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Eurocash GroupStrategy 2026–27 execution update and H1/Q2 2026 Results27 August 2026
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Eurocash Group Q2/H1 2026 Highlights Q2 2026 ADJUSTED EBITDAPLN 251mReported Q2 2026: PLN 202mvs Q2 2025 of 229.5mSAVINGS SECUREDPLN 279mPLN 200m delivered; PLN 79m in active implementation / out of PLN 400m plannedADJUSTED OPERATING CASH FLOWPLN 343mAdjusted for PLN 30m of restructuring-related cash outflows; vs PLN 242.9m in Q2 2025ADJUSTED NET DEBT / EBITDA1.6xvs 1.8x at the end of Q1 2026STRATEGY EXECUTION•Initiatives representing 69% of the PLN 400m savings target have either been delivered or are in active implementation, corresponding to PLN 279m of annualised EBIT impact.SALES•Overall salesimpacted by deflation (PLN 126m), wholesale market performance (PLN 430m), but also, management actions related to the implementation of the strategy and one-offs (PLN 100m).SEGMENTS•Retail:underlying profitability improved following accelerated store closures and franchise conversions.•Wholesale:performance was temporarily affected by the strategy implementation, including customer-portfolio optimization.•Growth Platforms:Frisco maintained double-digit growth and turned EBITDA-positive.PROFITABILITY & CASH•Adjusted EBITDA amounted to PLN 251m, excluding one-off items related to the Group’s restructuring process that reduced reported EBITDA by PLN 49m.•Adjusted operating cash flow of PLN 343m,supported by improved net working capital.•Adjusted Net Debt/EBITDA decreased to 1.6x, from 1.8x at the end of Q1 2026.MARKET CONTEXT•Market growth slowed to 0.5% y/yin Q2 2026 (1.6% y/y in H1), from 5.9% a year earlier, reflecting accelerating disinflation and weaker LfL performance.•Deflationsignificantly weighed on several key Eurocash categories, including fresh, fats (PLN 126m impact on sales).•LfL sales across our franchise banners broadly tracked market trends, supporting the strategic shift towards a franchise-led model.Eurocash Group | Q2 & H1 2026 Results 2
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2026–27 Strategy ExecutionEurocash Group | Q2 & H1 2026 Results 3
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We Aim to Deliver a Fourfold Increase in EBIT Value over the Next Two Years, Reaching PLN 600m EBIT by 2027Financial milestones to achieve PLN 600m pre-IFRS EBIT PLN 160m¹2025+PLN 200m²HQ & Channel Optimization+PLN 100m²Logistics Optimization1+PLN 100m²Own Store RestructuringFranchise Growth (LFLs, expansion, loyalty)2New Revenue Streams (e.g. Retail Media, Private Label, Fresh)3PLN 600m³202741 COST SAVINGSPLN 400m²Total PLN reduction through strategic restructuring initiatives2 FRANCHISE LFL GROWTHLow Single DigitDriven by price and promo programs, assortment improvements, and local execution excellence2 NET STORE EXPANSION1,000+²In 2026–2027 across formats through franchisee recruitment3 NEW EBIT POOLPLN 70m²Based on retail media, data monetization, services revenue not dependent on product sales4 EBIT TARGETPLN 600m³Ambitious goal driving our strategy and operational focusAmbitious goal driving our strategy and operational focusEurocash Group | Q2 & H1 2026 Results 41) Value excluding IFRS 16 and restructuring impairments; 2) Based on Company estimates; 3) 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. Source: Eurocash internals, Eurocash analysis.
