Zabka Group · GPW:ZAB
Zabka — Q3 2025 Earnings Presentation
22 slides from Zabka's earnings presentation, Oct 29, 2025
Slide 1: Q3 2025 Results Presentation
Q3 2025 Results Presentation 29 October 2025
Slide 2: Today’s Presenters
Today’s Presenters Tomasz Blicharski Marta Wrochna- Tomasz Suchański Group Chief Strategy Łastowska Group CEO & Development Group CFO Officer 2
Slide 3: Strategic Highlights
Strategic Highlights
Slide 4: Q3 2025: Strong operating performance and financial costs optimisation
Q3 2025: Strong operating performance and financial costs optimisation drives net profitability growth and deleveraging Q3 Sales to End Customers Q3 Gross Profit Q3 Adjusted EBITDA Q3 Adjusted Net profit PLN 8.5bn PLN 1,514m PLN 1,279m PLN 505m +14% YoY +13% YoY +14% YoY +48% YoY Q3 Like for Like St
Slide 5: We Are On Track To Deliver On Our Strategy Despite Adverse Weather Impact
We Are On Track To Deliver On Our Strategy Despite Adverse Weather Impact Stable market environment in Q3 Q3’25 +323 new stores openings1 LfL Grow 9M’25 +1,127 new stores openings1 th ini On track to deliver a revised 2025 target of 1,300+ new store openings in PL and RO tia tiv n Q3’25 LfL +4.5%
Slide 6: Market Environment And Strategy Execution
Market Environment And Strategy Execution
Slide 7: A Blend Of Optimistic And Hesitant Market Indicators
A Blend Of Optimistic And Hesitant Market Indicators The market is showing a combination of positive and uncertain trends Nominal gross wages have been ahead of Gross wage inflation in LTM, resulting in a significant real growth wage growth over the period, however slowing down Inflation in 2025 wit
Slide 8: Żabka's Market Share Growth Driven By Network Expansion
Żabka's Market Share Growth Driven By Network Expansion Consistent market outperformance has led… …to continuously increasing market share Polish physical grocery total growth (incl. space growth) by channel 1, Q3 2025 Rolling LTM Market share evolution of Żabka2, Dec20 – Sep25 Normalized inflation
Slide 9: Store Openings: Successful Execution Versus The Upgraded Guidance Of 1,300 Openings
Store Openings: Successful Execution Versus The LfL Growth ini t iti ati n rk expansio Upgraded Guidance Of 1,300 Openings ves two Ne es gin n hE New Growt Rapid roll-out driven by high availability … with conversion, particularly in small … with uninterrupted sourcing of of prime locations in Polan
Slide 10: After 1+ Year in Romania, We Operate Over 120 Stores
After 1+ Year in Romania, We Operate Over 120 Stores LfL Growth ini t iti ati n rk expansio and Became Local Convenience Offering Frontrunner ves two Ne es gin n hE New Growt Format has been so far well-received by the local customer, which … with Romanian operations ramping up quickly and positions
Slide 11: Product Innovation And Digital Initiatives Are Key To Our Differentiation
Product Innovation And Digital Initiatives, Including LfL Growth ini t iti ati n rk expansio New Businesses, Are Key To Our Differentiation ves two Ne es gin n hE New Growt Żabka Flex and PoS assisted sales as new initiatives New businesses building on the DCO platform driving even better business r
Slide 12: Financials
Financials
Slide 13: Key Financial Highlights: Accelerated Store Openings, Improved Profitability
Key Financial Highlights: Accelerated Store Openings, Improved Profitability, Strong Cash Flow Generation And Balance Sheet Improvement Q3’25 Revenues and StEC Q3’25 LfL New Q2’25 store Gross openings Profit StEC reached PLN 8.5bn +14% YoY LfL of 4.5% despite strong headwinds 1,127 new stores in Pol
Slide 14: Strong Top-Line Growth and Improved Profitability
Strong Top-Line Growth and Improved Profitability Key financial metrics Q3 YTD Healthy mix of organic growth with solid LfL and expansion with 1,127 new stores, Selected KPIs Q3 25 Q3 24 Δ YoY 9M 25 9M 24 Δ YoY 1,060 in Poland and 67 in Romania in the 9M of 2025. Number of Stores (EoP)1 12,099 10,90
Slide 15: Robust Adjusted EBITDA Performance Driven By Sales Growth
Robust Adjusted EBITDA Performance Driven By Sales Growth And Increased Profitability In Poland x Adjusted EBITDA % of Sales to End Customers ▪Further improvement of Adj. EBITDA (PLNm, Q3 2025) margin, despite particularly challenging Żabka Group excl. NGE, Conso eliminations & environment in Q3 202
Slide 16: Generating Positive Cash Flow Amid Continued Investments In Growth
Generating Positive Cash Flow Amid Continued Investments In Growth... Q3 2024 Q3 2025 (PLNm) (PLNm) ▪Positive cash flow generation, driven by: ▪ Adjusted EBITDA continues to demonstrate Adjusted EBITDA 1,119 1,279 robust and sustained growth ▪ Our prudent approach to capital Rent (247) (277) expendi
Slide 17: Consistently Supporting Further Deleveraging Year On Year
… Consistently Supporting Further Deleveraging Year On Year Net leverage: Net financial debt1 / adjusted EBITDA post-rent2 2.3x 1.5x 1.4x 1.0x ▪ Deleveraging by 0.4x between September 2024 and September 2025 from robust cash generation in LTM and adj. EBITDA growth FY 23 FY 24 Q3 2024 Q3 2025 ▪ Leve
Slide 18: Recently Announced Capital Allocation Policy
Recently Announced Capital Allocation Policy combining dynamic growth with dividend distribution 1 Growth remains our Expansion Guidance revised upwards key focus From 1,000 to 1,300 per annum1 in 2026 - 2028 2 Balanced leveraging 1.0x Target Leverage Ratio2 3 Optionality for M&As Opportunistic valu
Slide 19: Mid-Term Guidance Updated with Accelerated Expansion and Expected Dividend Payout
Mid-Term Guidance Updated with Accelerated Expansion and Expected Dividend Payout Building long-term value for shareholders Store network Target: 16k stores1 by the end of 2028 (+1.5k vs previous guidance) GROWTH expansion New target: 1,300 stores p.a. (+300 vs initial guidance) Mid- to high-single-
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Slide 21: Żabka Group disclaimer
Żabka Group disclaimer This presentation (“Presentation”) has been prepared by Zabka Group, a public limited liability company (société anonyme) incorporated and existing under the laws of the Grand Duchy of Luxembourg, having its registered office at 2, rue Jean Monnet L-2180 Luxembourg, Grand Duch
Slide 22: Thank you
Thank you