Interim report
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INTERIM CONDENSED CONSOLIDATED REPORT OF THE CCC GROUP FOR THE THREE MONTHS from 1 February to 30 April 2025
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INTERIM CONDENSED CONSOLIDATED REPORT OF THE CCC GROUP for the three months from 1 February to 30 April 2025 (all amounts in PLN million unless stated otherwise) 2 SELECTED FINANCIAL AND OPERATING DATA OF THE CCC GROUP Selected financial data from the consolidated statement of comprehensive income PLN MILLION EUR MILLION 1 Feb–30 Apr 2025 1 Feb–30 Apr 2024 1 Feb–30 Apr 2025 1 Feb–30 Apr 2024 unaudited, unreviewed unaudited, unreviewed unaudited, unreviewed unaudited, unreviewed Revenue 2,345.7 2,261.3 557.6 524.3 CCC 1,037.6 950.7 246.7 220.4 HalfPrice 442.7 370.8 105.2 86.0 eobuwie 667.6 703.1 158.7 163.0 MODIVO 197.8 220.0 47.0 51.0 DeeZee − 16.7 − 3.9 Gross profit 1,184.6 1,162.8 281.6 269.6 Gross margin 51% 51% 51% 51% Operating profit (loss) 215.5 150.6 51.2 34.9 Segment profit (EBITDA) 377.0 300.5 89.6 69.7 CCC 214.7 196.0 51.0 45.4 HalfPrice 70.1 69.1 16.7 16.0 eobuwie 75.9 33.4 18.0 7.7 MODIVO 19.1 2.0 4.5 0.5 DeeZee -2.8 – -0.7 – Profit (loss) before tax 78.1 46.8 18.6 10.8 Net profit (loss) 93.2 50.5 22.2 11.7 Selected financial data from the consolidated statement of financial position PLN MILLION EUR MILLION 30 Apr 2025 31 Jan 2025 30 Apr 2025 31 Jan 2025 unaudited, unreviewed audited unaudited, unreviewed audited Non-current assets 4,508.9 4,345.7 1,054.0 1,031.5 Current assets, including: 5,122.1 4,706.2 1,197.4 1,117.1 Inventories 3,862.4 3,579.0 902.9 849.5 Cash 450.4 461.2 105.3 109.5 Total assets 9,631.0 9,051.9 2,251.4 2,148.6 Non-current liabilities, including: 2,493.0 3,057.9 582.8 725.8 Bank borrowings and bonds 962.4 1,572.0 225.0 373.1 Lease liabilities 1,449.5 1,406.4 338.8 333.8 Current liabilities, including: 4,814.8 4,058.1 1,125.5 963.2 Bank borrowings and bonds 1,036.2 324.7 242.2 77.1 Trade and other payables 2,585.2 2,515.8 604.3 597.2 Total liabilities 7,307.8 7,116.0 1,708.3 1,689.1 Equity 2,323.2 1,935.9 543.1 459.5 Selected financial data from the consolidated statement of cash flows PLN MILLION EUR MILLION 1 Feb–30 Apr 2025 1 Feb–30 Apr 2024 1 Feb–31 Oct 2024 1 Feb–31 Oct 2023 unaudited, unreviewed unaudited, unreviewed unaudited, unreviewed unaudited, unreviewed Net cash flows from operating activities 6.3 228.4 1.5 52.9 Net cash flows from investing activities -215.6 -61.8 -51.3 -14.3 Net cash flows from financing activities 198.5 -37.6 47.2 -8.7 Total cash flows -10.8 129.0 -2.6 29.9 Capital expenditure -221.8 -79.7 -52.7 -18.5
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INTERIM CONDENSED CONSOLIDATED REPORT OF THE CCC GROUP for the three months from 1 February to 30 April 2025 (all amounts in PLN million unless stated otherwise) 3 Operating data 30 Apr 2025 31 Jan 2025 unaudited, unreviewed audited Number of stores 1,082 1,038 Retail space (thousand m2) 890.9 856.2 Number of markets with digital sales 19 19 Selected data from the interim condensed consolidated statement of comprehensive income, interim condensed consolidated statement of financial position and interim condensed consolidated statement of cash flows were translated into the euro using the meth od specified below: 1) individual items of assets, equity and liabilities in the interim condensed consolidated statement of financial position were translated at the exchange rate effective on the last day of the reporting period: − the exchange rate as at 30 April 2025 was EUR 1 = PLN 4.2778; − the exchange rate as at 31 January 2025 was EUR 1 = PLN 4.2130; 2) individual items of the interim condensed consolidated statement of comprehensive income and the interim condensed consolidated statement of cash flows were translated at exchange rates representing the arithmetic mean of the exchange rates quoted by the National Bank of Poland for the euro in effect on the last day of each month in a given reporting period: − in the period 1 February–30 April 2025, the average exchange rate was EUR 1 = PLN 4.2064 − in the period 1 February–30 April 2024, the average exchange rate was EUR 1 = PLN 4.3137 The amounts were translated at the exchange rates specified above by dividing amounts expressed in millions of the zloty by t he exchange rate.
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INTERIM CONDENSED CONSOLIDATED REPORT OF THE CCC GROUP for the three months from 1 February to 30 April 2025 (all amounts in PLN million unless stated otherwise) 4 TABLE OF CONTENTS INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ................................ ................................ ................................ ................................ 5 INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME ................................ ................................ ................................ ..... 6 INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION ................................ ................................ ................................ ............... 7 INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS ................................ ................................ ................................ ............................... 8 INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY ................................ ................................ ................................ ................ 9 1. GENERAL INFORMATION ................................ ................................ ................................ ................................ ................................ ................................ ........ 10 2. SEGMENTS AND REVENUE ................................ ................................ ................................ ................................ ................................ ................................ ...... 18 3. NOTES TO THE INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME ................................ ........................ 21 3.1. COSTS BY NATURE OF EXPENSE ................................ ................................ ................................ ................................ ................................ ......... 21 3.2. OTHER INCOME AND OTHER EXPENSES, FINANCE INCOME AND FINANCE COSTS ................................ ................................ ....... 21 4. DEBT; CAPITAL AND LIQUIDITY MANAGEMENT ................................ ................................ ................................ ................................ .............................. 23 4.1. CAPITAL MANAGEMENT ................................ ................................ ................................ ................................ ................................ ....................... 23 4.2. BANK BORROWINGS AND BONDS ................................ ................................ ................................ ................................ ................................ .... 23 4.3. CONTRACTUAL MATURITIES OF FINANCIAL LIABILITIES................................ ................................ ................................ ............................ 25 5. NOTES TO THE INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION ................................ ................................ .. 26 5.1. PROVISIONS................................ ................................ ................................ ................................ ................................ ................................ ............... 26 5.2. DEFERRED TAX ASSETS AND LIABILITIES ................................ ................................ ................................ ................................ ......................... 27 5.3. CHANGE IN IMPAIRMENT LOSSES/WRITE-DOWNS ON ASSETS AND IN LOSS ALLOWANCES ................................ .................... 28 6. OTHER ................................ ................................ ................................ ................................ ................................ ................................ ................................ ............ 28 6.1. FINANCIAL INSTRUMENTS ................................ ................................ ................................ ................................ ................................ ................... 28 6.2. RELATED-PARTY TRANSACTIONS ................................ ................................ ................................ ................................ ................................ ...... 29 6.3. SHARE-BASED PAYMENTS ................................ ................................ ................................ ................................ ................................ .................... 29 7. EVENTS AFTER THE REPORTING DATE ................................ ................................ ................................ ................................ ................................ ................ 30 INTERIM CONDENSED SEPARATE FINANCIAL STATEMENTS .................................................................................................................. 32 INTERIM CONDENSED SEPARATE STATEMENT OF COMPREHENSIVE INCOME ................................ ................................ ................................ ............... 33 INTERIM CONDENSED SEPARATE STATEMENT OF FINANCIAL POSITION ................................ ................................ ................................ ......................... 34 INTERIM CONDENSED SEPARATE STATEMENT OF CASH FLOWS ................................ ................................ ................................ ................................ ......... 35 INTERIM CONDENSED SEPARATE STATEMENT OF CHANGES IN EQUITY ................................ ................................ ................................ .......................... 36 8. GENERAL INFORMATION ................................ ................................ ................................ ................................ ................................ ................................ ........ 37 9. SEGMENTS ................................ ................................ ................................ ................................ ................................ ................................ ................................ .... 42 10. NOTES TO THE INTERIM CONDENSED SEPARATE STATEMENT OF COMPREHENSIVE INCOME ................................ .............................. 43 10.1. COSTS BY NATURE OF EXPENSE ................................ ................................ ................................ ................................ ................................ ......... 43 10.2. OTHER INCOME AND OTHER EXPENSES, FINANCE INCOME AND FINANCE COSTS ................................ ................................ ....... 43 11. DEBT, CAPITAL AND LIQUIDITY MANAGEMENT................................ ................................ ................................ ................................ ........................ 44 11.1. CAPITAL MANAGEMENT ................................ ................................ ................................ ................................ ................................ ....................... 44 11.2. LIABILITIES UNDER BORROWINGS AND BONDS ................................ ................................ ................................ ................................ .......... 45 11.3. CONTRACTUAL MATURITIES ................................ ................................ ................................ ................................ ................................ ................ 46 12. NOTES TO THE INTERIM CONDENSED SEPARATE STATEMENT OF FINANCIAL POSITION ................................ ................................ ........ 46 12.1. PROVISIONS................................ ................................ ................................ ................................ ................................ ................................ ............... 46 12.2. CHANGE IN IMPAIRMENT LOSSES/WRITE-DOWNS ON ASSETS AND IN LOSS ALLOWANCES ................................ .................... 47 12.3. DEFERRED TAX ASSETS AND LIABILITIES ................................ ................................ ................................ ................................ ......................... 47 13. OTHER NOTES ................................ ................................ ................................ ................................ ................................ ................................ ....................... 48 13.1. FINANCIAL INSTRUMENTS ................................ ................................ ................................ ................................ ................................ ................... 48 13.2. RELATED-PARTY TRANSACTIONS ................................ ................................ ................................ ................................ ................................ ...... 49 13.3. SHARE-BASED PAYMENTS ................................ ................................ ................................ ................................ ................................ .................... 49 14. EVENTS AFTER THE REPORTING DATE ................................ ................................ ................................ ................................ ................................ .......... 50 INTERIM CONDENSED CONSOLIDATED DIRECTORS’ REPORT ON THE OPERATIONS OF THE CCC GROUP ..................................... 51 15. BUSINESS OF THE CCC GROUP ................................ ................................ ................................ ................................ ................................ ....................... 53 16. FACTORS AND EVENTS WITH BEARING ON THE PERFORMANCE OF THE CCC GROUP ................................ ................................ ............. 54 17. ANALYSIS OF SELECTED FINANCIAL AND OPERATING DATA OF THE CCC GROUP ................................ ................................ ..................... 58 17.1 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (SUMMARY OF KEY ITEMS) ................................ ................................ .. 58 17.2 CONSOLIDATED STATEMENT OF FINANCIAL POSITION (SUMMARY OF KEY ITEMS) ................................ ................................ ............ 63 17.3 CONSOLIDATED STATEMENT OF CASH FLOWS (SUMMARY OF KEY ITEMS) ................................ ................................ ............................ 64 17.4 RATIOS ................................ ................................ ................................ ................................ ................................ ................................ ............................... 64 18. COVENANTS / FINANCIAL RATIOS................................ ................................ ................................ ................................ ................................ ................. 65 19. SHAREHOLDING STRUCTURE................................ ................................ ................................ ................................ ................................ ........................... 66 20. MANAGEMENT BOARD AND SUPERVISORY BOARD ................................ ................................ ................................ ................................ ............... 67 21. OTHER INFORMATION ................................ ................................ ................................ ................................ ................................ ................................ ....... 68 MANAGEMENT BOARD’S REPRESENTATIONS ................................ ................................ ................................ ................................ ................................ ............. 71
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INTERIM CONDENSED CONSOLIDATED REPORT OF THE CCC GROUP for the three months from 1 February to 30 April 2025 (all amounts in PLN million unless stated otherwise) 5 INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE MONTHS from 1 February to 30 April 2025
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INTERIM CONDENSED CONSOLIDATED REPORT OF THE CCC GROUP for the three months from 1 February to 30 April 2025 (all amounts in PLN million unless stated otherwise) 6 INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 1 Feb–30 Apr 2025 1 Feb–30 Apr 2024 unaudited, unreviewed unaudited, unreviewed CONTINUING OPERATIONS Revenue 2,345.7 2,261.3 Cost of sales -1,161.1 -1,098.5 Gross profit 1,184.6 1,162.8 Costs of retail outlets and selling expenses -920.5 -934.7 Administrative expenses -104.3 -93.2 Other income 82.2 23.5 Other expenses -14.2 -11.3 (Recognised)/reversed expected credit loss allowances on trade and other receivables -12.3 3.5 Operating profit (loss) 215.5 150.6 Finance income 1.8 4.8 Finance costs -139.2 -108.6 Profit (loss) before tax 78.1 46.8 Income tax 15.1 3.7 NET PROFIT (LOSS) 93.2 50.5 Attributable to owners of the parent 95.4 59.2 Attributable to non-controlling interests -2.2 -8.7 Items that may be reclassified subsequently to profit or loss: Exchange differences on translating foreign operations 3.6 -3.0 Total other comprehensive income, net 3.6 -3.0 TOTAL COMPREHENSIVE INCOME 96.8 47.5 Total comprehensive income attributable to owners of the parent 99.8 56.7 Non-controlling interests -3.0 -9.2 Weighted average number of ordinary shares (million) 71.4 68.9 Basic earnings/(loss) per share attributable to equity holders of the Parent (PLN) 1.34 0.86 Diluted earnings/(loss) per share attributable to equity holders of the Parent (PLN) 1.34 0.86
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INTERIM CONDENSED CONSOLIDATED REPORT OF THE CCC GROUP for the three months from 1 February to 30 April 2025 (all amounts in PLN million unless stated otherwise) 7 INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION 30 Apr 2025 31 Jan 2025 unaudited, unreviewed audited Intangible assets 476.5 474.2 Goodwill 200.3 199.6 Property, plant and equipment – Leasehold improvements 1,104.9 993.6 Property, plant and equipment – Distribution assets 535.6 545.2 Property, plant and equipment – Other assets 96.7 91.7 Right-of-use assets 1,600.8 1,586.9 Deferred tax assets 445.1 415.9 Other financial assets 11.5 11.5 Lease receivables 20.6 9.4 Long-term receivables 16.9 17.7 Non-current assets 4,508.9 4,345.7 Inventories 3,862.4 3,579.0 Trade receivables 535.2 330.9 Current tax asset 3.9 1.7 Other receivables 264.8 330.0 Cash and cash equivalents 450.4 461.2 Derivative financial instruments − 1.0 Lease receivables 5.4 2.4 Current assets 5,122.1 4,706.2 TOTAL ASSETS 9,631.0 9,051.9 Bank borrowings and bonds 962.4 1,572.0 Deferred tax liabilities 49.9 47.9 Other non-current liabilities 2.5 2.8 Provisions 14.6 14.6 Government grants 14.1 14.2 Lease liabilities 1,449.5 1,406.4 Non-current liabilities 2,493.0 3,057.9 Bank borrowings and bonds 1,036.2 324.7 Trade and other payables 2,585.2 2,515.8 Other liabilities 426.9 492.2 Income tax liabilities 20.8 13.8 Provisions 32.0 15.0 Government grants 0.5 0.5 Lease liabilities 582.1 585.5 Put liabilities over non-controlling interests 113.1 110.6 Short-term derivative financial instruments 18.0 − Current liabilities 4,814.8 4,058.1 TOTAL LIABILITIES 7,307.8 7,116.0 NET ASSETS 2,323.2 1,935.9 Equity Share capital 7.7 6.9 Share premium account 3,189.3 1,648.2 Foreign currency translation reserve -6.5 -10.9 Remeasurement gains/(losses) on defined benefit plans 0.2 0.2 Retained earnings -898.4 155.6 Equity attributable to owners of the parent 2,293.7 1,800.0 Non-controlling interests 29.5 135.9 TOTAL EQUITY 2,323.2 1,935.9 TOTAL EQUITY AND LIABILITIES 9,631.0 9,051.9
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INTERIM CONDENSED CONSOLIDATED REPORT OF THE CCC GROUP for the three months from 1 February to 30 April 2025 (all amounts in PLN million unless stated otherwise) 8 INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS 1 Feb–30 Apr 2025 1 Feb–30 Apr 2024 unaudited, unreviewed unaudited, unreviewed Profit (loss) before tax 78.1 46.8 Depreciation/amortisation 161.5 149.9 Impairment losses on PPE, right-of-use and intangible assets, and remeasurement of disposal group to fair value less costs of disposal − 1.7 Gain/(loss) on investing activities -0.3 12.4 Borrowing costs 91.6 92.3 Other non-cash adjustments 45.8 27.3 Income tax paid -7.3 -10.5 Cash flow before changes in working capital 369.4 319.9 Changes in working capital Change in inventories and inventory write-downs -283.4 -360.4 Change in receivables and loss allowance (ECL) -136.9 -76.0 Change in current liabilities (excluding interest-bearing borrowings and bonds) 57.2 344.9 Net cash flows from operating activities 6.3 228.4 Proceeds from disposal of property, plant and equipment 5.5 17.9 Other investing cash flows 0.7 − Purchase of property, plant and equipment and intangible assets -221.8 -79.7 Net cash flows from investing activities -215.6 -61.8 Proceeds from borrowings 420.2 165.0 Repayments of borrowings -347.8 -76.3 Lease payments -118.5 -94.9 Interest paid -62.5 -36.4 Other financing cash flows 12.5 5.0 Net proceeds from share issue 1,547.3 − Payments to acquire non-controlling interests -1,252.7 − Net cash flows from financing activities 198.5 -37.6 TOTAL CASH FLOWS -10.8 129.0 Net increase/decrease in cash and cash equivalents -10.8 129.0 Cash and cash equivalents at the beginning of the period 461.2 266.5 Cash and cash equivalents at the end of the period 450.4 395.5
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INTERIM CONDENSED CONSOLIDATED REPORT OF THE CCC GROUP for the three months from 1 February to 30 April 2025 (all amounts in PLN million unless stated otherwise) 9 INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY unaudited, unreviewed SHARE CAPITAL SHARE PREMIUM ACCOUNT RETAINED EARNINGS FOREIGN CURRENCY TRANSLATION RESERVE REMEASUREMENT GAINS/(LOSSES) ON DEFINED BENEFIT PLANS MEASUREMENT OF THE INCENTIVE SCHEME NON- CONTROLLING INTERESTS TOTAL EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT As at 1 Feb 2025 6.9 1,648.2 155.6 -10.9 0.2 − 135.9 1,935.9 Net profit (loss) for period − − 93.2 − − − − 93.2 Profit (loss) attributable to non-controlling interests − − 2.2 − − − -2.2 − Exchange differences on translating foreign operations − − − 4.4 − − -0.8 3.6 Total comprehensive income − − 95.4 4.4 − − -3.0 96.8 Measurement of employee option plan − − − − − 1.4 − 1.4 Put option over treasury shares − − 50.0 − − − − 50.0 Share issue 0.8 1,541.1 − − − − − 1,541.9 Purchase of non- controlling interests − − -1,199.4 − − − -103.4 -1,302.8 Total transactions with owners 0.8 1,541.1 -1,149.4 − − 1.4 -103.4 290.5 As at 30 Apr 2025 7.7 3,189.3 -898.4 -6.5 0.2 1.4 29.5 2,323.2 unaudited, unreviewed SHARE CAPITAL SHARE PREMIUM ACCOUNT RETAINED EARNINGS FOREIGN CURRENCY TRANSLATION RESERVE REMEASUREMENT GAINS/(LOSSES) ON DEFINED BENEFIT PLANS NON- CONTROLLING INTERESTS TOTAL EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT As at 1 Feb 2024 6.9 1,648.20 -813.5 -1.0 0.5 112.4 953.5 Profit (loss) for the period attributable to owners of the parent − − 50.5 − − − 50.5 Profit (loss) attributable to non-controlling interests − − 8.7 − − -8.7 − Exchange differences on translating foreign operations − − − -2.5 − -0.5 -3.0 Total comprehensive income − − 59.2 -2.5 − -9.2 47.5 Measurement of employee option plan − − − − − 2.3 2.3 Total transactions with owners − − − − − 2.3 2.3 As at 30 Apr 2024 6.9 1,648.20 -754.3 -3.5 0.5 105.5 1,003.30
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INTERIM CONDENSED CONSOLIDATED REPORT OF THE CCC GROUP for the three months from 1 February to 30 April 2025 (all amounts in PLN million unless stated otherwise) 10 1. GENERAL INFORMATION Company name: CCC Spółka Akcyjna Registered office: ul. Strefowa 6, 59-101 Polkowice, Poland Registry court: District Court for Wrocław -Fabryczna in Wrocław, 9th Commercial Division of the National Court Register ENTRY IN THE NATIONAL COURT REGISTER (KRS) NO: 0000211692 Principal business: The Company’s principal business activity according to the European Classification of Business Activities is wholesale and retail trade of clothing and footwear (NACE 5142). Management Board: President: Dariusz Miłek Vice President: Łukasz Stelmach CCC S.A. (The “Company”, the “parent”), the parent of the CCC Group, has been listed on the Warsaw Stock Exchange since 2004. As at 30 April 2025, the CCC Group (the “CCC Group”, the “Group”) comprised the parent CCC S.A. of Poland, registered at ul. Strefowa 6 in Polkowice, and its subsidiaries. These interim condensed consolidated financial statements cover the three months ended 30 April 2025 and contain comparative data for the three months ended 30 April 2024 and as at 31 January 2025. The interim condensed consolidated statement of comprehen sive income and notes to the statement of comprehensive income contain data for the three months ended 30 April 2025 and comparati ve data for the three months ended 30 April 2024, which has not been audited or reviewed by an auditor. These interim condensed consolidated financial statements of the CCC Group for the three months ended 30 April 2025 were authorised for issue by the Management Board on 12 June 2025. The interim financial results may not be indicative of the Group’s potential full -year financial results due to the seasonality effect (with peak demand in spring and autumn). On 23 January 2025, Mr Łukasz Stelmach was appointed to the Company’s Management Board as Vice President, Finance, effective 1 February 2025. On 19 April 2025 Karol Półtorak tendered his resignation as Vice -President and member of the Management Board, effective 21 April 2025. Following the expiry of the mandates of Supervisory Board members, on 4 June 2025 the Annual General Meeting appointed the Supervisory Board for another joint three -year term of office comprising: Wiesław Oleś as Chair and Tomasz Rejman, Paweł Małyska, Piotr Kamiński and Marcin Czyczerski as Members of the Supervisory Board. The parent and other Group companies were established for an indefinite period.
