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1Q-3Q 2025 Financial results 6th November 2025
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Disclaimer 2 Neither this presentation (the “Presentation”) nor any copy of it nor the information contained herein being issued, and nor may this Presentation nor any copy of it nor the information contained herein be distributed directly or indirectly to or into, the United States, Canada, Australia or Japan. By attending this meeting where this Presentation is made, or by reading the Presentation slides, you agree to be bound by the following terms, conditions and limitations. The above applies to the Presentation, the oral presentation of the information in the Presentation by the Company (as defined below) or any person on behalf of the Company, and any question-and-answer session that follows the oral presentation, if any (collectively referred to as the Presentation). This Presentation does not constitute or form part of and should not be construed as, an offer to sell, or the solicitation or invitation of any offer to buy or subscribe for or underwrite or otherwise acquire, any securities of Dino Polska S.A (the “Company”) or any member of its group (the “Group”), nor should it or any part of it form the basis of, or be reliedon in connection with, any contract to purchase or subscribe for any securities of the Company or any member of its Group, nor shall it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever. This Presentation does not constitute a recommendation regarding any securities of the Company or its Group. This Presentation contains certain statistical and market information. Such market information has been sourced from and/or calculated based on data provided by third-party sources identified herein or by the Company, if not attributed exclusively to third-party sources. Because such market information has been prepared in part based upon estimates, assessments, adjustments and judgments which are based on the Company's or third-party sources' experience and familiarity with the sector in which the Company operates and has not been verified by an independent third party, such market information is to a certain degree subjective. While it is believed that such estimates, assessments, adjustments and judgments are reasonable and that the market information prepared appropriately reflects the sector and the market in which the Company operates, there is no assurance that such estimates, assessments, adjustments and judgments are the most appropriate for making determinations relating to market information or that market information prepared by other sources will not differ materially from the market information included herein. All statements in this document or made during any accompanying oral Presentation other than statements of historical fact are, or may be deemed to be, “forward-looking statements”. In some cases, forward-looking statements can be identified by the use of terms such as “anticipate”, “believe”, “intend”, “estimate”, “expect” and words of similar meaning. All statements other than statements of historical facts included in this Presentation, including, without limitation, those regarding the Company’s financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives relating to the Company’s products and services) are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company’s present and future business strategies and the environment in which the Company will operate in the future. These forward-looking statements speak only as at the date of this Presentation. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based, unless otherwise required by the applicable provisions of law. The Company caution you that forward-looking statements are not guarantees of future performance and that the Company’s actual financial position, business strategy, plans and objectives of management for future operations may differ materially from those made in or suggested by the forward looking statements contained in this Presentation. In addition, even if the Company’s financial position, business strategy, plans and objectives of management for future operations are consistent with the forward-looking statements contained in this Presentation, those results or developments may not be indicative of results or developments in future periods. The Company does not undertake any obligation to review or confirm, or to release publicly or otherwise to investors or any other person, any revisions to any forward-looking statements to reflect events that occur or circumstances that arise after the date of this Presentation. This Presentation and any materials distributed in connection with this Presentation are not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any authorization, registration, notification or licensing within such jurisdiction. Persons into whose possession any document or other information referred to herein comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction. Neither this Presentation or any part hereof nor the information contained herein may be reproduced or redistributed, passed on, or the contents otherwise divulged, directly or indirectly, to any other person or published, in whole or in part. The information contained in the Presentation has not been independently verified. No representation, warranty or undertaking, expressed or implied, is made by any person as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of, the information or the opinions contained herein. Only currents and periodic (financial) reports of the Company are legally binding document containing information about the Company and may contain information thatis different from the information contained in this Presentation.
