Slides
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Q3 2025 Results Presentation 29 October 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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Q3 2025: Strong operating performance and financial costs optimisation drives net profitability growth and 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 30 Sep-25 12,099 + 1,296 LTM Gross store openings Q3 Ultimate Convenience adj. EBITDA margin improvement +0.2 pp Q3 Gross Profit Q3 Net debt / Adjusted EBITDA2 1.0x (0.4x) YoY Q3 Sales to End Customers PLN 8.5bn +14% YoY Q3 Adjusted Net profit PLN 505m +48% YoY Q3 Like for Like +4.5% +5.5% YTD PLN 1,514m +13% YoY Q3 Adjusted EBITDA PLN 1,279m +14% YoY
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We Are On Track To Deliver On Our Strategy Despite Adverse Weather Impact Current state of the consumer neutral, with mixed signals related to economic situation of Polish households, although recent consumer confidence readings show rebound. Stable market environment in Q3 Networkexpansion New Growth Engines LfL Growthinitiatives Q3’25 +323 new stores openings1 9M’25 +1,127 new stores openings1 On track to deliver a revised 2025 target of 1,300+ new store openings in PL and RO Expanding our footprint in Romania: 122 stores in Romania as of Q3’25, increased brand awareness with traffic catching up to Poland DCO: Dynamic YoY growth of Sales to End Customers by +22% for Q3 Q3’25 LfL +4.5% 9M’25 LfL: +5.5% Between 1-2 pp negative impact of weather conditions during peak summer months Note: 1 Includes Nano stores and stores in Romania 5
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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 Consumer confidence has remained relatively stable since the beginning of 2024. However, periods of improvement have consistently been followed by declines, driven by recurring concerns over the geopolitical landscape of 2025 Consumers remain optimistic about their financial situation, as evidenced by household financial situation indicator survey by GUS A Blend Of Optimistic And Hesitant Market Indicators 7 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Monthly Y-o-Y inflation and average gross wage growth in the public sector (Source: Polish Statistical Office – GUS)2 Perceived financial situation of Polish households by month (Source: GUS) 1 The market is showing a combination of positive and uncertain trends 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) Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Gross wage growth Household financial situation indicator Inflation Customer Confidence index Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25
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Żabka's Market Share Growth Driven By Network Expansion 8 …to continuously increasing market share Note: 1 Żabka Polska, Small Format, Discounters, Supermarkets, Hypermarkets, 2025 Q3 YoY, food+drug+cig basket, sales value 2 Total LTM Sep25 refers to the market share in the last twelve months ending Sep25, i.e. Sep24 to Sep25 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 12.3% 2.4% 8.2% (2.2%) (0.2%) Polish physical grocery total growth (incl. space growth) by channel 1, Q3 2025 Consistent market outperformance has led… Rolling LTM Market share evolution of Żabka2, Dec20 – Sep25 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 Mar 25 Jun 25 10.7% Sep 25 Total Market growth in Q3'25: 4.5%
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… with uninterrupted sourcing of FRs on the back of attractive margins Store Openings: Successful Execution Versus The Upgraded Guidance Of 1,300 Openings 9 12,099 stores1 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; including Nano stores and Romania stores. 3 Franchisee margin defined as the amount franchisees earn from selling products plus incentives received from Żabka Polska; margin divided by sales on Żabka Polska stores. Number of recruited franchisees; LTM LTM Q3’24 LTM Q3’25 4,191 4,898 +16.9% Franchisee margin (PLNm) and a % of StEC; LTM3 16.6% 17.1% +1,296 LTM2 997 9M’24 9M’25 1,127 +130 Progress of gross openings in Poland and Romania LTM Q3’24 LTM Q3’25 2,265 2,625 +360 (+16%) Rapid roll-out driven by high availability of prime locations in Poland and acceleration of Romanian operations… 2022 2023 2024 9M’25 LTM 1,131 1,100 1,166 1,296 … with conversion, particularly in small towns, as a growing source... 19% 39% Conversion New builds 42% Other whitespace 2025 YTD breakdown of roll-out in small cities by source of location 26% 29% 28% 32% 9M’22 9M’23 9M’24 9M’25 % of overall roll-out sourced from conversion Almost 50k small stores left in Poland