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INTERIM CONDENSED CONSOLIDATED REPORT OF THE CCC GROUP for the three months from 1 February to 30 April 2025 (all amounts in PLN million unless stated otherwise) 11 STRUCTURE OF THE CCC GROUP The CCC Group consists of CCC S.A. (The parent) and its subsidiaries. In the three months ended 30 April 2025, there were changes in the composition of the CCC Group relative to 31 January 2025, as discussed in more detail below. The structure of the CCC Group a s at the reporting date is presented below. SUBSIDIARIES OF CCC S.A. REGISTERED OFFICE/COUNTRY PRINCIPAL BUSINESS EQUITY INTEREST AS AT 30 APR 2025 EQUITY INTEREST AS AT 31 JAN 2025 CCC Czech s.r.o. Prague, Czech Republic trade 100% 100% CCC Slovakia s.r.o. Bratislava, Slovakia trade 100% 100% CCC Hungary Shoes Kft. Budapest, Hungary trade 100% 100% CCC Obutev d.o.o. Maribor, Slovenia trade 100% 100% CCC Hrvatska d.o.o. Zagreb, Croatia trade 100% 100% C-AirOP Ltd. [1] Douglas, Isle of Man services 50% 50% CCC.eu Sp. z o.o. [2] Polkowice, Poland procurement and sale 100% 100% CCC Shoes & Bags Sp. z o.o. Polkowice, Poland investments 100% 100% CCC Shoes Bulgaria EOOD Sofia, Bulgaria trade 100% 100% Modivo S.A. [3] Zielona Góra, Poland trade 97% 77% Modivo S.R.L. Alme, Italy services 97% 77% eobuwie.pl Logistics Sp. z o.o. Zielona Góra, Poland logistics 97% 77% eschuhe.de GmbH Frankfurt am Oder, Germany trade 97% 77% eschuhe.CH GmbH Zug, Switzerland trade 97% 77% Modivo.cz s.r.o. Prague, Czech Republic trade 97% 77% epantofi modivo s.r.l. Bucharest, Romania logistics 97% 77% Modivo.lv SIA Riga, Latvia trade 97% 77% Modivo.sk s.r.o. Bratislava, Slovakia trade 97% 77% Ecipo Modivo Kft. Budapest, Hungary trade 97% 77% Fashion Tech Solutions Sp. z o.o. Warsaw, Poland services 97% 77% CCC Shoes & Bags d.o.o. Beograde Belgrade, Serbia trade 100% 100% Shoe Express S.A. [4] Bucharest, Romania trade 100% 100% DeeZee Sp. z o.o. [5] Kraków, Poland trade 87% 87% HalfPrice Sp. z o.o. Polkowice, Poland trade 100% 100% OFP Austria GmbH [6] Graz, Austria trade 100% 100% OU CCC Estonia Tallinn, Estonia trade 100% 100% UAB CCC Lithuania Vilnius, Lithuania trade 100% 100% SIA CCC Shoes Latvia Riga, Latvia trade 100% 100% CCC Ukraina Sp. z o.o. Lviv, Ukraine trade 75% 75% CCC TECH Sp. z o.o. Polkowice, Poland services 100% 100% First Distribution s.r.o. Prague, Czech Republic trade 100% 100% Boardriders s.r.o. Bratislava, Slovakia trade 100% 100% Rawaki Sp. z o.o. Warsaw, Poland trade 100% 100% HalfPrice España S.L. Madrid, Spain trade 100% 100% CCC Retail Sp. z o.o. Polkowice, Poland trade 100% 100% HalfPrice Retail Sp. z o.o. Polkowice, Poland trade 100% 100% ASSOCIATES REGISTERED OFFICE/COUNTRY PRINCIPAL BUSINESS EQUITY INTEREST AS AT 30 APR 2025 EQUITY INTEREST AS AT 31 JAN 2025 HR Group Holding s.a.r.l. [7] Luxembourg trade 31% 31% [1] C-AirOp Ltd. is a subsidiary of CCC S.A. (50%). Following its analysis of the rights and responsibilities of the Company’s shar eholders, the Management Board has concluded that the Group retains control over the Company. [2] CCC.eu Sp. z o.o. is a subsidiary of CCC S.A. (86.69%) and CCC Shoes & Bags Sp. z o.o. (13.31%). [3] Modivo S.A. is a subsidiary of CCC Shoes & Bags Sp. z o.o. (97.49%) jointly with other Modivo group companies. On 9 April 2025, CCC S.A. acquired 2,038,000 Modivo shares, representing 20.30% of the company’s share capital. Pursuant to a conditional agreement for the sale of shares in Modivo S.A., the remaining shares, representing 2.51% of the share capital, are to be acquired no later than July 2025. [4] Shoe Express S.A. shares are held by: CCC Shoes & Bags Sp. z o.o. (95%) and CCC.eu Sp. z o.o. (5%). [5] DeeZee Sp. z o.o. is a subsidiary of CCC Shoes & Bags Sp. z o.o. (87.28%). [6] OFP Austria GmbH is a subsidiary of HalfPrice Sp. z o.o. (100%). [7] On 12 April 2023, the Management Board of HR Group filed for bankruptcy with the District Court of Osnabrück.
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INTERIM CONDENSED CONSOLIDATED REPORT OF THE CCC GROUP for the three months from 1 February to 30 April 2025 (all amounts in PLN million unless stated otherwise) 12 BASIS OF PREPARATION These interim condensed consolidated financial statements have been prepared in accordance with International Accounting Stan dard 34 Interim Financial Reporting, as endorsed by the European Union (“IAS 34”). Interim condensed consolidated financial statements do not include all the information and disclosures required in full -year financial statements and should be read in conjunction with the consolidated financial statements of the CCC Group for the year ended 31 January 2025, which were authorised for issue on 29 April 2025. These financial statements have been prepared on a historical cost basis except for investment property and derivative financial instruments, which are measured at fair value. The data contained in these interim condensed consolidated financial statements is presented in millions of Polish złoty, unl ess more accurate information is provided in specific cases. The functional and reporting currency of the parent is the Polish złoty (PLN). The functional currency of each subsidiary is determined separately, and used to measure that subsidiary’s assets and liabilities. BASIS OF CONSOLIDATION These interim condensed consolidated financial statements contain the financial statements of CCC S.A. and its subsidiaries. The subsidiaries are consolidated from the date the CCC Group acquires control until the date the Group ceases to control a given subsidiary. In the reporting period the Group controlled all of its subsidiaries. All transactions, balances, income and expenses between the consolidated related entities are eliminated on consolidation. GOING CONCERN These financial statements have been prepared on the assumption that the Group will continue as a going concern for the fores eeable future, that is for at least 12 months from the reporting date. Financing within the CCC Group is arranged separately at the level of two business units, each responsible for its own liabilities: • CCC Business Unit (the Group excluding the Modivo Business Unit); and, separately, • Modivo Business Unit (MODIVO S.A. and all of its subsidiaries). Under the Group’s financing agreements, the Group must comply with specified financial covenants, measured separately for the CCC Business Unit and the Modivo Business Unit. A breach of any covenant by the Modivo Business Unit would trigger a cross -default under the CCC Business Unit’s facilities and could result in the immediate acceleration of borrowings for which the parent is the obligor. For this reason, further analyses have been performed separately for the CCC Business Unit and the Modivo Business Unit. For details of the Group’s credit facilities – including repayment schedules, minimum covenant ratios to be maintained by the CCC Business Unit and the Modivo Business Unit, and the amounts of undrawn credit lines – see note 4.2 to the consolidated financial statements of the CCC Group for 2024 and note 21 to the consolidated Directors’ Report on the operations of the CCC Group for 2024. For the amounts of utilised and undrawn factoring facilities, see note 5.10 to the consolidated financial statements of the C CC Group for 2024 and the general information section of this report. Detailed information on liquidity-risk management is provided in note 4.3 of the consolidated Directors’ Report on the operations of the CCC Group for 2024. Going concern assessment of the CCC Business Unit The Management Board is satisfied that the CCC Group complied with all financing covenants as at the reporting date and, havi ng considered appropriate sensitivity analyses, expects that those covenants will likewise not be breached during the next 12 months. Going concern assessment of the Modivo Business Unit In previous periods, in view of Modivo's financial condition, Modivo met the terms of credit facility agreements or agreed no t to test or amend selected financial ratios. Consequently, no covenant breaches arose that might have triggered acceleration of those fac ilities, as further discussed in note 4.2 to the consolidated financial statements of the CCC Group for 2024. Owing to the improvement in profitability in the second half of 2024 and the first quarter of 2025, no covenant breaches occurred either at the reporting date or up to the date these financial statements were authorised for issue in respect of the ratios applicable on 30 April 2025. Based on the financial plans and the relevant sensitivity analyses, the Management Board of the CCC Group expects that the fi nancial covenants will likewise not be breached over the next 12 months. The bank facilities with Bank Polska Kasa Opieki S.A. and Bank Polska Kasa Oszczędności Bank Polski S.A. that mature within 1 2 months carried an aggregate balance of PLN 326.0 million as at the reporting date. After the reporting date, on 27 May 2025, Modivo S.A. signed
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INTERIM CONDENSED CONSOLIDATED REPORT OF THE CCC GROUP for the three months from 1 February to 30 April 2025 (all amounts in PLN million unless stated otherwise) 13 credit documents with Bank Polska Kasa Opieki S.A., extending the availability period of the PLN 260 million multipurpose cre dit facility dated 26 October 2017 at least until 26 February 2026, on substantially unchanged terms. On 3 June 2025 Modivo S.A. signed a credit facility agreement with UniCredit S.p. A. for a term loan of up to PLN 660 million , amortised over a period of five years, to be applied towards the full early redemption, together with interest, of bonds issued to SVF II Motion Subco (DE) LLC (SoftBank), originally maturing on 5 April 2026. The redemption was completed on 12 June 2025, amounting to PL N 665.7 million (including interest of PLN 165.7 million). For detailed information on the new credit facility agreement, pleas e refer to note 7 in the interim condensed consolidated financial statements of the CCC Group for the three months ended 30 April 2025. Taking the above factors into account – and drawing on the 2025 Annual Budget and the plans for subsequent periods, including associated sensitivity analyses – the Management Board has not identified any material uncertainty that might cast significant doubt on Modivo’s ability to continue as a going concern and therefore regards the going -concern basis of preparation of the accompanying consolidated financial statements as appropriate. SIGNIFICANT EVENTS AND TRANSACTIONS AFTER THE END OF THE LAST ANNUAL REPORTING PERIOD 1. Increase in factoring limits under existing credit facility agreements within the CCC Business Unit. 2. Acquisition of shares in Szopex Sp. z o.o. after the reporting date (refer to note 7 for details). EFFECT OF CHANGES IN THE ECONOMIC SITUATION ON THE VALUATION OF ASSETS AND LIABILITIES OF THE CCC GROUP Inventory write-downs Details are provided in note 5.3. Assessment of expected credit losses (ECL) The Group assesses expected credit losses (‘ECL’) on financial instruments measured at amortised cost, irrespective of whethe r any indicators of impairment are present. For short-term trade receivables without a significant financing component, lease receivables, and other receivables, the Group applies the simplified approach under IFRS 9 and recognises impairment based on lifetime expected credit losses from the date of init ial recognition. For receivables where an individual assessment is appropriate, the Group estimates the probability of default based on market data published by the rating agency Moody’s. The Group's principal business activities are concentrated in the retail, digital, and wholesale segments. Trade receivables relate primarily to the wholesale business and cooperation with franchisees. Receivables in the retail and digital segments are not material. The Group recognises expected credit loss allowances for receivables from counterparties where, in its judgement, there is a risk of default. In relation to these assets, the Group estimated the expected credit loss allowance and recognised a loss allowance on trade receivables of PLN 6.4 million during the reporting period. As a result, the total loss allowance on trade receivables as at 30 April 202 5 amounted to PLN 105.6 million. As part of the individual credit risk assessment for other receivables, an increase in credit loss risk was identified. Based on the information available regarding the counterparty, the Group recognised a credit loss allowance of PLN 6.0 million on the reco verable amount. As at 30 April 2025, the credit loss allowance for other receivables was PLN 6.8 million. Another class of assets exposed to credit risk comprises loans. At each reporting date, the Group assesses whether the credit risk associated with financial assets in the form of loans has increased significantly since initial recognition and whether any o bjective evidence of impairment exists. For the purposes of this assessment, the Management Board analyses the risk of repayment of lo ans, taking into account the Group's current financial condition. The Group measures expected credit loss allowances at amounts equal to 12- month expected credit losses. If the credit risk has increased significantly since initial recognition, the Group measures the loss allowance in an amount equal to lifetime expected credit losses. Following an assessment of the borrower’s credit risk, a loss allowance for receivables under loans advanced to an associate was recognised, covering 100% of the exposure in 2020. For further details on recognised loss allowances, see notes 3.2 and 5.3. Impairment of property, plant and equipment, intangible assets, goodwill and rights-of-use assets As at 30 April 2025, no indication of impairment was identified for cash -generating units (stores) or, at the higher level of aggregation, business lines, and no indication of impairment was identified for goodwill and intangible assets with indefinite useful lives (trademarks). No additional impairment losses on these assets were recognised as at 30 April 2025. Details are provided in note 5.3.
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INTERIM CONDENSED CONSOLIDATED REPORT OF THE CCC GROUP for the three months from 1 February to 30 April 2025 (all amounts in PLN million unless stated otherwise) 14 Other accounting matters As at the date of these financial statements, the Group did not identify any material risks related to potential breach of th e terms of its existing trade and supply contracts. As a result of the execution of financing agreements with banks, bondholders and other institutions, the Group is required to meet a number of covenants, which will be calculated and tested in subsequent reporting periods, as described in detail in the Directors’ Report on the Group’s operations under ‘Covenants/financial ratios’. In the Management Board’s opinion, as at 30 April 2025, none of the covenants were breached during the reporting period and until the date of authorisation of the financial statements for issue. Based on its financial projections for subsequent reporting periods, the Group believes that the recognised deferred tax asse t is recoverable. In April 2025, the Group launched a new subscription-based service (Modivo Club), designed to consolidate CCC Group’s customer base, thereby driving organic customer engagement into all Group business lines. Modivo Club members are entitled to a range of ben efits, promotional campaigns, and an extended return period. Where a virtual gift card is issued to a customer free of charge in con nection with the purchase of goods and participation in Modivo Club, the Group treats it as a material right and allocates a portion of the transaction price to it based on the relative stand -alone selling price, adjusted for the probability of redemption. The amount loaded onto the gift card is recognised as a contract liability, with a corresponding reduction of revenue previously recognised on the sale of goods. Purchased Modivo Club subscriptions are recognised as contract liabilities and are accounted for over the subscription period of 12 months. FUNCTIONAL CURRENCY AND PRESENTATION CURRENCY Items in the financial statements of individual Group entities are measured in the currency of the primary economic environme nt in which each entity operates (the ‘functional currency’). These consolidated financial statements are presented in the Polish z łoty (PLN), which is the functional currency of the parent and the presentation currency of the Group. STATEMENT OF ACCOUNTING POLICIES The accounting policies applied by CCC Group companies have not changed compared with those applied in the financial statements for the financial year from 1 February 2024 to 31 January 2025, except for the application of new or amended standards and interp retations effective for annual periods beginning on or after 1 February 2025. New and amended accounting standards As of 1 February 2025, the Group is subject to the amendments to IAS 21 regarding the assessment of whether a currency is exchangeable into another currency and the determination of the exchange rate when a currency is not exchangeable. As at the date of issue of these condensed consolidated financial statements, the above amendments had been endorsed for use in the European Un ion but have had no impact on these condensed consolidated financial statements. FACTORS WITH MATERIAL BEARING ON THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Statement of comprehensive income Revenue The 3.7% year-on-year increase in omnichannel revenue posted by the Group for the three months to 30 April 2025 was driven primarily by the roll -out of the omnichannel model, further growth of the HalfPrice segment, and a broader range of products available across segments. Cost of sales Cost of sales grew by 5.7% year on year in the three months to 30 April 2025, with revenue up by 3.7%. This led to a year-on-year decline in gross margin of 1.9pp, primarily due to an increase in high -margin wholesale (generating strong operating margins) and a higher contribution from e-commerce sales. Costs of retail outlets and selling expenses Costs of retail outlets and selling expenses decreased by PLN 14.2 million (1.5%) year on year, driven mainly by: • PLN 21.0 million decrease in advertising expenses, reflecting cost discipline across the Group; • PLN 6.9 million decrease in other costs, primarily services (IT system maintenance) and advisory fees;
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INTERIM CONDENSED CONSOLIDATED REPORT OF THE CCC GROUP for the three months from 1 February to 30 April 2025 (all amounts in PLN million unless stated otherwise) 15 • PLN 3.1 million decrease in raw materials and consumables used, primarily reflecting cost discipline across the Group, including the deployment of modern solutions resulting in lower energy consumption; • PLN 13.1 million increase in depreciation and amortisation expense as a result of new store openings; • PLN 3.6 million increase in salaries and employee -benefits expense, due to the expansion of sales channels, particularly the HalfPrice segment and ecommerce as part of the Group’s omnichannel strategy. Administrative expenses Administrative expenses rose by PLN 11.1 million (11.9%) year on year, Led mainly by an increase in salaries and wages (up PLN 4.5 million due to the recognition of the incentive scheme and the expansion of sales channels), as well as an increase of PLN 6. 9 million in other costs, including advisory and administrative service costs. Other expenses and income, and recognition / reversal of loss allowances (trade and other receivables) Net other income was PLN 55.7 million, up by PLN 40.0 million compared with the same period of the year before. The key factors contributing to this change included: • foreign exchange gains on items other than debt, totalling PLN 52.5 million; • income of PLN 13.2 million recognised in the current period in connection with management and administrative services rendered; • recognition of credit loss allowances on trade and other receivables in the amount of PLN 12.3 million, compared with a reversal of credit loss allowances on trade receivables of PLN 3.5 million in the same period of the prior year; • lower gain on disposal of property, plant and equipment, amounting to PLN 12.1 million. For more information on items impacting other income or expenses, please refer to note 3.2. Finance costs and income Finance costs amounted to PLN 139.2 million, up by PLN 30.6 million year on year, driven mainly by foreign exchange losses of PLN 44.5 million, versus foreign exchange gains of PLN 1.8 million in the comparative period. Interest expense on leases increased by PLN 4.7 million year on year due to new lease contracts signed, while interest expense on borrowings and bonds fell by PLN 16.1 milli on year on year following execution of a new syndicated agreement last year. In the reporting period, finance income went down by PLN 3.1 million year on year, to PLN 1.7 million. The decline in finance income was mainly attributable to a decrease in foreign exchange differences and the recognition of a PLN 1.7 million gain on the modifi cation of the SoftBank bonds in the prior financial year. Net of current and deferred income tax of PLN 15.1 million, the CCC Group posted net profit from continuing operations for th e three months ended 30 April 2025 of PLN 93.2 million, up by PLN 42.7 million year on year. Statement of financial position As at 30 April 2025, the CCC Group had total assets of PLN 9,631.0 million, up by PLN 579.1 million relative to 31 January 2025. Non-current assets As at 30 April 2025, non -current assets amounted to PLN 4,508.9 million, up by PLN 163.2 million on the end of the previous year. The change was mainly caused by: • PLN 106.7 million increase in property, plant and equipment; • PLN 29.2 million increase in deferred tax assets; • PLN 13.9 million increase in right-of-use assets; • PLN 11.2 million increase in long-term lease receivables; • PLN 2.3 million increase in intangible assets; • PLN 0.7 million increase in goodwill; • PLN 0.8 million decrease in long-term receivables. As at the reporting date, intangible assets amounted to PLN 476.5 million, representing an increase of PLN 2.3 million compared with 31 January 2025. The change was attributable mainly to expenditure of PLN 7.0 million on software supporting the e -commerce sales channel, and expenditure of PLN 11.4 million on intangible assets under development, related chiefly to the implementation of new technological solutions in the eobuwie and Modivo applications. The increase was partly offset by amortisation charges of PLN 15.8 million. As at the reporting date, goodwill amounted to PLN 200.3 million and was PLN 0.7 million lower compared with 31 January 2025, with the change attributable to foreign exchange differences. Property, plant and equipment – leasehold improvements as at 30 April 2025 amounted to PLN 1,104.9 million, up by PLN 111.3 million on 31 January 2025. The change was mainly caused by:
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INTERIM CONDENSED CONSOLIDATED REPORT OF THE CCC GROUP for the three months from 1 February to 30 April 2025 (all amounts in PLN million unless stated otherwise) 16 • capital expenditure of PLN 135.7 million incurred in connection with the expansion of the retail business and development of the omnichannel model at the Group; • depreciation of PLN 30.8 million; • derecognised or sold leasehold improvements of PLN 4.2 million; • foreign exchange gains of PLN 5.8 million; and • other changes, transfer of property, plant and equipment between groups resulting in a PLN 4.8 million increase. Property, plant and equipment – distribution as at 30 April 2025 amounted to PLN 535.6 million, down by PLN 9.6 million on 31 January 2025. The change was primarily attributable to depreciation charged in the amount of PLN 8.2 million and other changes result ing in a decrease of PLN 1.4 million. Property, plant and equipment – other as at 30 April 2025 amounted to PLN 96.7 million, up by PLN 5.0 million on 31 January 2025. The change was mainly caused by: • depreciation of PLN 5.5 million; • expenditure of PLN 10.3 million incurred mainly to purchase IT equipment; • other changes, transfers of property, plant and equipment between groups resulting in a PLN 0.2 million increase. As at 30 April 2025, right -of-use assets were PLN 1,600.8 million, up by PLN 13.9 million on 31 January 2025. The change was mainly attributable to: • execution of new lease contracts for PLN 84.7 million; • lease modifications resulting in a PLN 16.4 million increase; • depreciation of PLN 101.9 million; and • foreign exchange gains of PLN 14.5 million. The deferred tax asset as at 30 April 2025 amounted to PLN 445.1 million, representing an increase of PLN 29.2 million compared with 31 January 2025, primarily due to higher provisions for liabilities. For more information, see note 5.2. The PLN 11.2 million change in long -term lease receivables was attributable to newly signed sublease contracts for stores and payment of current receivables. As at the reporting date, long -term receivables decreased to PLN 16.9 million due to the reclassification to the current portion of commission fees on credit facilities and trademark use fees incurred in relation to future periods. Current assets Current assets rose by PLN 415.9 million relative to 31 January 2025, to PLN 5,122.1 million, and comprised mainly inventorie s of PLN 3,862.4 million (31 January 2025: PLN 3,579.0 million), trade receivables of PLN 535.2 million (31 January 2025: PLN 330.9 mi llion) and cash and cash equivalents of PLN 450.4 million (31 January 2025: PLN 461.2 million). The change was attributable mainly to: • PLN 283.4 million increase in inventories due to the stocking up for the spring -summer 2025 season. As at the reporting date, inventory write-downs amounted to PLN 68.4 million, representing an increase of PLN 17.3 million compared with 31 January 2025; • PLN 10.8 million decrease in cash, with details of the changes disclosed in the statement of cash flows; • PLN 204.3 million increase in trade receivables, mainly due to an increase in wholesale; and • PLN 65.2 million decrease in other receivables, including a reduction of PLN 67.6 million in receivables other than income tax, due to VAT settlements, which were partially presented under other liabilities. Inventories comprise merchandise (PLN 3,877.7 million), materials (PLN 5.1 million), and return assets received back from cus tomers in connection with their right to return unused products (PLN 48.0 million). As at the reporting date, the loss allowance for trade receivables was PLN 105.6 million, up by PLN 6.4 million year on year. The loss allowance related primarily to wholesale counterparties. During the reporting period, a loss allowance of PLN 6.0 million was recognised in respect of other receivables due to increased credit risk associated with certain counterparties. For more information on loss allowances recognised in the reporting period, see note 5.3. Liabilities Non-current liabilities fell by PLN 564.9 million, to PLN 2,493.0 million as at the reporting date. As at 30 April 2025, non -current liabilities under bank borrowings and bonds amounted to PLN 962.4 million, having decreased by PLN 609.6 million from the comparative period, mainly as a result of the reclassification of the SoftBank bond liability to the c urrent portion. For detailed information, see note 4.2. As at the reporting date, other non-current liabilities, standing at PLN 2.5 million, related to security deposits.
