Slides
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c Investor Presentation August 2026
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Disclaimer 2 This presentation (the “Presentation”) has been prepared by Zabka Group S.A. with its registered office in Luxembourg, Grand Duchy of Luxembourg (the “Company”, together with its subsidiary undertakings, the “Group”) to provide a general overview of the Company and the Group through a set of selected highlights. This Presentation contains neither a complete nor a comprehensive financial or commercial analysis of the Group, nor does it present its position or prospects in a complete or comprehensive manner. While all reasonable care has been taken in preparing this Presentation, certain inconsistencies or omissions might have appeared in it. No warranties or representations can be made as to the comprehensiveness or reliability of the information contained in this Presentation. Neither the Group nor any of its directors, managers, advisers or representatives of such persons shall bear any liability that might arise in connection with any use of this Presentation and no information contained herein constitutes an obligation or representation of the above persons. The Presentation does not constitute an offer or invitation for the sale, issuance or purchase of securities nor does it give or purport to give legal, tax or financial advice. Nothing herein shall be taken as an investment advice or an inducement to enter into investment activity in any jurisdiction and this Presentation is not intended to provide, and must not be taken as, the basis of any decision and should not be considered as an invitation, inducement, solicitation or recommendation to purchase, underwrite, subscribe for or otherwise acquire any financial instruments of the Group. Anyone looking to make an investment decision in respect to any financial instruments of the Group must make its own independent assessment and such investigations as it deems necessary and rely on information disclosed by the Group in official reports, written and published in accordance with applicable laws. The Presentation may and does contain 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. 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’s 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 Group 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. Copying, mailing, distribution or delivery of this Presentation to persons in some jurisdictions may be subject to certain legal restrictions, and persons who may or have received this Presentation should familiarize themselves with any such restrictions and abide by them. Failure to observe such restrictions may be deemed an infringement of applicable laws.
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Alternative Performance Measures - Disclaimer 3 This presentation contains certain financial metrics which are not defined or specified under IFRS and therefore qualify as Alternative Performance Measures (“APMs”) in accordance with the ESMA Guidelines on Alternative Performance Measures (ESMA/2015/1415). These APMs are presented to enhance the understanding of the Group’s underlying operating performance and financial position. However, APMs should not be considered in isolation or as substitutes for measures prepared in accordance with IFRS. Alternative Performance Measures (“APMs”) constitute a significant component of an entity’s financial communication and serve as an important supplement to information presented in the financial statements. APMs are financial measures that are not defined within the applicable financial reporting framework. What qualifies as an APM therefore depends on the framework applied by the reporting entity. For the purposes of this formulation, the perspective is that of an entity preparing its financial statements in accordance with IFRS, without reference to any jurisdiction-specific requirements that may further influence what constitutes an APM. The APMs used in this presentation include, among others: STeC, Adjusted EBITDA, Adjusted Net Profit, CAPEX, Free Cash Flow, and Net Debt to Adjusted EBITDA. Each of these APMs is accompanied by (i) a precise definition, (ii) an explanation of its relevance for the assessment of the Group’s performance, and (iii) a description of the calculation methodology, as required by the ESMA Guidelines. Full definitions and methodological explanations of all APMs referenced in this presentation are provided on the slide 64 (“APM Definitions and Methodology”). APMs may differ from similarly titled measures used by other companies and are not directly comparable to IFRS metrics. While the Group believes that these measures provide useful supplemental information to investors, they are subject to inherent limitations and should be interpreted with caution. APMs should be considered together with the audited IFRS financial statements and the notes thereto. For readability purposes, certain slide-level notations (e.g., “*”) refer to the relevant APM explanations included in the “APM Definitions and Methodology” appendix. The Group does not provide any assurance that these measures will be calculated in the same way in future reporting periods, nor does it undertake to update the definitions unless required by applicable regulation.
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Agenda Introduction to Żabka1 Key Investment Highlights2 Consistent, Profitable Growth and Highly Attractive Financial Profile3 Multiple, Tangible Drivers of Future Growth4 H1 2026 Results5 4 Appendix: FY 2025 Results6 Appendix: Supporting slides8 Appendix: Q2 2026 Results7
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Introduction To Żabka 1