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Key Group Restructuring Milestones DeliveredOne organisation, one operating model — key changes delivered across the Group EFFECTAFTERBEFOREAREACa. 35% reduction in buying headcount, reduced organizational duplicationOne Group-wide Buying Organization consolidating supplier negotiations, governance, category responsibilities5 different buying departments across business units and retail banners (ECD, ECC, DC, DB, ECSP)1 Buying20% reduction in operational FTEs; increased organizational effectiveness, a leaner management structureOne common operating model with standardized processes, clear accountability and centralized operational support5 different operational structures across business units, duplicated processes and management layers (WH, DC, DB, FW, ECSP)2 Operations5 distribution centres closed (4 in 2026, 1 in 2025); with fixed costs and FTEs reduced, rental outstanding10 logistics warehouses – a rightsized network aligned with regional demand and required service levels15 logistics warehouses – a dense logistics footprint with overlapping warehouse coverage3 Logistics20–25% reduction in unique SKU count; improved picking productivity and reduced operational personnel costsLong-tail assortment reduced to avg. 10,800 SKUs per warehouse, supporting higher picking productivity and lower operating complexityWide assortment with 13,000 SKUs per warehouse, creating a significant long-tail complexity4 Assortment (SKU)One consumer voice and a consistent Group-wide category strategyOne integrated Consumer & Category function driving Group-wide category strategy and consumer agendaNo centralized Consumer Department – marketing and category management capabilities dispersed across 5 BUs (WH, DC, DB, ECSP, FW)5 ConsumerPLN 118m in overhead savings; ~30% reduction in support function headcount with 600 out of 2100 positions already eliminatedOne Group Head Office operating under a common governance model6 separate head offices (WH, DC, ECSP, FW, DB) with overlapping management and support functions6 Head Office50% increase in FTEs, one streamlined process covering the entire banner portfolioOne integrated expansion platform leveraging common market intelligence and site-selection capabilities4 different expansion teams (WH, ECSP, DC, DB) pursuing network growth independently7 Expansion~73% of closure programme completed; PLN ~80m EBITDA uplift deliveredOwned-store footprint significantly reduced through transfers to franchisees (53 completed in 2026) and the closure of structurally underperforming locations (69 in 2025 and 106 in 2026 to date)330 stores identified to transfer or closure due to structurally underperforming and fragmented economics across the network8 Own retail stores operationsPLN 22m in cost reduction delivered, while retaining ~60–70% of sales recovery through customer migration to the distribution channel14 unprofitable locations closed out of 16 planned for 2026 (Jan–Jul 26), rightsized C&C network, further optimisation is planned for 2027 (23 identified for closure)167 C&C stores including low-productivity locations9 Cash&CarryoptimisationEurocash Group | Q2 & H1 2026 Results 5
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Transformation Ahead of Plan: PLN 279m Secured, Including PLN 200m Delivered and 79m in Active ImplementationH1 2026 savings exceeded plan, supported by accelerated workforce reduction and own-store restructuring SAVINGS DELIVERY•All major strategic initiatives launched on schedule; H1 2026 savings delivery ahead of plan.•Realised P&L savings reached PLN 56m in H1 2026, PLN 4m above plan, securing c. PLN 200m of annualised run-rate savings. A further PLN 79m is in active implementation, with management confident in delivery on schedule.KEY EXECUTION MILESTONES IN H1 2026•659 employment contracts terminated— 93% of the 707 reductions scheduled for FY2026.