Eurocash S.a. · GPW:EUR
Eurocash — Investor Presentation (December 2025)
34 slides from Eurocash's investor presentation, December 2025
Slide 1: Eurocash Group Strategy
Investor Presentation Eurocash Group Strategy Sieć ludzi stąd Building Poland's Number 1 Integrated Franchise Retailer December 2025
Slide 2: Eurocash – Third Largest Food Retail Chain in Poland
Eurocash – Third Largest Food Retail Chain in Poland #3 Largest food retail chain in Poland 1 30 years in ~15K #1 Wholesale company in Poland Poland Stores In the top 10 non-financial Franchise plus own retail business in the country networks #1 Franchise network in Poland with ~15k stores (franchis
Slide 3: A Transformation Journey to Become Poland's Leading Integrated Franchise Retailer
A Transformation Journey to Become Poland’s Leading Integrated Franchise Retailer Shift in Business Model Five Strategic Pillars Financial Ambition • Building on our unique network of over Our strategic transformation is anchored on • Our financial ambition is to achieve PLN 15,000 independent store
Slide 4: A Fundamental Shift in Business Model
A Fundamental Shift in Business Model Strategic Transformation Organisational Shift Processes Redesign Overall Impact This strategy represents a deep It will result in shifting the mindset It requires simplifying the It is a complete reimagining and organisational and business- from wholesale to a c
Slide 5: Transforming Eurocash into a Modern Franchise Retail Platform
Transforming Eurocash into a Modern Franchise Retail Platform Now: Traditional Wholesale 2025-26: Transition Years 2027: Integrated Franchise Retailer • Complex organization • Redesigning core operational processes • Lean, integrated organization • Multiple banners and concepts with low • Internal o
Slide 6: Identified Growth Levers for Eurocash's Transformation
Identified Growth Levers for Eurocash's Transformation The value-creation engine on the path to PLN 600M1 EBIT in 2027 — and a scalable foundation for long-term growth Franchise Integration & Network Expansion • Identified 13,000+ independent and franchise stores in our segment suitable for conversi
Slide 7: Market Overview
O01. lew Market Overv
Slide 8: Growth of Discount Stores Has Recently Slowed Down Alongside Rising Affluence of Poles
Growth of Discount Stores Has Recently Slowed Down Alongside Rising Affluence of Poles The Popularity of Discount Stores is Strongly Linked to the Wealth of Society. We Now Observe a Slowdown in their Growth as the Financial Situation of Poles Improves Share of Discount Stores in the Polish Grocery
Slide 9: After Years of Expansion, Discounters' Share Gains Are Now Flattening Across Markets
After Years of Expansion, Discounters' Share Gains Are Now Flattening Across Markets Discounters Value Market Shares1, 2015-2024 (%) Discounters Share Change, 2015–2024 (ppts) 2015-20 2020-23 2023-24 21-23 vs. 23-24 2015-19 2019-23 2023-24 Discounter’s Steady Organic Expansion Covid & Heightened Sta
Slide 10: Consumer Priorities Are Shifting Beyond Pure Price, With Growing Emphasis on Quality
Consumer Priorities Are Shifting Beyond Pure Price, With Growing Emphasis on Quality Compared with the Previous Year, Low Prices Have Lost Importance in Although Prices Remain Critical, Consumers Now Value Quality and the Context of Grocery Shopping Purchasing Criteria Range Just as Strongly YoY % C
Slide 11: Alongside the Slowing Growth of Discounters, We Expect the Role of Supermarkets to Increase
Alongside the Slowing Growth of Discounters, We Expect the Role of Supermarkets to Increase In Western European countries, supermarkets hold a much higher share of the grocery market than in Poland. As Polish consumers become more affluent, the supermarket segment is expected to gain importance and
Slide 12: Relational Proximity Stores: Where Do They Have the Advantage?
Relational Proximity Stores: Where Do They Have the Advantage? c. PLN 80-110BN Willingness to pay for convenience c. PLN c. PLN Increasing motivations to pay “more” 90-110BN 100-130BN Willingness to pay for Natural Territory for Proximity Stores above-average quality Complementary Space to Discounte
Slide 13: Eurocash's Franchise Banners Have Been Steadily Growing in Store Count and Retail Sales
Eurocash's Franchise Banners Have Been Steadily Growing in Store Count and Retail Sales Share of WRM Stores in Total Market (%) Sales Share of Eurocash Franchise Banners in the Total Market (%) Total Market & Retail Sales (PLN BN) 421 65,400 62,500 404 59,000 55,000 51,500 362 10.7% 10.4% 10.2% 9.7%
Slide 14: Eurocash's New Approach
02. Eurocash's New Approach
Slide 15: Regional Proximity Store - the Integrated Platform
Regional Proximity Store - the Integrated Platform That Combines Eurocash’s Scale, Shopper Offer and Local Strength Mission-Fit Shopper Offer Scale & Competitiveness • Better assortment logic: fresh- • Eurocash buying power enables led, curated, relevant competitive pricing • Clear role of each form
Slide 16: A Coherent Multi-Format Ecosystem Built for Every Shopping Mission
A Coherent Multi-Format Ecosystem Built for Every Shopping Mission E-commerce Liquor Store Relational Proximity Concept Frisco Duży Ben Supermarkets Small Grocery • Digital-first solution for large cities • Poland’s #1 consolidated alcohol • 150m²+ fresh-led proximity • 50–150m² high-frequency store
Slide 17: Strategic Pillars
03. Strategic Pillars Transformation from Wholesale to Integrated Franchise Retailer
Slide 18: The Franchise Flywheel