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INTERIM CONDENSED CONSOLIDATED REPORT OF THE CCC GROUP for the three months from 1 February to 30 April 2025 (all amounts in PLN million unless stated otherwise) 17 Non-current and current lease liabilities went up by PLN 39.7 million relative to 31 January 2025. The change was attributable to exchange differences of PLN 28.5 million and ongoing payments made under lease contracts (PLN 151.4 million), less interest a ccrued (PLN 28.2 million). An increase in lease liabilities related to contract modifications and the addition of new contracts of PLN 134.4 million. Current liabilities increased by PLN 756.7 million, to PLN 4,814.8 million as at the reporting date, and comprised mainly: • trade and other payables, which rose by PLN 2.8% relative to 31 January 2025 and amounted to PLN 2,585.2 million as at the reporting date; • current liabilities under borrowings and bonds of PLN 1,036.2 million, which increased by PLN 711.5 million year on year (PLN 324.7 million as at 31 January 2025) as a result of higher utilisation of overdraft facilities and the maturity of debt (see note 4.2 for details); • other current liabilities of PLN 426.9 million, which fell by PLN 65.3 million on the previous period. The fall was mainly attributable to a PLN 83.5 million decrease in indirect taxes, customs duties and other payables, with a PLN 12.7 million increase in contract liabilities. In addition, fit -out settlements increased by PLN 2.4 million, refund liabilities decreased by PLN 2.1 million, other liabilities declined by PLN 4.4 million, accrued expenses, including holiday entitlements, increased by PLN 8.8 million, and employee benefit obligations increased by PLN 0.8 million. Trade payables and capital expenditure payables settled through reverse factoring increased by PLN 412.0 million compared wit h 31 January 2025. As at the reporting date, trade payables subject to reverse factoring amounted to PLN 1,012.2 million, and capi tal expenditure payables subject to reverse factoring amounted to PLN 24.8 million. The PLN 17.0 million increase in short-term provisions was attributable to higher provisioning for returns and complaints. Liabilities arising from the obligation to purchase non-controlling interests include liabilities related to the purchase of DeeZee Sp. z o.o., which changed by PLN 0.3 million relative to 31 January 2025, to PLN 11.1 million, with the full amount to be accounted for o ver 12 months from the reporting date. The instrument is measured at amortised cost. This line item also includes liabilities arisin g from the obligation to purchase 2.51% of Modivo shares, of PLN 102.0 million. The liability was recognised at nominal amount on accoun t of its due date. Equity As at 30 April 2025, equity stood at PLN 2,323.2 million, having increased by PLN 387.3 million on 31 January 2025. The increase was attributable to a share issue, measurement of the incentive scheme, and net profit for the three months ended 30 April 2025 of PLN 93.2 million, offset in part by the acquisition of non-controlling interests in Modivo S.A. On 2 April 2025, the share capital of CCC S.A. was increased through the issue of 8.2 million Series N shares with a par valu e of PLN 0.1 and an issue price of PLN 190.0. Proceeds from the issue amounted to PLN 1,550.0 million and were reduced by PLN 8.1 million in issue costs. Ultro Investment PSA, an entity controlled by Dariusz Miłek, subscribed for shares with a value of PLN 500.0 million, while the remaining shares were subscribed for by a broad group of shareholders. The share capital was increased by PLN 0.8 million, wh ile the balance raised was allocated to statutory reserve funds. The proceeds from the issue were used to acquire shares from the min ority shareholders of Modivo S.A. (A&R Investments Limited of Birkirkara, EMBUD 2 spółka z ograniczoną odpowiedzialnością S.K.A. of Warsaw, and Orion 47 Damian Zapłata S.K.A. of Warsaw). On 9 April 2025, the Group acquired 2,038,000 shares in Modivo S.A. for a total consideration of PLN 1,252.8 million, thereby increasing its ownership interest in the company to 97.49%. The remaining 252,505 shares held by MKK3 Sp. z o.o. of Zielona Góra are scheduled for acquisition by 31 July 2025. Additionally, under the share purchase agreement, an equity instrument was granted providing A&R Investments Limited and EMBU D 2 spółka z ograniczoną odpowiedzialnością S.K.A. with the right to acquire 2.5 million ordinary shares in the CCC Group. The shares may be subscribed for at the issue price equal to the price of shares issued on 2 April 2025, subject to the conditions set out in the resolution of the General Meeting on the issue of subscription warrants. Accordingly, the instrument constitutes an obligation of the Parent of the CCC Group (CCC S.A.) to issue own shares to the aforementioned entities. The equity instrument was measured using the Black-Scholes model at PLN 50.0 million and was recognised in retained earnings. Additionally, the effect of the measurement of the CCC incentive scheme of PLN 1.4 million was taken to equity. A description of the incentive scheme is provided in note 6.3. Statement of cash flows The change in receivables was further adjusted for a change in capital expenditure receivables of PLN 2.2 million. The change in trade and other payables was primarily adjusted for a change in capital expenditure payables of PLN 53.1 million. Within other adjustments to profit before tax, the following items were recognised as increases: • measurement of derivative instruments – forward contracts: PLN 19.0 million; • increase in provisions: PLN 17.0 million; • foreign exchange differences and lease contract modifications: PLN 13.7 million;
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INTERIM CONDENSED CONSOLIDATED REPORT OF THE CCC GROUP for the three months from 1 February to 30 April 2025 (all amounts in PLN million unless stated otherwise) 18 • measurement of the option to acquire non-controlling interests: PLN 2.5 million; • measurement of the incentive scheme for the Management Board of CCC: PLN 1.4 million. Within other adjustments to profit before tax, the following items were recognised as decreases: • foreign exchange differences: PLN 2.3 million; • share issue costs: PLN 5.5 million (a portion of the costs was recognised as a deduction). 2. SEGMENTS AND REVENUE Operating segments and revenue are presented in a manner consistent with internal reporting provided to the chief operating d ecision maker, on the basis of which the decision maker assesses the performance of the operating segments and decides on the allocat ion of resources. The Management Board of the parent is identified as the chief operating decision maker. The Management Board analyses the Group’s operations by business line and distinguishes the following segments: • CCC, • HalfPrice, • Eobuwie, • MODIVO, and • DeeZee. Financial data prepared for the management reporting purposes is based on the same accounting principles as the principles ap plied in the preparation of consolidated financial statements. For detailed information on seasonality and periodic changes in sales, see the “Factors and events with a bearing on the perf ormance of the CCC Group” section of the Directors’ Report. The Group’s operating and reportable segments are presented below. Reportable segment Overview of the reportable segment’s activities and performance metrics CCC omnichannel sales – includes sales generated via CCC-branded websites and offline stores, as well as wholesale distribution within the CCC sales network. The Group sells footwear, clothing, handbags, shoe care accessories, and small clothing accessories via retail stores and websites, and on a wholesale basis to Polish and foreign franchisees and other wholesale customers. The CCC Omnichannel segment offers customers a wide range of own-brand products (including Lasocki, Jenny, and Gino Rossi), licensed brands (such as Reebok, Hunter, and Juicy Couture), and selected third-party brands (including Puma and Adidas). The distribution activities are conducted by CCC.eu Sp. z o.o., which distributes merchandise to and outside the Group. HalfPrice omnichannel sales – this segment includes sales generated through the HalfPrice websites (which were discontinued in Q1 2024) and offline stores operating under the HalfPrice brand. HalfPrice operations are conducted through a network of physical stores and, historically, through an e-commerce platform, which ceased operation in Q1 2024. HalfPrice operates under an off-price model, offering a wide selection of products from popular brands at attractive prices. The product range consists primarily of third-party brands, with a small share of merchandise sourced from other CCC Group business lines. The business includes the sale of apparel, footwear, accessories, cosmetics, toys, and home décor and furnishings from well-known brands, all offered at value-oriented price points. Eobuwie omnichannel sales – this segment includes sales through the eobuwie-branded websites and offline stores operating under the eobuwie brand. Operations within the eobuwie business line are carried out by the Modivo Group, which distributes goods through both online platforms and offline retail locations. The segment's offering consists predominantly of third-party brands (mainly footwear and accessories), positioned in a higher price segment than the CCC segment. The Group sells footwear, handbags, shoe care products, small leather goods, and related items to domestic and international retail customers. Modivo omnichannel sales – this segment includes sales generated through Modivo-branded websites and offline stores operating under the Modivo brand. Operations within the Modivo business line are carried out by the Modivo Group, which distributes goods via the Modivo e-commerce platform and its offline retail network. The segment’s offering consists predominantly of third-party brands, primarily apparel and accessories. DeeZee sales – distribution activities (during the reporting period, sales were conducted exclusively via CCC websites) Operations are conducted by DeeZee Sp. z o.o., which distributes goods both through online channels and via wholesale to Group companies and third parties. The company sells footwear, clothing, handbags, and accessories under the DeeZee brand to domestic and international retail customers. The measure of the segment’s profit or loss is EBITDA, calculated as gross profit less costs of retail outlets and other selling expenses, administrative expenses and other expenses, plus other income, and (recognition)/reversal of loss allowances, adjusted for de preciation and amortisation. EBITDA is not a defined measure under IFRS, and therefore the method of calculating EBITDA may vary among entities. Assets of the reportable segments, as regularly presented to the chief operating decision maker, comprise inventories only. O ther assets and liabilities are monitored at the Group level and are not allocated to operating segments.
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INTERIM CONDENSED CONSOLIDATED REPORT OF THE CCC GROUP for the three months from 1 February to 30 April 2025 (all amounts in PLN million unless stated otherwise) 19 Reconciliation of the segment data for the consolidated financial statements is presented on the following pages. 1 Feb–30 Apr 2025 CCC HalfPrice eobuwie MODIVO DeeZee Total Consolidation adjustments Consolidated financial statements unaudited, unreviewed Revenue from sales to external customers 1,037.6 442.7 667.6 197.8 − 2,345.7 − 2,345.7 Gross profit 567.8 225.1 302.9 88.8 − 1,184.6 − 1,184.6 Gross margin (gross profit on sales/revenue from sales to external customers) 55% 51% 45% 45% N/A 51% − 51% Costs of retail outlets and selling expenses -438.3 -196.0 -219.2 -65.4 -1.6 -920.5 − -920.5 Administrative expenses -60.2 -5.4 -29.8 -8.4 -0.5 -104.3 − -104.3 Other income and expenses, and (recognition)/reversal of loss allowances 50.6 6.6 -0.7 − -0.8 55.7 − 55.7 Operating profit (loss) 119.9 30.3 53.2 15.0 -2.9 215.5 − 215.5 Depreciation/amortisation -94.8 -39.8 -22.7 -4.1 -0.1 -161.5 − -161.5 SEGMENT PROFIT (EBITDA) 214.7 70.1 75.9 19.1 -2.8 377.0 − 377.0 Finance income 1.8 Other finance costs -139.2 Profit (loss) before tax 78.1 Segment assets: 30 Apr 2025 Inventories 1,855.3 761.4 929.0 316.7 − 3,862.4 − 3,862.4 in stores 793.6 376.0 95.5 0.5 − 1,265.6 in the central warehouse 1,061.7 385.4 833.5 316.2 − 2,596.8 1 Feb–30 Apr 2024 CCC HalfPrice eobuwie MODIVO DeeZee Total Consolidation adjustments Consolidated financial statements unaudited, unreviewed Revenue from sales to external customers 950.7 370.8 703.1 220.0 16.7 2,261.3 − 2,261.3 Gross profit 575.0 188.2 297.5 91.9 10.2 1,162.8 − 1,162.8 Gross margin (gross profit on sales/revenue from sales to external customers) 60% 51% 42% 42% 61% 51% − 51% Costs of retail outlets and selling expenses -401.8 -148.4 -285.4 -89.8 -9.3 -934.7 − -934.7 Administrative expenses -61.3 -6.9 -18.6 -5.2 -1.2 -93.2 − -93.2 Other income and expenses, and (recognition)/reversal of loss allowances -3.4 0.6 18.5 − 0.1 15.7 − 15.7 Operating profit (loss) 108.5 33.4 12.0 -3.1 -0.2 150.6 − 150.6 Depreciation/amortisation -87.5 -35.6 -21.4 -5.1 -0.2 -149.9 − -149.9 SEGMENT PROFIT (EBITDA) 196.0 69.1 33.4 2.0 -0.0 300.5 − 300.5 Finance income 4.8 Other finance costs -108.6 Profit (loss) before tax 46.8 Segment assets: 31 Jan 2025 Inventories 1,885.6 696.0 732.4 252.3 12.7 3,579.0 − 3,579.0 in stores 741.1 371.6 84.5 0.5 − 1,197.7 in the central warehouse 1,144.5 324.4 647.9 251.8 12.7 2,381.3
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INTERIM CONDENSED CONSOLIDATED REPORT OF THE CCC GROUP for the three months from 1 February to 30 April 2025 (all amounts in PLN million unless stated otherwise) 20 NON-CURRENT ASSETS (NET OF OTHER FINANCIAL ASSETS AND DEFERRED TAX) 30 Apr 2025 31 Jan 2025 unaudited, unreviewed audited Poland 2,580.4 2,382.4 Czech Republic 345.0 343.6 Hungary 142.3 145.1 Romania 361.6 394.5 Slovakia 136.7 142.0 Other 486.3 510.7 Total non-current assets (excluding other financial assets and deferred tax) 4,052.3 3,918.3 Revenue by geographical segment and by country: Revenue 1 Feb–30 Apr 2025 1 Feb–30 Apr 2024 CCC HalfPrice eobuwie MODIVO DeeZee Total CCC HalfPrice eobuwie MODIVO DeeZee Total Poland Poland 751.6 315.7 388.2 71.2 − 1,526.7 657.9 273.9 309.7 73.6 16.7 1,331.8 Central and Eastern Europe Czech Republic 63.7 30.9 36.8 9.0 − 140.4 63.5 25.8 45.5 12.6 − 147.4 Slovakia 38.6 14.1 16.0 5.3 − 74.0 39.9 11.0 23.4 7.7 − 82.0 Hungary 51.8 13.2 26.9 4.3 − 96.2 53.7 9.5 31.4 5.9 − 100.5 Romania 61.1 20.8 49.9 22.1 − 153.9 68.3 16.7 62.5 27.0 − 174.5 Bulgaria 17.7 5.2 29.9 13.5 − 66.3 15.8 − 34.9 13.8 − 64.5 Slovenia 8.6 4.9 4.3 1.4 − 19.2 9.3 5.9 5.4 1.5 − 22.1 Croatia 19.1 1.7 12.1 5.1 − 38.0 18.8 2.0 17.0 4.8 − 42.6 Lithuania 2.6 6.9 14.0 4.0 − 27.5 2.3 2.8 16.0 3.8 − 24.9 Latvia 2.7 5.4 4.0 1.0 − 13.1 3.1 4.6 5.4 1.1 − 14.2 Estonia 2.5 − − 0.6 − 3.1 2.3 − − 0.7 − 3.0 Serbia 7.6 − − − − 7.6 7.7 − − − − 7.7 Ukraine 1− 4.5 9.0 36.7 − 60.2 8.1 4.2 10.8 29.6 − 52.7 Total 286.0 107.6 202.9 103.0 − 699.5 292.8 82.5 252.3 108.5 − 736.1 Western Europe Austria − 10.4 − − − 10.4 − 14.4 4.0 1.1 − 19.5 Switzerlan d − − − 0.1 − 0.1 − − 11.1 − − 11.1 Germany − − 31.7 6.6 − 38.3 − − 47.2 10.1 − 57.3 France − − − − − − − − 5.7 2.1 − 7.8 Spain − 9.0 2.2 − − 11.2 − − 4.0 − − 4.0 Italy − − 9.7 5.6 − 15.3 − − 22.4 5.8 − 28.2 Sweden − − − − − − − − 7.3 − − 7.3 Greece − − 32.9 11.3 − 44.2 − − 39.4 18.8 − 58.2 Total − 19.4 76.5 23.6 − 119.5 − 14.4 141.1 37.9 − 193.4 CCC GROUP Total 1,037.6 442.7 667.6 197.8 − 2,345.7 950.7 370.8 703.1 22− 16.7 2,261.3 The revenue information above is based on the location of the store for offline sales and the destination country for goods shipped in digital (e-commerce) sales.
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INTERIM CONDENSED CONSOLIDATED REPORT OF THE CCC GROUP for the three months from 1 February to 30 April 2025 (all amounts in PLN million unless stated otherwise) 21 3. NOTES TO THE INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 3.1. COSTS BY NATURE OF EXPENSE 1 Feb–30 Apr 2025 COST OF SALES COSTS OF RETAIL OUTLETS AND SELLING EXPENSES ADMINISTRATIVE EXPENSES TOTAL unaudited, unreviewed Cost of merchandise sold -1,143.8 − − -1,143.8 Raw material and consumables used − -25.6 -9.8 -35.4 Inventory write-downs -17.3 − − -17.3 Salaries, wages and employee benefits − -257.2 -41.5 -298.7 Transport services − -108.0 -0.4 -108.4 Other rental costs – utilities and other variable costs − -108.4 -4.6 -113.0 Advertising − -179.8 -0.2 -180.0 Depreciation/amortisation − -147.9 -13.6 -161.5 Taxes and charges − -12.2 -1.1 -13.3 Other costs − -81.4 -33.1 -114.5 Total -1,161.1 -920.5 -104.3 -2,185.9 1 Feb–30 Apr 2024 COST OF SALES COSTS OF RETAIL OUTLETS AND SELLING EXPENSES ADMINISTRATIVE EXPENSES TOTAL unaudited, unreviewed Cost of merchandise sold -1,088.4 − − -1,088.4 Raw material and consumables used − -28.7 -7.0 -35.7 Inventory write-downs -10.1 − − -10.1 Salaries, wages and employee benefits − -253.6 -37.0 -290.6 Transport services − -106.9 -0.1 -107.0 Other rental costs – utilities and other variable costs − -109.1 -5.9 -115.0 Advertising − -200.8 − -200.8 Depreciation/amortisation − -134.8 -15.1 -149.9 Taxes and charges − -12.5 -1.9 -14.4 Other costs − -88.3 -26.2 -114.5 Total -1,098.5 -934.7 -93.2 -2,126.4 3.2. OTHER INCOME AND OTHER EXPENSES, FINANCE INCOME AND FINANCE COSTS 1 Feb–30 Apr 2025 1 Feb–30 Apr 2024 unaudited, unreviewed unaudited, unreviewed Other income Gain on disposal of property, plant and equipment 0.3 12.4 Foreign exchange gains on items other than debt 50.7 − Compensation for damages 6.6 0.7 PFRON wage subsidies − 0.5 Gain on settlement with lessors relating to leasehold improvements 3.7 3.1 Gain on settlement of lease contracts 0.6 − Management and administration services 13.2 − Government grants 0.1 0.1 Other 7.0 6.7 Total other income 82.2 23.5
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INTERIM CONDENSED CONSOLIDATED REPORT OF THE CCC GROUP for the three months from 1 February to 30 April 2025 (all amounts in PLN million unless stated otherwise) 22 1 Feb–30 Apr 2025 1 Feb–30 Apr 2024 unaudited, unreviewed unaudited, unreviewed Other expenses Impairment losses on property, plant and equipment, intangible assets, and right-of-use assets − -1.9 Management and administration services -2.6 − Loss on settlement of lease contracts − -0.7 Interest and fines -1.1 -1.3 Other -10.5 -5.6 Foreign exchange losses on items other than debt − -1.8 Total other expenses -14.2 -11.3 1 Feb–30 Apr 2025 1 Feb–30 Apr 2024 unaudited, unreviewed unaudited, unreviewed (Recognised)/reversed expected credit loss allowances on trade and other receivables Expected credit loss allowance for trade and other receivables -12.3 3.5 Total (recognised)/reversed expected credit loss allowances on trade and other receivables -12.3 3.5 1 Feb–30 Apr 2025 1 Feb–30 Apr 2024 unaudited, unreviewed unaudited, unreviewed Finance income Interest income on cash in current account and other interest income 1.7 0.1 Foreign exchange gains/(losses) − 1.8 Gain on modification of credit facility agreement − 1.7 Other finance income − 1.2 Total finance income 1.7 4.8 1 Feb–30 Apr 2025 1 Feb–30 Apr 2024 unaudited, unreviewed unaudited, unreviewed Finance costs Interest on borrowings and bonds payable -59.1 -75.2 Gain/(loss) on modification of financial liability − -0.8 Interest expense on lease liabilities -28.2 -23.5 Foreign exchange gains/(losses) -44.5 − Commission expense -1.3 -2.3 Measurement of put option over non-controlling interests -2.5 -4.7 Other finance costs -3.6 -2.1 Total finance costs -139.2 -108.6
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INTERIM CONDENSED CONSOLIDATED REPORT OF THE CCC GROUP for the three months from 1 February to 30 April 2025 (all amounts in PLN million unless stated otherwise) 23 4. DEBT; CAPITAL AND LIQUIDITY MANAGEMENT 4.1. CAPITAL MANAGEMENT The purpose of capital risk management is to protect the Company’s ability to continue its operations so as to ensure a return on capital for the shareholders and benefits for other stakeholders, and to maintain a cost-optimised capital structure. In accordance with the Company’s dividend policy in force as at the reporting date, the dividend may be set at: • 25%–66% of the CCC Group’s consolidated net profit attributable to the owners of the parent for the financial year ending 31 January 2026; and • 50%–66% of the CCC Group’s consolidated net profit attributable to the owners of the parent for each of the financial years ending 31 January 2027, 31 January 2028 and 31 January 2029; provided that the distribution would not breach the financing documents of CCC or its affiliates, including a requirement that the Group’s net-debt-to-EBITDA ratio at the close of the financial year to which the proposed profit distribution relates is below 3.0. In formulating its profit -distribution recommendation for any given year, the Management Board will take into account the Group’s financial position and liquidity, existing and future obligations (including potential constraints under facility agreements and debt- instrument terms) and its assessment of the CCC Group’s outlook in prevailing market and macroeconomic conditions. To maintain or adjust its capital structure, the Group may vary the level of dividends, return capital to shareholders, issue new shares, or dispose of assets to reduce debt. Earnings (loss) per share In the three months ended 30 April 2025, basic and diluted earnings per share on continuing operations were PLN 1.34. In the three months ended 30 April 2024, basic and diluted loss per share on continuing operations was PLN 0.90. 4.2. BANK BORROWINGS AND BONDS As announced in Current Report No. 21/2025, on 31 March 2025, CCC S.A. and certain of its subsidiaries executed an amendment to the credit facilities agreement dated 12 July 2024 (for details of the agreement, please refer to note 4.2 of the consolidated fi nancial statements of the CCC Group for 2024). Under the amendment, the lenders agreed to: 1. increase the existing revolving facility, provided in the form of reverse -factoring and guarantee lines, by PLN 875.0 million, with a further incremental increase of PLN 425.0 million available upon satisfaction of additional conditions set out in the facility agreement (an aggregate potential increase of PLN 1,300.0 million); and 2. make available a PLN 200.0 million term facility (Tranche D), amortising through 1 August 2030, to finance construction of th e HalfPrice distribution and warehouse centre. Draw-down of the increased and additional facilities was subject to the customary conditions precedent for transactions of this na ture, including delivery to the lenders of standard documents and certificates, an information package, registry extracts and legal opinions, together with the execution or amendment of security documents in the agreed form. The transaction marked a further phase in the Group’s previously announced programme to optimise its financing structure – focused in particular on optimising working -capital financing, further reducing finance costs and supporting the continued development of the high-margin HalfPrice concept. Subsequent to the reporting date, material agreements and amending annexes were executed that affect the Group’s financing. S ee note 7 for details.