•4 distribution centres closed— fully delivering the FY2026 target.•105 Delikatesy Centrum stores closed (70 in Q2)— 31 ahead of plan; 73% of the FY2026 target of 144.•53 stores transferred to franchise partners (49 in Q2)— in line with plan; 37% of the FY2026 target of 145.•12 Cash & Carry stores closed in H1 (+2 in July)— 14 of the 16 scheduled for FY2026.Annualised savings secured vs 2027 target (PLNm)400m121m (30%)79m (20%)200m (50%)2026Eurocash Group | Q2 & H1 2026 Results 6
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Q2 & H1 2026 Results UpdateEurocash Group | Q2 & H1 2026 Results 7
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Q2 2026: Eurocash Banners Gained Share within WRM Despite Weaker Market Dynamics •Total market growth slowed to 0.5% y/y in Q2 2026 (1.6% y/y in H1 2026), from 5.9% y/y a year earlier, reflecting accelerating disinflation and weaker LfL performance across the market.•Convenience remained the strongest-performing channel, growing by 3.3% y/y in Q2 2026 (3.6% y/y in H1 2026), followed by discounters at 2.4% y/y (4.1% y/y), while hypermarkets returned to decline at −6.5% y/y (−2.7% y/y).•The Eurocash Wholesale Relevant Market (WRM) contracted by 7.6% y/y in Q2 2026 (−6.0% y/y in H1 2026), driven by store closures and negative LfL trends, compounded by changing consumer behaviour, alcohol excise tax increases and DRS implementation.•Eurocash soft-franchise banners continued to outperform the declining WRM:their share of the total market decreased by only 0.9pp between Q2 2024 and Q2 2026, compared with a 4.7pp contraction in theWRM, increasing their implied share of the WRM by +2.5pp since Q2 2024.Q2 Market Growth by Channel (% y/y)5,9%6,6%11,5%2,5%3,1%−3,4%0,5%−6,5%2,4%−1,8%3,3%−7,6%Total market Hypermarkets Discounters Supermarkets Convenience WRM2Q252Q26Eurocash Soft-Franchise Banners Continue to Gain Share within WRM (% of total market)29,6%27,0%24,9%2Q24 2Q25 2Q26ABCEurosklepGroszekPSD GamaLewiatan G9Duży BenDelikatesy CentrumShare of WRM in Total Market9.8% 9.6% 8.9%EC Share of WRM:33.2% → 35.7%Eurocash Group | Q2 & H1 2026 Results 8Source: Eurocash based on CMR Panel.
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Q2 2026: Franchise Banners Broadly Tracked the MarketEurocash Franchise Chains – LFLs in 2Q26 (%) −1,7%−0,6%−1,9%−0,3%−1,3%−3,0%-4%-3%-2%-1%1% DC franchise Groszek Euro Sklep ABC Lewiatan Gama READING THE LFLs•Franchise-banner LfL sales ranged from −0.3% to −3.0% in Q2 2026, broadly reflecting weaker market dynamics and deflationary pressure in fresh categories, to which proximity formats have relatively higher exposure.•DC franchise stores significantly outperformed the own-store portfolio, recording LfL sales of −1.7% y/y. Eurocash Group | Q2 & H1 2026 Results 9
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Q2 2026: Eurocash Group Segments and Business Units •Wholesale:sales decreased by 7.5% y/y, as stable EC Service sales (+0.3% y/y) were more than offset by declines in EC Distribution (–16.2% y/y) and Cash & Carry (–13.6% y/y, with LFLs at −10.9%).•Retail:sales declined by 14.5% y/y, primarily reflecting the continued optimisation of the company-owned store network, where sales decreased by 29.7% y/y. Sales declined by 3.8% in JV formats, -10.9% in DC Franchise and -6.8% in Arhelan.•Growth Platforms:sales increased by 1.6% y/y, as continued growth at Frisco (+11.0% y/y) more than offset weaker sales at Duży Ben (–9.9% y/y).Wholesale Sales (PLNm)−7.5%2 8682 8761 8451 5471 07693090842Q25 2Q26EC ServiceEC DistributionCash&CarryOther5,879 5,436Retail Sales (PLNm)−14.5%6345645103593733591941812Q25 2Q26DC FranchiseDC ownJVsArhelan1,7101,462Growth Platforms (PLNm)+1.6%154171117105762Q25 2Q26FriscoDuży BenOther277282 Format deltas y/y — Wholesale: EC Service +0.3%, EC Distribution −16.2%, Cash&Carry −13.6%, Other −7.2%. Retail: DC Franchise −10.9%, DC own −29.7%, JVs −3.8%, Arhelan −6.8%. Growth: Frisco +11.0%, Duży Ben −9.9%.Eurocash Group | Q2 & H1 2026 Results 10-10.9%-3.8%-6.8%-29.7%0.3%-16.2%-13.6%11.0%-9.9%
