Slides
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Q1 2025 Results Presentation 13 May 2025
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Today’s Presenters 2 Tomasz Suchański Group CEO Marta Wrochna- Łastowska Group CFO Tomasz Blicharski Group Chief Strategy & Development Officer
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Strategic Highlights
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Q1 2025 Performance: Growth Across All Segments, With Strong Roll- out Momentum And Continued Deleveraging 4 Note: 1 Includes Nano stores and stores in Romania 2 Calculated as Net debt (excluding leases) / LTM Adj. EBITDA Post-Rent Store network1 as at 31 Mar-25 11,460 + 1,201 LTM Gross store openings Q1 Core business adj. EBITDA margin improvement +0.4 pp Q1 Like for Like 6.0% Q1 Adjusted EBITDA PLN 596m +15% YoY Q1 Net debt / Adjusted EBITDA2 1.6x (0.5x) YoY Q1 Sales to End Customers PLN 6.6bn +15% YoY
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Delivery In Line With Guidance In A Stable Environment Current state of the consumer remains supportive with some mixed signals as to the future direction on the back of geopolitical uncertainty Stable market environment in Q1 5 Networkexpansion New Growth Engines LfL Growth initiatives Q1 25 +436 new stores openings On track to deliver 1,100+ new store openings FY25 guidance Expanding our footprint in Romania: 87 stores in Romania as of Q1 25, further refining of the customer proposition DCO: Q1 25 Sales to End Customers growth of +23% YoY Q1 25 LfL +6.0% Continued above market growth
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Market environment and strategy execution
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Nominal gross wages have been ahead of inflation in LTM, resulting in a significant real wage growth over the period, however slowing down in 2025 with stable CPI Polish consumer confidence has been in overall stable across 2024 and in early 2025, measured by GUS Polish Customer Confidence Index1, with March reading deteriorating slightly due to geopolitical tensions Consumers have become increasingly optimistic about their financial situation over this period, as evidenced by household financial situation indicator survey by GUS Stable Consumer Landscape Amid Geopolitical Uncertainties 7 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Monthly Y-o-Y inflation and average gross wage growth in the public sector (Source: Polish Statistical Office – GUS) Perceived financial situation of Polish households by month (Source: GUS) Financial situation of Polish consumers in the recent months has been stable Note: 1. A synthetic indicator reflecting Polish consumers' current perceptions of their household financial situation (ranging from -100 to +100, representing the balance between positive and negative opinions) 2 At constant prices (Source: GUS) GUS Polish Consumer Confidence index (Source: GUS) Mar 23 Jun 23 Sep 23 Dec 23 Mar24 Jun24 Sep24 Dec24 Mar25 Gross wage growth Household financial situation indicator Inflation Customer Confidence index Mar 23 Jun 23 Sep 23 Dec 23 Mar24 Jun24 Sep24 Dec24 Mar25
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Żabka's Market Share Growth Driven By Network Expansion And Above-average LfL Growth 8 …to continuously increasing market share Note: 1 Żabka Polska, Small Format, Discounters, Supermarkets, Hypermarkets, 2025 Q1 YoY, food+drug+cig basket, sales value 2 Total LTM Mar25 refers to the market share in the last twelve months ending Mar25, i.e. Apr24 to Mar25 Total Poland, food+drug+cig basket, sales value Based on NielsenIQ data which excludes fresh products without EAN and Company data Small Format Discounters Supermarkets Hypermarkets 5.2% 6.3% 9.0% 4.4% 3.9% 10.9% (4.7%) (5.0%) (5.9%) (1.2%) Volume Price 16.1% 1.7% 7.8% (0.6%) (2.0%) (0.4pp) (0.4pp) +1.6pp (0.9pp) +1.1pp Ppts change in market share, Q1 2025, YoY Volume Price Polish physical grocery total growth (incl. space growth) by channel1, Q1 2025 Consistent price and volume outperformance has led… Rolling LTM Market share evolution of Żabka2, Dec20 – Mar25 Żabka Normalized inflation environment High inflation environment Return to normalized inflation 6% 7% 8% 9% 10% 11% 6.7% Dec 20 Mar 21 Jun 21 Sep 21 Dec 21 Mar 22 Jun 22 Sep 22 Dec 22 Mar 23 Jun 23 Sep 23 Dec 23 Mar 24 Jun 24 Sep 24 Dec 24 10.3% Mar 25 Total Market growth in Q1'25: 4.1%