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After 1+ Year in Romania, We Operate Over 120 Stores and Became Local Convenience Offering Frontrunner Networkexpansion New GrowthEngines LfL Growth inititiatives Format has been so far well-received by the local customer, which positions us to revise upwards total long term white space potential ... … with Romanian operations ramping up quickly and closing the gap to Poland 60 122 May’24 Dec’24 Sep’25 0 +122 Store network, # of stores, May’24-Sep’25, EoP Long-term white space, # of stores As of IPO Current view 4,000 7,600 c. +2x Poland ~100% 2024 2025 Avg. daily tickets in Romania, as % of Poland, %, Jun’24-Sep’25 Source: Company information (1) As % of tickets Performance to be further enhanced by: Store expansion increasing brand awareness Range and pricing tailoring Introduction of new services 30%+ QMS share1 44%+ Brand awareness in Bucharest 10
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Product Innovation And Digital Initiatives, Including New Businesses, Are Key To Our Differentiation 11 Żabka Flex and PoS assisted sales as new initiatives driving even better business results Networkexpansion New GrowthEngines LfL Growth inititiatives New businesses building on the DCO platform Planning hyper-diversification of store formats in terms of planograms and tailored assortment selection, to even more accurately fit the local customers’ preferences Targeting increased sales and # of customers by further optimizing the offer and store space to the local shopping mission PoS assisted sales helps Franchisees to further drive their top line growth Recently implemented in sweet snacks category, due to characteristics of customers’ purchasing decisions in our format, compared to other retailers As a result - double-digit LfL in this category in Q3, significantly ahead of the market We are entering into fintech space – launched a live test of Buy Now, Pay Later feature High early adoption, 5x more users vs. average feature at this stage, with 2x transaction value Preparation for Izidrop launch, leveraging our robust logistics platform to offer a competitively priced parcel delivery service Collaboration with major players in e-commerce, with further partnerships in the pipeline Successful launch of Wrocław operations (both Jush and delio supermarket), currently at ca. 25% weekly growth rate
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Financials
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Key Financial Highlights: Accelerated Store Openings, Improved Profitability, Strong Cash Flow Generation And Balance Sheet Improvement 13 Q3’25 Revenues and StEC Q3’25 LfL Q3’25 EBITDA Q3’25 FCF & Leverage StEC reached PLN 8.5bn +14% YoY demonstrating solid growth throughout the reported quarter. Revenue grew at a pace of +13% YoY supported by LFL growth. LfL of 4.5% despite strong headwinds from adverse weather conditions, performance was effectively supported by the QMS development, and premiumisation of our product offering. Adjusted EBITDA at PLN 1,279m with margin +9bps on the back of prudent cost management. Reported EBITDA PLN 1,226m +12% YoY including a PLN 51m non-cash expenses related to the IPO award and LTIP . FCF at PLN 639m -1% YoY supported by disciplined capex management, cost-efficiency initiatives, improved profitability, and an almost neutral cash outflow from working capital Net Debt/ EBITDA 1.0x. Strong CF generation and solid EBITDA growth contributed to further deleveraging, resulting in a 0.4x reduction in the Net Debt to EBITDA ratio. Q2’25 Gross Profit Q3’25 Net profit Adjusted net profit PLN 505m +48% YoY, delivering a margin of 5.9%. Net profit at PLN 463m, reflecting solid 45% growth due to strong operating results, increased by one-off non cash financial income related to new financing and valuation at amortised cost. New store openings 1,127 new stores in Poland and Romania in 9M2025 — +130 vs. 9M2024. The strong pace of store openings confirms Group's capability to achieve its annual target of over 1,300 new locations, supported by a steady pipeline of newly recruited franchisees