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H1 2026: New Strategy Focused on a Sustainable Franchise Core •In 1H26, sales to Eurocash core franchise clients(ABC, Delikatesy Centrum Franchise, Euro Sklep, Groszek, Lewiatan and PSD) declined by just 1.3% y/y (blended).•Delikatesy Centrum own-store sales declined by 24.4% y/y, mainly reflecting franchise conversions and store closures implemented as part of the ongoing restructuring programme –based on strategic decision.•Eurocash’s sales to independent customers decreased by 35% y/y, driven primarily by the strategic optimisation of the independent customer portfolio – based on strategic decision.• Eurocash’s strategy focuses on strengthening its stable and profitable Franchise “core”, while retaining approximately 50% of selected independent customersas a potential pipeline for future franchise conversion.Core Franchise Partner Wholesale SalesH1 2025 vs H1 2026 (PLNbn)4.74.61H25 1H26−1.3%Independent Customer Wholesale SalesH1 2025 vs H1 2026 (PLNbn)1.40.91H25 1H26−35%Eurocash Group | Q2 & H1 2026 Results 11
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H1 2026 Sales Bridge: ~59% of the Decline Is Deliberate Management ActionEC Group sales by market effects and management decisions, H1 2025 → H1 2026 (mPLN) MANAGEMENT DECISIONS (−533m)• Closure of unprofitable Delikatesy own stores (−169m) — retail exit per strategy.• One-off supplier negotations in Q2 (−100m).• Client segmentation of low-margin independent clients (−144m).• SKU rationalisation (−120m) — assortment reset.MARKET (−556m)Deflation −126m; wholesale market volume decline, related to a decline in the number of TT PoS −430m — in line with the shrinking Wholesale Relevant Market.GROWTH (+188m)ECS +177m and Frisco +42m continue to grow through the transition (other effects & BUs −31m).14 760 H1 2025 −169 Delikatesy own- stores closures −100 Supplier negotiations (one-off) −144 Client segmentation −120 SKU reduction −126 Deflation −430 Wholesale market decline +177 ECS +42 Frisco −31 Other effects & BUs 13 859 H1 2026 mPLNManagement decisions: −533m (59% of the bridge)−6.1% y/y Management decisionsMarket & deflationGrowth platformsTotalsEurocash Group | Q2 & H1 2026 Results 12
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A V-Shape Margin Trajectory: Contribution Margin Recovered from the April Disruption, Returning Close to Prior-Year Levels by JuneIntegrated One Firm – monthly contribution margin for the core franchise business (%) Jan Feb Mar Apr May Jun H120252026Δ y/y (p.p.)+0.07−0.38−0.93 −1.54−0.85−0.09−0.54 THE V-SHAPE TELLS THE STORY• The contribution margin reached its trough in April, at 1.54pp below the prior-year level, reflecting temporary effects related to the commercial integration, including assortment changes and availability gaps.• Recovery was rapid, with the year-on-year gap narrowing to 0.85pp in May and only 0.09pp in June. • The June contribution margin was broadly in line with the prior-year level, supporting management’s assessment that the effect was temporary rather than structural.• PLN 36.4m of the H1 (PLN 25m in Q2) shortfall was attributable to one-off effects related to the commercial integration.• Additionally, the closure of company-owned stores reduced contribution margin by PLN 20m.Eurocash Group | Q2 & H1 2026 Results 13