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Progress in Poland and Romania… …with maintained excellent quality of expansion… … and uninterrupted sourcing of FRs on the back of attractive margins Store Openings: Strong Pipeline, High Performance, And Seamless Franchisee Acquisition 9 401 436 Q1’24 Q1’25 +35 11,460 stores1 Effective rollout supported by highest-ever pipeline of secured locations in Poland Networkexpansion New GrowthEngines LfL Growth inititiatives Source: Company Information. The numbers refer to gross openings. 1 Including Nano stores and Romania stores 2 gross openings in LTM. 3 Average for the previous years 4 Franchisee margin defined as the amount franchisees earn from selling products plus incentives received from Żabka; margin divided by sales on Żabaka Polska stores. 100 106 113 LTM Q1’23 LTM Q1’24 LTM Q1’25 Daily tickets per maturing store (<12 months old) – 2023 rebased to 100; LTM LTM Q1’24 LTM Q1’25 2,235 2,456 +221 Number of recruited franchisees; LTM LTM Q1’24 LTM Q1’25 3,901 4,501 +15.4% Franchisee margin (PLNm) and a % of StEC; LTM4 Consistent improvement in the performance of newly opened stores 993 171 Q1’22-243 258 Q1’25 1,164 1,358 1,100 Locations secured for 2025 and beyond – in Poland For CY For following years 16.7% 16.7% +1,201 LTM2
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Lfl Growth Fuelled By Product Innovation And Digital Initiatives Within Żappka App 10 Continued Street Food offer rollout Nearly 2k stores were fitted with the street food oven in Q1, resulting in ¬90% of network covered On track to have entire network covered around June QMS remains our fastest growing category Networkexpansion New GrowthEngines LfL Growth inititiatives Robust NPD pipeline of new street food products to be introduced in the upcoming months (in terms of both flavours and product types), including a collaboration with one of top Polish celebrities and products developed with international brands 2 new products tested in Q1: pinsa (type of Italian style crust snack) and pistachio donuts App upgrade yields record results and scales promo mechanisms efficiently NPS up by 6 points YoY 50% more time spent in the app with 28% more interactions 21% MAS and 12% MAU growth YoY +4 pp app share in store purchases in LTM 6.5% of total promotion budget allocated to activated coupons 7.6m active users within the period 3.6m exploring the coupon zones 2.3m activated at least one coupon 1.9m made a purchase with a coupon
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Financials
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Key Financial Highlights: Solid Performance And Continued Growth, In Line With Our Expectations And On Track To Deliver Guidance 12 Q1’25 Trading Sales to End Customers at PLN 6.6bn with +15% growth YoY driven by network expansion (+1,090 net openings LTM), LfL growth (+6.0%), DCO growth and growing Romanian business 31 Mar 2025 ND/ EBITDA Leverage1 PLN 6.6bn StEC / +15% YoY Q1’25 Adjusted EBITDA Adjusted EBITDA at PLN 596m with 9% margin consistent YoY and solid growth of 15.0% driven by strong performance of the Polish store business, positive EBITDA for DCO and continued investment in development in Romania development PLN 596m / +15% YoY Source: Company Information. Note: 1 Defined as Net Debt excl. Lease liabilities divided by adj. EBITDA post-rent LTM, as of 31-Mar-2025 Continued deleveraging to 1.6x from 2.1x last year as a result of robust cash generation in LTM and adj. EBITDA growth 1.6x / (0.5x YoY) Q1’25 Store openings 407 stores opened in Poland and 29 in Romania, compared to 401 in Q1’24, frontloading the expansion ahead of the upcoming quarters, supported by a strong pipeline of locations 436 / + 35 YoY Q1’25 Adjusted Net result PLN (77)m / margin +51 bps Adjusted net loss for Q1 25 at PLN (77)m following our typical seasonality, improvement by PLN 20m vs Q1 2024. Adjusted net profit was at PLN 734m with 2.6% margin in Q1’25 LTM vs PLN 506m with 2.1% margin in Q1’24 LTM Q1’25 Like-for-Like LfL in line with the mid-single digit guidance for Q1, supported by unique and differentiated product offering, with QMS (incl. street food) and beverages being the top-performing categories 6.0%