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Our achievements in 1Q-3Q 2025 +245 stores (+167 in 1Q-3Q 2024) +4.7% LFL y-o-y (+4.9% in 1Q-3Q 2024 y-o-y) +14.9% sales y-o-y (+13.5% in 1Q-3Q 2024 y-o-y) +14.6% EBITDA y-o-y (+0.4% in 1Q-3Q 2024 y-o-y) 0.0pp EBITDA margin change y-o-y (-1.0pp in 1Q-3Q 2024 y-o-y) +14.3% net sales area y-o-y (+10.1% at the end of 3Q 2024 y-o-y) Source: Company information 3
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Regional coverage Stores per 100k inhabitants as of September 30, 2025 (in brackets as of September 30, 2024) Source: Company information Net sales area (’000 m2) No. of stores Network expansion to date Network expansion – higher number of stores and geographic composition POLAND 7.8 (6.8) 4 511 628 775 977 1,218 1,473 1,815 2,156 2,406 2,688 2,933 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 9.2025 472 848 948 1,061 1,160192 295 710238 376 573 17.2 (16.0) 11.1 (10.1) 19.2 (17.3) 12.7 (11.5) 10.8 (10.0) 12.4 (10.8) 11.2 (9.8) 5.0 (4.1) 4.4 (3.8) 4.5 (4.0) 2.4 (2.0) 10.3 (9.0) 4.4 (2.4) 4.9 (3.0) 8.2 (6.0) 1.5 (0.7) ≤ 13.0≤ 10.0≤ 7.0 > 13.0≤ 3.0
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Investments in renewable energy sources 5 Dino stores are equipped with their own photovoltaic installations (+298 in 1Q-3Q 2025) total capacity of the PV panels of electricity generated by Dino from the sun in 1Q-3Q 2025 (vs. 78 GWh in 1Q-3Q 2024) ~54 thousand tons of CO 2 less in 1Q-3Q 20251 Solar energy is powering Dino stores (recap of 1Q-3Q 2025) 2,774 113 MW 92 GWh 1) calculated on the basis of the electricity emissions ratio in Poland for end users in 2023 as published by the National Center for Emissions Management (KOBiZE) 5
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Growth of LFL sales 6 6 Other food1 47.3% Non-food 11.7% Sales mix Product split by revenue (1Q-3Q 2025) Fresh food 41.0% Source: Company information, Central Office of Statistics (GUS) (1) inter alia children’s food, breakfast products, ready to eat meals, beverages, candies, snacks, frozen goods, processed goods, oils, grain and bulk products, condiments and alcohol and cigarettes Inflation in Poland % Food inflation in Poland % Dino’s LFL sales growth 17.2% 5.3% 20.6% 4.9% 4.7% FY 2023 FY 2024 1Q-3Q 2024 1Q-3Q 2025 1Q-3Q 2023 3.6 13.2 3.3 4.0 3.3 18.0 2.8 5.3 11.4 15.1
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21,522 24,738 1Q-3Q 2024 1Q-3Q 2025 6,671 7,243 7,607 7,752 7,354 8,623 8,761 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 7 High revenue growth 7 Revenues (PLNm) Source: Company financial statements +15.2% y-o-y
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7.8% 7.8%7.4% 7.2% 8.9% 8.1% 7.2% 7.5% 8.6% 397.5 421.7 567.8 521.2 414.1 527.7 622.1 94.6 98.9 105.5 110.2 118.2 122.8 127.9 492.1 520.6 673.4 631.4 532.3 650.5 750.0 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 EBIT D&A 1,387.1 1,564.0 299.0 368.9 1,686.1 1,932.8 1Q-3Q 2024 1Q-3Q 2025 EBIT D&A 8 Consistent growth in EBITDA result (EBITDA PLNm) 8 EBITDA margin Source: Company financial statements +11.4% y-o-y
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1Q-3Q 2025: EBITDA bridge 9 (PLNm) 1,686.1 1,387.1 1,564.0 1,932.8 299.0 207.3 156.1 (189.7) (0.3) 3.4 368.9 9M 2024 EBITDA 9M 2024 D&A 9M 2024 EBIT Δ Sale at a constant margin Δ Costs of sale Δ Sale and marketing costs Δ G&A Δ Other operating income/expenses 9M 2025 EBIT 9M 2025 D&A 9M 2025 EBITDA + PLN 247 million +14.6% 7.8% 7.8%
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10 Operating cash flow Capex2 (PLNm) Source: Company financial statements (1) Net interest expense, tax expense, change in accruals and provisions, investment activity gains and other adjustments (2) Capex is presented as cash flow from the purchase of items of property, plant and equipment, intangible assets and subsidiaries OCF structure (PLNm) Capex as % of EBITDACapex Profit before tax D&A Change in WC Other1 1,446 1,173 1,605 1,173 1,576 2022 2023 2024 1Q-3Q 2024 1Q-3Q 2025 79% 53% 70% 82%69% 1,401 1,739 1,794 1,299 1,473 300 357 409 299 369 ( 392) ( 221) 646 345 ( 50) ( 57) ( 103) ( 292) ( 255) ( 184) 1,253 1,772 2,557 1,688 1,607 2022 2023 2024 1Q-3Q 2024 1Q-3Q 2025
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11 Balance sheet Source: Company financial statements (1) Net debt to EBITDA defined as net debt divided by EBITDA for the last twelve months (2) Interest coverage ratio defined as EBIT divided by financial expenses for the last twelve months Net debt / EBITDA(1) Interest coverage ratio(2) 0.76x 0.43x 0.08x 0.25x 0.11x 2022 2023 2024 3Q 2024 3Q 2025 10.9x 12.7x 15.7x 16.5x 2022 2023 2024 3Q 2025
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2016 2017 2018 2019 2020 2021 2022 2023 2024 2025e 2026e 2027e 2028e 2029e 2030e 12 LFL sales growth Profitability 4.7% LFL sales growth in 1Q-3Q 2025 Strategy update 2 3 Source: Company information 0.0 pp EBITDA margin change in 1Q-3Q 2025 y-o-y Organic store roll-out11 628 stores 977 stores (202 openings) 1,218 stores (243 openings) 775 stores (147 openings) 1,473 stores (255 openings) 1,815 stores (343 openings) 2,406 stores (250 openings) 2,156 stores (344 openings) 9m: 2,933 stores (245 openings) 2,688 stores (283 openings)
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Contact information Grzegorz Uraziński Head of Investor Relations grzegorz.urazinski@marketdino.pl +48 695 234 561 ul. Ostrowska 122 63-700 Krotoszyn Poland 13 http://grupadino.pl