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Q2 2026: Wholesale Transformation Weighed on EBITDA, Partly Offset by Retail and Central-Cost Improvements •Reported EBITDA (post-IFRS 16) declined by 12.2% y/y to PLN 202m, reflecting the Wholesale business model transition and strategy implementation in 2Q as well as continued pressure at Duży Ben. This was partially offset in the Projects Segment by improvement EBITDA at Frisco, an underlying improvement in Retail and lower costs in the Other Segment. The result included a PLN 59m IFRS impact.•Wholesale: EBITDA declined by PLN 111m y/y.Approximately 40% of the decline reflected the strategic reduction in sales to independent customers, while the remainder was primarily driven by temporary gross margin disruption during the integration of buying organizations and a c. 30% workforce reduction. Performance normalized towards the end of the quarter, although fixed-cost savings will materialize with a lag.•Retail: EBITDA improved by PLN 77m y/y,including a PLN 59m one-off IFRS 16 gain resulting from the faster-than-anticipated reduction in lease liabilities following accelerated store closures. These actions are expected to generate c. PLN 110m of cumulative rental savings in future periods, equivalent to c. PLN 6m per quarter. Excluding the one-off gain, EBITDA improved by PLN 18m, with the initial benefits from store closures and franchise conversions becoming visible.•Growth Platforms:EBITDA declined by PLN 5m y/y. Frisco improved EBITDA by PLN 3.6m y/y and remains on track to reach break-even in 2026, while Duży Ben was hit by a continuous weakness in the alcohol categories, EBITDA declined by PLN 7.3m.•Other:EBITDA improved by PLN 11m y/y, reflecting organizational streamlining and lower Central Head Office costs.Reported EBITDA (post-IFRS 16) by segment (PLNm)−12.2%2302Q25−111WH+77Retail−5Projects+11Other2022Q26Reported EBITDA (pre-IFRS 16) by segment (PLNm)−69%1112Q25−109WH+22Retail−5Projects+15Other352Q26Eurocash Group | Q2 & H1 2026 Results 14
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Q2 2026 EBITDA Adjusted for Restructuring-Related One-OffsAdjusted EBITDA excludes restructuring-related one-off items recognised in Q2 2026 and not covered by previously booked provisions 202Reported EBITDA IFRS 16+9Contribution loss from own stores closed in Q2+8Payroll costs for employees serving notice periods+8Other one-offs+25Contribution margin impact of commercial integration (pp)251Adjusted EBITDA IFRS 16PLNmOne-offs booked in 2Q26: +49m Eurocash Group | Q2 & H1 2026 Results 15
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Q2 2026: Continued Cost Optimisation Reflected in Results •Total reported costs decreased by 9.6% y/y (vs 10.1% y/y in Q1), mainly driven by: third-party services – decrease by 16.4% y/y, vast majority of cost reduction associated with own stores closure and logistic optimisation.2Q26 Total Costs Dynamics (PLNm)938791848715Total Costs Costs w/o depreciation2Q252Q26−9.6% −9.6%2Q26 Costs by Type Analysis (PLNm)379317602114364266561613Salaries & Social sec. Third-party services Materials and energy Taxes and fees Other costs2Q252Q26−3.9%−16.4%−6.4%−24.0%−4.3% Eurocash Group | Q2 & H1 2026 Results 16
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Q2 2026: Wholesale Impacted by Ongoing Optimisation, with Tobacco Remaining Resilient Sales by formats (PLNm)1 0762 8681 845905 8799302 8761 547845 436Cash&Carry Eurocash Service Eurocash Distribution Other Wholesale2Q252Q26−13.6%+0.3%−16.2% −7.2% −7.5%Reported EBITDA (IFRS16) (PLNm)246,1135,62Q25 2Q26−44.9% y/y•In 2Q26, wholesale sales declined by PLN 443m y/y (−7.5% y/y), driven by Distribution (PLN −298m), following an unprofitable client portfolio optimisation, and Cash & Carry (PLN −146m), due to ongoing network optimisation (−8 C&C stores y/y; −12 in 1H) and fewer ABC stores served. Eurocash Service remained resilient (PLN +8m).•Reported EBITDA declined by PLN 110.5m y/y (−44.9% y/y) to PLN 135.6m, reflecting lower sales (c. 40% of the decline), temporary gross margin effect (c. 45%), a higher share of lower-margin tobacco sales, and weaker performance in foodservice. EBITDA pre-IFRS16 declined by PLN 109m y/y to PLN 87.9m from PLN 196.6m in 2Q25.Eurocash Group | Q2 & H1 2026 Results 17