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Sales In The First Quarter Are Less Impactful For The Full Year Performance Compared To Other Quarters 13Source: Company Information 1 In Poland and Romania Sales to End Customers (PLNm) and % of annual Sales to End Customers based on 2024 values (%) 4,679 5,854 6,410 5,8335,767 7,126 7,499 6,884 6,618 Q1 Q2 Q3 Q4 2023 2024 2025 21.1% 26.1% 27.5% 25.2%
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5,767 7,126 7,499 6,884 6,618 First Quarter Performance Reflects The Typical Seasonality Of Żabka Business Profile And Is In Line With Our Expectations And Guidance 14 Sales to End Customers (PLNm) LfL (%) Source: Company Information 1 In Poland and Romania Adjusted EBITDA (PLNm) 518 881 1,119 987 596 9.0%% Adj EBITDA margin 12.4% 14.9% 14.3% 11.5% 9.3% 6.0% 7.1% 6.0% (97) 176 341 294 (77) Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Adjusted net profit (PLNm) (1.7%) 2.5% 4.5% 4.3% (1.2%) % Adj net profit margin 9.0% Gross openings1 401 313 283 169 436 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25
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Selected KPIs Number of Stores (EoP)1 11,460 10,370 +10.5% LfL2 6.0% 11.5% Franchisee margin3 (%) Selected financial metrics 18.3% 18.4% (0.1 pp) Sales to End Customers4 6,618 5,767 14.8% Cost of Sales5 (4,852) (4,296) 12.9% Gross Profit5 814 719 13.3% 12.3% 12.5% (0.2 pp) Adjusted EBITDA 6 596 518 15.0% 9.0% 9.0% 0.0 pp D&A5 (439) (386) 13.8% (6.6%) (6.7%) (0.1 pp) Adjusted EBIT 157 134 16.6% 2.4% 2.3% 0.0 pp Net financial activities5 (227) (233) (2.9%) (3.4%) (4.0%) 0.6 pp Adjusted Net Profit (77) (97) (20.3%) (1.2%) (1.7%) 0.5 pp Reported EBITDA 545 513 6.2% 8.2% 8.9% (0.7 pp) Reported Net Profit (125) (99) 27.3% (1.9%) (1.7%) (0.2 pp) Strong Top-Line Growth and Maintained Profitability 15 Key financial metrics Source: Company Information 1 Includes Nano stores and stores in Romania. 2 LfL defined as comparison of daily receipt sales figures in Żabka stores operating on the same day of both the current and the previous period. 3 In relation to Żabka Polska StEC 4 Represents Żabka Sales to End Customers and sales of Maczfit, Dietly, Drim Daniel, Froo and Q-Comm and does not represent company reported revenue. 5. Statutory data 6 Adjusted EBITDA calculated as EBITDA pre-Rent and margins calculated based on Sales to End Customers. Q1 Δ YoY Q1 24 Q1 25 As a % of StEC Δ YoY Q1 24 Q1 25 Zabka Group Adj. EBITDA margin in line with PY driven by (i) strong performance of the Polish stores with 38 bps improvement in EBITDA margin driven by better direct margin and efficiency improvements, (ii) positive EBITDA for DCO. These factors allowed for an investment in development of our Romanian business without negative impact on the Group margin. Depreciation and Amortisation slightly lower % of sales vs last year, marked by a seasonally higher contribution to StEC. The reduction in margin on our main debt facilities contributed to a lower net finance cost. This benefit was partially offset by higher interest expenses related to store leases and other financial liabilities. Healthy mix of organic growth with strong LFL and expansion with 436 new stores, 407 in Poland and 29 in Romania. Reported EBITDA and Reported Net Profit were adversely impacted by the recognition of non-cash expenses related to IPO award and LTIP costs. Franchisee margin as a % os StEC stable YoY, in a period with seasonally slowest sales and therefore highest percentage of these costs to StEC.