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Selected KPIs Number of Stores (EoP)1 12,099 10,906 10.9% 12,099 10,906 10.9% LFL2 4.5% 6.0% (1.5pp) 5.5% 8.6% (3.2pp) Franchisee margin (%)3 16.3% 15.7% 0.6pp 17.1% 16.7% 0.4pp Selected financial metrics Sales to End Customers4 8,517 7,499 13.6% 23,268 20,392 14.1% Revenue5 7,440 6,578 13.1% 20,230 17,726 14.1% Cost of Sales (5,925) (5,233) 13.2% (16,575) (14,552) 13.9% Gross Profit 1,514 1,345 12.6% 3,655 3,174 15.2% Gross Profit margin 17.8% 17.9% (0.1pp) 15.7% 15.6% 0.1pp Adjusted EBITDA6 1,279 1,119 14.3% 2,932 2,518 16.5% Adjusted EBITDA 15.0% 14.9% 0.1pp 12.6% 12.3% 0.3pp D&A (483) (429) 12.7% (1,391) (1,233) 12.7% Adjusted EBIT 796 667 19.3% 1,539 1,265 21.7% Net financial result (147) (226) (35.1%) (662) (710) (6.8%) Adjusted net profit 505 341 48.0% 649 420 54.6% Adjusted net profit margin 5.9% 4.5% 1.4pp 2.8% 2.1% 0.7pp Reported EBITDA 1,226 1,093 12.2% 2,773 2,472 12.2% Reported EBITDA margin 14.4% 14.6% (0.2pp) 11.9% 12.1% (0.2pp) Net profit 463 319 45.2% 530 377 40.5% Net profit margin 5.4% 4.2% 1.2pp 2.3% 1.8% 0.4pp Strong Top-Line Growth and Improved Profitability 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 Polska stores operating on the same day of both the current and the previous period. 3 In relation to Żabka Polska StEC 4 Represents Sales to End Customers from Żabka stores, as well as of New Growth Engines, and does not represent the consolidated revenue. 5. Statutory data 6 Adjusted EBITDA calculated as EBITDA pre-Rent adjusted for one off items; margins calculated based on Sales to End Customers. Q3 Δ YoY Q3 24 Q3 25 YTD Δ YoY 9M 24 9M 25 Q3 Zabka Group Adj. EBITDA margin improved by 9bps YoY , underscoring our ability to drive operational effectiveness—primarily supported by strong performance in Polish stores, i.e. +24bps where margin gains were driven by economies of scale and efficiency improvements. This keeps us firmly on track to meet our full-year guidance in terms of profitability target. Year to date adjusted EBITDA margin +26bps vs first nine months of 2024. Healthy mix of organic growth with solid LfL and expansion with 1,127 new stores, 1,060 in Poland and 67 in Romania in the 9M of 2025. EBITDA Adjustments and reclassifications reaching PLN 52m in the quarter and PLN 159m in 9M, out of which ~PLN 150m adjustments are related to share -based programs (i.e. LTIP and IPO award). Franchisee margin as a % as StEC rose from 16.7% to 17.1% in the first nine months of the year. This was primarily driven by the Group’s continued investment in strengthening relationships with its franchise partners. Adjusted Net Profit amounted to PLN 505m in Q3, up 48.0% YoY . The growth was primarily driven by lower net financial costs following successful refinancing, as well as a reduced effective tax rate (22.3% vs. 27.2% in Q3 2024). A portion of the share-based programs (i.e. LTIP and IPO Bonus costs) has been recognized above the gross profit line. This reduced the reported gross profit margin by 0.2 percentage points (from 18.0% to 17.8% in the reported quarter). 14
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Robust Adjusted EBITDA Performance Driven By Sales Growth And Increased Profitability In Poland Adjusted EBITDA (PLNm, Q3 2025) Source: Company Information. Note: this chart is based on Company Net Sales (CNS). 171 9 5 Sales Gross profit Marketing cost Reported EBITDA Q3 2025 Adj. & Reclass Adjusted EBITDA Q3 2025 Conso. eliminations NGEOther operating income and costs G&A & Tech 1,119 (1) (21) (2) (1) 1,279 (52) 1,226 Adjusted EBITDA Q3 2024 Żabka Group excl. NGE, Conso eliminations & Adjust. and Reclass. ▪Further improvement of Adj. EBITDA margin, despite particularly challenging environment in Q3 2025. ▪ General and Administrative (G&A) and Technology costs showed slightly higher dynamics, primarily due to a catch-up effect following lower spending levels in Q2 2025. ▪ NGE’s Adjusted EBITDA reflects the early- stage development of Romanian business. In contrast, DCO continues to generate positive EBITDA, demonstrating its operational maturity and consistent performance. ▪ EBITDA adjustments primarily include: Non- cash costs related to the IPO Award (PLN 20m), to be granted to Żabka franchisees, employees, and B2B contractors and LTIP costs (PLN 31m). 14.9% 15.0% +0.1pp x % of Sales to End Customers 0.1pp (0.1pp) 0.0pp 0.1pp 15