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INTERIM CONDENSED CONSOLIDATED REPORT OF THE CCC GROUP for the three months from 1 February to 30 April 2025 (all amounts in PLN million unless stated otherwise) 24 The following note presents data on contracted bank borrowings and issued bonds in the period from 1 February to 30 April 2025. FINANCING OF THE CCC BUSINESS UNIT FINANCING OF THE MODIVO BUSINESS UNIT TOTAL BANK BORROWINGS BANK BORROWINGS BONDS As at 1 Feb 2025 1,096.2 225.8 574.7 1,896.7 Short-term 98.9 225.8 − 324.7 Long-term 997.3 − 574.7 1,572.0 Proceeds from contracted debt - financing received – proceeds 320.0 − − 320.0 Interest accrued 24.7 5.4 28.9 59.0 Debt-related payments − − − − - principal payments -202.0 − − -202.0 - interest paid -24.2 -5.4 − -29.6 Increase due to changes in the overdraft facility balance − 100.2 − 100.2 Decrease due to changes in the overdraft facility balance -145.8 − − -145.8 Other non-cash changes 0.1 − − 0.1 As at 30 Apr 2025 1,069.0 326.0 603.6 1,998.6 Short-term 106.6 326.0 603.6 1,036.2 Tranche A 90.0 − − 90.0 Tranche B 0.3 − − 0.3 Tranche C 11.2 − − 11.2 Non-bank borrowings − − − − Other (other credit facilities; credit cards) 5.1 326.0 − 331.1 Bonds issued to Softbank − − 603.6 603.6 Long-term 962.4 − − 962.4 Tranche A 477.7 − − 477.7 Tranche B 136.0 − − 136.0 Tranche C 348.7 − − 348.7
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INTERIM CONDENSED CONSOLIDATED REPORT OF THE CCC GROUP for the three months from 1 February to 30 April 2025 (all amounts in PLN million unless stated otherwise) 25 The following note presents data on contracted bank borrowings and issued bonds in the period from 1 February 2024 to 31 Janu ary 2025. FINANCING OF THE CCC BUSINESS UNIT FINANCING OF THE MODIVO BUSINESS UNIT TOTAL BANK BORROWINGS BONDS BANK BORROWINGS BONDS As at 1 Feb 2024 529.2 541.2 285.7 739.3 2,095.4 short-term 390.2 3.6 285.7 739.3 1,418.8 long-term 139.0 537.6 − − 676.6 Proceeds from contracted debt - financing received – proceeds 701.2 − − − 701.2 - new non-cash refinancing received through intra-syndicate settlements 668.0 − − − 668.0 - transaction cost/modification of contractual terms − 10.9 0.9 − 11.8 Interest accrued 60.3 63.4 20.3 171.7 315.7 Debt-related payments - principal payments -236.0 -549.4 − − -785.4 - non-cash intra-syndicate settlement of principal repayments as part of new refinancing -713.0 − − − -713.0 - interest paid -64.0 -66.1 -20.3 − -150.4 Increase due to changes in the overdraft facility balance (including refinancing activity) 150.7 − − − 150.7 Decrease due to changes in the overdraft facility balance − − -60.8 − -60.8 Other non-cash changes -0.2 − − -336.3 -336.5 As at 31 Jan 2025 1,096.2 − 225.8 574.7 1,896.7 short-term 98.9 − 225.8 − 324.7 Tranche A 78.0 − − − 78.0 Tranche B 0.5 − − − 0.5 Tranche C 11.0 − − − 11.0 Other (other credit facilities; credit cards) 9.4 − 225.8 − 235.2 long-term 997.3 − − 574.7 1,572.0 Tranche A 507.4 − − − 507.4 Tranche B 141.4 − − − 141.4 Tranche C 348.5 − − − 348.5 Bonds issued to Softbank − − − 574.7 574.7 The Group’s existing debt gives rise to exposure to interest rate risk, currency risk, and liquidity risk. 4.3. CONTRACTUAL MATURITIES OF FINANCIAL LIABILITIES 30 Apr 2025 CONTRACTUAL MATURITY PROFILE AFTER THE REPORTING DATE TOTAL UNDISCOUNTED CARRYING AMOUNT unaudited, unreviewed UP TO 3 MONTHS 3–12 MONTHS 1–3 YEARS 3–5 YEARS OVER 5 YEARS Bank borrowings 365.9 137.5 558.5 466.9 − 1,528.8 1,395.0 Bonds − 657.2 − − − 657.2 603.6 Trade payables 1,423.0 125.2 − − − 1,548.2 1,548.2 Factoring liabilities 778.4 258.6 − − − 1,037.0 1,037.0 Refund liabilities 61.7 − − − − 61.7 61.7 Put liabilities over non-controlling interests 102.0 11.1 − − − 113.1 113.1 Lease liabilities 203.8 391.4 928.0 464.0 406.8 2,394.0 2,031.6 Total financial liabilities 2,934.8 1,581.0 1,486.5 930.9 406.8 7,340.0 6,790.2
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INTERIM CONDENSED CONSOLIDATED REPORT OF THE CCC GROUP for the three months from 1 February to 30 April 2025 (all amounts in PLN million unless stated otherwise) 26 31 Jan 2025 CONTRACTUAL MATURITY PROFILE AFTER THE REPORTING DATE TOTAL UNDISCOUNTED CARRYING AMOUNT audited UP TO 3 MONTHS 3–12 MONTHS 1–3 YEARS 3–5 YEARS OVER 5 YEARS Bank borrowings 264.9 139.1 590.1 606.9 − 1,601.0 1,322.0 Bonds − − 639.8 − − 639.8 574.7 Trade payables 1,588.3 302.5 − − − 1,890.8 1,890.8 Factoring liabilities 462.7 162.3 − − − 625.0 625.0 Refund liabilities 63.8 − − − − 63.8 63.8 Put liabilities over non-controlling interests 99.8 10.8 − − − 110.6 110.6 Lease liabilities 222.0 379.7 906.4 453.2 383.6 2,344.9 1,991.9 Total financial liabilities 2,701.5 994.4 2,136.3 1,060.1 383.6 7,275.9 6,578.8 5. NOTES TO THE INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION 5.1. PROVISIONS unaudited, unreviewed PROVISION FOR JUBILEE AND RETIREMENT BENEFITS PROVISION FOR RETURNS AND COMPLAINTS PROVISION FOR LEGAL DISPUTES OTHER PROVISIONS TOTAL As at 1 Feb 2025 18.4 10.5 0.1 0.6 29.6 Recognised − 22.0 2.0 − 24.0 Used − -6.9 − − -6.9 Reversed -0.1 − − − -0.1 As at 30 Apr 2025 18.3 25.6 2.1 0.6 46.6 Short-term 3.7 25.6 2.1 0.6 32.0 Long-term 14.6 − − − 14.6 Audited PROVISION FOR JUBILEE AND RETIREMENT BENEFITS PROVISION FOR RETURNS AND COMPLAINTS PROVISION FOR LEGAL DISPUTES OTHER PROVISIONS TOTAL As at 1 Feb 2024 16.5 4.8 0.2 0.6 22.1 Recognised 2.6 7.0 − − 9.6 Used − -0.6 − − -0.6 Reversed -0.7 -0.7 -0.1 − -1.5 As at 31 Jan 2025 18.4 10.5 0.1 0.6 29.6 Short-term 3.8 10.5 0.1 0.6 15.0 Long-term 14.6 − − − 14.6
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INTERIM CONDENSED CONSOLIDATED REPORT OF THE CCC GROUP for the three months from 1 February to 30 April 2025 (all amounts in PLN million unless stated otherwise) 27 5.2. DEFERRED TAX ASSETS AND LIABILITIES 30 Apr 2025 RECOGNISED IN PROFIT OR LOSS 1 Feb 2025 Assets Inventories – elimination of margin on intra-group sales 15.9 2.3 13.6 Write-downs of inventories and loss allowances on trade receivables 9.2 0.2 9.0 Impairment losses on property, plant and equipment (leasehold improvements), rights-of-use assets and intangible assets 0.8 − 0.8 Provisions for liabilities 70.7 20.5 50.2 Special economic zone relief 39.7 -1.9 41.6 Other 61.7 -4.4 66.1 Borrowing costs disallowed under the interest deductibility limit rules in prior years 33.1 − 33.1 Tax losses 165.8 -2.3 168.1 Measurement of lease contracts 429.2 17.3 411.9 Total before offset 826.1 31.7 794.4 Liabilities Accelerated tax depreciation of property, plant and equipment 24.6 -0.5 25.1 Accrued interest − − − Other 6.6 -3.8 10.4 Measurement of lease contracts 369.0 8.8 360.2 Recognition of intangible assets identified on acquisition of subsidiaries 30.7 − 30.7 Total before offset 430.9 4.5 426.4 Offset 381.0 2.5 378.5 Deferred tax balances as disclosed in the statement of financial position Assets 445.1 29.2 415.9 Liabilities 49.9 2.0 47.9 31 Jan 2025 RECOGNISED IN PROFIT OR LOSS 1 Feb 2024 Assets Inventories – elimination of margin on intra-group sales 13.6 3.8 9.8 Write-downs of inventories and loss allowances on trade receivables 9.0 1.4 7.6 Impairment losses on property, plant and equipment (leasehold improvements), rights-of-use assets and intangible assets 0.8 0.8 − Provisions for liabilities 50.2 33.4 16.8 Special economic zone relief 41.6 -3.6 45.2 Other 66.1 11.8 54.3 Borrowing costs disallowed under the interest deductibility limit rules in prior years 33.1 33.1 − Tax losses 168.1 91.5 76.6 Measurement of lease contracts 411.9 79.3 332.6 Total before offset 794.4 251.5 542.9 Liabilities Accelerated tax depreciation of property, plant and equipment 25.1 23.3 1.8 Accrued interest − − − Other 10.4 -0.9 11.3 Recognition of intangible assets identified on acquisition of subsidiaries 360.2 78.3 281.9 Measurement of lease contracts 30.7 0.1 30.6 Total before offset 426.4 100.8 325.6 Offset 378.5 84.3 294.2 Deferred tax balances as disclosed in the statement of financial position Assets 415.9 167.2 248.7 Liabilities 47.9 16.5 31.4
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INTERIM CONDENSED CONSOLIDATED REPORT OF THE CCC GROUP for the three months from 1 February to 30 April 2025 (all amounts in PLN million unless stated otherwise) 28 5.3. CHANGE IN IMPAIRMENT LOSSES/WRITE-DOWNS ON ASSETS AND IN LOSS ALLOWANCES Impairment loss/write- down/loss allowance PROPERTY, PLANT AND EQUIPMENT – LEASEHOLD IMPROVEMENTS RIGHT-OF-USE ASSETS GOODWILL INVENTORIES TRADE RECEIVABLES OTHER RECEIVABLES LOANS unaudited, unreviewed As at 1 Feb 2025 5.9 14.0 21.8 51.9 99.2 0.8 130.2 Increase − − − 19.6 6.6 6.0 − Reversed − -1.7 − -2.3 -0.3 − − Other − -0.4 − − 0.1 − − As at 30 Apr 2024 5.9 11.9 21.8 69.2 105.6 6.8 130.2 Impairment loss/write- down/loss allowance PROPERTY, PLANT AND EQUIPMENT – LEASEHOLD IMPROVEMENTS RIGHT-OF-USE ASSETS GOODWILL INVENTORIES TRADE RECEIVABLES OTHER RECEIVABLES LOANS audited As at 1 Feb 2024 6.6 16.1 21.8 62.6 100.9 0.7 130.2 Increase − − − 41.8 2.9 − − Used − − − -10.8 -0.2 − − Reversed -0.7 -1.7 − -41.7 -6.7 0.1 − Other − -0.4 − − 2.3 − − As at 31 Jan 2025 5.9 14.0 21.8 51.9 99.2 0.8 130.2 6. OTHER 6.1. FINANCIAL INSTRUMENTS 30 Apr 2025 31 Jan 2025 unaudited, unreviewed audited FINANCIAL ASSETS FINANCIAL LIABILITIES FINANCIAL ASSETS FINANCIAL LIABILITIES Financial assets at amortised cost 1,041.3 − 829.6 − Loans − − − − Trade receivables 535.2 − 330.9 − Lease receivables 26.0 − 11.8 − Fit-out receivables 15.0 − 11.3 − Receivables from the disposal of property, plant and equipment 14.7 − 14.4 − Cash and cash equivalents 450.4 − 461.2 − Financial assets measured at fair value through profit or loss 11.5 − 12.5 − Other financial assets (shares) 11.5 − 11.5 − Other financial assets (derivative financial instruments – forwards) − − 1.0 − Financial liabilities at amortised cost − 6,677.1 − 6,578.8 Financing liabilities − 1,998.6 − 1,896.7 Trade and other payables − 2,585.2 − 2,515.8 Refund liabilities − 61.7 − 63.8 Lease liabilities − 2,031.6 − 1,991.9 Put liabilities over non-controlling interests − 113.1 − 110.6 Financial liabilities measured at fair value through profit or loss − 18.0 − − Derivative financial instruments (forwards) − 18.0 − − The derivative embedded in the PFR bonds, which were repaid as at 31 January 2025 – the Equity Kicker – was valued at PLN 0.0 million as at both the reporting date and 31 January 2025. The valuation of the instrument is based on the fair value of Modivo share s and will expire at the end of June 2025.
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INTERIM CONDENSED CONSOLIDATED REPORT OF THE CCC GROUP for the three months from 1 February to 30 April 2025 (all amounts in PLN million unless stated otherwise) 29 The derivative financial instrument embedded in the Softbank convertible bonds and based on the valuation of Modivo shares, w as separated and measured at fair value. As at 30 April 2025 and at the opening balance date, the valuation was close to zero du e to the low probability of conversion of the bonds into shares, given the illiquidity of Modivo S.A. shares as a non-listed entity. The Group classifies other financial assets (equity instruments) and put liabilities over non -controlling interests as Level 3 fair value hierarchy instruments. Derivative financial instruments – forwards are classified at level 2 of the fair value hierarchy. According to the Group’s assessment, the fair value of variable -interest loans, trade receivables, receivables due from sale of property, plant and equipment, lease receivables, cash and cash equivalents, derivative financial instruments, other financial assets, current variable-interest financing liabilities, trade and other payables, as well as refund liabilities does not differ materially from the r espective carrying amounts due to the short maturities. The fair value of long -term variable-rate borrowings and lease liabilities also does not differ materially from their carrying amounts. 6.2. RELATED-PARTY TRANSACTIONS In the presented periods, the Group entered into the following related-party transactions: Liabilities to related parties (including financing liabilities) Receivables from related parties (including loans) Liabilities to related parties (including financing liabilities) Receivables from related parties (including loans) 30 Apr 2025 30 Apr 2025 31 Jan 2025 31 Jan 2025 unaudited, unreviewed unaudited, unreviewed audited audited ENTITIES RELATED TO KEY MANAGEMENT PERSONNEL 0.7 12.9 1.1 12.7 Total 0.7 12.9 1.1 12.7 Income from related-party transactions Purchases from related parties Income from related-party transactions Purchases from related parties 1 Feb–30 Apr 2025 1 Feb–30 Apr 2025 1 Feb–30 Apr 2024 1 Feb–30 Apr 2024 unaudited, unreviewed unaudited, unreviewed unaudited, unreviewed unaudited, unreviewed ASSOCIATES − − 0.1 0.8 ENTITIES RELATED TO KEY MANAGEMENT PERSONNEL − 0.9 − 2.8 Total − 0.9 0.1 3.6 All related-party transactions were entered into on an arm’s length basis. 6.3. SHARE-BASED PAYMENTS Incentive scheme for the CCC Management Board implemented in 2025–2030 In accordance with the Remuneration Policy for Members of the Management Board and Supervisory Board of CCC S.A. (adopted by resolution of the Annual General Meeting held on 17 March 2025), the Programme Beneficiary – the President of the Management Board, Dariusz Miłek – as well as Additional Beneficiaries (selected key employees, associates, and members of the management bodies of the Group) are entitled to variable remuneration components, including a long-term incentive linked to the growth in CCC S.A.’s value, defined as an increase in its share price. Furthermore, on 17 March 2025, the General Meeting approved the implementation of an incentive scheme entitling the Programme Beneficiaries to subscribe for up to 3,000,000 Series P ordinary bearer shares at an issue price of PLN 200.0 per share, thro ugh the allocation of no more than 3,000,000 Series E subscription warrants, each conferring the right to subscribe for one share. Pr ogramme Beneficiaries may apply for the grant of subscription warrants no earlier than two years and no later than five years after t he scheme’s approval date. The President of the Management Board of CCC S.A., Dariusz Miłek, is entitled to receive up to 50% of the warr ants covered by a given application. The remaining 50% of the warrants may only be allocated to Additional Beneficiaries. As at the reporting date, no warrants had been granted to the Additional Beneficiaries, and as such, they were not included in the valuation as a t 30 April 2025.
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INTERIM CONDENSED CONSOLIDATED REPORT OF THE CCC GROUP for the three months from 1 February to 30 April 2025 (all amounts in PLN million unless stated otherwise) 30 The table below presents the number of shares and subscription warrants under the incentive scheme, depending on the share price. Share price Cumulative number of shares Number of warrants 300 750,000,000 750,000 400 1,000,000,000 250,000 500 1,600,000,000 600,000 600 2,000,000,000 400,000 700 2,200,000,000 200,000 800 2,500,000,000 300,000 900 2,700,000,000 200,000 1000 3,000,000,000 300,000 The valuation was performed using the Monte Carlo method, based on the following assumptions: • Scheme commencement date: 17 March 2025; • Share price volatility: 49.05%; • Number of warrants granted: 1,500,000; • Scheme end date: 17 March 2030; • Grant commencement date: 15 March 2027. The measurement of the incentive scheme was reflected in the statement of financial position, with the corresponding employee benefits expense of PLN 1.4 million recognised within administrative expenses, and the offsetting entry recognised in equity. Incentive scheme for key personnel of the Modivo Group implemented in 2021–2025 As described in the consolidated financial statements for the financial year ended 31 January 2025, key management personnel of Modivo S.A. and its subsidiaries are granted the right to subscribe for and/or acquire shares in Modivo S.A. Communication to participants of their inclusion in the scheme and the number of rights granted began on 14 January 2022; this date was design ated as the start of the service period and the beginning of the vesting period. The Supervisory Board gave final approval to the par ticipant list on 7 February 2022 (the grant date), and the fair value of the equity instruments granted was measured on that date. During the term of the scheme, modifications were made with respect to the granted rights, resignations of members, and chang es to the scheme settlement method. The key inputs used in the valuation are the forecast EBITDA of Modivo S.A. for the 12 -month period immediately preceding the scheme’s maturity date, the estimated net debt at that date, and the expected enterprise -value multiple based on comparable companies. The Group also applied an assumed probability of participants remaining in the scheme, based o n historical experience. As at the reporting date, 51,562 rights were outstanding, all in Stages 1 and 2. The scheme will be settled in cash following the abandonment of the Modivo IPO plan. The scheme was measured at fair value in the amount of PLN 2.3 million and presented unde r current liabilities. A change of PLN 0.1 million in the period was recognised in employee benefits expense under administrative expenses. 7. EVENTS AFTER THE REPORTING DATE Share acquisition On 28 May 2025, the Company acquired a 75% equity interest in Szopex Sp. z o.o. of Olsztyn, for a total consideration of PLN 34.7 million. As at the issue date of these financial statements, an amount of PLN 21.1 million had been settled, with the balance of PLN 13.6 million due for settlement on 28 August 2025. The acquisition agreement grants the parties symmetrical call and put options f or the remaining 25% equity interest. The purchase price for the remaining 25% is contingent upon the company’s financial performanc e for 2028 and may be exercised subsequent to that period. The acquisition is consistent with the Group’s strategy to broaden its p roduct portfolio and brand offering in the premium segment, and to strengthen its collaboration with global brands operating in higher product and price tiers. The transaction was financed with CCC S.A.’s own funds. Change in financing On 27 May 2025, Modivo S.A. signed credit documents with Bank Polska Kasa Opieki S.A., extending the availability period of t he PLN 260 million multipurpose credit facility dated 26 October 2017 until 29 April 2026, on substantially unchanged terms. On 3 June 2025, Modivo S.A. signed a credit facility agreement with UniCredit S.p. A. for a term loan of up to PLN 660 million, amortised over a period of five years, to be applied towards the full early redemption, together with interest, of bonds issued to SVF II Motion Subco (DE) LLC, originally maturing on 5 April 2026. The redemption was completed on 12 June 2025, amounting to PLN 665.7 mil lion (including interest of PLN 165.7 million). CCC S.A. serves as guarantor for the obligations of Modivo S.A. as borrower under the credit facility agreement. Draw-down of the facility was subject to the customary conditions precedent for transactions of this nature, including
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INTERIM CONDENSED CONSOLIDATED REPORT OF THE CCC GROUP for the three months from 1 February to 30 April 2025 (all amounts in PLN million unless stated otherwise) 31 delivery to the lender of standard documents and certificates, an information package, registry extracts and legal opinions, together with the execution of security documents in the agreed form. These conditions were fulfilled on 5 June 2025. The facility bears interest at a variable rate based on WIBOR, plus the bank’s margin. Under the terms of the financing agreement, the borrower is required to comply with a financial covenant calculated based on the consolidated financial data of the CCC Group. The covenant relates to the Net Exposure to EBITDA ratio over the last twelve months, will be tested quarterly, and must not exceed 3.5.
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INTERIM CONDENSED SEPARATE FINANCIAL STATEMENTS FOR THE THREE MONTHS from 1 February to 30 April 2025
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INTERIM CONDENSED CONSOLIDATED REPORT OF THE CCC GROUP for the three months from 1 February to 30 April 2025 (all amounts in PLN million unless stated otherwise) 33 INTERIM CONDENSED SEPARATE STATEMENT OF COMPREHENSIVE INCOME 1 Feb–30 Apr 2025 1 Feb–30 Apr 2024 unaudited, unreviewed unaudited, unreviewed Revenue 706.6 658.0 Cost of sales -464.2 -440.6 Gross profit 242.4 217.4 Costs of retail outlets and selling expenses -180.8 -176.3 Administrative expenses -40.5 -17.4 Other income 5.2 3.6 Other expenses -0.2 -10.8 (Recognised)/reversed expected credit loss allowances on receivables − -0.1 Operating profit (loss) 26.1 16.4 Finance income 10.7 22.1 (Recognised)/reversed expected credit loss allowances − − Finance costs -24.3 -28.5 Profit (loss) before tax 12.5 10.0 Income tax 1.7 -2.1 Net profit (loss) 14.2 7.9 Total comprehensive income 14.2 7.9 Weighted average number of ordinary shares (million) 71.4 66.1 Basic earnings (loss) per share (PLN) 0.20 0.12 Diluted earnings (loss) per share (PLN) 0.20 0.12
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INTERIM CONDENSED CONSOLIDATED REPORT OF THE CCC GROUP for the three months from 1 February to 30 April 2025 (all amounts in PLN million unless stated otherwise) 34 INTERIM CONDENSED SEPARATE STATEMENT OF FINANCIAL POSITION 30 Apr 2025 31 Jan 2025 unaudited, unreviewed audited Intangible assets 1.8 2.1 Goodwill 48.8 48.8 Property, plant and equipment – Leasehold improvements 409.8 336.7 Property, plant and equipment – Other assets 16.1 16.5 Right-of-use assets 380.3 378.2 Deferred tax assets 86.1 76.1 Loans 503.3 462.6 Long-term investments 2,613.1 1,310.3 Other long-term receivables 2.8 3.2 Lease receivables 90.5 78.5 Non-current assets 4,152.6 2,713.0 Inventories 486.2 464.5 Trade receivables 81.4 42.9 Loans 24.8 42.1 Other receivables 90.7 38.1 Cash and cash equivalents 140.3 47.9 Lease receivables 34.2 30.1 Current assets 857.6 665.6 TOTAL ASSETS 5,010.2 3,378.6 Liabilities under borrowings and bonds 348.7 348.5 Provisions 3.8 3.8 Lease liabilities 418.5 399.6 Oher non-current liabilities 0.9 1.0 Non-current liabilities 771.9 752.9 Liabilities under borrowings and bonds 11.2 11.0 Trade and other payables 264.5 274.9 Other liabilities 109.5 108.4 Income tax liabilities 14.0 9.0 Provisions 26.7 14.1 Lease liabilities 201.7 205.1 Current liabilities 627.6 622.5 TOTAL LIABILITIES 1,399.5 1,375.4 NET ASSETS 3,610.7 2,003.2 Equity Share capital 7.7 6.9 Share premium account 3,239.3 1,648.2 Retained earnings 362.3 348.1 Incentive scheme 1.4 − TOTAL EQUITY 3,610.7 2,003.2 TOTAL EQUITY AND LIABILITIES 5,010.2 3,378.6
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INTERIM CONDENSED CONSOLIDATED REPORT OF THE CCC GROUP for the three months from 1 February to 30 April 2025 (all amounts in PLN million unless stated otherwise) 35 INTERIM CONDENSED SEPARATE STATEMENT OF CASH FLOWS 1 Feb–30 Apr 2025 1 Feb–30 Apr 2024 unaudited, unreviewed unaudited, unreviewed Profit (loss) before tax 12.5 10.0 Depreciation/amortisation 37.5 40.8 Impairment of property, plant and equipment, rights-of-use assets, intangible assets and shares − 10.8 (Gain)/loss from investing activities − -1.0 Borrowing costs 15.8 24.9 Other non-cash adjustments 11.8 -6.4 Income tax paid -3.2 -3.6 Cash flow before changes in working capital 74.4 75.5 Changes in working capital Change in inventories and inventory write-downs -21.7 -78.6 Change in receivables -92.2 20.0 Change in current liabilities (excluding interest-bearing borrowings and bonds) 12.1 77.1 Net cash flows from operating activities -27.4 94.0 Proceeds from disposal of property, plant and equipment − 12.5 Repayment of loans and payment of interest 25.5 23.8 Purchase of property, plant and equipment and intangible assets -105.2 -15.6 Loans -43.6 -0.7 Acquisition of investments in associates -1,252.9 − Other investing cash flows 8.3 7.9 Net cash flows from investing activities -1,367.9 27.9 Proceeds from securities issues and contributions to equity 1,547.3 − Lease payments -43.0 -24.4 Interest paid -17.4 -10.6 Repayment of borrowings and bonds − -20.6 Other financing cash flows 0.8 1.6 Net cash flows from financing activities 1,487.7 -54.0 TOTAL CASH FLOWS 92.4 67.9 Net increase/decrease in cash and cash equivalents 92.4 67.9 Cash and cash equivalents at the beginning of the period 47.9 33.4 Cash and cash equivalents at the end of the period 140.3 101.3
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INTERIM CONDENSED CONSOLIDATED REPORT OF THE CCC GROUP for the three months from 1 February to 30 April 2025 (all amounts in PLN million unless stated otherwise) 36 INTERIM CONDENSED SEPARATE STATEMENT OF CHANGES IN EQUITY unaudited, unreviewed SHARE CAPITAL SHARE PREMIUM RETAINED EARNINGS MEASUREMENT OF THE INCENTIVE SCHEME TOTAL EQUITY As at 1 Feb 2025 6.9 1,648.2 348.1 − 2,003.2 Net profit (loss) for period − − 14.2 − 14.2 Total comprehensive income − − 14.2 − 14.2 Put option over treasury shares − 50.0 − − 50.0 Measurement of employee option plan − − − 1.4 1.4 Share issue 0.8 1,541.1 − − 1,541.9 Total transactions with owners 0.8 1,591.1 − 1.4 1,593.3 As at 30 Apr 2025 7.7 3,239.3 362.3 1.4 3,610.7 unaudited, unreviewed SHARE CAPITAL SHARE PREMIUM RETAINED EARNINGS TOTAL EQUITY As at 1 Feb 2024 6.9 1,648.2 292.4 1,947.5 Net profit (loss) for period − − 7.9 7.9 Total comprehensive income − − 7.9 7.9 As at 30 Apr 2024 6.9 1,648.2 300.3 1,955.4
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INTERIM CONDENSED CONSOLIDATED REPORT OF THE CCC GROUP for the three months from 1 February to 30 April 2025 (all amounts in PLN million unless stated otherwise) 37 8. GENERAL INFORMATION Company name: CCC Spółka Akcyjna Registered office: ul. Strefowa 6, 59-101 Polkowice, Poland Registry court: District Court for Wrocław -Fabryczna in Wrocław, 9th Commercial Division of the National Court Register ENTRY IN THE NATIONAL COURT REGISTER (KRS) NO: 0000211692 Principal business: The Company’s principal business activity according to the European Classification of Business Activities is wholesale and retail trade of clothing and footwear (NACE 5142). Management Board: President: Dariusz Miłek Vice President: Łukasz Stelmach CCC S.A. (the “Company”, the “parent”) has been listed on the Warsaw Stock Exchange since 2004. The Company is the parent of the CCC Group (the “CCC Group”, the “Group”). These interim condensed separate financial statements of the Company cover the three months ended 30 April 2025 and contain comparative data for the three months ended 30 April 2024 and as at 31 January 2025. The statement of comprehensive income and notes to the statement of comprehensive income contain data for the three months ended 30 April 2025 and comparative data for the three months ended 30 April 2024, which has not been audited or reviewed by an auditor. The Company has also prepared interim condensed consolidated financial statements for the three months ended 30 April 2025, w hich were authorised for issue by the Management Board on 12 June 2025. The interim condensed consolidated financial statements of the CCC Group have been prepared in accordance with IFRS. The statements can be accessed on the Company's website. The interim financial results may not be indicative of the Company’s potential full-year financial results due to the seasonality effect (with peak demand in spring and autumn). On 23 January 2025, Mr Łukasz Stelmach was appointed to the Company’s Management Board as Vice President, Finance, effective 1 February 2025. On 19 April 2025 Karol Półtorak tendered his resignation as Vice -President and member of the Management Board, effective 21 April 2025. Following the expiry of the mandates of Supervisory Board members, on 4 June 2025 the Annual General Meeting appointed the Supervisory Board for another joint three -year term of office comprising: Wiesław Oleś as Chair and Tomasz Rejman, Paweł Małyska, Piotr Kamiński and Marcin Czyczerski as Members of the Supervisory Board. The Company has an unlimited duration. BASIS OF PREPARATION These interim condensed separate financial statements have been prepared in accordance with International Accounting Standard 34 Interim Financial Reporting, as endorsed by the European Union (“IAS 34”). These interim condensed separate financial statements do not include all the information and disclosures required to be given or made in full-year financial statements and should be read in conjunction with the Company’s separate financial statements for the year end ed 31 January 2025, authorised for issue on 29 April 2025. These financial statements have been prepared on a historical cost basis, except for derivative financial instruments measure d at fair value. The data contained in these financial statements is presented in millions of Polish złoty, unless more accurate information i s provided in specific cases. The functional and reporting currency is the Polish złoty (PLN).