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Żabka is the Ultimate Tech-powered Convenience Ecosystem Leading convenience network of +13k stores in PL & RO Open every waking hour ~18m consumers live within 500 meters of stores1 ~4.3m daily transactions2 AI-powered technology backbone at the core of Żabka’s success Żappka consumer app – gateway to the Ultimate Tech-powered Convenience Ecosystem PLN 31.1bn Sales3 (FY 2025) Adjusted EBITDA of PLN 4.1bn4 (FY 2025) with 13.1% margin5 (FY 2025) …playing across three consumer megatrends Serving time-sensitive consumers across physical and digital channels… Source: Company information. Note: 1 Internal company analysis. 2 As of Feb’2026. 3 Represents Żabka sales to end customers and sales of Maczfit, Dietly, Drim Daniel, Froo and Q-comm and does not represent Company’s reported revenue. 4 Adjusted EBITDA calculated as EBITDA pre Rent and margins calculated based on Sales to End Customers. 5 EBITDA Margin calculated as % of STeC 6 Based on OC&C analysis. 7 Based on OECD, average of France, UK, Germany for 202 3. 8 Based on GfK. 9 Based on PMR. 10 Strongly agree and agree; OC&C Survey, OC&C analysis 2023-204 on Żabka Consumer Segments (CAS). 58% consider packaging when choosing products10 66% believe companies should be more responsible10 Responsible Choices Ultimate Convenience 34% of consumers willing to pay significantly more to save time6 24% higher average weekly working hours vs. Western Europe7 Digital Engagement 68% of Polish population using retailer apps8 85% of Polish population using grocery loyalty schemes9 6
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1,085 1,966 5,643 6,335 7,197 8,167 10,099 11,802 14,498 18,530 22,775 27,277 31,135 2004 2008 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Mid-term Constantly Innovating Convenience for 27+ years Source: Company information, OC&C Market Report. Notes: 1 Represents Żabka sales to the end customers and sales of Maczfit, Dietly, Drim Daniel, Froo and Q-comm and does not represent Company’s reported revenue. 2 Refers to 2024-28E CAGR. 3 Total Addressable Market refers to all market spend in Physical Grocery, Health & Beauty, Convenience Services, Foodservice, eGrocery and Dietary/D2C catering. 4 Directly Addressable Market that are addressable by modern convenience with fully penetrated store networks. 5 In line with Żabka’s mid-term targets to more than double Sales to End Customers vs 2023 Sales to End customers (PLNm)1 +23% 2000-25 CAGR Polish TAM3 PLN 615bn +4.4% CAGR2 Polish DAM4 PLN 123bn +8.5% CAGR2 ` Corner Store Old concept 2000-2015 Modern Convenience Format Evolution 2016-2019 Ultimate Tech-powered Convenience Ecosystem 2020-2023 Now & Future + Expanded QMS (Żabka Café 2.0) + Expanded Digital Offering + International Selected Grocery Selected Services Adjusted Grocery Expanded Services + Selected QMS Adjusted Grocery Expanded Services Expanded QMS + Launched E-Grocery / D2C Meals 5 7
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Key Investment Highlights 2
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Key Investment Highlights 1 2 3 4 5 6 7 Ultimate Tech-powered Convenience Ecosystem disrupting a PLN615bn+ Polish TAM Engaging time-constrained consumers through a differentiated proposition Operating at the intersection of three consumer megatrends: Ultimate Convenience, Digital Engagement and Responsible Choices Over 27 years of consistent profitable growth of >20% sustaining a leading profit margin, payback and cash conversion Multiple, tangible drivers of future growth in core Polish market Entry into highly attractive adjacent Romanian market with substantial untapped TAM Visionary, dynamic and highly experienced management team with strong track record of delivery 9
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Ultimate Tech-Powered Convenience Ecosystem Touching Consumers’ Every Waking Hour 10 Physical Channels Digital Channels 90% Brand Awareness1 4.3m Average Daily Transactions2 13,063 11.0m DCO Active Shoppers5 16.6% Gross Merchandise Value6 ,YoY Growth12.2m DCO User Base4 Store Network3 Hyper-local assortment Data-driven purchasing AI-powered expansion Digitized store management Automated & robotized operating processes Localized pricing & promotion Personalized mobile app Digitally-enabled logistics D2C Meal Provider QMS, Coffee & Street Food Available On-The-Go D2C Meal Marketplace Autonomous Stores Everyday Services Same-day E-grocery Rapid E-grocery Ultra-modern Physical Convenience Leading consumer app, a digital gateway to our ecosystem Ultra-modern Physical Convenience Stores QMS, Coffee & Street Food Available On-The-Go Source: Company information, OC&C analysis, 1 As of May’ 6; 2 As of Dec 2025; 3 As of Jun’ 6, including Nano and Froo stores; 4 As of Jun’ 6, Yearly Active Users; 5 As of Jun’ 6, Yearly Active Shoppers, making a transaction over the past 12 months; 6 As for Jun’ 6, YoY growth, Gross Merchandise Value (GMV) is the total value of all transactions processed through the platform, before returns, discounts or deductions
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Żabka’s Polish DAM Grows at Almost Double the Rate of TAM Source: OC&C analysis; Euromonitor; PMR Note: All TAM numbers are incl. sales tax; 1 Directly Addressable Market: Physical: Missions that are potentially addressable by modern convenience with fully penetrated store networks, all e-grocery and D2C Dietary Catering; 2 Refers to all market spend in physical grocery, Health & Beauty, Convenience Services, Foodservice, eGrocery and Dietary/D2C catering …growing at almost double rate of a wider TAM Żabka today plays in a Directly Addressable Market ~4.5x its size… Żabka and market size, PLNbn 2024-28F growth rate Żabka is the dominant leader of DAM with a 25% share DAM growth driven by secular trends including: Time- constrained consumers Urbanisation Growing real disposable incomes Shift from cooking towards prepared meals Growing convenience preferences 11 Directly Addressable Market1 TAM2 Polish Real Disposable Income ~2x Żabka Sales to End Customer Directly Addressable Market1 TAM2 ~4.5x ~5x