The Franchise Flywheel New Franchise Value Proposition Integrated Network Our new franchise value proposition combines improved commercial As more franchisees join and stores convert into our three formats under terms, new revenue streams, retail tools, data insights, an integrated an integrated ban
Slide 19: Five Strategic Pillars Shaping Our New Strategy
Five Strategic Pillars Shaping Our New Strategy 01 02 03 04 05 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 • Different
Slide 20: Pillar 1: Integrating Our Franchise System
Pillar 1: Integrating Our Franchise System 01 02 Develop 3 Store Formats Roll Out of One Loyalty App Consolidate fragmented stores into one Equip every franchise store with our powerful, integrated retail proposition with 3 loyalty and engagement platform with distinct store formats (supermarket, sm
Slide 21: Pillar 2: Delivering Operational Excellence & Cost Leadership
Pillar 2: Delivering Operational Excellence & Cost Leadership Key Initiatives to Drive Operational Improvement Leading to PLN 400M1 Cost Savings Headquarters • Streamline corporate functions and eliminate redundancy with PLN 200M1 Efficiency target of 1,0001 FTE reduction across CHO and HO function
Slide 22: Pillar 3: Executing on Growth Engines and Leveraging New Profit Streams
Pillar 3: Executing on Growth Engines and Leveraging New Profit Streams Accelerated Franchise Expansion Through Store Acquisition Duży Ben Transformation and Scale-up • Focus capital and resources on franchise network • Transform to standardise operations and growth and store remodelling adjust asso
Slide 23: Pillar 4: Building New Product Offer in Fresh, Private Label and Locality
Pillar 4: Building New Product Offer in Fresh, Private Label and Locality Local Entrepreneurship & Community Private Label Leadership Fresh Category Expansion Context • Eurocash empowers independent store • Private labels are central to Eurocash’s • Fresh categories are the cornerstone of owners to
Slide 24: Pillar 5: Accelerating Digital Transformation for a Data-Driven Retail Platform
Pillar 5: Accelerating Digital Transformation for a Data-Driven Retail Platform Automated Demand Forecasting & Replenishment Data-Powered Retail Pricing Predict demand forecasting patterns using AI to consider seasonality, Analyse competitor prices, demand elasticity, inventory levels, and local wea
Slide 25: Financial Ambition
04. Financial Ambition The Path to PLN 600M EBIT1 by 2027 Notes: 1. Based on Company Estimates. EBIT PLN 600M is the Management target based on the Management Stock Option Plan (MSOP), approved by the ASM of Eurocash SA on 15-May-2025.
Slide 26: Financial Milestones to Reach PLN 600M EBIT
Financial Milestones to Reach PLN 600M2 EBIT 3 4 2 PLN 600M2 1 +PLN 100M1 +PLN 100M1 +PLN 200M1 Base HQ & Channel Logistics Optimization Own Store Franchise Growth New Revenue Streams 2027 Optimization Restructuring (e.g. Retail Media) 1 2 3 4 Low PLN 400M1 1,000+1 PLN 70M1 PLN 600M2 Single Digit Co
Slide 27: Restructuring Our Organisation to Unlock Savings
Restructuring Our Organisation to Unlock Savings White-collars Reductions across Head Office Units and Channel Portfolio Optimization Current Structure New Structure Organizational model with redundancies and inefficiencies identified Streamlined organization with clear accountability, through compr
Slide 28: Streamlining Logistics to Drive Efficiencies
Streamlining Logistics to Drive Efficiencies Network Optimization Redefining the Customer SKU Optimization Warehouse consolidation and route Focusing on profitable customer Streamlining product portfolio by optimization reducing logistic costs and segments while exiting low-margin eliminating slow-m
Slide 29: Transforming Our Store Network to Increase Profitability
Transforming Our Store Network to Increase Profitability Strategic Exit Franchise Transformation Cease operations of chosen locations where competitive Converting selected locations to franchise model, reducing dynamics prevent sustainable returns capital intensity while maintaining market presence
Slide 30: Optimizing Capital Allocation to Accelerate Franchise Expansion and New Revenue Streams
Optimizing Capital Allocation to Accelerate Franchise Expansion and New Revenue Streams Annual Capital Deployment (2-Year Plan) of PLN 120M Franchise Expansion Store Remodelling PLN 90M1/year to support 1,000+1 net store growth through franchisee PLN 15M1/year or PLN 50-100K1 per store for strategic
Slide 31: ESG Assumptions Until 2027
ESG Assumptions Until 2027 2026 2027 Pillar I: • TOP Employer Certificate • Maintain • Maintain Eurocash is Us, Employees • Build first aid knowledge and skills • 1000 people trained • 1000 people trained annually annually • Establish robust purchasing procedure for products Pillar II: • Implement •
Slide 32: Our Strategic North Star
Our Strategic North Star Business Model Evolution Core Purpose Transform Eurocash from a traditional Enable local entrepreneurship and wholesaler into an integrated franchise redefine Polish proximity retail by creating operator, building a scalable proximity winning relational proximity consumer ne
Slide 33: Q&A Session
05. Q&A Session
Slide 34: Disclaimer
Disclaimer The data and information contained in individual slides do not represent a complete or consistent financial analysis, forecast, or estimate of results. A detailed description of Eurocash operations and financial situation is presented in current and periodic reports. Any data provided is