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Q2 2026: Retail Segment – Portfolio Optimisation Reduced Retail Sales but Improved Underlying Profitability Sales by formats (PLNm)6348821941 7105647261811 462Delikatesy Centrum Franchise Supermarkets Own + Partners Arhelan Retail2Q252Q26−10.9% −18.7% −6.8% −14.5%Reported EBITDA (IFRS16) (PLNm)97,1173,82Q25 2Q26+79.0% y/y•In 2Q26, retail sales declined by PLN 248m y/y (−14.5% y/y), driven by the closure of unprofitable own supermarkets (70 stores closed in the Q2 2026; 105 in H1 2026; −136 stores y/y), alongside further optimisation of the Delikatesy Centrum Franchise business (35 stores less y/y). Arhelan remained flat y/y.•Reported EBITDA margin increased by 6.2pp to 11.9% (PLN 174m) vs. 5.7% (PLN 97m) a year ago.Retail EBITDA improved by PLN 77m y/y, including a PLN 59m one-off IFRS impact. Excluding this item, EBITDA improved by PLN 18m y/y, with the first benefits from store closures and franchise conversions becoming visible. EBITDA pre-IFRS16 increased to PLN 66m from PLN 43m a year ago (PLN +23m y/y).Eurocash Group | Q2 & H1 2026 Results 18
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Q2 2026: Growth Platforms Sales Grew 1.6%, While the Segment Remained EBITDA-Positive Despite Duży Ben Pressure Sales bridge by format (PLNm)2772Q25−12Duży Ben+17Frisco−1Other2822Q26+1.6% y/yReported EBITDA (post-IFRS16) (PLNm)7,62,22Q25 2Q26•Segment sales increased by PLN 4.5m, or 1.6% y/y, to PLN 282m, as continued growth in Frisco (+11% y/y) more than offset weaker sales in Duży Ben (−9.9%) and a marginal decline in other activities. •Reported EBITDA remained positive at PLN 2.2m in Q2 2026, compared with PLN 7.6m in Q2 2025.•Frisco EBITDA improved by PLN 3.6m y/y to PLN 1.5m, from a PLN 2.1m loss in Q2 2025, supported by continued sales growth and improving operating leverage. •Duży Ben’s EBITDA loss widened by PLN 7.3m y/y to PLN 11.3m, from PLN 4.0m in Q2 2025, reflecting continued pressure in the alcohol category — compounded by the January 2026 +5% excise increase and the October 2025 deposit-return (DRS) launch.• Pre-IFRS16 EBITDA loss widened by PLN 4.7m y/y to PLN 11.8m (7.1m in Q2 2025).Eurocash Group | Q2 & H1 2026 Results 19
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Q2 2026: Frisco Sustained Double-Digit Growth and Turned EBITDA-Positive, While Duży Ben Remained Under Pressure Frisco Sales development (PLNm) 2783844345336191541712021 2022 2023 2024 2025 2Q25 2Q26+11%Sales 2Q26: +11% y/yActive customers: +2% y/y; Orders +9% y/yAverage Basket in 2Q26: +2% y/y to 343 PLNFrisco: double-digit sales growth was driven by higher order frequency and a larger average basket, supported by assortment optimisation, expansion into new product categories and deeper customer penetration.Duży Ben Sales development (PLNm) 1822964114814711171052021 2022 2023 2024 2025 2Q25 2Q26−10%Sales 2Q26: −9.9% y/yLFL 2Q26: −8.9% y/y#388 stores, down 9 y/yDuży Ben: performance remained under pressure due to continued weakness in the alcohol market, particularly in beer, compounded by the ongoing transition towards a franchise-led operating model.Eurocash Group | Q2 & H1 2026 Results 20