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76% ~40% 24% ~60% Targeting a Distinctive Mix of Shopping Missions Source: Customer NPS survey, OC&C Market Report, consumer survey based on N=5,013 participants with 186 Żabka respondents. Notes: 1 Based on OC&C analysis. 2 Urban only (locations with population >20k). 3 Rural includes only villages with population <20k. 4 As of March-2024. 5 Includes Biedronka and Lidl. 100 42 Split of shopping missions, 20241 Rebased to Żabka, 20244 Discounters5 Discounters5 Rural & Not For Same Day3For Same Day2 12 Targeting convenience missions for immediate consumption … … and customers are willing to pay to “free up their time”
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Stores Tactically Designed for On-the-Go Consumption Source: Company information. For now Up to 4-hours For later Żabka Café .0 Self checkout Alcohol Alcohol Alcohol (fridge) Wine Wine (fridge) Beverages (fridge) Beverages Beverages Frozen foods Soft Drinks (fridge) Fruits and vegetables QMS Dairy Desserts Breakfast DIY Drinks (fridge) Snacks Sweets Bread / Bakeries Groceries Soft Drinks HPC Snacks Groceries Promotions Self checkout Lotto Impulse Snacks Żabka Café 2.0 Bread / Bakeries Self checkout NEW Chips Confectionery Tobacco and alternatives GSM / Prepaid QMS Snacks NEW Żabka Café 2.0 Services Soft Drinks NEW NEW Chilled drinks 13
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QMS is at the Core of Żabka’s Differentiated Proposition 14 Source: Company information. (1) Respectively as of 2012 and 2016. (2) As of Jun’ 5. (3) Unique products, excluding combo deals (e.g. Chrupbox variations). (4) In 2025. (5) CAGR 2020-2025 ✓ Hot dog ✓ Coffee ✓ Smoothies ✓ Vitamin shots ✓ Sandwiches ✓ Salads <3%1% QMS Traffic 2024 - Now ✓ Hot dog ✓ Coffee <7%1 Towards 20% ✓ Hot dog ✓ Coffee #1 Warm snacks and street food provider All stores with street food ovens2 +28% Own brand sales growth CAGR5 16.5m Pizzas sold4 ✓ Smoothies ✓ Vitamin shots ✓ Sandwiches ✓ Salads ✓ Pizza ✓ Churros ✓ Burgers ✓ French fries Our new Street Food offer included 20+ SKUs3 and is actively developed, e.g. with warm breakfasts offer Vast majority of QMS sales from own brands Pre-2012 2016-22 All stores are equipped with street food ovens2 ensuring seamless expansion into street food category
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Engaging Close to 40m Consumers Nationwide Across 12.8k+ Points of Sale Source: Company information. Note: Number of stores reflected (including Nano stores, excluding vending machines); 12,816 Stores in total in Poland as of 30 June 2026 ; 1. Based on company analysis; 2. Based on number of stores (in Poland, including Nano stores). 12.8k+ Points of Sale – largest convenience network nationally2 With relevant stores for a variety of catchments Countrywide coverage in cities with > 20k population1 Nationwide footprint +1,300 store openings p.a. in 2025-2028 244 408 368 1,105 318 2,053 357 565 1,077 710 1,169 850 328 1,112 265 1,887 ~18m consumers within 500 meters of stores1 ~12.8k POS Village Small city Medium city Big city Warsaw Warsaw 8.8% 500k-1m 13.9% 100-500k 23.0%20-100k 24.8% <20k 29.5% 15
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Leveraging AI, Data and Technology in all Core Operating Processes Source: Company information, OC&C. 1 Advanced Customer Insight Tool; 2 Growth of BNS per customer The AI-powered backbone at the core of Żabka’s success Moving towards segment-of- one modelling with LfL upside based on AI-driven personalisation2 AI-Powered Expansion Hyper-Local Assortment Localised Pricing & Prom otionData-Driven Purchasing Digitally-Enabled Logistics Personalised Mobile Application Automated and Robotised Operating Processes Digitised StoreM anagem ent Core-Tech Terabytes ofInternal and ExternalData Group Customer Data Platform Dedicated AI M odels In-House AI and Tech Development AI model scoring >9m Polish addresses for store expansion Data-driven supplier cooperation with dedicated ACIT1 Advanced WMS and TMS systems, robotised warehouse, 1st in Poland in e-logistics 20+ unique AI-generated store segments AI models deriving pricing elasticity/cross-elasticity AI-enabled franchisee digital app, with ~90% automated replenishment Internal RPA and automation platform 16
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Easily Scalable Fully Franchised Operating Model Source: Company information. 1 As of Jun’ 6; 2 As of Dec’25 3 Change from Dec 2024 to Dec 2025. Żabka’s responsibilities Franchisee’s responsibilities Store management Inventory ownership Store staff management Training and support Lease ownership Central sourcing and delivery Store design and equipment Store location selection Customer service vs. benchmarks Attractive revenue profile & profitability 2,625 Franchisees recruited in 20252 # of Franchisees1 ~11k Stable and positive NPS score for a number of years Clear split of responsibilities Selected proof points 17
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Competitive Franchise Proposition, Resulting In High Engagement Of Our Franchisees 18 Source: Company information. Note: 1 As of 2023. 2 Based on data from Poland Statistical Office. 3 Żabka estimate based on job postings for competitors. 4 Voluntary churn represents the percentage of customers, partners or franchisees who actively choose to exit the network or discontinue their relationship with the Group within a given period . Żabka 4-Wall Adjusted EBITDA Illustrative Store Economics Split Between Żabka and the Franchisee Franchisee Take Home Pay Sales to End Customers 100% Franchisee Engagement On-going in-store productivity program to boost franchisee profitability by reducing the need for in-store labour Franchisee take home pay designed to be attractive in context of Polish benchmarks Żabka continuously monitors franchisees take home pay to ensure it remains an attractive proposition Żabka’s responsible for rent, marketing expenses, central costs, among other expenses Franchisees responsible for store staff remuneration, fixed costs (water, garbage, service and admin charges etc.), costs related to running a business (e.g. accounting and insurance), and stock losses Direct Cost of Goods Sold Store Expenses Żabka Revenue 83% Franchisee Margin 17% c. 17% Voluntary churn4 (%) 10.5% 8.1% 7.8% 2021 2024 2025 (2.7pp) Attractive proposition and franchisee-centricty result in: a stable business model stable and falling voluntary churn strong pipeline of franchisees, sufficient to cover expansion needs, as well as churn stable, positive NPS We model the franchisee take home pay and assesses it against the internal benchmark, which includes i.a. minimum wage and regional wages in the sector