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INTERIM CONDENSED CONSOLIDATED REPORT OF THE CCC GROUP for the three months from 1 February to 30 April 2025 (all amounts in PLN million unless stated otherwise) 38 GOING CONCERN These financial statements have been prepared under the going concern assumption, indicating that the Company and the CCC Gro up (the “Group”) are expected to continue their operations for the foreseeable future, specifically for a period of at least 12 months from the reporting date. Financing within the CCC Group is arranged separately at the level of two business units, each responsible for its own liabilities: • CCC Business Unit (the Group excluding the Modivo Business Unit); and, separately, • Modivo Business Unit (MODIVO S.A. and all of its subsidiaries). Under the Group’s financing agreements, the Group must comply with specified financial covenants, measured separately for the CCC Business Unit and the Modivo Business Unit. A breach of any covenant by the Modivo Business Unit would trigger a cross -default under the CCC Business Unit’s facilities and could result in the immediate acceleration of borrowings for which the parent is the obligor. For this reason, further analyses have been performed separately for the CCC Business Unit and the Modivo Business Unit. For details of the Group’s credit facilities – including repayment schedules, minimum covenant ratios to be maintained by the CCC Business Unit and the Modivo Business Unit, and the amounts of undrawn credit lines – see note 4.2 to the consolidated financial statements of the CCC Group for 2024 and note 21 to the consolidated Directors’ Report on the operations of the CCC Group for 2024. For the amounts of utilised and undrawn factoring facilities, see note 5.10 to the consolidated financial statements of the C CC Group for 2024 and the general information section of this report. Detailed information on liquidity-risk management is provided in note 4.3 of the consolidated Directors’ Report on the operations of the CCC Group for 2024. Going concern assessment of the CCC Business Unit The Management Board is satisfied that the CCC Group complied with all financing covenants as at the reporting date and, havi ng considered appropriate sensitivity analyses, expects that those covenants will likewise not be breached during the next 12 months. Going concern assessment of the Modivo Business Unit In previous periods, in view of Modivo's financial condition, Modivo met the terms of credit facility agreements or agreed no t to test or amend selected financial ratios. Consequently, no covenant breaches arose that might have triggered acceleration of those fac ilities, as further discussed in note 4.2 to the consolidated financial statements of the CCC Group for 2024. Owing to the improvement in profitability in the second half of 2024 and the first quarter of 2025, no covenant breaches occurred either at the reporting date or up to the date these financial statements were authorised for issue in respect of the ratios applicable on 30 April 2025. Based on the financial plans and the relevant sensitivity analyses, the Management Board of the CCC Group expects that the fi nancial covenants will likewise not be breached over the next 12 months. The bank facilities with Bank Polska Kasa Opieki S.A. and Bank Polska Kasa Oszczędności Bank Polski S.A. that mature within 1 2 months carried an aggregate balance of PLN 326.0 million as at the reporting date. After the reporting date, on 27 May 2025, Modivo S.A. signed credit documents with Bank Polska Kasa Opieki S.A., extending the availability period of the PLN 260 million multipurpose cre dit facility dated 26 October 2017 at least until 26 February 2026, on substantially unchanged terms. On 3 June 2025 Modivo S.A. signed a credit facility agreement with UniCredit S.p. A. for a term loan of up to PLN 660 million, amortised over a period of five years, to be applied towards the full early redemption, together with interest, of bonds issued to SVF II Motion Subco (DE) LLC (SoftBank), originally maturing on 5 April 2026. The redemption was completed on 12 June 2025, amounting to PL N 665.7 million (including interest of PLN 165.7 million). For detailed information on the new credit facility agreement, pleas e refer to note 14 in the interim condensed consolidated financial statements of the CCC Group for the three months ended 30 April 2025. Taking the above factors into account – and drawing on the 2025 Annual Budget and the plans for subsequent periods, including associated sensitivity analyses – the Management Board has not identified any material uncertainty that might cast significant doubt on Modivo’s ability to continue as a going concern and therefore regards the going -concern basis of preparation of the accompanying financial statements as appropriate.
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INTERIM CONDENSED CONSOLIDATED REPORT OF THE CCC GROUP for the three months from 1 February to 30 April 2025 (all amounts in PLN million unless stated otherwise) 39 EFFECT OF CHANGES IN THE ECONOMIC SITUATION ON THE VALUATION OF ASSETS AND LIABILITIES OF CCC S.A. Inventory write-downs Details are provided in note 12.3. Impairment losses on shares As at 30 April 2025, no indications of impairment of shares in subsidiaries and associates were identified. As at 30 April 20 25, the impairment loss on shares stood at PLN 9.2 million. Assessment of expected credit losses (ECL) As at 30 April 2025, the Company re -evaluated its expected credit loss (ECL) calculations, reviewing both macroeconomic developments and exposure -specific risks to determine whether the underlying assumptions required adjustment and whether an additional risk overlay was warranted in light of current conditions and forward -looking forecasts. The Company recognises and measures expected credit losses on financial assets carried at amortised cost, irrespective of whether evidence of impairment exists. The Company’s trade receivables relate chiefly to the Retail segment and, to an immaterial extent, the Digital segment, toget her with amounts due from related parties under contractual arrangements. As at the reporting date, the Company recognised a loss allo wance of PLN 13.5 million on receivables, with no change compared with 31 January 2025. During the reporting period, none of the loans experienced a significant increase in credit risk relative to their initial re cognition. At the reporting date, the loss allowance on loans totalled PLN 131.8 million. The Company also measures the risk associated with financial guarantees it has provided. In the reporting period, the Company recognised an expected credit loss allowance of PLN 5.6 million on financial guarantee contracts, with no change compared wit h 31 January 2025. Further information on loss allowances and provisions, together with an analysis of movements therein, is provided in note 12.3. Impairment of property, plant and equipment, intangible assets, goodwill and rights-of-use assets As at 30 April 2025, following an assessment of indications of impairment of property, plant and equipment, intangible assets , goodwill and right-of-use assets, no need to perform an impairment test was identified. In the period for which these interim condensed separate financial statements were prepared, no impairment losses on the above assets were recognised. For information on impairment o f the aforementioned assets, see note 12.3. Other accounting matters As at the date of these interim condensed separate financial statements, the Company did not identify any material risks rela ted to potential breach of the terms of its existing trade and supply contracts. As a result of the execution of financing agreements with banks, bondholders and other institutions, the Company is required to comply with a number of covenants, as described in detail in the ‘Management of financial resources and liquidity’ section of the Di rectors’ Report on the Group’s operations. As at 30 April 2025, in the opinion of the Management Board none of the covenants were brea ched during the reporting period and until the date of authorisation of these financial statements for issue. Based on its financial projections for subsequent reporting periods, the Company believes that the recognised deferred tax asset is recoverable given the equity transactions planned in the future. In April 2025, the Group launched a new subscription-based service (Modivo Club), designed to consolidate CCC Group’s customer base, thereby driving organic customer engagement into all Group business lines. Modivo Club members are entitled to a range of ben efits, promotional campaigns, and an extended return period. Where a virtual gift card is issued to a customer free of charge in con nection with the purchase of goods and participation in Modivo Club, the Group treats it as a material right and allocates a portion of the transaction price to it based on the relative stand -alone selling price, adjusted for the probability of redemption. The amount loaded onto the gift card is recognised as a contract liability, with a corresponding reduction of revenue previously recognised on the sale of goods. Purchased Modivo Club subscriptions are recognised as contract liabilities and are accounted for over the subscription period of 12 months.
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INTERIM CONDENSED CONSOLIDATED REPORT OF THE CCC GROUP for the three months from 1 February to 30 April 2025 (all amounts in PLN million unless stated otherwise) 40 STATEMENT OF ACCOUNTING POLICIES The accounting policies applied by CCC S.A. did not change relative to those applied and disclosed in the full -year financial statements for the financial year from 1 February 2024 to 31 January 2025, except for the application of new or amended standards and interpretations effective for annual periods beginning on or after 1 February 2025. New and amended accounting standards As of 1 February 2025, the Company is subject to the amendments to IAS 21 regarding the assessment of whether a currency is exchangeable into another currency and the determination of the exchange rate when a currency is not exchangeable. As at the date of issue of these condensed separate financial statements, the above amendments had been endorsed for use in the European Union but have had no impact on these condensed separate financial statements. FACTORS WITH MATERIAL BEARING ON THE INTERIM CONDENSED SEPARATE FINANCIAL STATEMENTS Statement of comprehensive income Revenue Revenue rose by 7.4% year on year, primarily due to the revision of the intragroup service settlement model, the expansion of the scope of services provided within the Group, updates to pricing, continued development of the omnichannel model, and the broader product assortment available. Cost of sales Cost of sales rose by 5.4% relative to the same period of the previous year. Gross margin in the three months ended 30 April 2025 reached 34.3% of revenue, relative to 33.0% in the comparative period. This improvement was driven by the ongoing enhancement of the product offering and the application of a prudent discounting policy. Costs of retail outlets and selling expenses Costs of retail outlets and selling expenses increased by 2.6% year on year. Administrative expenses The 23.8% year-on-year rise in administrative expenses was due to a PLN 22.8 million increase in other costs by nature of expense, led by the revision of the intragroup transaction settlement model, the expansion of the scope of services provided within the Group , the expansion of the cost base, and updates to pricing. Other income and expenses Other income rose by PLN 44.4 million year on year, to PLN 5.2 million. The increase reflects mainly compensation received in connection with last year’s flood, amounting to PLN 2.6 million. Other expenses fell by PLN 10.6 million year on year, to PLN 0.2 million. The decrease is primarily due to the recognition in the prior year of impairment losses on a property in Słupsk, which was sold on 4 June 2024 for PLN 10.0 million. Consequently, the operating result for the three months ended 30 April 2025 was PLN 26.1 million, up by PLN 9.7 million year on year. Finance costs and income In the reporting period, finance income was PLN 10.7 million, comprising mainly interest on cash in current account and loans of PLN 10.2 million. Finance costs amounted to PLN 24.3 million and included mainly foreign exchange losses of PLN 9.0 million, interest expense o n borrowings and bonds of PLN 8.0 million and interest expense on leases of PLN 6.1 million. Interest expense on borrowings dec lined significantly year on year, primarily due to the redemption of Series 1/2018 (CCC0626) bonds, the repayment of a loan received from CCC Shoes & Bags Sp. z o.o., and the refinancing of the CCC Business Unit completed in the previous year. Income tax amounted to PLN 1.7 million, increasing profit before tax. Net profit booked by CCC S.A. for the three months ended 30 April 2025 was PLN 14.2 million, up by PLN 6.3 million year on year.
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INTERIM CONDENSED CONSOLIDATED REPORT OF THE CCC GROUP for the three months from 1 February to 30 April 2025 (all amounts in PLN million unless stated otherwise) 41 Statement of financial position As at 30 April 2025, CCC S.A.’s total assets amounted to PLN 5,010.2 million, up by PLN 1,631.6 million on 31 January 2025. Assets As at 30 April 2025, non-current assets amounted to PLN 4,152.6 million, up by PLN 1,439.6 million on the end of the previous year. The primary component of the change in non -current assets was the increase in long -term investments, which rose by PLN 1,302.8 million relative to 31 January 2025. The change was attributable to the acquisition of 2,038,000 shares in Modivo S.A. for PL N 1,252.8 million. The acquisition was completed on 9 April 2025 and aimed at achieving full ownership consolidation of the Modivo Grou p, a prerequisite for Modivo’s further comprehensive operational integration with other Group entities. The share acquisition wa s funded from proceeds raised through the issue of Series N shares. Additionally, the share purchase agreement grants two shareholders (A&R Investments Limited and EMBUD 2 spółka z ograniczoną odpowiedzialnością S.K.A.) an option to acquire 2.5 million ordinary sha res at an issue price equal to the price set on 14 April 2025, subject to the conditions specified in the General Meeting resolution on the issue of subscription warrants. This instrument constitutes additional consideration for the shares acquired by CCC S.A. The equity instrument was measured using the Black-Scholes model at PLN 50.0 million and presented within long-term investments and retained earnings. Property, plant and equipment – leasehold improvements as at 30 April 2025 amounted to PLN 409.8 million, up by PLN 73.1 million on 31 January 2025. The change reflects depreciation expense of PLN 10.7 million, expenditure on stores of PLN 84.0 million, and retirement and sale of property, plant and equipment with a net amount of PLN 0.2 million. Property, plant and equipment – other as at 30 April 2025 amounted to PLN 16.1 million, down by PLN 0.4 million on 31 January 2025, with the decrease attributable to depreciation. As at the reporting date, the right-of-use assets were PLN 380.3 million, up by PLN 2.1 million on 31 January 2025. The change resulted from the conclusion of new lease contracts and modifications to existing lease contracts in the amount of PLN 29.5 million, a nd depreciation of right-of-use assets of PLN 27.4 million as at 30 April 2025. As at the reporting date, long -term and short -term loans amounted to PLN 528.1 million, up by PLN 23.4 million on the end of the previous year. The increase was primarily attributable to the disbursement of new tranches of loans (on existing contractual terms) to CCC.eu Sp. z o.o. (PLN 30.0 million), HalfPrice Sp. z o.o. (PLN 10.0 million), and HalfPrice Espania S.L. (PLN 3.0 million), totalling PLN 43.0 million. As at 30 April 2025, interest accrued and paid totalled PLN 8.6 million and PLN 25.5 million, respectively, while fo reign exchange losses on loans amounted to PLN 2.7 million. For a summary of movements in impairment losses on assets, see note 12.3. Long-term and short-term lease receivables amounted to PLN 124.7 million, up by PLN 16.1 million on 31 January 2025. The change was attributable to the payment of existing receivables of PLN 8.3 million, the recognition of new sublease agreements and modifi cations to existing contracts totalling PLN 21.0 million. Interest accrued amounted to PLN 1.8 million, and foreign exchange differences increased the carrying amount by PLN 1.6 million. Current assets rose by PLN 192.0 million relative to 31 January 2025, Driven primarily by an increase in cash and cash equiva lents of PLN 92.4 million, an increase in trade receivables of PLN 38.5 million, and an increase in other receivables of PLN 52.6 million. As at the reporting date, inventories amounted to PLN 486.2 million, up by 4.7% on 31 January 2025. The total inventories com prised merchandise, which grew by PLN 21.1 million to PLN 482.7 million, and return assets of PLN 4.3 million. Return assets arise f rom customers’ right to return unused goods. For detailed information on inventory write -downs (as at 30 July 2025: PLN 0.8 million), see note 12.3. Trade receivables rose by PLN 38.5 million year on year, including mainly trade receivables from Group entities. The increase was attributable to the revision of the intragroup transaction settlement model. Other receivables rose by PLN 52.6 million relative to 31 January 2025. The change was mainly due to: • PLN 28.3 million increase in prepaid deliveries, driven by the seasonal nature of inventory stocking. As at the reporting dat e, prepaid deliveries stood at PLN 30.2 million; • PLN 73.8 million increase in settlements with the issuer of gift cards, CCC.eu Sp. z o.o. As at the reporting date, they stoo d at PLN 43.3 million, whereas as at 31 January 2025 they were presented as a liability to the gift card issuer, of PLN 30.5 milli on. The change results from the partial settlement of this item during the first quarter of the financial year; • PLN 39.7 million decrease in tax receivables other than under corporate income. As at 30 April 2025, settlements related to taxes other than income tax constituted a liability and were presented under other liabilities, while as at 31 January 2025 t hey were presented under other receivables in the amount of PLN 17.0 million. Net other receivables as at 30 April 2025 comprised: • other receivables of PLN 10.8 million, including mainly security deposits of PLN 6.0 million, provision for returns of PLN 2. 8 million, and receivables from recharge of utility costs related to subleased premises of PLN 1.8 million; • prepayments of PLN 3.8 million; • fit-out receivables of PLN 1.7 million; • financial receivables of PLN 0.9 million.
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INTERIM CONDENSED CONSOLIDATED REPORT OF THE CCC GROUP for the three months from 1 February to 30 April 2025 (all amounts in PLN million unless stated otherwise) 42 Equity and liabilities For detailed information on non-current financial liabilities and liabilities under borrowings and bonds, see note 11. Current and non-current lease liabilities amounted to PLN 620.2 million, up by PLN 15.5 million on 31 January 2025. The change resulted from the addition of new contracts and modifications and amendments to existing contracts, which led to an increase in the liabilities by PLN 50.4 million, with accrued interest amounting to PLN 9.7 million. Payments of liabilities over the period amounted to PLN 52.7 million (of which principal payments were PLN 43.0 million), while exchange differences on contracts denominated in foreign c urrencies increased the liability by PLN 8.1 million. Trade and other payables fell by 3.8% on 31 January 2025. As at 30 April 2025, trade payables subject to reverse factoring totalled PLN 9.8 million, while capital expenditure payables subject to reverse factoring amounted to PLN 24.9 million (compared with PLN 13.8 million as at 31 January 2025). Other liabilities increased by 1.0%, driven by settlements related to indirect taxes and settlements with the gift card issue r, as discussed above. The key components of other liabilities were indirect taxes, customs duties and other public charges payable totalling PLN 38.1 million; deferred income of PLN 30.1 million; employee benefit obligations of PLN 19.6 million; accrued expenses of PLN 14.8 million; refund liabilities and contract liabilities amounting to PLN 5.3 million; and other liabilities totalling PLN 1.6 million. The increase in short-term provisions was attributable to higher provisioning for returns and complaints (for details, see note 12.2). As at 30 April 2025, equity stood at PLN 3,610.7 million, having increased by PLN 1,607.5 million on 31 January 2025. The inc rease was attributable to a share issue, measurement of the incentive scheme, and net profit for the three months ended 30 April 2024. On 2 April 2025, the share capital of CCC S.A. was increased through the issue of 8.2 million shares with a par value of PLN 0.1 and an issue price of PLN 190.0. Proceeds from the issue amounted to PLN 1,550.0 million and were reduced by PLN 8.1 million in issue costs. Ultro Investment PSA, an entity controlled by Dariusz Miłek, subscribed for shares with a value of PLN 500 million, while the remai ning shares were subscribed for by a broad group of shareholders. The share capital was increased by PLN 0.8 million, while the balance r aised was allocated to the Company’s statutory reserve funds. Under the Modivo S.A. share acquisition agreement, an equity instrument was recognised in the amount of PLN 50.0 million (see details of the transaction above). On 17 March 2025, the General Meeting resolved to launch an incentive scheme for the President of the Management Board and key employees of the Company. As at 30 April 2025, the scheme was measured at PLN 1.4 million. See note 13.3 for details. Statement of cash flows The change in receivables was further adjusted for a change in capital expenditure receivables of PLN 1.0 million. The change in trade and other payables was primarily adjusted for a change in capital expenditure payables of PLN 21.1 million. Within other adjustments to profit before tax, the following items were recognised as increases: • increase in provisions: PLN 12.6 million; • measurement of the incentive scheme for the Management Board of CCC: PLN 1.4 million; • foreign exchange differences and lease contract modifications: PLN 5.9 million; • other: PLN 2.7 million. Within other adjustments to profit before tax, the following items were recognised as decreases: • interest accrued on loans: PLN 5.3 million; • share issue costs: PLN 5.5 million (a portion of the costs was recognised as a deduction). 9. SEGMENTS The Company applies the exemption for segment disclosures under IFRS 8.4; therefore the analysis of the Company’s operating segments was presented in the interim condensed consolidated financial statements of the CCC Group. For detailed information on seasonality and periodic changes in sales, see the ‘Seasonality’ section of the Directors’ Report.