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Robust Adjusted EBITDA Performance driven by Sales Growth and Increased Profitability in Poland 16 Adjusted EBITDA (PLNm, Q1 2025) Source: Company Information. Note: this chart is based on Company Net Sales (CNS). 1 Operating Costs incl. G&A, Tech, Marketing and Other Op. Items (note: Central Costs are calculated as the absolute difference) Q1 2024 Sales Franchisee margin Mix & Margin Operating costs New Growth Engines Conso. Eliminations Q1 2025 Adj. & Reclass Reported EBITDA Q1 2025 518 72 (11) 33 7 (22) (2) 596 (51) 545 x % of Sales to End Customers Ultimate Convenience 9.0% 9.0% ▪Strong Adj. EBITDA growth of +15% YoY thanks to continued momentum in sales growth ▪ Margin improvement driven by better terms of trade with suppliers, supported by increased volumes and expansion of the product offering ▪ Operating cost efficiency gains, driven by process improvements, leveraging data and digital tools (e.g. field force) and lower energy costs per store ▪ The (PLN 22m) NGE Adjusted EBITDA is primarily attributable to the ramp-up of operations in Romania since March last year, with DCO delivering a positive EBITDA ▪ EBITDA adjustments primarily include: Non- cash costs related to the IPO Award (PLN 16m), to be granted to Żabka franchisees, employees, and B2B contractors, LTIP costs (PLN 30m), for further details on expected future costs of these programmes, please refer to the Appendix +0.4 pp
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Q1 2024 (PLNm) Q1 2025 (PLNm) Generating Positive Cash Flow Amid Continued Investments In Growth... 17 Source: Company Information. Note: 1 Current expenditures for projects leading to sale and leaseback transactions 2 Defined as Free Cash Flow over adj. EBITDA post-rent 518 286 321 307 Adjusted EBITDA Rent Adjusted EBITDA post-rent Capex (excl. Property Fund) Other1 Changes in WC and provisions Free Cash Flow (232) (266) (7) 112.1% 27.5%Free Cash Flow conversion2 ▪Positive cash flow generation, driven by: ▪ Healthy adj. EBITDA growth ▪ Business growth driven Capex spending – YoY growth attributable to ongoing network expansion and store retrofit, mainly installing convection-microwave ovens to serve our Street Food offer ▪ A favourable calendar effect led to a substantial release of working capital in Q1 2024, significantly boosting last year’s cash flow Q1 2025 FCF generation is more in line with typical seasonal patterns and historical trends. 596 330 91 86 (266) (315) (10)
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… Consistently Supporting Further Deleveraging Year On Year 18 Net leverage: Net financial debt1 / adjusted EBITDA post-rent2 Source: Company Information. Note: 1 Net financial debt defined as the sum of current and non-current loans and borrowings less cash. 2 Based on LTM adjusted EBITDA post-rent numbers. 3 Based on LTM adjusted EBITDA pre-rent numbers. 4 Gross debt defined as the sum of current and non-current loans and borrowings. 2.3x 1.5x 2.1x 1.6x FY 23 FY 24 Q1 2024 Q1 2025 3.0x 2.5x 2.5x Gross financial debt4 5,218 4,549 5,493 4,697 Cash (649) (750) (1,051) (552) Net financial debt1 4,569 3,799 4,442 4,145 Leases 4,013 4,855 4,406 4,950 Net debt (incl. leases) 8,582 8,654 8,848 9,095 PLNm Net debt (incl. leases) / adjusted EBITDA (pre- rent)3 3.0x ▪ Reduction in leverage profile by 0.5x between March 2024 and March 2025 from robust cash generation in LTM and adj. EBITDA growth ▪ Leverage at the end of Q1 of 1.6x excl. leases and 2.5x including capitalized leases
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Successful Execution of PLN 1bn Bond Programme with Attractive Terms 19 Note: 1 Leverage Ratio means, at the relevant time, the ratio of Consolidated Net Debt as at the last day of a Relevant Period to Bond Adjusted EBITDA for the Relevant Period as per definitions in Bonds Terms and Conditions 2 Interest Cover Ratio for any Relevant Period means the ratio of the Bond Adjusted EBITDA to Consolidated Net Cash Interest Expenses as per definitions in Bonds Terms and Conditions. Issuer Zabka Group S.A. (Luxembourg), a public limited liability company listed on the Warsaw Stock Exchange Offer parameters Bonds Type Senior, secured (Corporate Guarantee), Sustainability-linked bonds aligned with ICMA Sustainability-Linked Bond Principles Issue Size Initially PLN 500m upsized to PLN 1bn on the back of very strong demand Tenor, Maturity 5 years (May 2030) Coupon Type, Frequency Floating rate bonds, Semi-annual coupon, WIBOR 6M + 150 bps Margin Use of proceeds General corporate purposes KPIs and Sustainability Performance Targets (SPT) Successful