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Nationwide Logistics Platform and Dedicated Centralised Procurement Function Source: Company information. 1 Retailer of the Year – chosen by suppliers, award granted by European Conferences United; survey conducted by Nielsen IC. 2 Covers all audits for the company. 3 Retailer of the Year – chosen by suppliers, award granted by European Conferences United; survey conducted by Nielsen IC. Well-invested modern logistics platform Steadily improving and resilient direct gross margin #1 Supplier Satisfaction in Poland1 Significant investment in own food brands Enabler of profitable digital growth 2019 2023 2024 2025 Retailer of the Year in 20243 98% own delivery 8 distribution centres 19 cross-docking facilities Well-invested and fully digitalised logistics platform Dedicated logistics for digital channels 99% Store service Level Cutting-edge automated DC in Warsaw Gdańsk Nadarzyn WarszawaPoznań Wrocław Gliwice Tychy Plewiska 19
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Key Non-financial Highlights: In 2025 We Delivered On ESG Expectations 2020 Sustainable lifestyle Multiply the sales value of own brand products promoting a sustainable lifestyle (in PLN) 2.1bn Key: Mindful business impact Percentage of business partners familiarized with the Code of Conduct (%) 91.8% Employees engagement Get to top 25% of the best employers globally according to the Gallup Institute engagement survey Circularity Reduction of share of virgin plastic in weight of own brand packaging 36.1% ESG Top PerformanceDecarbonization Reduce total Scope 1 and 2 greenhouse gas emissions (%) by 25% (vs. 2020) -34.9% 15,797 tCO2e 2025 top AAA MSCI ESG Rating 4th time EcoVadis Platinum Medal EUPD Excellent Level reporting class percentile89 expectations for 2025 exceeded expectations for 2025 met expectations for 2025 partially met expectations for 2025 not met 2025 result 2025 result 2025 result2025 result 2025 result
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CONSISTENT, PROFITABLE GROWTH AND HIGHLY ATTRACTIVE FINANCIAL PROFILE 3
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Uninterrupted +25-years Track Record of Top-line Growth Source: Company information. Note: Top-line refers to Sales to End Customers and not revenue. 1 Number of stores as of year -end. Represents Total Group’s Sales to End Customers and does not represent company reported revenue. Includes Żabka Polska stores, Froo stores and Nano stores. 3 Calculated using average number of stores for the period for total store network. Sales to End Customers2 (PLNbn) Sales to End Customers per Store3 (PLNk) 0.4 0.6 0.9 1.2 1.4 1.6 1.8 1.9 2.0 2.1 2.4 2.6 2.8 3.3 4.0 4.2 4.5 4.9 5.5 6.0 6.9 8.0 9.0 10.0 11.1 12.3 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0.2 0.5 0.7 0.9 1.1 1.2 1.4 1.8 2.0 2.2 2.5 2.9 3.4 4.1 5.1 5.6 6.3 7.2 8.2 10.1 11.8 14.4 18.3 22.8 27.3 31.1 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 777 844 879 856 850 823 859 972 1,0221,0741,0911,1841,2651,3331,4111,3881,4611,5271,5731,7601,8291,9342,1512,3462,4882,552 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Number of stores (‘000)1 +14% 2000-25 CAGR +23% 2000-25 CAGR 3x+ Unit economic improvement 22
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Robust Growth In Top Line And LfL1 Growth Sales to End Customers2 PLNm Source: Company Information. Note: 1 Like-for-Like growth - defined as comparison of daily receipt sales figures in Żabka stores operating on the same day of both the current and the previous period ; APMs descirbed on slide [66]; 2 Represents Żabka sales to the end customers and sales of Maczfit, Dietly, Drim Daniel, Froo and Q-comm and does not represent Company’s reported revenue. 14,498 18,530 22,775 27,277 2021 2022 2023 2024 2025 YoY growth 22.8% 27.8% 22.9% LfL1 9.8% 17.0% 10.8% 8.3% 19.8% 23 31,135 5.3% 14.1%
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Outstanding Financial Profitability Source: Company Information. 1. Margin calculated based on Sales to End Customers 1,986 2,419 2,834 3,505 4,066 2021 2022 2023 2024 2025 Adjusted EBITDA CAGR of ~20% between 2021-25, +16% YoY growth in FY 2025 Steady and attractive margin profile despite market headwind Margin1 (%) 13.7% 13.1% 12.4% Adjusted EBITDA 12.8% PLNm 24 Strong Adjusted EBITDA growth, margin exceeded the expected full-year range of 12–13% 13.1%
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Overview of Historical Income Statement 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 In relation to Żabka Polska StEC; 3 Adjusted EBITDA calculated as EBITDA pre Rent and margins calculated based on Sales to End Customers. 4 The adjusted Net profit includes Net profit plus EBITDA adjustments ( e.g in 2024 mainly IPO costs) net of tax effect. For 2021 -2022 we have not tracked nor published this metric so it has been calculated as re ported profit increase by netted amount adjustments for the respective year 25 Selected KPIs (PLNm) % of Sales to End Customers 2022 2023 2024 2025 2022 2023 2024 2025 Sales to End Customers1 18,530 22,775 27,277 31,135 - - - - % Growth 27.8% 22.9% 19.8% 14.1% - - - - Franchisee margin (%) 2 15.9% 16.5% 16.7% 17.0% P&L (PLNm) - - - - Revenue 16,003 19,806 23,797 27,153 86.4% 87.0% 87.2% 87.2% % Growth 28.1% 23.8% 20.2% 14.1% - - - - Cost of Sales (13,014) (16,273) (19,406) (22,164) (70.2%) (71.5%) (71.1%) (71.1%) Gross Profit 2,989 3,533 4,391 5,100 16.1% 15.5% 16.1% 16.4% Marketing Costs (212) (225) (267) (316) (1.1%) (1.0%) (1.0%) (1.0%) SG&A (317) (329) (461) (582) (1.7%) (1.4%) (1.7%) (1.9%) Technology, Innovation and Development (178) (230) (286) (336) (1.0%) (1.0%) (1.0%) (1.1%) Other Costs 52 (9) (14) (9) 0.3% 0.0% (0.1%) 0.0% Reported EBITDA 2,335 2,740 3,363 3,876 12.6% 12.0% 12.3% 12.4% Adjustments 84 94 142 190 0.5% 0.4% 0.5% 0.6% Adjusted EBITDA3 2,418 2,834 3,505 4,066 13.1% 12.4% 12.8% 13.1% D&A (1,115) (1,359) (1,704) (1,890) (6.0%) (6.0%) (6.2%) (6.1%) EBIT 1,220 1,380 1,659 1,986 6.6% 6.1% 6.1% 6.4% Adjusted Net profit4 452 430 714 1,003 2.4% 1.9% 2.6% 3.2% Reported Net profit 384 356 593 1,057 2.1% 1.6% 2.2% 3.4%