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INTERIM CONDENSED CONSOLIDATED REPORT OF THE CCC GROUP for the three months from 1 February to 30 April 2025 (all amounts in PLN million unless stated otherwise) 43 10. NOTES TO THE INTERIM CONDENSED SEPARATE STATEMENT OF COMPREHENSIVE INCOME 10.1. COSTS BY NATURE OF EXPENSE 1 Feb–30 Apr 2025 COST OF SALES COSTS OF RETAIL OUTLETS AND SELLING EXPENSES ADMINISTRATIVE EXPENSES TOTAL unaudited, unreviewed Cost of merchandise sold -464.0 − − -464.0 Raw material and consumables used − -3.6 -0.6 -4.2 Inventory write-downs -0.2 − − -0.2 Salaries, wages and employee benefits − -74.2 -8.5 -82.7 Transport services − -6.6 -0.2 -6.8 Rental costs – utilities and other variable costs − -47.4 -2.5 -49.9 Advertising − -0.1 − -0.1 Depreciation/amortisation − -37.2 -0.3 -37.5 Taxes and charges − -3.8 -0.5 -4.3 Other general expenses − -7.9 -27.9 -35.8 Total -464.2 -180.8 -40.5 -685.5 1 Feb–30 Apr 2024 COST OF SALES COSTS OF RETAIL OUTLETS AND SELLING EXPENSES ADMINISTRATIVE EXPENSES TOTAL unaudited, unreviewed Cost of merchandise sold -440.8 − − -440.8 Raw material and consumables used − -4.9 -1.0 -5.9 Inventory write-downs 0.2 − − 0.2 Salaries, wages and employee benefits − -66.7 -3.9 -70.6 Transport services − -7.5 − -7.5 Rental costs – utilities and other variable costs − -44.8 -3.9 -48.7 Depreciation/amortisation − -37.7 -3.1 -40.8 Taxes and charges − -4.8 -0.4 -5.2 Other general expenses − -9.9 -5.1 -15.0 Total -440.6 -176.3 -17.4 -634.3 10.2. OTHER INCOME AND OTHER EXPENSES, FINANCE INCOME AND FINANCE COSTS 1 Feb–30 Apr 2025 1 Feb–30 Apr 2024 unaudited, unreviewed unaudited, unreviewed Other income Foreign exchange gains on items other than debt − 1.0 Compensation for damages 2.6 0.1 PFRON wage subsidies − 0.5 Gain on settlement of contracts with landlords 1.8 1.4 Gain on settlement of lease contracts 0.4 0.3 Other 0.4 0.3 Total other income 5.2 3.6 1 Feb–30 Apr 2025 1 Feb–30 Apr 2024 unaudited, unreviewed unaudited, unreviewed Other expenses Measurement of assets held for sale at fair value − -10.8 Other -0.2 − Total other expenses -0.2 -10.8
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INTERIM CONDENSED CONSOLIDATED REPORT OF THE CCC GROUP for the three months from 1 February to 30 April 2025 (all amounts in PLN million unless stated otherwise) 44 1 Feb–30 Apr 2025 1 Feb–30 Apr 2024 unaudited, unreviewed unaudited, unreviewed (Recognised)/reversed expected credit loss allowances on receivables (Recognised)/reversed expected credit loss allowances on trade receivables − -0.1 Total (recognised)/reversed expected credit loss allowances − -0.1 1 Feb–30 Apr 2025 1 Feb–30 Apr 2024 unaudited, unreviewed unaudited, unreviewed Finance income Interest income on cash in current account and loans 10.2 18.6 Foreign exchange gains/(losses) − 1.9 Other finance income 0.1 1.2 Guarantees and sureties provided 0.4 0.4 Total finance income 10.7 22.1 1 Feb–30 Apr 2025 1 Feb–30 Apr 2024 unaudited, unreviewed unaudited, unreviewed Finance costs Interest on borrowings and bonds payable -8.0 -21.9 Gain/(loss) on modification of financial liability − -0.8 Interest expense on lease liabilities -6.1 -4.5 Foreign exchange gains/(losses) -9.0 − Commission expense -0.7 -0.7 Guarantees received -0.5 -0.6 Total finance costs -24.3 -28.5 11. DEBT, CAPITAL AND LIQUIDITY MANAGEMENT 11.1. CAPITAL MANAGEMENT The purpose of capital risk management is to protect the Company’s ability to continue its operations so as to ensure a return on capital for the shareholders and benefits for other stakeholders, and to maintain a cost-optimised capital structure. In accordance with the Company’s dividend policy in force as at the reporting date, the dividend may be set at: • 25%–66% of the CCC Group’s consolidated net profit attributable to the owners of the parent for the financial year ending 31 January 2026; and • 50%–66% of the CCC Group’s consolidated net profit attributable to the owners of the parent for each of the financial years ending 31 January 2027, 31 January 2028 and 31 January 2029; provided that the distribution would not breach the financing documents of CCC or its affiliates, including a requirement that the Group’s net-debt-to-EBITDA ratio at the close of the financial year to which the proposed profit distribution relates is below 3.0. In formulating its profit -distribution recommendation for any given year, the Management Board will take into account the Group’s financial position and liquidity, existing and future obligations (including potential constraints under facility agreements and debt- instrument terms) and its assessment of the CCC Group’s outlook in prevailing market and macroeconomic conditions. To maintain or adjust its capital structure, the Group may vary the level of dividends, return capital to shareholders, issue new shares, or dispose of assets to reduce debt.
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INTERIM CONDENSED CONSOLIDATED REPORT OF THE CCC GROUP for the three months from 1 February to 30 April 2025 (all amounts in PLN million unless stated otherwise) 45 Earnings (loss) per share In the three months ended 30 April 2025, basic and diluted earnings per share were PLN 0.20, compared with PLN 0.12 in the th ree months ended 30 April 2024. 11.2. LIABILITIES UNDER BORROWINGS AND BONDS As announced in Current Report No. 21/2025, on 31 March 2025, CCC S.A. and certain of its subsidiaries executed an amendment to the credit facilities agreement dated 12 July 2024 (for details of the agreement, please refer to note 4.2 of the consolidated fi nancial statements of the CCC Group for 2024). Under the amendment, the lenders agreed to: 1. increase the existing revolving facility, provided in the form of reverse -factoring and guarantee lines, by PLN 875.0 million, with a further incremental increase of PLN 425.0 million available upon satisfaction of additional conditions set out in the facility agreement (an aggregate potential increase of PLN 1,300.0 million); and 2. make available a PLN 200.0 million term facility (Tranche D), amortising through 1 August 2030, to finance construction of th e HalfPrice distribution and warehouse centre. Draw-down of the increased and additional facilities was subject to the customary conditions precedent for transactions of this na ture, including delivery to the lenders of standard documents and certificates, an information package, registry extracts and legal opinions, together with the execution or amendment of security documents in the agreed form. The transaction marks a further phase in t he Group’s previously announced programme to optimise its financing structure – focused in particular on optimising working -capital financing, further reducing finance costs and supporting the continued development of the high-margin HalfPrice concept. The following note sets out data on the Company’s borrowings and bonds in issue. unaudited, unreviewed LIABILITIES UNDER BANK BORROWINGS BANK BORROWINGS TOTAL As at 1 Feb 2025 359.5 359.5 short-term 348.5 348.5 long-term 11.0 11.0 As at 1 Feb 2025 359.5 359.5 Proceeds from contracted debt Interest accrued 8.1 8.1 Debt-related payments - interest paid -7.7 -7.7 As at 30 Apr 2025 359.9 359.9 short-term 11.2 11.2 Tranche C 11.2 11.2 long-term 348.7 348.7 Tranche C 348.7 348.7 audited LIABILITIES UNDER BORROWINGS AND BONDS BANK BORROWINGS OTHER BORROWINGS BONDS TOTAL As at 1 Feb 2024 249.9 350.7 190.5 791.1 short-term 249.9 1.8 1.8 253.5 long-term − 348.9 188.7 537.6 As at 1 Feb 2024 249.9 350.7 190.5 791.1 Proceeds from contracted debt - financing received 360.0 150.0 − 510.0 Interest accrued 10.0 56.7 17.7 84.4 Debt-related payments - principal payments − -360.0 -189.4 -549.4 - interest paid -10.2 -47.4 -18.8 -76.4 Change in current account -0.2 − − -0.2 Other non-cash changes -250.0 -150.0 − -400.0 As at 31 Jan 2025 359.5 − − 359.5 Short-term 11.0 − − 11.0 Tranche C 11.0 − − 11.0 Long-term 348.5 − − 348.5 Tranche C 348.5 − − 348.5
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INTERIM CONDENSED CONSOLIDATED REPORT OF THE CCC GROUP for the three months from 1 February to 30 April 2025 (all amounts in PLN million unless stated otherwise) 46 11.3. CONTRACTUAL MATURITIES 30 Apr 2025 CONTRACTUAL MATURITY PROFILE AFTER THE REPORTING DATE TOTAL UNDISCOUNTED CARRYING AMOUNT unaudited, unreviewed UP TO 3 MONTHS 3–12 MONTHS 1–3 YEARS 3–5 YEARS OVER 5 YEARS Bank borrowings 11.6 28.8 101.8 351.2 − 493.4 359.9 Trade and other payables 174.9 55.0 − − − 229.9 229.9 Factoring liabilities 34.6 − − − − 34.6 34.6 Sureties provided for credit facilities 1,553.5 − − − − 1,553.5 − Lease liabilities 80.9 125.4 281.9 140.9 77.9 707.0 620.2 Total financial liabilities 1,855.5 209.2 383.7 492.1 77.9 3,018.4 1,244.6 31 Jan 2025 CONTRACTUAL MATURITY PROFILE AFTER THE REPORTING DATE TOTAL UNDISCOUNTED CARRYING AMOUNT audited UP TO 3 MONTHS 3–12 MONTHS 1–3 YEARS 3–5 YEARS OVER 5 YEARS Bank borrowings 7.8 32.7 102.2 355.7 − 498.4 359.5 Trade and other payables 64.3 196.8 − − − 261.1 261.1 Factoring liabilities 13.8 − − − − 13.8 13.8 Sureties provided for credit facilities 1,553.5 − − − − 1,553.5 − Refund liabilities 10.3 − − − − 10.3 10.3 Lease liabilities 88.3 121.1 267.9 133.9 72.9 684.1 604.7 Total financial liabilities 1,738.0 350.6 370.1 489.6 72.9 3,021.2 1,249.4 Sureties for credit facilities presented in the above notes relate to off -balance-sheet liabilities under financial guarantees provided to subsidiaries. The Company recognised a provision for credit risk related to sureties provided, as discussed in detail in note 12.3. 12. NOTES TO THE INTERIM CONDENSED SEPARATE STATEMENT OF FINANCIAL POSITION 12.1. PROVISIONS unaudited, unreviewed PROVISION FOR JUBILEE AND RETIREMENT BENEFITS PROVISION FOR RETURNS AND COMPLAINTS PROVISION FOR EXPECTED CREDIT LOSSES TOTAL As at 1 Feb 2025 6.1 6.2 5.6 17.9 Recognised -0.1 25.1 − 25.0 Used − -6.2 − -6.2 As at 30 Apr 2025 6.0 18.9 5.6 30.5 short-term 2.2 18.9 5.6 26.7 long-term 3.8 − − 3.8 audited PROVISION FOR JUBILEE AND RETIREMENT BENEFITS PROVISION FOR RETURNS AND COMPLAINTS PROVISION FOR EXPECTED CREDIT LOSSES TOTAL As at 1 Feb 2024 5.5 0.5 9.8 15.8 Recognised 0.6 6.2 − 6.8 Used − -0.5 − -0.5 Reversed − − -4.2 -4.2 As at 31 Jan 2025 6.1 6.2 5.6 17.9 short-term 2.3 6.2 5.6 14.1 long-term 3.8 − − 3.8
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INTERIM CONDENSED CONSOLIDATED REPORT OF THE CCC GROUP for the three months from 1 February to 30 April 2025 (all amounts in PLN million unless stated otherwise) 47 12.2. CHANGE IN IMPAIRMENT LOSSES/WRITE -DOWNS ON ASSETS AND IN LOSS ALLOWANCES Impairment loss/write- down/loss allowance INVENTORIES TRADE RECEIVABLES OTHER RECEIVABLES LEASE RECEIVABLES LOANS INTERESTS IN SUBSIDIARIES LOAN SURETIES OF SUBSIDIARIES unaudited, unreviewed As at 1 Feb 2025 0.7 13.5 0.3 0.6 131.8 9.2 5.6 Increase 0.2 − − − − − − Used -0.1 − − − − − − As at 30 Apr 2025 0.8 13.5 0.3 0.6 131.8 9.2 5.6 Impairment loss/write-down/loss allowance INVENTORIES TRADE RECEIVABLES OTHER RECEIVABLES LEASE RECEIVABLES LOANS INTERESTS IN SUBSIDIARIES LOAN SURETIES OF SUBSIDIARIES audited As at 1 Feb 2024 3.9 12.9 0.3 1.3 150.6 9.2 9.8 Increase 0.1 0.8 − − − − − Reversed -3.3 -0.2 − -0.7 -18.8 − -4.2 As at 31 Jan 2025 0.7 13.5 0.3 0.6 131.8 9.2 5.6 12.3. DEFERRED TAX ASSETS AND LIABILITIES unaudited, unreviewed 30 Apr 2025 RECOGNISED IN PROFIT OR LOSS 31 Jan 2025 Assets Write-downs of inventories and loss allowances on trade receivables -1.2 -2.0 0.8 Provisions for liabilities 11.9 5.1 6.8 Unutilised borrowing costs disallowed under the interest deductibility limit rules in prior years − -10.4 10.4 Tax losses 53.0 − 53.0 Measurement of lease contracts 114.4 6.6 107.8 CCC Club and similar, and bank guarantees 13.4 10.7 2.7 Total before offset 191.4 9.9 181.5 Liabilities Accelerated tax depreciation of property, plant and equipment 4.8 2.5 2.3 Settlement under contracts with landlords 1.8 -0.3 2.1 Measurement of lease contracts 96.1 3.5 92.6 Other 2.6 -5.8 8.4 Total before offset 105.3 -0.1 105.4 Offset -105.3 0.1 -105.4 Deferred tax balances as disclosed in the statement of financial position Assets 86.1 10.0 76.1
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INTERIM CONDENSED CONSOLIDATED REPORT OF THE CCC GROUP for the three months from 1 February to 30 April 2025 (all amounts in PLN million unless stated otherwise) 48 unaudited, unreviewed 31 Jan 2025 RECOGNISED IN PROFIT OR LOSS 31 Jan 2024 Assets Write-downs of inventories and loss allowances on trade receivables 0.8 -2.3 3.1 Provisions for liabilities 6.8 3.9 2.9 Tax losses 53.0 7.4 45.6 Measurement of lease contracts 107.8 -3.7 111.5 Other − -2.1 2.1 Unutilised borrowing costs disallowed under the interest deductibility limit rules in prior years 10.4 10.4 − CCC Club and similar, and bank guarantees 2.7 0.2 2.5 Total before offset 181.5 13.8 167.7 Liabilities Accelerated tax depreciation of property, plant and equipment 2.3 1.3 1.0 Settlement under contracts with landlords 2.1 -1.5 3.6 Measurement of lease contracts 92.6 -1.5 94.1 Other 8.4 0.3 8.1 Total before offset 105.4 -1.4 106.8 Offset -105.4 1.4 -106.8 Deferred tax balances as disclosed in the statement of financial position Assets 76.1 15.2 60.9 The deferred tax asset recognised by CCC S.A. amounting to PLN 53.0 million relates to the equity basket in the income tax calculation of the tax group. The deferred tax asset relates to capital losses incurred in prior years: 2021 (PLN 3.1 million), 2022 (PLN 29.1 million), 2023 (PLN 12.1 million) and 2024 (PLN 8.7 million). The Management Board estimates that capital gains, sufficient to utilise the r ecognised loss tax, will be generated within the tax group. 13. OTHER NOTES 13.1. FINANCIAL INSTRUMENTS 30 Apr 2025 31 Jan 2025 unaudited, unreviewed audited FINANCIAL ASSETS FINANCIAL LIABILITIES FINANCIAL ASSETS FINANCIAL LIABILITIES Financial assets at amortised cost 877.1 − 709.0 − Loans 528.1 − 504.7 − Trade receivables 81.4 − 42.9 − Other financial receivables 0.9 − 0.7 − Fit-out receivables 1.7 − 4.2 − Lease receivables 124.7 − 108.6 − Cash and cash equivalents 140.3 − 47.9 − Financial liabilities at amortised cost − 1,244.6 − 1,249.4 Liabilities under borrowings and bonds − 359.9 − 359.5 Trade and other payables − 264.5 − 274.9 Refund liabilities − − − 10.3 Lease liabilities − 620.2 − 604.7 The derivative embedded in the PFR bonds, which were repaid as at 31 January 2025 – the Equity Kicker – was valued at PLN 0.0 million as at both the reporting date and 31 January 2025. The valuation of the instrument is based on the fair value of Modivo shares and will expire at the end of June 2025. According to the Company’s assessment, the fair value of variable-interest loans, trade receivables, receivables due from sale of property, plant and equipment, lease receivables, cash and cash equivalents, derivative financial instruments, current variable -interest financing liabilities, trade and other payables, as well as refund liabilities does not differ materially from the respective carrying amounts due to the short maturities. The fair value of long -term variable -rate borrowings and lease liabilities also does not differ materially from their carrying amounts. In the opinion of the Company, the variable interest rates correspond to market interest rates.
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INTERIM CONDENSED CONSOLIDATED REPORT OF THE CCC GROUP for the three months from 1 February to 30 April 2025 (all amounts in PLN million unless stated otherwise) 49 13.2. RELATED-PARTY TRANSACTIONS All related-party transactions were entered into on an arm’s length basis. Liabilities to related parties (including financing liabilities) Receivables from related parties (including loans) Liabilities to related parties (including financing liabilities) Receivables from related parties (including loans) 30 Apr 2025 30 Apr 2025 31 Jan 2025 31 Jan 2025 unaudited, unreviewed unaudited, unreviewed audited audited SUBSIDIARIES 266.3 662.3 453.5 703.2 ENTITIES RELATED TO KEY MANAGEMENT PERSONNEL 0.6 − 0.8 − Total 266.9 662.3 454.3 703.2 Income from related- party transactions Purchases from related parties Income from related- party transactions Purchases from related parties 1 Feb–30 Apr 2025 1 Feb–30 Apr 2025 1 Feb–30 Apr 2024 1 Feb–30 Apr 2024 unaudited, unreviewed unaudited, unreviewed unaudited, reviewed unaudited, reviewed SUBSIDIARIES 42.4 286.8 47.4 540.9 ASSOCIATES − − 0.1 0.1 ENTITIES RELATED TO KEY MANAGEMENT PERSONNEL − 0.8 − 1.8 Total 42.4 287.6 47.5 542.8 13.3. SHARE-BASED PAYMENTS Incentive scheme for the CCC Management Board implemented in 2025–2030 In accordance with the Remuneration Policy for Members of the Management Board and Supervisory Board of CCC S.A. (adopted by resolution of the Annual General Meeting held on 17 March 2025), the Programme Beneficiary – the President of the Management Board, Dariusz Miłek – as well as Additional Beneficiaries (selected key employees, associates, and members of the management bodies of the Group) are entitled to variable remuneration components, including a long-term incentive linked to the growth in CCC S.A.’s value, defined as an increase in its share price. Furthermore, on 17 March 2025, the General Meeting approved the implementation of an incentive scheme entitling the Programme Beneficiaries to subscribe for up to 3,000,000 Series P ordinary bearer shares at an issue price of PLN 200.0 per share, thro ugh the allocation of no more than 3,000,000 Series E subscription warrants, each conferring the right to subscribe for one share. Pr ogramme Beneficiaries may apply for the grant of subscription warrants no earlier than two years and no later than five years after t he scheme’s approval date. The President of the Management Board of CCC S.A., Dariusz Miłek, is entitled to receive up to 50% of the warr ants covered by a given application. The remaining 50% of the warrants may only be allocated to Additional Beneficiaries. As at the reporting date, no warrants had been granted to the Additional Beneficiaries, and as such, they were not included in the valuation as a t 30 April 2025. The table below presents the number of shares and subscription warrants under the incentive scheme, depending on the share price. Share price Cumulative number of shares Number of warrants 300 750,000 750,000 400 1,000,000 250,000 500 1,600,000 600,000 600 2,000,000 400,000 700 2,200,000 200,000 800 2,500,000 300,000 900 2,700,000 200,000 1000 3,000,000 300,000 The valuation was performed using the Monte Carlo method, based on the following assumptions: • Scheme commencement date: 17 March 2025; • Share price volatility: 49.05%; • Number of warrants granted: 1,500,000; • Scheme end date: 17 March 2030; • Grant commencement date: 15 March 2027. The measurement of the incentive scheme was reflected in the statement of financial position, with the corresponding employee benefits expense of PLN 1.4 million recognised within administrative expenses, and the offsetting entry recognised in equity.
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INTERIM CONDENSED CONSOLIDATED REPORT OF THE CCC GROUP for the three months from 1 February to 30 April 2025 (all amounts in PLN million unless stated otherwise) 50 14. EVENTS AFTER THE REPORTING DATE Share acquisition On 28 May 2025, the Company acquired a 75% equity interest in Szopex Sp. z o.o. of Olsztyn, for a total consideration of PLN 34.7 million. As at the issue date of these financial statements, an amount of PLN 21.1 million had been settled, with the balance of PLN 13.6 million due for settlement on 28 August 2025. The acquisition agreement grants the parties symmetrical call and put options f or the remaining 25% equity interest. The purchase price for the remaining 25% is contingent upon the company’s financial performanc e for 2028 and may be exercised subsequent to that period. The acquisition is consistent with the Group’s strategy to broaden its p roduct portfolio and brand offering in the premium segment, and to strengthen its collaboration with global brands operating in higher product and price tiers. The transaction was financed with CCC S.A.’s own funds. Change in financing On 27 May 2025, Modivo S.A. signed credit documents with Bank Polska Kasa Opieki S.A., extending the availability period of t he PLN 260 million multipurpose credit facility dated 26 October 2017 until 29 April 2026, on substantially unchanged terms. On 3 June 2025, Modivo S.A., a subsidiary, signed a credit facility agreement with UniCredit S.p. A. for a term loan of up to PLN 660 million, amortised over a period of five years, to be applied towards the full early redemption, together with interest, of b onds issued to SVF II Motion Subco (DE) LLC, originally maturing on 5 April 2026. The redemption was completed on 12 June 2025, amounting to PLN 665.7 million (including interest of PLN 165.7 million). CCC S.A. serves as guarantor for the obligations of Modivo S.A. as borrower under the credit facility agreement. Draw-down of the facility was subject to the customary conditions precedent for transactions of this nature, including delivery to the lender of standard documents and certificates, an information package, registry extracts and legal opinions, together with the execution of security documents in the agreed form. These conditions were fulfilled on 5 June 2025. The facility bears interest at a variable rate based on WIBOR, plus the bank’s margin. Under the terms of the financing agreement, the borrower is required to comply with a financial covenant calculated based on the consolidated financial data of the CCC Group. The covenant relates to the Net Exposure to EBITDA ratio over the last twelve months, will be tested quarterly, and must not exceed 3.5.
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INTERIM CONDENSED CONSOLIDATED REPORT OF THE CCC GROUP for the three months from 1 February to 30 April 2025 (all amounts in PLN million unless stated otherwise) 51 INTERIM CONDENSED CONSOLIDATED DIRECTORS’ REPORT ON THE OPERATIONS OF THE CCC GROUP FOR THE THREE MONTHS from 1 February to 30 April 2025
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INTERIM CONDENSED CONSOLIDATED REPORT OF THE CCC GROUP for the three months from 1 February to 30 April 2025 (all amounts in PLN million unless stated otherwise) 52 ABOUT THIS REPORT This interim condensed consolidated Directors’ Report on the operations of the CCC Group in the three months ended 30 April 2 025 contains financial and non-financial data, showing the results and position of the CCC Group on the Polish and European markets. This report is published in the PDF format, in Polish and English. It contains logos and photographs of registered proprietary brands available in CCC, eobuwie and HalfPrice stores. This report covers the period from 1 February to 30 April 2025 and contains comparative data for the period from 1 February 2024 to 30 April 2024 and as at 31 January 2025. To keep the information as current as possible, this report includes a summary of event s after the reporting date up to the date of its issue. BASIS OF PREPARATION OF THE DIRECTORS’ REPORT This Directors’ Report on the operations of the CCC Group was prepared in accordance with the consolidated financial statemen ts as well as current and periodic reports. This Directors’ Report is consistent with Section 71.3 and Section 71.4 of the Minister of Finance’s Regulation on current and periodic information to be published by issuers of securities and conditions for recognition as equ ivalent of information whose disclosure is required under the laws of a non -member state, dated 29 March 2018, and contains elements required under Section 68.5-6 applicable to issuers of securities in the manufacturing, construction, trade, and services sectors. Other applicable provisions include Art. 55.2.5 in conjunction with Art. 49.2, Art. 49.3 and Art. 63d. of the Accounting Act of 29 September 1994, as well as Section 29.1, 29.2, 29.3 and 29.5 of Rules of Procedure for the Warsaw Stock Exchange. CCC IN NUMBERS The data relate to changes in the period from 1 February to 30 April 2025 relative to the corresponding period of the previous year. Data calculated based on a table representing revenue from continuing operations by operating segments. 1 Feb–30 Apr 2025 y/y change CCC GROUP Revenue 2,345.7 +4% E-commerce contribution to sales 38% -4pp Number of markets 21 -2 Number of stores 1,082 +94 CCC Revenue 1,037.6 +9% Contribution to the CCC Group’s revenue 44% +2pp E-commerce contribution to sales 16% +4pp Number of stores 831 +24 HalfPrice Revenue 442.7 +19% Contribution to the CCC Group’s revenue 19% +3pp E-commerce contribution to sales - -1pp Number of stores 159 +30 eobuwie Revenue 667.6 -5% Contribution to the CCC Group’s revenue 28% -3pp E-commerce contribution to sales 80% -1pp Number of stores 50 -2 MODIVO Revenue 197.8 -10% Contribution to the CCC Group’s revenue 8% -3pp E-commerce contribution to sales 99% -1pp
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INTERIM CONDENSED CONSOLIDATED REPORT OF THE CCC GROUP for the three months from 1 February to 30 April 2025 (all amounts in PLN million unless stated otherwise) 53 15. BUSINESS OF THE CCC GROUP The CCC Group (the ‘CCC Group’, the ‘Group’) is a leader of the omnichannel footwear market in Poland and Central Europe. The Group’s operations are currently segmented into the following segments: CCC HalfPrice eobuwie MODIVO The CCC Group encompasses an extensive portfolio of 1,082 offline stores, featuring the CCC, HalfPrice, eobuwie, MODIVO, Boardriders and Worldbox banners, strategically positioned within premier shopping centres and malls. The Group also maintains a robust o nline presence through numerous e-commerce platforms, serving the Polish market as well as 20 additional territories across Europe. CCC stores offer the Group’s proprietary brands (including Lasocki, Gino Rossi and Jenny Fairy), licensed brands (such as Reebok, Hunter and Juicy Couture) and a curated selection of third -party products, chiefly sports and children’s footwear. The brand portfolio is complemented by third-party brands sold on the eobuwie, MODIVO and HalfPrice platforms. The CCC Group continually broadens its product range, curating assortments to meet the needs of clearly defined consumer segments for each brand. BUSINESS PROFILE The CCC Group is a leader of the CEE footwear market, actively expanding its product portfolio to include new categories – mainly clothes offered by the Modivo and HalfPrice business lines. The Group focuses on Customers, offering them prime quality, fashionable products. In line with its mission, the CCC Group’s main objective is ‘To unlock fashion for everybody, everywhere’. The Group’s business model is based on an omnichannel platform of complementary business lines: CCC, HalfPrice, eobuwie and Modivo. The omnichannel model is based on the overlapping of online and offline sales channels and free migration of Customer s between those channels. Sales in offline stores are generated mainly under the CCC business line, which offers licensed brands (including Reebok, Hun ter and Nine West) alongside the Group’s well-known proprietary brands (such as Lasocki, Jenny Fairy and Gino Rossi), and through the off-price concept HalfPrice, launched in 2021. In the first quarter of 2025, the Group’s revenue generated through the offline channel accounted for 58% of the total. The Group intends to accelerate expansion in the offline segment: its strategy calls for adding around 200–250 thousand square metres of retail space per year through 2030. At the same time, the Group continues to expand its e -commerce operations. The Group’s revenue from this channel, accounting for 38% of the total, is generated through the CCC and HalfPrice online stores, as well as through the pure online platforms, i.e ., the eobuwie and Modivo platforms, whose offering includes mainly third-party brands. The principal catalyst for the Group’s revenue growth over the next few years will be the rapid expansion of the off -price segment, together with continued growth in offline sales across the Group’s other business lines, driven by additional retail floor space. The Group intends to grow its business in a responsible and sustainable manner by engaging in projects that promote a low -carbon circular economy, diversity and transparency.
