -0.7 p.p. EBITDA IFRS 16 121.1 121.4 0.3% (EBITDA IFRS 16 margin %) 1.76
Slide 19: Q&A
Q&A 19
Slide 20: Thank you
G@ EUROCASH Thank you as