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MULTIPLE, TANGIBLE DRIVERS OF GROWTH & ROMANIAN OPPORTUNITY 4
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We Remain On Track To Deliver On Our Long-term Strategy Of More Than Doubling STeC Between 2023 – 2028 27 Strategic aspirations moving fast-forward with the guidance Strategy execution in line with the guidance +14.1% 2025 StEC* growth driven by: +1,394 YoY Store openings in Poland and Romania1 +5.3% LfL* growth in 2025 +25% growth in DCO sales to end customers 2x+ StEC increase ~1,300+ Store openings as a goal for 2025 Mid- to high-single-digit range in the mid-term 5x Increase in DCO sales (2023 – 28) Execution Guidance 2023 Sales to End Customer* 2028 Sales to End Customers* 1. New store openings1 2. Like-for-Like growth* 3. Digital Customer Offering Source: Company Information Note: (1) Gross rollout in Poland and Romania; (*) All Alternative Performance Measures referenced in this presentation are defined and explained on Slide 66 “APM – Abbreviations and Definitions” e.g.: STeC [1]; Like-for-Like[4] Networkexpansion New GrowthEngines LfL Growth inititiatives
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Source: Company Information. Note: 1. As for Dec’ 5 28 Total long-term white space potential ~12.3k 2025 Store network ~4.0k 2026-28 Openings ~4.0k ~12.3k 2028 Store network ~11.0k Remaining long-term white space PL + RO ~15.0k ~12.3k Total store network potential ~16.5k ~27.5k 2x 2025 Store network1 Incremental runaway vs 14.5k previously RO white space upgraded to 7.6k stores vs 4k at IPO Total whitespace: ~19.5k in PL ~7.6k in RO Our Whitespace Potential Across Both Markets Allow Us To Double Our Current Footprint Networkexpansion New GrowthEngines LfL Growth inititiatives
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29 … allowing our store format to work in all types of catchments Store openings in Poland by city size, 2021 – 2025 7% 6% 10% 8% 19% 17% 27% 28% 37% 40% Stores opened 2021-24 Stores opened 2025 <20k 20-100k 100-500k >500k Warsaw ~3.3k+ ~1.2k Quality of our expansion is safeguarded by the robust AI model… Store network expansion process 1 2 3 4 5 6 7 AI-driven sales potential Location evaluation Implementation & opening HeatMap analytics Analysis of potential Turnover & competition Technical, on-site verification Our Confidence In The White Space Potential Is Built On A Foundation Of Scientific Approach To An AI-based Model Networkexpansion New GrowthEngines LfL Growth inititiatives Source: Company Information. Note: The numbers refer to net openings
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30 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 PLN 0.0k PLN 2.0k PLN 2.5k PLN 3.0k PLN 3.5k PLN 4.0k PLN 4.5k Years of operations Average Sales per store vintage per sqm (Galaxy vs. Pre-Galaxy), 2000 – 2024, PLN/mth1, There is a strong emphasis on quality of new store openings… Galaxy format2 launches at a higher level with a steeper sales trajectory driven by AI-based location selection process Payback period3, 2017 - 2023, # of months … reflected in an attractive payback profile For 2023, the payback profile varies by city size, with all catchments achieving more than satisfactory results compared to benchmarks Pre-Galaxy, 2000-15, # c. 3.6k stores Galaxy, 2016-24, # c. 7.5k stores Vintage 2024 starts in the upper 90th percentile of the total portfolio 68% 32% Galaxy Pre-Galaxy Source: Company Information. 1 Adjusted for CPI; 2 After 2016; 3 Payback calculated based on cumulative store contribution post rent and franchise cost and includes estimated net working capital impact; 4 2022-2023 payback period excludes Capex for MerryChef rollout excluding a small number of stores that have not matured yet; 5 Small cities (<50k population), medium cities (50 -300k population), large cities (Poznan, Cracow, Lodz, Silesia, Tricity, Warsaw, Wroclaw) Older vintages sustain stable long-term growth over time 20 months in 2017 9 – 14 months in 2023 Small city Medium city Large city This Approach Allows Us To Open Even Better Stores, With Higher Ramp Up Resulting In Lower Paybacks Networkexpansion New GrowthEngines LfL Growth inititiatives
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Source: Company information (1) As of Sep’ 5 ( ) Quick Meal Solutions – wide range of products, including: coffee, hot dogs, healthy snacks, sandwiches, etc. As of 2025 year 31 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 60 240 May’ Dec’ Jun’26 0 Store network, # of stores, May’ -Jun’26, EoP Long-term white space, # of stores As of IPO Current view 4,000 7,600 c. +2x Store expansion increasing brand awareness Avg. daily tickets in Romania, as % of Poland, %, Q1 – Q ’ 0 5 Performance to be further enhanced by: Range and pricing tailoring Introduction of new services 44% Brand awareness in Bucharest 44% Brand awareness in Bucharest1 35%+ QMS2 share as a % of tickets BucharestConstanța Pitești 100% - Poland avg. Daily tickets Q1’25 Q2’25 Q3’25 Q4’25 After 1+ Year in Romania, We Operate Over 240 Active Stores and Became Local Convenience Offering Frontrunner Networkexpansion New GrowthEngines LfL Growth inititiatives