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INTERIM CONDENSED CONSOLIDATED REPORT OF THE CCC GROUP for the three months from 1 February to 30 April 2025 (all amounts in PLN million unless stated otherwise) 54 16. FACTORS AND EVENTS WITH BEARING ON THE PERFORMANCE OF THE CCC GROUP KEY EVENTS FROM 1 FEBRUARY TO 30 APRIL 2024 Q1 – Issue of Series N shares, raising proceeds of over PLN 1.5 billion, allocated to the buyout of minority shareholders in the Modivo Group and the acceleration of HalfPrice’s growth strategy. – The reverse factoring limit raised to a total maximum amount of PLN 1.3 billion as part of the continued optimisation of the Group’s financing structure. Find out more about developments important to the Group on the websites: https://corporate.ccc.eu/news/aktualnosci,1 https://corporate.ccc.eu/raporty#pills-relacjeinwestorskie-raporty-zakladki-raporty-biezace-1-tab GEOGRAPHICAL COVERAGE OF CCC GROUP SALES CHANNELS Outside Poland, the Group operates in Central and Eastern Europe, Western Europe, the Baltic States, the Balkans and the Midd le East. The Group’s showrooms operate in large shopping centres or at attractive high-street locations. CHAIN COUNTRY 30 Apr 2025 31 Jan 2025 m2 NUMBER m2 NUMBER CCC Poland 300,548 477 293,843 467 Romania 47,540 75 46,337 73 Czech Republic 47,599 78 45,843 75 Hungary 42,364 62 43,531 63 Slovakia 30,110 47 30,068 47 Croatia 18,219 24 18,219 24 Bulgaria 12,324 19 12,324 19 Slovenia 9,697 14 9,697 14 Ukraine 8,678 14 8,298 13 Serbia 7,004 8 7,004 8 Estonia 3,283 4 3,283 4 Latvia 3,059 5 3,059 5 Lithuania 2,668 4 2,668 4 Total 533,093 831 524,174 816 HalfPrice Poland 207,179 111 203,667 109 Czech Republic 21,116 9 21,116 9 Romania 17,328 9 15,020 8 Slovakia 14,903 8 12,944 7 Hungary 9,845 4 9,845 4 Ukraine 8,109 4 8,109 4 Spain 7,300 2 2,777 1 Lithuania 4,958 2 1,986 1 Austria 4,921 2 4,921 2 Slovenia 4,752 3 4,752 3 Bulgaria 4,412 2 1,942 1 Latvia 3,534 2 3,534 2 Croatia 1,955 1 1,955 1 Total 310,312 159 292,568 152 Modivo 30,737 50 31,812 49 Boardriders 2,711 12 2,711 12 TOTAL OWN STORES 876,853 1,052 851,265 1,029 Worldbox 11,308 27 2,258 6 CCC FRANCHISE 2,698 3 2,698 3 TOTAL OWN STORES 890,859 1,082 856,221 1,038
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INTERIM CONDENSED CONSOLIDATED REPORT OF THE CCC GROUP for the three months from 1 February to 30 April 2025 (all amounts in PLN million unless stated otherwise) 55 CHANGES IN EXCHANGE RATES Part of the CCC Group’s transactions are denominated in foreign currencies. The USD and EUR exchange rates have an impact on the structure of revenue and costs. As the Group imports merchandise whose purchase prices are mainly denominated in USD, and also sells finished goods on foreign markets where selling prices are denominated in EUR, the Group is exposed to currency risk. Additio nally, the Group extends loans denominated in foreign currencies. PERIOD (USD/PLN) HIGH LOW END OF PERIOD MID 1 Feb–30 Apr 2025 4.1352 3.7220 3.7617 3.8751 1 Feb 2024–31 Jan 2025 4.1904 3.8117 4.0576 3.9890 1 Feb–30 Apr 2024 4.0741 3.9162 4.0341 4.0010 PERIOD (EUR/PLN) HIGH LOW END OF PERIOD MID 1 Feb–30 Apr 2025 4.3033 4.1339 4.2778 4.2064 1 Feb 2024–31 Jan 2025 4.3662 4.2039 4.2130 4.2933 1 Feb–30 Apr 2024 4.4016 4.2588 4.3213 4.3137 MARKET ENVIRONMENT AND COMPETITION IN OUR KEY REGIONS The main external factors affecting the Group’s business are the macroeconomic environment, industry outlook, and the competi tive environment in the Group’s key operating regions. MACROECONOMIC DEVELOPMENTS IN POLAND AND CENTRAL AND EASTERN EUROPE The CCC Group operates mainly on the markets of Central and Eastern Europe, with a clear dominance of the Polish market. As a res ult of the location of the Group’s sales channels in this region, the condition of the CEE economies has a significant impact on its product sales. The main factors that influenced the financial results in the reporting period were: − change in disposable income of consumers, change in propensity for consumption, change of shopping preferences Inflation was rising fast over the past months, peaking in February. Currently, we are seeing the process of disinflation. Inflation in Poland [%] Source: STATISTICS POLAND Growing inflation changes the distribution of disposable income of consumers and consequently affects their shopping preferen ces. Customers tend to choose cheaper products and show higher price sensitivity. The Group makes every effort to ensure that the product offering is best tailored to customers’ needs. -5 -2,5 0 2,5 5 7,5 10 12,5 15 17,5 20 Jan-23 Jul-23 Jan-24 Jul-24 Jan-25 CPI Inflation – footwear and apparel
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INTERIM CONDENSED CONSOLIDATED REPORT OF THE CCC GROUP for the three months from 1 February to 30 April 2025 (all amounts in PLN million unless stated otherwise) 56 Inflation in the European Union (HICP) [%] Source: EC Although inflation has already passed its peak across the European Union, It remains at an elevated level. According to Europ ean Commission data, the HICP inflation rate was approximately 2.7% for all member states in the first quarter of 2025. − cost pressures The inflation’s impact is also seen on the cost side. Since 2021, wages have been rising rapidly while unemployment remained relatively low. Such a situation leads to wage pressures. Unemployment rate and wage growth [%] Increase in construction and assembly prices [%] Source: Statistics Poland Since the second half of 2021, the prices of construction and assembly output have been growing rapidly, which mainly affecte d the costs and expenditure on the expansion of the offline sales chain. The growth in prices of construction and assembly output h as been slightly decelerating since the end of 2022. The CCC Group takes numerous measures to mitigate the inflationary cost increase. 0,0 2,0 4,0 6,0 8,0 10,0 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 4,0% 4,2% 4,4% 4,6% 4,8% 5,0% 5,2% 5,4% 5,6% 4500 5000 5500 6000 6500 7000 7500 8000 8500 9000 9500 Average wage Unemployment rate 0 2 4 6 8 10 12 14 16 Jan-23 Mar-23 May-23 Jul-23 Sep-23 Nov-23 Jan-24 Mar-24 May-24 Jul-24 Sep-24 Nov-24 Jan-25 Mar-25
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INTERIM CONDENSED CONSOLIDATED REPORT OF THE CCC GROUP for the three months from 1 February to 30 April 2025 (all amounts in PLN million unless stated otherwise) 57 − interest rate development Reference rate in Poland [%] Source: NBP Due to the strong growth of inflation in Poland, in October 2021 the Monetary Policy Council of the National Bank of Poland e mbarked on a series of reference rate rises. In September 2022, the reference rate was increased to 6.75%. An interest rate -cutting cycle commenced in September 2023, As at 30 April 2025, the reference rate was 5.75%, and as at the issue date of this report it ha d been reduced by 50 basis points to 5.25%. The prevailing level of interest rates affects the debt service costs incurred by the Group. − foreign exchange EUR/PLN and USD/PLN exchange rates [PLN] Source: NBP Over the past few months, the Polish currency has appreciated, primarily against the US dollar. A depreciation or appreciatio n of the złoty has an impact on gross margin (USD, EUR) and rental costs (EUR). The Group mitigates the impact of changes in foreign exchange rates on its performance by actively adjusting its pricing and discount policies. It also seeks to enter into contracts provi ding for flexible terms of lease of retail space, and some of its revenue is generated in the euro. SEASONALITY Weather and seasonality have a significant effect on the distribution of revenue during the financial year (with peak demand in spring and autumn). Disruptive weather conditions can result in customers postponing purchasing decisions or in a shortened peak sal es season. In 2020 –2021, the seasonality of sales was disrupted by the effects of the global coronavirus pandemic and, in particular, by several rounds of administrative restrictions on retail trade through offline stores in most of the Group’s markets. 5 5,5 6 6,5 7 04.2023 10.2023 04.2024 10.2024 04.2025 3,0 3,5 4,0 4,5 04.2024 10.2024 04.2025 USD/PLN EUR/PLN
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INTERIM CONDENSED CONSOLIDATED REPORT OF THE CCC GROUP for the three months from 1 February to 30 April 2025 (all amounts in PLN million unless stated otherwise) 58 Seasonality of revenue for CCC network in Poland in 2020–2024 17. ANALYSIS OF SELECTED FINANCIAL AND OPERATING DATA OF THE CCC GROUP 17.1 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (SUMMARY OF KEY ITEMS) REVENUE REVENUE [1] 1 Feb–30 Apr 2025 1 Feb–30 Apr 2024 Change [%] unaudited, unreviewed unaudited, unreviewed CCC 1,037.6 950.7 9.1% HalfPrice 442.7 370.8 19.4% eobuwie 667.6 703.1 -5.0% MODIVO 197.8 220.0 -10.1% DeeZee - 16.7 -100.0% Total 2,345.7 2,261.3 3.7% REVENUE [1] 1 Feb–30 Apr 2025 1 Feb–30 Apr 2024 Change [%] unaudited, unreviewed unaudited, unreviewed Poland 1,526.7 1,331.8 14.6% Central and Eastern Europe 699.5 736.1 -5.0% Western Europe 119.5 193.4 -38.2% Total 2,345.7 2,261.3 3.7% [1] Only revenue from external customers. LIKE-FOR-LIKE STORES The revenue was affected by the change in sales at like -for-like stores, product mix expansion and changes resulting from the opening and closing of retail outlets. The breakdown of revenue into like-for-like sales and sales by newly opened or closed outlets is presented below. 0,0 0,2 0,4 0,6 0,8 1,0 1,2 II III IV V VI VII VIII IX X XI XII I revenue in PLN thousand/m2 2020 2021 2022 2023 2024 2025
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INTERIM CONDENSED CONSOLIDATED REPORT OF THE CCC GROUP for the three months from 1 February to 30 April 2025 (all amounts in PLN million unless stated otherwise) 59 BREAKDOWN OF REVENUE INTO LIKE-FOR-LIKE SALES AND SALES BY NEWLY OPENED OR CLOSED OUTLETS LIKE-FOR-LIKE STORES [1] OTHER STORES [2] BUSINESS LINE SALES CHANNEL NUMBER 1 Feb–30 Apr 2025 1 Feb–30 Apr 2024 Change [%] 1 Feb–30 Apr 2025 1 Feb–30 Apr 2024 Change [%] unaudited, unreviewed unaudited, unreviewed unaudited, unreviewed unaudited, unreviewed CCC Offline 670 653.6 697.8 -6.3% 138.9 131.1 5.9% HalfPrice Offline 115 331.0 335.4 -1.3% 111.7 31.2 >100% Total 785 984.6 1,033.2 -4.7% 250.6 162.3 54.4% [1] Like-for-like stores are stores that operated without interruption in the financial year 2025 and in the comparative period of the financial year 2024. [2] All other stores, including new stores opened in the current or previous year; stores closed in the current or previous y ear; and stores which temporarily suspended operations. Year on year, there was a PLN -48.6 million increase in sales generated by like -for-like stores ( -4.7%). Like-for-like decreases were recorded within the CCC and HalfPrice business lines (down 6.3% and 1.3%, respectively). The PLN 39.7 million year -on-year growth in the Offline Segment’s revenue was largely attributable to revenue from like -for-like stores, which fell PLN 48.6 million (CCC: down PLN 44.2 million; HalfPrice: down 4.4 million), and revenue from other stores, which went up by PLN 88.3 m illion (CCC: up 7.8 million; HalfPrice: up 80.5 million). As at the end of the reporting period on 30 April 2025, the average retail space was 834.2 thousand m 2, up by 86.0 thousand m 2 year on year (HalfPrice: up 71.8 thousand m2; CCC: up by 14.2 thousand m2). GROSS PROFIT 1 Feb–30 Apr 2025 1 Feb–30 Apr 2024 Change [%] unaudited, unreviewed unaudited, unreviewed CCC 567.8 575.0 -1.3% HalfPrice 225.1 188.2 19.6% eobuwie 302.9 297.5 1.8% MODIVO 88.8 91.9 -3.4% DeeZee – 10.2 -100.0% Total 1,184.6 1,162.8 1.9% Operating profit (loss) 1 Feb–30 Apr 2025 1 Feb–30 Apr 2024 Change [%] unaudited, unreviewed unaudited, unreviewed CCC 119.9 108.5 10.5% HalfPrice 30.3 33.4 -9.4% eobuwie 53.2 12.0 >100% MODIVO 15.0 -3.1 <-100% DeeZee -2.9 -0.2 >100% Total 215.5 150.6 43.1% SEGMENT PROFIT (EBITDA) 1 Feb–30 Apr 2025 1 Feb–30 Apr 2024 Change [%] unaudited, unreviewed unaudited, unreviewed CCC 214.7 196.0 9.5% HalfPrice 70.1 69.1 1.5% eobuwie 75.9 33.4 >100% MODIVO 19.1 2.0 >100% DeeZee -2.8 – >100% Total 377.0 300.5 25.5%
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INTERIM CONDENSED CONSOLIDATED REPORT OF THE CCC GROUP for the three months from 1 February to 30 April 2025 (all amounts in PLN million unless stated otherwise) 60 Costs of retail outlets and selling expenses 1 Feb–30 Apr 2025 1 Feb– 30 Apr 2024 Change [%] unaudited, unreviewed unaudited, unreviewed Salaries, wages and employee benefits -257.2 -253.6 1.4% Advertising -179.8 -200.8 -10.5% Depreciation/amortisation -147.9 -134.8 9.7% Transport services -108.0 -106.9 1.0% Other rental costs – utilities and other variable costs -108.4 -109.1 -0.6% Other costs -81.4 -88.3 -7.8% Raw material and consumables used -25.6 -28.7 -10.8% Taxes and charges -12.2 -12.5 -2.4% Total -920.5 -934.7 -1.5% Administrative expenses 1 Feb–30 Apr 2025 1 Feb– 30 Apr 2024 Change [%] unaudited, unreviewed unaudited, unreviewed Salaries, wages and employee benefits -41.5 -37.0 12.2% Other costs -33.1 -26.2 26.3% Depreciation/amortisation -13.6 -15.1 -9.9% Raw material and consumables used -9.8 -7.0 40.0% Other rental costs – utilities and other variable costs -4.6 -5.9 -22.0% Taxes and charges -1.1 -1.9 -42.1% Advertising -0.2 – – Transport services -0.4 -0.1 >100% Total -104.3 -93.2 11.9% CCC 1 Feb–30 Apr 2025 1 Feb–30 Apr 2024 Change [%] unaudited, unreviewed unaudited, unreviewed Revenue from sales to external customers 1,037.6 950.7 9.1% Gross profit 567.8 575.0 -1.3% Gross margin (gross profit on sales/revenue from sales to external customers) 55% 60% – Costs of retail outlets and selling expenses -438.3 -401.8 9.1% Administrative expenses -60.2 -61.3 -1.8% Other income and expenses, and (recognition)/reversal of loss allowances 50.6 -3.4 <-100% Operating profit (loss) 119.9 108.5 10.5% Depreciation/amortisation -94.8 -87.5 8.3% SEGMENT PROFIT (EBITDA) 214.7 196.0 9.5% Segment assets: 30 Apr 2025 31 Jan 2025 Change [%] Inventories 1,855.3 1,885.6 -1.6% in stores 793.6 741.1 7.1% in the central warehouse 1,061.7 1,144.5 -7.2%
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INTERIM CONDENSED CONSOLIDATED REPORT OF THE CCC GROUP for the three months from 1 February to 30 April 2025 (all amounts in PLN million unless stated otherwise) 61 HalfPrice 1 Feb–30 Apr 2025 1 Feb–30 Apr 2024 Change [%] unaudited, unreviewed unaudited, unreviewed Revenue from sales to external customers 442.7 370.8 19.4% Gross profit 225.1 188.2 19.6% Gross margin (gross profit on sales/revenue from sales to external customers) 51% 51% – Costs of retail outlets and selling expenses -196.0 -148.4 32.0% Administrative expenses -5.4 -6.9 -21.6% Other income and expenses, and (recognition)/reversal of loss allowances 6.6 0.6 >100% Operating profit (loss) 30.3 33.4 -9.4% Depreciation/amortisation -39.8 -35.6 11.6% SEGMENT PROFIT (EBITDA) 70.1 69.1 1.5% Segment assets: 30 Apr 2025 31 Jan 2025 Change [%] Inventories 761.4 696.0 9.4% in stores 376.0 371.6 1.2% in the central warehouse 385.4 324.4 18.8% eobuwie 1 Feb–30 Apr 2025 1 Feb–30 Apr 2024 Change [%] unaudited, unreviewed unaudited, unreviewed Revenue from sales to external customers 667.6 703.1 -5.0% Gross profit 302.9 297.5 – Gross margin (gross profit on sales/revenue from sales to external customers) 45% 42% 7.2% Costs of retail outlets and selling expenses -219.2 -285.4 -23.2% Administrative expenses -29.8 -18.6 60.2% Other income and expenses, and (recognition)/reversal of loss allowances -0.7 18.5 <-100% Operating profit (loss) 53.2 12.0 >100% Depreciation/amortisation -22.7 -21.4 6.1% SEGMENT PROFIT (EBITDA) 75.9 33.4 >100% Segment assets: 30 Apr 2025 31 Jan 2025 Change [%] Inventories 929.0 732.4 26.8% in stores 95.5 84.5 13.0% in the central warehouse 833.5 647.9 28.6 %
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INTERIM CONDENSED CONSOLIDATED REPORT OF THE CCC GROUP for the three months from 1 February to 30 April 2025 (all amounts in PLN million unless stated otherwise) 62 MODIVO 1 Feb–30 Apr 2025 1 Feb–30 Apr 2024 Change [%] unaudited, unreviewed unaudited, unreviewed Revenue from sales to external customers 197.8 220.0 -10.1% Gross profit 88.8 91.9 – Gross margin (gross profit on sales/revenue from sales to external customers) 45% 42% 7.5% Costs of retail outlets and selling expenses -65.4 -89.8 -27.2% Administrative expenses -8.4 -5.2 61.5% Other income and expenses, and (recognition)/reversal of loss allowances – – – Operating profit (loss) 15.0 -3.1 <-100% Depreciation/amortisation -4.1 -5.1 -19.6% SEGMENT PROFIT (EBITDA) 19.1 2.0 >100% Segment assets: 30 Apr 2025 31 Jan 2025 Change [%] Inventories 316.7 252.3 25.5% in stores 0.5 0.5 – in the central warehouse 316.2 251.8 25.6% DeeZee 1 Feb–30 Apr 2025 1 Feb–30 Apr 2024 Change [%] unaudited, unreviewed unaudited, unreviewed Revenue from sales to external customers – 16.7 -100.0% Gross profit – 10.2 -100.0% Gross margin (gross profit on sales/revenue from sales to external customers) – 61% – Costs of retail outlets and selling expenses -1.6 -9.3 -82.8% Administrative expenses -0.5 -1.2 -58.2% Other income and expenses, and (recognition)/reversal of loss allowances -0.8 0.1 <-100% Operating profit (loss) -2.9 -0.2 >100% Depreciation/amortisation -0.1 -0.2 50.0% SEGMENT PROFIT (EBITDA) -2.8 0.0 >100% Segment assets: 30 Apr 2025 31 Jan 2025 Change [%] Inventories – 12.7 -100.0% in stores – – – in the central warehouse – 12.7 -100.0% EFFECT OF OTHER INCOME AND EXPENSES Operating income and expenses In the reporting period, other income and other expenses were PLN 82.2 million and PLN 14.2 million, respectively. On a net b asis, the Group generated PLN 68.0 million of other income, compared with PLN 12.2 million of other income in the corresponding period of the previous year. The change was mainly attributable to foreign exchange differences on items other than debt (up by PLN 52.5 million). Operating profit (loss) Operating profit in the reporting period was PLN 215.5 million, having increased by PLN 64.9 million year on year. The improvement was mainly attributable to foreign exchange gains on items other than debt.