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Q2 2026: Healthy Cash Conversion Cycle and Lower Net Financial Expenses Cash conversion cycle (in days)14 14 141615171920 2018−25−27−30−28−29−56−60−64 −64−62-75-50-250252Q25 3Q25 4Q25 1Q26 2Q26ReceivablesInventoryCash ConversionLiabilitiesNet financial expenses (PLNm)−82−55−69 −69−6491415911−72−40−54−60−532Q25 3Q25 4Q25 1Q26 2Q26Financial expensesFinancial incomeNet financial expenses•The Cash Conversion Cycle remained well managed y/y at 29 days,reflecting the company’s continued focus on working capital optimisation.•Net financial expenses declined y/y,supported by lower interest rates and lower sales.Eurocash Group | Q2 & H1 2026 Results 21
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Strong Q2 2026 Cash Generation, with Adjusted Operating Cash Flow Up 43% y/y to PLN 343m Eurocash Group | Q2 & H1 2026 Results 22Note: adjusted operating cash flow excludes PLN 30m of restructuring-related cash outflows recognised in Q2 2026. A PLN 140m inventory release in the core franchise business was partly offset by higher inventories in Eurocash SerwisAdjusted operating cash flow, Q2 2025 vs Q2 2026 (PLNm)2433432Q25 2Q26+41.2% y/y
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Q2 2026: Decreased Sales in Q2 Impacted Net Debt / EBITDA Net debt/EBITDA (before IFRS16) (PLNm)adjusted: 1.8x → 1.6x415407132140653683092336405002Q25 3Q25 4Q25 1Q26 2Q260.89x0.76x1.77x4.57x7.69x1.8x1.6x12M reported EBITDANet debtND/EBITDA (reported)ND/EBITDA (adjusted) Net debt/EBITDA (after IFRS16) (PLNm)adjusted: 2.3x → 2.4x9309255675655372 3762 2531 9612 3171 9622Q25 3Q25 4Q25 1Q26 2Q262.55x2.44x3.46x4.10x3.65x2.3x2.4x12M reported EBITDANet debtND/EBITDA (reported)ND/EBITDA (adjusted)•Net Debt/EBITDA (before IFRS16) adjusted for restructuring provisions and one-offs improved to 1.6x (from 1.8x in 1Q26).• Net debt / EBITDA after IFRS16 adjusted for restructuring provisions and one-offs remained stable at 2.4x. • Net debt pre-IFRS decreased to PLN 500m, while post-IFRS16 net debt also decreased to PLN 1,962m.Eurocash Group | Q2 & H1 2026 Results 23Net debt (pre-IFRS16) = loans & borrowings + other financial liabilities + finance leases − cash, incl. held-for-sale; post-IFRS16 adds capitalised operating leases.
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Q2 2026: Financials (under IFRS16) Change %*Q2 2026Q2 2025PLN million−8.68%7,202.277,886.48Revenue from sale of products, goods and materials−16.13%849.281,012.67Gross profit on sales−1.05 p.p.11.79%12.84%Gross profitability on sales+9.20%250.60229.54Adjusted EBITDA IFRS 16−12.17%201.60229.54Reported EBITDA IFRS 16−0.11 p.p.2.80%2.91%(EBITDA IFRS 16 margin %)−17.57%67.9482.41Reported EBIT IFRS 16−0.1 p.p.0.94%1.05%(EBIT IFRS 16 margin %)+53.4%14.829.66EBT+400.2%10.292.06Net profit from continued operationsn.m.−3.54−6.42Discontinued operationsn.m.6.75−4.36Net profit+0.15 p.p.0.09%−0.05%(Net profit margin %)Eurocash Group | Q2 & H1 2026 Results 24* Change calculated on unrounded figures. n.m. = not meaningful.
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H1 2026: Financials (under IFRS16) Change %*H1 2026H1 2025PLN million−6.11%13,859.0714,760.26Revenue from sale of products, goods and materials−12.24%1,713.681,952.43Gross profit on sales−0.86 p.p.12.37%13.23%Gross profitability on sales+9.34%383.41350.65Adjusted EBITDA IFRS 16−7.88%323.01350.65Reported EBITDA IFRS 16−0.04 p.p.2.33%2.38%(EBITDA IFRS 16 margin %)+5.08%56.2653.54Reported EBIT IFRS 16+0.05 p.p.0.41%0.36%(EBIT IFRS 16 margin %)n.m.−56.72−81.24EBTn.m.−72.52−80.05Net profit from continued operationsn.m.−10.13−11.45Net profit from discontinued operationsn.m.−82.64−91.50Net profit+0.02 p.p.−0.60%−0.62%(Net profit margin %)Eurocash Group | Q2 & H1 2026 Results 25* Change calculated on unrounded figures. n.m. = not meaningful.
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Q&AEurocash Group | Q2 & H1 2026 Results 27
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Thank youEurocash Group | Q2 & H1 2026 Results 28