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Q3 2024 (PLNm) Q3 2025 (PLNm) Generating Positive Cash Flow Amid Continued Investments In Growth... 16 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 872 647 68 63 Adjusted EBITDA Rent Adjusted EBITDA post-rent Capex (excl. Property Fund) Other1 Changes in WC and provisions Free Cash Flow (247) (356) 1,119 74% 64%Free Cash Flow conversion2 ▪Positive cash flow generation, driven by: ▪ Adjusted EBITDA continues to demonstrate robust and sustained growth ▪ Our prudent approach to capital expenditure delivered benefits in Q3 2025, reflected in well-controlled capex per store. Beginning in Q3, incremental store retrofit spending declined, supported by the completion of the street food convection oven rollout in June 2025 ▪ Due to June 2024 ending on a Sunday, a relatively higher share of receivables was repaid in Q3, positively impacting last year’s figures. ▪ Seasonally, third quarter is neutral in terms of cash generation, and we observe a slight net working capital outflow 639 (277) (310) (34) (17) 1,279 1,001 2025 9M: 1,804 2024 9M: 1,907
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… Consistently Supporting Further Deleveraging Year On Year 17 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. FY 23 FY 24 Q3 2024 Q3 2025 2.3x 1.5x 1.4x 1.0x 3.0x 2.5x 2.1x Gross financial debt4 5,218 4,549 5,063 4,226 Cash (649) (750) (1,571) (1,284) Net financial debt1 4,569 3,799 3,492 2,942 Leases 4,013 4,855 4,709 5,166 Net debt (incl. leases) 8,582 8,654 8,201 8,108 PLNm Net debt (incl. leases) / adjusted EBITDA (pre- rent)3 2.4x ▪ Deleveraging by 0.4x between September 2024 and September 2025 from robust cash generation in LTM and adj. EBITDA growth ▪ Leverage at the end of Q3 of 1.0x excl. leases and 2.1x including capitalized leases
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18 Growth remains our key focus Expansion Guidance revised upwards From 1,000 to 1,300 per annum1 in 2026 - 2028 1 Balanced leveraging Optionality for M&As Dividend distribution 1.0x Target Leverage Ratio2 Opportunistic value-accretive adjacent to PL core and international M&As 50 – 70% of net profit3 2 3 4 • Target financial structure Net debt to EBITDA ratio1 at 1.0x and keeping a prudent and appropriate level of liquidity headroom • We intend to recommend to General Shareholders Meeting the payment of a dividend in an amount representing 50% of the group’s consolidated net profit achieved in 2025, and in the following years in amount representing from 50% to 70% of the Group’s consolidated net profit achieved in each year • We assume there may be an incremental dividend payment based on one -off earnings in future years. Alternatively, in the case of additional investments (including M&A), we may temporarily limit dividend payments (1) Poland + Romania; (2) Net Debt = excl. Leases, EBITDA = Adj. EBITDA post rent (pre IFRS 16); (3) of current year net profit Formal policy Recently Announced Capital Allocation Policy combining dynamic growth with dividend distribution
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Mid-Term Guidance Updated with Accelerated Expansion and Expected Dividend Payout 19 Building long-term value for shareholders Adj. EBITDA margin Adj. Net profit margin Leverage target2 Dividend payout 1 In Poland and Romania; 2 Leverage ratio = Net Debt pre-IFRS 16 / Adj. EBITDA post-rent; 3 Of current year net profit Store network expansion Like-for-Like Target: 16k stores1 by the end of 2028 (+1.5k vs previous guidance) New target: 1,300 stores p.a. (+300 vs initial guidance) Mid- to high-single-digit range in the mid term LfL for FY 2025 is expected to be closer to mid-single-digit In FY 2025, a modest YoY improvement in adjusted EBITDA margin towards the top end of the 12 - 13% range Near-term adjusted net profit margin guidance of 3.0% expected in FY2025 Mid-term adj. Net profit margin – c. 4.5% 1.0x ND/adj. EBITDA post-rent Distribution of 50-70% of net profit3 (i) +incremental payouts depending on one-offs (ii) +temporary limit in case of M&As and investments GROWTH MARGINS CASH FLOW
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Q&A
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Żabka Group disclaimer 21 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