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32 Żabka Cafe 2.0 & Street Food Expanded range of everyday services Digitally enabled Largest-ever franchisee incentive programme focused on foodservice Self-checkout integrated with a dedicated gastronomy ecosystem and app connectivity Enhanced in-store presentation with heated cabinets and dedicated freezers Range innovation: new coffee flavours, relaunch of classic Polish street food, upgraded hot dogs, expanded pizza and finger-food ranges Driving growth through four key initiatives All stores Equipped with street food ovens in 2025 20+ services Available in the stores - ongoing expansion 11m digital active shoppers - as of Jun26 Every second customer using our services makes a purchase in our store Żappka Pay: Strategic partnership with PKO BP to develop a next-generation financial product fully integrated within the Żappka ecosystem, supported by Visa and Planet Pay Parcels: Collaboration with new partners (e.g. Allegro Delivery), improving UX and cross-selling Vouchers & lunch cards: Collaboration with major global players in employee benefits Conversion: Solutions to increase cross-selling in lotto and gaming Żappka is the digital Gateway to our ultimate convenience ecosystem Launched Triki, a phygital gaming feature in Żappka linking mobile gameplay with real-world rewards across Żabka stores Launched Izidrop, synergistic e- commerce service offering competitively priced parcel deliveries with partners incl. Allegro Delivery Żabka Ads – with over 5,900 screens installed across 4,000+ stores, a major player in retail media, reaching 27m consumers 622 new products exclusive to Żabka, introduced in 2025 Relentless innovation, with hundreds of exclusive new launches annually to drive discovery and keep our stores top-of-mind Good Mood launched as a new own brand with innovative recipes, convenient packaging and uncompromised quality More than 140 new products in the good food category, supporting our ESG goals Introduced 65 new products meeting the Porcja DobreGO! programme criteria Continued innovation of products Source: Company Information LfL Growth Has Been Driven By A Number Of Strategic Initiatives Driving Traffic And Basket Size Networkexpansion New GrowthEngines LfL Growth inititiatives
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Increased upselling due to platform integration Personalised engagement through unified customer database Driving financial value creation Upside from integrated digital services Margin upside from external partners New version released in Oct’24 with great feedback Source: Company information; Note: (1) Gross Merchandise Value (GMV) is the total value of all transactions processed through the platform, before returns, disc ounts or deductions. EBITDA break even achieved in 2024 , with positive contribution since Target to grow Sales to End Customers of DCO by 5x in the Medium Term 33 New app Strengthened integration with Żabka, launching new internally developed fresh products New production facilities underway to support scale-up Partnership with Jamie Oliver, introducing chef-selected menu combining taste, nutrition and global cuisine inspiration Nano focused on targeting a growing base of repeat customers Profitability improvements on the back of significantly lower operating costs, as franchisees increasingly took on the autonomous stores' operations Rapid scale-up, with ~55% YoY growth and expansion to Wrocław; Jush! now in all 3 largest Polish cities delio strengthened its platform, expanding to 10,000+ SKUs, launching full e-grocery, and adding Wolt as a new consumer acquisition channel D2C capabilities strengthened, scaling White Label and food-waste-reduction solutions Supply-chain integration launched following the Cool Logistics acquisition, supporting future fulfilment synergies Double-digit- growth for both volume (+16%) and revenue (+14%) GMV1 PLN 1.3bn (+10% YoY) across Masterlife ecosystem 8m # orders in delio Towards ~20% reduction of operating costs Digital Strategy Initiatives Providing Customer Engagement Points and Enhancing Group Offering Networkexpansion New GrowthEngines LfL Growth inititiatives Triki (Żappka gaming): Pilot gamified module linking mobile gaming with retail, enabling rewards and driving engagement
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34 Four guiding principles underpinning the Policy +1,000 New Stores p.a. Focus on Growth The primary focus of the Group’s operations and capital allocation is growth, with an increased target of 1,300+ new store openings per year in Poland and Romania (during the 2025 – 2028 period) Leverage Target Targeted leverage ratio at 1.0x1 to consolidated adjusted EBITDA post rent: the Group’s medium- and long-term plans should be designed with consideration given to maintaining a modest net leverage and retaining appropriate liquidity to maintain operational flexibility M&A and payout optionality Dividend distribution Surplus of capital is intended to be returned to shareholders through dividends and in the longer-term share buyback programs may be introduced We target payout ratio of 50-70% of the current year’s net profit +1,300 New Stores p.a. Source: Company Information. 1 Net debt calculated excluding leases, and EBITDA referring to adjusted EBITDA pre -IFRS 16 Capital Allocation Policy - Building Long-term Value For Shareholders The Group will maintain potential for allocation of capital to M&As aimed at enhancing strategic capabilities or extending the Group’s geographic footprint while keeping an organic expansion as the core of its growth strategy; significant capital allocation to investments incl. M&A may limit the capital available for other purposes in respective year, including shareholders’ payouts Target reached in Q3’25
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Focused Organizational Setup Primed for Success Tomasz Suchański Tomasz Blicharski Marta Wrochna - Łastowska Anna Grabowska Adam Manikowski, PhD Jolanta Bańczerowska Wojciech Krok Chief Executive Officer, Żabka Group EVP, Chief Strategy and Development Officer, Żabka Group Chief Financial Officer, Żabka Group EVP, Managing Director, Żabka International EVP, CEO, Żabka Polska business unit Chief People Officer, Żabka Group Managing Director, Żabka Future 27 years experience 21 years experience 19 years experience 28 years experience 24 years experience 25 years experience 19 years experience Selected Prior Experience 35