structurization of Sustainability-linked Bonds Framework, approved by Moody’s KPI 1: Increase of the value of sales of own brand food products promoting a sustainable lifestyle (SPT: PLN 3,150m by 2028) KPI 2: Reduction of the share of virgin plastic in the weight of own brand packaging (SPT: 38% by 2028) ▪ Żabka Group has successfully completed its first bond issue amounting to PLN 1bn placing us as one of the largest corporate issuers in Poland and helping us to optimise the structure of our financing in terms of key terms, tenor and instrument type. ▪ Strong demand from institutional investors, allowing us to (i) upsize the deal to PLN 1bn from PLN 500m while achieving a (ii) competitive margin of 150 bps over 6M WIBOR – very attractively priced compared to other recent large-scale issuances on domestic market – and a (iii) tight spread of +69 bps over Polish Floating Rate Treasuries ▪ The expected interest and tax cash benefits ca. PLN 15m+ (per annum). Q2 25 financial costs will be impacted by non-cash IFRS recognition of debt repayment.
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Concluding Remarks and Near-Term Guidance Consistently Strong Results Near-term Guidance Growth Pillars In line with our expectations, in Q1 25 Żabka continued strong financial and operating performance delivering robust LfL growth of 6.0% in a typically slower quarter due to seasonality In Q1'2025 our ultimate convenience business segment enjoyed better margins by 38bps on adj. EBITDA basis vs last year; Zabka Group adj. EBITDA margin remained stable at 9%, in line with our guidance,on the back of continued investments in Romania and improving profitability of DCO In Q1 25 we continued store network rollout, adding +9% more stores in Poland and Romania. Within our Street Food offer we installed 2k ovens in the quarter, covering 90% of the network In Q1 25 we focused on further growth of Digital Customer Offering driving more user engagement in our recently upgraded app through targeted promotions and new features We remain confident in achieving our 2025 and near-term guidance of o Like-for-like growth in the mid to high single-digit range in 2025 o Store openings @1,100+ in Poland and Romania in 2025 o Stable adj. EBITDA margins towards the top end of our 12-13% range in the near and mid-term o Continued improvement in Adj. Net Income Margin to 3% in the near-term
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Q&A
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Appendix
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IPO Award And LTIP: IFRS Costs Recognition And P&L Impact IPO award Long Term Incentive Plan (LTIP) As discussed in the IPO, in 2024 the Group adopted the Long-Term Incentive Plan (LTIP) for 2025-2027. Awards under the LTIP are granted in the form of PSUs or RSUs, which entitle participants to receive shares free of charge upon completion of a vesting period. The awards will be delivered each year following the approval of audited financial results. Delivery of the shares in the program is backloaded with appx. 2/3 of the award value delivered in early 2028, subject to cumulated 3-year performance of Zabka Group. LTIP is subject to two vesting conditions: Service condition – the participant needs to complete a specified period of service, during which services are provided to Zabka and Performance condition (only for PSUs) based on EBITDA Growth, Sales to End Customers Growth, ESG index. Targets have been aligned with the Group’s Value Creation Plan. 3-year LTIP costs are recognised in our P&L as three separate awards, in accordance with IFRS 2, which applies a graded vesting model. This results in a front-loaded expense recognition, with the majority of the cost recognized in the early years of the plan. Consequently, c. 45% of the total program value is expected to be booked in 2024 and 2025. As communicated during the IPO, assuming delivery of IPO guidance, the program is expected to result in approximately 2% dilution and the expected quarterly LTIP costs are c. PLN 30m in FY25A, and between PLN 18-25m in 2026-2027 period. Although most of the shares are to be delivered to LTIP participants in 2028, no costs of this program are to be recognised in 2028. The IPO Award is a one-off grant in the form of Zabka Group shares, awarded to franchisees (ca. 65% of all shares to be granted as IPO award), Group employees (ca. 25%) and B2B contractors (ca. 10%). Participants are entitled to receive shares on the first anniversary of the IPO, subject to confirming their willingness to participate and opening a brokerage account. As a result, we expect dilution