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INTERIM CONDENSED CONSOLIDATED REPORT OF THE CCC GROUP for the three months from 1 February to 30 April 2025 (all amounts in PLN million unless stated otherwise) 63 Finance income and costs In the reporting period, finance income and finance costs were PLN 1.8 million and PLN 139.2 million, respectively. On a net basis, the Group generated PLN 137.4 million of finance costs, compared with PLN 103.8 million of finance costs in the same period last year. The largest items of finance costs were interest expense on borrowings and bonds (PLN 59.1 million, compared with PLN 75.2 millio n in the comparative period), and interest expense on leases (PLN 28.2 million, compared with PLN 23.5 million in the corresponding pe riod of last year). Income tax Income tax for the reporting period totalled PLN 15.1 million. The charge comprised current tax of PLN 12.1 million, and a PL N 27.2 million increase in the deferred tax asset. Net profit or loss After accounting for finance income and costs, allowances for expected credit losses, and income tax expense, net profit in the reporting period was PLN 93.2 million, having increased by PLN 42.7 million year on year. 17.2 CONSOLIDATED STATEMENT OF FINANCIAL POSITION (SUMMARY OF KEY ITEMS) 30 Apr 2025 31 Jan 2025 Change [%] unaudited, unreviewed unaudited, unreviewed audited Non-current assets, including: 4,508.9 4,345.7 3.8% Total property, plant and equipment 1,737.2 1,630.5 6.5% Right-of-use assets 1,600.8 1,586.9 0.9% Deferred tax assets 445.1 415.9 7.0% Current assets, including: 5,122.1 4,706.2 8.8% Inventories 3,862.4 3,579.0 7.9% Cash and cash equivalents 450.4 461.2 -2.3% TOTAL ASSETS 9,631.0 9,051.9 6.4% Non-current liabilities, including: 2,493.0 3,057.9 -18.5% Bank borrowings and bonds 962.4 1,572.0 -38.8% Lease liabilities 1,449.5 1,406.4 3.1% Current liabilities, including: 4,814.8 4,058.1 18.6% Bank borrowings and bonds 1,036.2 324.7 >100% Trade and other payables 2,585.2 2,515.8 2.8% TOTAL LIABILITIES 7,307.8 7,116.0 2.7% EQUITY 2,323.2 1,935.9 20.0% PROPERTY, PLANT AND EQUIPMENT CHANGE [%] 30 Apr 2025 31 Jan 2025 PROPERTY, PLANT AND EQUIPMENT IN RETAIL SPACE unaudited, unreviewed audited Leasehold improvements 1,104.9 993.6 11.2% 3.0% Manufacturing and distribution 535.6 545.2 -1.8% Land, buildings and structures 400.5 403.5 -0.7% Machinery and equipment 108.7 114.0 -4.6% Property, plant and equipment under construction 26.4 27.7 -4.7% Other 96.7 91.7 5.5% Total 1,737.2 1,630.5 6.5%
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INTERIM CONDENSED CONSOLIDATED REPORT OF THE CCC GROUP for the three months from 1 February to 30 April 2025 (all amounts in PLN million unless stated otherwise) 64 INVENTORIES 30 Apr 2025 31 Jan 2025 change [% yoy] unaudited, unreviewed audited CCC 1,855.3 1,885.6 -1.6% HalfPrice 761.4 696.0 9.4% eobuwie 929.0 732.4 26.8% Modivo 316.7 252.3 25.5% DeeZee – 12.7 -100.0% Total 3,862.4 3,579.0 7.9% 17.3 CONSOLIDATED STATEMENT OF CASH FLOWS (SUMMARY OF KEY ITEMS) 1 Feb–30 Apr 2025 1 Feb–30 Apr 2024 Change [%] unaudited, reviewed unaudited, reviewed Profit (loss) before tax 78.1 46.8 66.9% Adjustments 298.6 283.6 5.3% Income tax paid -7.3 -10.5 -30.5% Cash flow before changes in working capital 369.4 319.9 15.5% Changes in working capital -363.1 -91.5 >100% Cash flows from operating activities 6.3 228.4 -97.2% Cash flows from investing activities -215.6 -61.8 >100% Cash flows from financing activities, including: 198.5 -37.6 <-100% Proceeds from borrowings 420.2 165.0 >100% Repayments of borrowings -347.8 -76.3 >100% Lease payments -118.5 -94.9 24.9% Interest paid -62.5 -36.4 71.7% Net proceeds from share issue 1,547,3 – – Payments to acquire non‑controlling interests -1,252.7 – – TOTAL CASH FLOWS -10.8 129.0 <-100% Cash and cash equivalents at the end of the period 450.4 395.5 13.9% 17.4 RATIOS Profitability ratios 1 Feb–30 Apr 2025 1 Feb–30 Apr 2024 Change [%] Gross margin 50.5% 50.7% -0.2% Operating profit/(loss) margin 9.2% 9.7% -0.5% Net profit/(loss) margin 4.0% 6.1% -2.1% Gross margin is calculated as the ratio of gross profit to revenue. Operating profit (loss) margin is calculated as the ratio of operating profit (loss) to revenue. Net profit/(loss) margin is calculated as the ratio of net profit/(loss) to revenue. Liquidity ratios 30 Apr 2025 31 Jan 2025 change Current ratio 1.1 1.2 -0.1 Quick ratio 0.3 0.3 – Inventory cycle (days) 284.0 263.8 20.2 Average collection period (days) 13.9 11.3 2.6 Average payment period (days) 190.3 179.6 10.7 The current ratio is calculated as the ratio of current assets to the carrying amount of current liabilities. The quick ratio is calculated as the ratio of current assets less inventory to the carrying amount of current liabilities. The inventory cycle in days is calculated as the ratio of the average inventory value for the last four quarters to cost of sales, multiplied by the number of days in the period. The average collection period in days is calculated as the ratio of the average amount of receivables from customers for the last four quarters to revenue, multiplied by the number of days in the period. The average payment period in days is calculated as the ratio of the amount of trade and other payables for the last four quarters to cost of sales, multiplied by the number of days in the period.
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INTERIM CONDENSED CONSOLIDATED REPORT OF THE CCC GROUP for the three months from 1 February to 30 April 2025 (all amounts in PLN million unless stated otherwise) 65 Operating efficiency ratios 30 Apr 2025 31 Jan 2025 Change [%] Equity to non-current assets ratio 51.5% 44.5% 7.0% Debt ratio 20.8% 21.0% -0.2% Short-term debt ratio 10.8% 3.6% 7.2% Long-term debt ratio 10.0% 17.4% -7.4% Equity to non-current assets ratio is calculated by dividing equity by non-current assets. Debt ratio is calculated by dividing debt under long-term and short-term borrowings and bonds by total assets. Short-term debt ratio is calculated by dividing short-term debt under borrowings and bonds by total assets. Long-term debt ratio is calculated by dividing long-term debt under borrowings and bonds by total assets. PROFIT GUIDANCE No profit guidance has been published. 18. COVENANTS / FINANCIAL RATIOS CCC GROUP Financing within the CCC Group is arranged separately at the level of two business units, each responsible for its own liabilities: • CCC Business Unit (the CCC Group excluding the Modivo Business Unit); and, separately, • Modivo Business Unit (MODIVO S.A. and all its subsidiaries). For further details regarding the financing arrangements and related covenants, please refer to the section on the events after the reporting date and the section entitled ‘Covenants/financial ratios’ in this report. CCC Group 30 Apr 2025 31 Jan 2025 Δ 30 Apr 2024–31 Jan 2025 Change [%] Gross debt 2,023.1 1,904.6 118.5 6.2% (-) Cash 450.4 461.2 -10.8 -2.3% Net financial debt 1,572.7 1,443.4 129.3 9.0% (+) Reverse factoring 1,037.0 624.9 412.1 65.9% Net exposure 2,609.7 2,068.3 541.4 26.2% The rise in the Group’s debt is seasonal, driven by stocking up for the spring -summer collection. The increase primarily reflects greater utilisation of credit facilities for this purpose by the Modivo Group. CCC Business Unit 30 Apr 2025 31 Jan 2025 Δ 30 Apr 2024–31 Jan 2025 Change [%] Gross debt 1,093.5 1,104.1 -10.6 -1.0% (-) Cash 326.0 248.3 77.7 31.3% Net financial debt 767.5 855.8 -88.3 -10.3% (+) Reverse factoring 720.6 491.1 229.5 46.7% Net exposure 1,488.1 1,346.9 141.2 10.5% MODIVO Business Unit 30 Apr 2025 31 Jan 2025 Δ 30 Apr 2024–31 Jan 2025 Change [%] Gross debt 929.6 800.5 129.1 16.1% (-) Cash 124.4 212.9 -88.5 -41.6% Net financial debt 805.2 587.6 217.6 37.0% (+) Reverse factoring 316.4 133.8 182.6 >100% Net exposure 1,121.6 721.4 400.2 55.5% FINANCIAL INSTRUMENTS As at the reporting date, the Company used forward instruments to hedge against currency risk arising from an open exposure denominated in USD. Moreover, the CCC Group holds derivative instruments embedded in the bonds issued to PFR (Equity Kicker) and a derivative financial instrument embedded in bonds convertible into Modivo shares − voluntary conversion option. For a detaile d description of the financial instruments used, see Note 6.1 to the financial statements.
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INTERIM CONDENSED CONSOLIDATED REPORT OF THE CCC GROUP for the three months from 1 February to 30 April 2025 (all amounts in PLN million unless stated otherwise) 66 FEASIBILITY OF INVESTMENT PLANS The Group intends to finance investment projects with its own funds and with external capital. Subject to the limitations set out in the refinancing agreement, the Management Board believes that there are currently no major threats which could adversely affect d elivery of the investment plans in the future. MATERIAL RELATED-PARTY TRANSACTIONS To the best of the Group’s knowledge, no material related -party transactions were concluded on non -arm’s length terms during the financial year. For information on related -party transactions, see section ‘Related -party transactions’ in the interim condensed consolidated financial statements. 19. SHAREHOLDING STRUCTURE SHAREHOLDERS WITH MAJOR HOLDINGS According to the information available to the Company, shareholders holding 5% or more of total voting rights in CCC S.A. as at 30 April 2025 were: 1) ULTRO S.a.r.l. and Ultro Investment P.S.A. (a subsidiary of Dariusz Miłek)*, which held 23,010,000 Company shares, representing 33.41% of the share capital and 39.14% of total voting rights; 2) Aviva Polska OFE*, which held 4,367,006 Company shares, representing 6.34% of the share capital and 5.78% of total voting rights; 3) Nationale-Nederlanden OFE*, which held 6,221,000 Company shares, representing 9.03% of the share capital and 8.24% of total voting rights; 4) Funds managed by AgioFunds TFI S.A., which held 3,874,064 Company shares, representing 5.63% of the share capital and 5.13% of total voting rights. SHAREHOLDER NUMBER OF SHARES HELD % OWNERSHIP INTEREST NUMBER OF VOTING RIGHTS % VOTING INTEREST Ultro S.a.r.l. 23,010,000 33.41% 29,560,000 39.14% Allianz Polska OFE* 4,367,006 6.34% 4,367,006 5.78% Nationale-Nederlanden OFE* 6,221,000 9.03% 6,221,000 8.24% Funds managed by AgioFunds TFI S.A. 3,874,064 5.63% 3,874,064 5.13% Other investors*** 31,395,930 45.59% 31,495,930 41.71% total: 68,868,000 100.00% 75,518,000 100.00% * As per the list of shareholders entitled to participate in the Extraordinary General Meeting on 24 April 2025. ** Other investors holding less than 5% of voting rights. *** On 12 March 2025, ULTRO S.à r.l. (‘ULTRO’) entered into a contribution -in-kind agreement (the ‘Contribution Agreement’) with ULTRO INVESTMENT P.S.A. (‘ULTRO INVESTMENT’) to settle the issue price of newly issued Series B shares in ULTRO INVESTMENT, as authorised by a resolution of its General M eeting adopted the same day. Following execution and settlement of the Contribution Agreement, ULTRO INVESTMENT acquired 13,000,000 ordinary bearer shares (in book -entry form) in CCC S.A. The shares were valued at PLN 148.07 each, being the arithmetic mean of the volume-weighted average daily prices recorded for CCC during the 12-month period from 11 March 2024 to 11 March 2025. The holding represents 18.88% of CCC’s issued share capital and carries 13,000,000 votes at the Company’s General Meeting, eq uivalent to 17.21% of the total voting rights. As a consequence, ULTRO INVESTMENT exceeded the 5%, 10% and 15% voting-rights thresholds in CCC S.A. Because both ULTRO and ULTRO INVESTMENT are subsidiaries of Mr Dariusz Miłek, the transaction does not alter Mr Miłek’s aggregate voting interest in the Company. Following the share capital increase and the issue of 8,157,894 Series N shares, as at the issue date of this report, according to the information available to the Company, shareholders holding 5% or more of total voting rights in CCC S.A. were: SHAREHOLDER NUMBER OF SHARES HELD % OWNERSHIP INTEREST NUMBER OF VOTING RIGHTS % VOTING INTEREST Ultro S.a.r.l. 25,641,578 33.29% 32,191,578 38.52% Allianz Polska OFE* 4,878,255 6.33% 4,878,255 5.84% Nationale-Nederlanden OFE* 6,963,000 9.04% 6,963,000 8.33% Funds managed by AgioFunds TFI S.A. 4,984,646 6.47% 4,984,646 5.96% Other investors*** 34,558,415 44.87% 34,558,415 41.35% total: 77,025,894 100.00% 83,575,894 100.00%
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INTERIM CONDENSED CONSOLIDATED REPORT OF THE CCC GROUP for the three months from 1 February to 30 April 2025 (all amounts in PLN million unless stated otherwise) 67 SHARES IN THE PARENT AND IN RELATED ENTITIES HELD BY MANAGEMENT AND SUPERVISORY PERSONNEL SHAREHOLDER NUMBER OF SHARES AS AT THE DATE OF ISSUE OF THIS REPORT PAR VALUE OF SHARES AS AT THE DATE OF ISSUE OF THIS REPORT (PLN) Management Board Ultro S.a.r.l. (subsidiary of Dariusz Miłek, President of CCC S.A.) 25,641,578 2,564,157.8 The other members of the Management Board and the Supervisory Board did not hold any shares in CCC S.A. Members of the Management Board and the Supervisory Board did not hold any shares in entities related to CCC S.A. The other members of the Management Board and the Supervisory Board did not hold any shares in CCC S.A. Other than described above, members of the Management Board and the Supervisory Board did not hold any shares in entities related to CCC S.A. 20. MANAGEMENT BOARD AND SUPERVISORY BOARD As at 30 April 2025, the Management Board and the Supervisory Board of CCC S.A. consisted of: Full name of Management Board Member Position held Dariusz Miłek President of the Management Board Łukasz Stelmach Vice President of the Management Board Full name of Supervisory Board Member Position held Wiesław Oleś Member of the Supervisory Board (appointed on 24 June 2015), Chair of the Supervisory Board (appointed on 12 June 2023). Filip Gorczyca Member of the Supervisory Board (appointed on 11 April 2019), Chair of the Audit Committee (appointed on 8 August 2019) Zofia Dzik Member of the Supervisory Board (appointed on 18 June 2019), member of the Audit Committee (appointed on 8 August 2019) Piotr Kamiński Member of the Supervisory Board (appointed on 12 June 2023) Marcin Stańko Member of the Supervisory Board (appointed on 12 June 2023) On 4 June 2025, the Annual General Meeting of CCC S.A. appointed the following members of the Supervisory Board for a joint three- year term of office: Full name of Supervisory Board Member Position held Wiesław Oleś Member of the Supervisory Board (appointed on 24 June 2015), Chairman of the Supervisory Board (appointed on 12 June 2023). Piotr Kamiński Member of the Supervisory Board (appointed on 12 June 2023) Paweł Małyska Member of the Supervisory Board (appointed on 4 June 2025) Tomasz Rejman Member of the Supervisory Board (appointed on 4 June 2025) Marcin Czyczerski Member of the Supervisory Board (appointed on 4 June 2025) For a detailed description of the remits of the Management Board and Supervisory Board, see the corporate website: https://corporate.ccc.eu/wladze-ccc
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INTERIM CONDENSED CONSOLIDATED REPORT OF THE CCC GROUP for the three months from 1 February to 30 April 2025 (all amounts in PLN million unless stated otherwise) 68 21. OTHER INFORMATION Items that are unusual because of their nature, value or frequency and which affect assets, liabilities, equity, net income or cash flows Increase in factoring limits under existing credit facility agreements within the CCC Business Unit. On 2 April 2025, the share capital of CCC S.A. was increased through the issue of 8.2 million Series N shares with a par valu e of PLN 0.1 and an issue price of PLN 190.0. Proceeds from the issue amounted to PLN 1,550.0 million and were reduced by PLN 8.1 million in issue costs. Ultro Investment PSA, an entity controlled by Dariusz Miłek, subscribed for shares with a value of PLN 500.0 million, while the remaining shares were subscribed for by a broad group of shareholders. The share capital was increased by PLN 0.8 million, wh ile the balance raised was allocated to statutory reserve funds. Proceeds from the issue were used to acquire shares from the minorit y shareholders of Modivo S.A. (A&R Investments Limited of Birkirkara, EMBUD 2 spółka z ograniczoną odpowiedzialnością S.K.A. of Warsaw, and Orion 47 Damian Zapłata S.K.A. of Warsaw). On 9 April 2025, the Group acquired 2,038,000 shares in Modivo S.A. for a total consideration of PLN 1,252.8 million, thereby increasing its ownership interest in the company to 97.49%. The remaining 252,505 shares held by MKK3 Sp. z o.o. of Zielona Góra are sch eduled for acquisition by 31 July 2025. Impairment losses, provisions and deferred tax See the ‘Interim condensed consolidated financial statements’. Material transactions of purchase and sale of property, plant and equipment and related liabilities No material transactions of purchase or sale of property, plant and equipment occurred in the reporting period. The transacti ons occurring after the reporting date are described in the section on events subsequent to the reporting date. Material proceedings pending before court, competent arbitration authority or public administration authority, concerning liabilities and receivables of the Company or its subsidiaries, including an indication of the subject matter of the proceedi ngs, value of the dispute, date when the proceedings were initiated, parties to the initiated proceedings and the Company’s position Not applicable. Material litigation settlements Not applicable. Corrections of prior period errors Not applicable. Changes in economic environment and trading conditions with a material effect on the fair value of financial assets and liabilities of the Company, irrespective of whether such assets and liabilities are carried at fair value or adjusted purchas e price (amortised cost) Changes in economic environment and trading conditions with a material effect on the fair value of financial assets are discl osed in the section on going concern and events subsequent to the reporting date. Credit default or breach of material credit covenants with respect to which no remedial action was taken before the end of th e reporting period Not applicable. Execution by the Company or any of its subsidiaries of one or more related-party transactions, if concluded on non-arm’s length terms, including information on the value of such transactions; information on individual transactions may be grouped by type, except where information on individual transactions is necessary to understand their impact on the Company’s assets, financia l position and financial performance Not applicable. Change in the method used to determine the fair value of financial instruments Not applicable. Changes in the classification of financial assets as a result of change in the purpose or use of the assets Not applicable.
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INTERIM CONDENSED CONSOLIDATED REPORT OF THE CCC GROUP for the three months from 1 February to 30 April 2025 (all amounts in PLN million unless stated otherwise) 69 Issue, redemption and repayment of non-equity and equity securities On 2 April 2025, the share capital of CCC S.A. was increased through the issue of 8.2 million Series N shares with a par valu e of PLN 0.1 and an issue price of PLN 190.0. Proceeds from the issue amounted to PLN 1,550.0 million and were reduced by PLN 8.1 million in issue costs. Ultro Investment PSA, an entity controlled by Dariusz Miłek, subscribed for shares with a value of PLN 500.0 million, while the remaining shares were subscribed for by a broad group of shareholders. The share capital was increased by PLN 0.8 million, wh ile the balance raised was allocated to statutory reserve funds. The issue proceeds were allocated to the acquisition of shares from the minority shareholders of Modivo S.A. (A&R Investments Limited of Birkirkara, EMBUD 2 spółka z ograniczoną odpowiedzialnością S. K. A. of Warsaw and Orion 47 Damian Zapłata S.K.A. of Warsaw). On 9 April 2025, the Group acquired 2,038,000 shares in Modivo S.A. for a total consideration of PLN 1,252.8 million, thereby increasing its ownership interest in the company to 97.49%. The remaining 252,505 shares held by MKK3 Sp. z o.o. of Zielona Góra are sch eduled for acquisition by 31 July 2025. Dividend paid or declared, in total and per share, with the division into ordinary and preference shares Not applicable. Changes in contingent liabilities or contingent assets that have occurred since the end of the last financial year Not applicable. Other information which may materially affect the assessment of the Company’s assets, financial condition and profit/loss Not applicable. Changes to the organisation of the Company’s Group, including changes resulting from a merger of entities, the gaining or loss of control over subsidiaries and long -term investments, as well as the division, restructuring or discontinuation of business activities, and identification of entities subject to consolidation, and in the case of the Company being a holding entity, which is not required to prepare consolidated financial statements under the applicable regulations or may not prepare consolidated financial statements – additionally, indication of the reason for and legal basis of the lack of consolidation For details, see ‘Structure of the CCC Group’. Management Board’s position on the feasibility of meeting any previously published forecasts for a given year in light of the results presented in the quarterly report Not applicable. Loan sureties or guarantees provided by the Company or its subsidiary where the aggregate value of such outstanding sureties or guarantees provided to a single entity or its subsidiary is significant In the reporting period, no significant guarantees or sureties were provided for credit facilities or loans, other than those disclosed in the section on the events occurring after the reporting date. Key capital and equity investments within the Company’s Group in the financial year The subsidiaries did not make any significant capital or equity investments in the reporting period. Any cash surplus is used to repay debt under overdraft facilities. Contracts/agreements between the Company and its management staff Subscription for new shares by Ultro Investment PSA (a subsidiary of CCC S.A. President Dariusz Miłek). Dariusz Miłek). Share buy-back In the reporting period, CCC S.A. did not perform any buy-back of its own shares. Limitations on voting rights at the Company In the reporting period, there were no limitations on the exercise of voting rights at the Company. Company’s branches (establishments) As at the reporting date, the Parent had no branches (establishments). Major R&D achievements Not applicable.
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INTERIM CONDENSED CONSOLIDATED REPORT OF THE CCC GROUP for the three months from 1 February to 30 April 2025 (all amounts in PLN million unless stated otherwise) 70 Factors and events, including of a non-recurring nature, having material bearing on the condensed financial statements No such factors or events were identified except as disclosed in the section on going concern and events subsequent to the reporting date. Factors which in the Company’s opinion will affect its performance in the next quarter or beyond No such factors or events were identified except as disclosed in the section on going concern and events subsequent to the re porting date. Events subsequent to the date as at which the interim condensed financial statements were prepared, which have not been disclosed in this report but could significantly affect the Company’s future financial results Share acquisition On 28 May 2025, the Company acquired a 75% equity interest in Szopex Sp. z o.o. of Olsztyn, for a total consideration of PLN 34.7 million. As at the issue date of these financial statements, an amount of PLN 21.1 million had been settled, with the balance of PLN 13.6 million due for settlement on 28 August 2025. The acquisition agreement grants the parties symmetrical call and put options f or the remaining 25% equity interest. The purchase price for the remaining 25% is contingent upon the company’s financial performanc e for 2028 and may be exercised subsequent to that period. The acquisition is consistent with the Group’s strategy to broaden its p roduct portfolio and brand offering in the premium segment, and to strengthen its collaboration with global brands operating in higher product and price tiers. The transaction was financed with CCC S.A.’s own funds. Change in financing On 27 May 2025, Modivo S.A. signed credit documents with Bank Polska Kasa Opieki S.A., extending the availability period of t he PLN 260 million multipurpose credit facility dated 26 October 2017 until 29 April 2026, on substantially unchanged terms. On 3 June 2025, Modivo S.A., a subsidiary, signed a credit facility agreement with UniCredit S.p. A. for a term loan of up to PLN 660 million, amortised over a period of five years, to be applied towards the full early redemption, together with interest, of b onds issued to SVF II Motion Subco (DE) LLC, originally maturing on 5 April 2026. The redemption was completed on 12 June 2025, amounting to PLN 665.7 million (including interest of PLN 165.7 million). CCC S.A. serves as guarantor for the obligations of Modivo S.A. as borrower under the credit facility agreement. Draw-down of the facility was subject to the customary conditions precedent for transactions of this nature, including delivery to the lender of standard documents and certificates, an information package, registry extracts and legal opinions, together with the execution of security documents in the agreed form. These conditions were fulfilled on 5 June 2025. The facility bears interest at a variable rate based on WIBOR, plus the bank’s margin. Under the terms of the financing agreement, the borrower is required to comply with a financial covenant calculated based on the consolidated financial data of the CCC Group. The covenant relates to the Net Exposure to EBITDA ratio over the last twelve months, will be tested quarterly, and must not exceed 3.5.
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INTERIM CONDENSED CONSOLIDATED REPORT OF THE CCC GROUP for the three months from 1 February to 30 April 2025 (all amounts in PLN million unless stated otherwise) 71 MANAGEMENT BOARD’S REPRESENTATIONS REPRESENTATION ON ACCURACY OF THE FINANCIAL STATEMENTS To the best knowledge of the Management Board of CCC S.A., the interim condensed consolidated and separate financial statements and the Directors’ Report on the operations of the CCC Group as well as the comparative data have been prepared in compliance wit h the applicable accounting standards and give a true, clear and fair view of the CCC Group’s assets, financial standing and financ ial results. The Directors’ Report on the operations of the CCC Group gives a fair view of the Group’s development, achievements and standing, and includes a description of key risks and threats. The interim condensed consolidated financial report of the CCC Group and CCC S.A. was authorised for issue and signed by the Management Board of CCC S.A. on 12 June 2025. The consolidated financial statements were authorised for issue by the Management Board on 12 June 2025. Edyta Skrzypiec-Rychlik Chief Accountant Signatures of all Management Board Members: Dariusz Miłek President of the Management Board Łukasz Stelmach Vice President of the Management Board