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Q2 & H1 2026 Results 5
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37 Consumers remained cautious amid ongoing macroeconomic and geopolitical uncertainty, despite gradually improving sentiment... Strong execution keeps us on track to achieve our strategic ambitions External factors in Q2 2026 Q2 26 +1,3681 LTM gross openings Progressing in line with guidance of 1,300+ store openings p.a. in PL and RO Network expansion New Growth Engines LfL Growthinitiatives ...resulting in muted growth across food retail and FMCG categories, while lower food inflation created a less supportive sales environment than in prior periods... DCO: New services, including Żappka Pay and 170+ vending machines across PL & DE, building foundations for future growth Continued expansion in Romania: 0 stores in Romania as of Jun’ 6, good progress compared to PY Q2 26 LfL +4.0% Full year ambition of mid- to high-single- digit range unchanged, as the summer time weights the most in the FY result Source: Company Information; Note: (1) Rollout in Poland and Romania; (*) All Alternative Performance Measures referenced in this presentation are defined and explained on Slide 61 “APM – Abbreviations and Definitions” ... Zabka’s growth remained resilient without weather-related support, reflecting continued market share gains, strategic category momentum and strong execution.
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38 Q2 2026: Consistent execution translating into further growth, margin improvement and outstanding cash generation Store network1 as of 30 June 2026 13,063 +1,368 YoY Gross store openings2 Q2 26 Adjusted EBITDA margin3 13.3% +0.3pp YoY Q2 26 Net debt / Adjusted EBITDA* 0.7x -0.5x YoY Q2 26 Sales to End Customers* PLN 9.2bn +13.2% YoY Q2 26 Adjusted EBITDA* PLN 1,228m +16.2% YoY Source: Company Information; Note: (1) Includes Nano stores and stores in Romania; (2) Gross store openings LTM; (3) Calculated as a % of STeC; (*) All Alternative Performance Measures referenced in this presentation are defined and explained on Slide 61 “APM – Abbreviations and Definitions” e.g.: STeC[1]; Adjusted EBITDA[2]; Adjusted Net Profit[3]; Like-for-Like[4]; Net debt/Adjusted EBITDA[5] Q2 26 Like-for-Like* +4.0%
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39 External environment stabilizing, with consumer indicators on an improving trajectory Source: Polish Statistical Office – GUS, latest available Note: (1) At constant prices; (2) CCI Indicator receive values between -100 and +100. A positive value means dominance of consum ers with optimistic attitude over consumers with pessimistic attitude, while negative value means dominance of consumers with pessimistic attitude over consumers with optimistic attitude; (3) 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) ; (4) According to the restated Nielsen data. Total LTM Jun 26 refers to the market share in the last twelve months ending Jun26, i.e. Jun 25 to Jun 26. Total Poland, packged food+drug+cig basket, sales value Monthly Y-o-Y inflation and average gross wage growth in the public sector (Source: Polish Statistical Office – GUS)1 Perceived financial situation of Polish households by month (Source: GUS)3 Consumer fundamentals remain resilient despite a mixed market backdrop… GUS Polish Consumer Confidence index (Source: GUS)2 Gross wage growth Household financial situation indicator Inflation Customer Confidence index Dec 23 Mar 24 Jun 24 Sep 24 Dec 24 Mar 25 Jun 25 Sep 25 Dec 25 Mar 26 Jun 26 Dec 23 Mar 24 Jun 24 Sep 24 Dec 24 Mar 25 Jun 25 Sep 25 Dec 25 Mar 26 Jun 26 Dec 23 Mar 24 Jun 24 Sep 24 Dec 24 Mar 25 Jun 25 Sep 25 Dec 25 Mar 26 Jun 26 +6.9 +5.3 ▪ CPI remained subdued across key categories in Q2'26, while wage growth continued to stall. As a result, real incomes remained supportive, while Żabka's LfL growth outpaced the market. ▪ Consumer confidence softened during Q1'26, reflecting caution around discretionary spending. Recent readings, however, suggest stabilization, with the exit rate providing a more supportive backdrop for household consumption. ▪ Consumer perceptions of their financial situation remains positive, providing a broadly supportive backdrop for household consumption going forward. 10.0% 10.1% 10.4% 10.6% 10.8% 11.1% 6.5% 7.0% 7.5% 8.0% 8.5% 9.0% 9.5% 10.0% 10.5% 11.0% 11.5% Mar 25 Jun 25 Sep 25 Dec 25 Mar 26 Jun 26 ...highlighting Żabka's ability to gain market share in a mixed environment Rolling LTM Market share evolution of Żabka4, 2025-2026
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40 Strategic Pillars update Store openings on track with the upgraded guidance… Networkexpansion New GrowthEngines LfL Growth inititiatives …with LfL initiatives gaining traction… Networkexpansion New GrowthEngines LfL Growth inititiatives …and New Growth Engines rolling out innovative solutions and services Networkexpansion New GrowthEngines LfL Growth inititiatives 13,063 stores in PL and RO +1,368 LTM 1,150 1,229 Q2 25 LTM Q2 26 LTM +79 …resulting in an unmatched footprint in CEE… 106 139 Q2 25 LTM Q2 26 LTM +33 Triki – launch of the world smallest game controller, custom developed for us Featuring a repertoire of games, from classics like Snake, to supplier-driven game rooms Zapps used to participate in the League. Source: Company information Pilot of new Zabka Jush delivery format at the seaside – testing from-the-store delivery format in medium-sized cities, with 15 min delivery More tourist locations are planned for pilot this season. QMS development by introducing Cukiernia – range development by including high quality, home-made style cakes and desserts Excellent initial results exceeding internal expectations, further roll-out planned. Breakfast offer – developing morning shopping mission, including warm and cold breakfast assortment between 6-9 AM This initiative helped us increase the sales of breakfast offer by 50% during these hours.