of up to 0.4% in Q4 2025. In accordance with IFRS, the costs of the program are recognized over a 12-month period, starting from the IPO date and ending on October 22, 2025. Therefore, most of the related expenses will be reflected in the P&L up to Q3 2025. The total expected cost of the IPO Award program are PLN 12m in Q4 2024, c. PLN 18m on average within Q1–Q3 2025 period and PLN 4m in Q4 2025. Final costs may be lower as they will depend on the actual participation rate in the program. Source: Company Information. Note: 1 with a condition that the participant remains actively engaged by the Group both on the IPO date and on the first anniversary of the IPO and is not in a notice period on any of these dates Note2 : The values and percentages included in the LTIP program description assume delivery of IPO guidance
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Strong Q1 2025 Performance Across All Key Metrics 24 Source: Company Information 1 Represents Żabka Sales to End Customers and sales of Maczfit, Dietly, Drim Daniel, Froo and Q-Comm and does not represent company reported revenue. 2 LfL defined as comparison of daily receipt sales figures in Żabka stores operating on the same day of both the current and the previous period. 3 Adjusted EBITDA margins calculated based on Sales to End Customers. 4 The adjusted Net profit includes Net profit plus EBITDA adjustments (mainly IPO costs in 2024) net of tax effect. 5 Defined as Adjusted EBITDA (Post-rent) minus Capex plus Changes in working capital and provisions. 6 Leverage calculated as Net debt (excluding leases) / LTM Adj. EBITDA Post-Rent. Data as of 31st December 2024 Sales to End Customers1 (PLNm) Like for Like2 (%) Net store openings (# of stores) Capex (PLNm) Adjusted EBITDA & margin4 (PLNm / %) Adjusted Net profit & margin5 (PLNm) Free Cash Flow6 (PLNm) Leverage7 (x) 5,767 6,618 Q1 24 Q1 25 +15% 11.5% 6.0% Q1 24 Q1 25 356 391 Q1 24 Q1 25 +35 273 325 Q1 24 Q1 25 +19% 518 596 Q1 24 Q1 25 +15% (97) (77) Q1 24 Q1 25 (20%) 2.1x 1.6x Q1 24 Q1 25 (0.5x) 9.0% 9.0% 321 91 Q1 24 Q1 25 (72%) (1.7%) (1.2%)
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Żabka Group disclaimer 25 This presentation (“Presentation”) has been prepared by Zabka Group, a public limited liability company (société anonyme) incorporated and existing under the laws of the Grand Duchy of Luxembourg, having its registered office at 2, rue Jean Monnet L-2180 Luxembourg, Grand Duchy of Luxembourg, and registered with the Luxembourg Register of Commerce and Companies (Registre de Commerce et des Sociétés) under number B263068 (the “Company”), and its subsidiaries (together the “Group”). Nothing in this document should be construed as legal, tax, investment, financial, or accounting advice, or solicitation for or an offer to invest in the Company. The Presentation contains forward-looking statements. Examples of these forward-looking statements include, but are not limited to statements of plans, objectives or goals and statements of assumptions underlying those statements. Words such as “may”, “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “believe”, “continue”, “probability”, “risk”, and other similar words are intended to identify forward-looking statements but are not the exclusive means of identifying those statements. By their very nature, forward looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that such predictions, forecasts, projections and other forward-looking statements will not be achieved. A number of important factors could cause the Group actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements. Past performance of the Group cannot be relied on as a guide to future performance. Forward-looking statements speak only as at the date of this presentation. Any forward-looking statements in this Presentation must not be understood as the Group’s assurances or projections concerning future expected results of the Group. The Presentation is not and shall not be understood as a forecast of future results of the Group and, as a consequence, no undue reliance shall be placed on any forward- looking statement contained in this Presentation. The Company expressly disclaims any obligations or undertaking to release any update of, or revisions to, any forward-looking statements, except as required by applicable law or regulation. No statement in this communication is intended to be a profit forecast. Some financial data in this presentation are rounded. For this reason, the numbers in rows or columns may not foot exactly to the number provided as the subtotal.
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Thank you