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41 Key Financial Highlights: Profitable growth underpinned by operational resilience, robust cash generation and further balance sheet strengthening Q2 26 StEC Q2 26 LfL Q2 26 EBITDA Q2 26 FCF & Leverage StEC reached PLN 9.2bn (+13.2% YoY), supported by quarterly acceleration in LfL and continued rollout of new stores. Strong performance of new openings continues to validate the scalability of our expansion model and underpins sustainable double-digit growth across the network. LfL accelerated to 4.0% in Q2 from 3.2% in Q1. Growth was driven by continued market share gains and strong performance of strategic categories, particularly QMS and beverages, despite limited support from external factors. Adjusted EBITDA at PLN 1,228m with margin improving to 13.3% (vs 13.0% in Q2 25), underscoring operational resilience and continuous efficiency improvements across logistics processes, store-level cost discipline, and economies of scale. Reported EBITDA PLN 1,163m (+16.1% YoY) including a PLN 51m recognition of non-cash expenses related to LTIP . Positive FCF at PLN 1,214m reflecting a strong balance sheet supported by disciplined discretionary CAPEX spending and efficient working capital management. Net Debt / Adjusted EBITDA at 0.7x, supported by outstanding cash generation and disciplined financial management. Q2’25 Gross Profit Q2 26 Net result Adjusted net result of PLN 366m (+65.8% YoY), driven by improved operating performance, including EBITDA margin expansion, and a more efficient financing structure resulting in a YoY reduction in financial costs. Net result at PLN 322m representing an improvement of 67.6% compared with Q2 2025, driven by stronger operating performance. New store openings 343 new stores across Poland and Romania in Q2'26, bringing the total network to 13,063 locations. LTM openings remained strong at 1,368 stores. 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. Source: Company Information. Note: Margins calculated as % of STeC*; (*) All Alternative Performance Measures referenced in this presentation are defined and explained on Slide 61 “APM – Abbreviations and Definitions” e.g.: LfL[4]; Stec[1]; Adjusted EBITDA[2]; Adjusted Net Profit(Loss)[3]; Leverage (Net debt/Adjusted EBITDA)[5]; Free Cash Flow[6]; CAPEX[8]; Data as of 30 June 2026.
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42 Selected KPIs Number of Stores (EoP)1 13,063 11,793 10.8% 13,063 11,793 10.8% LFL2 4.0% 6.1% (2.1pp) 3.6% 6.1% (2.4pp) Franchisee margin (%)3 16.7% 17.0% (0.3pp) 17.7% 17.6% 0.1pp Selected financial metrics Sales to End Customers4 9,205 8,133 13.2% 16,616 14,751 12.6% Revenue5 8,101 7,124 13.7% 14,666 12,791 14.7% Cost of Sales (6,556) (5,798) 13.1% (12,162) (10,650) 14.2% Gross Profit 1,545 1,327 16.4% 2,504 2,141 17.0% Gross Profit margin 16.8% 16.3% 0.5pp 15.1% 14.5% 0.6pp Adjusted EBITDA6 1,228 1,057 16.2% 1,903 1,654 15.1% Adjusted EBITDA margin 13.3% 13.0% 0.3pp 11.5% 11.2% 0.2pp D&A (522) (468) 11.5% (1,025) (907) 13.0% Net financial result (219) (290) (24.3%) (430) (517) (16.8%) Adjusted net profit 366 221 65.8% 315 144 118.2% Adjusted net profit margin 4.0% 2.7% 1.3pp 1.9% 1.0% 0.9pp Reported EBITDA 1,163 1,002 16.1% 1,812 1,547 17.1% Reported EBITDA margin 12.6% 12.3% 0.3pp 10.9% 10.5% 0.4pp Net profit 322 192 67.6% 249 67 272.9% Net profit margin 3.5% 2.4% 1.1pp 1.5% 0.5% 1.0pp Resilient growth and continued efficiency improvements keep us firmly on track to deliver on our profitability ambitions 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 (in Poland) 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. ; (*) All Alternative Performance Measures referenced in this presentation are defined and explained on Slide 2 2 “APM – Abbreviations and Definitions” Q2 Δ YoY Q2 25 Q2 26 YTD Δ YoY H1 25 H1 26 Q2 Zabka Group Adj. EBITDA margin improved by 34bps YoY and Year to date adjusted EBITDA margin +24bps vs first half of 2025. The growth was driven by our ability to drive operational effectiveness - primarily supported by strong performance in Polish operations 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. Healthy mix of organic growth with LFL growing versus Q1 and expansion with 343 new stores, 303 in Poland and 40 in Romania (778, 706 and 72 respectively for H1 2026). EBITDA adjustments and reclassifications reached PLN 65m in the quarter and PLN 91m in H1. The quarterly amount comprises PLN 51m of non-cash costs related to the LTIP programme, and PLN 14m of cost reclassifications relating to fixed asset disposals and minimum tax in Romania. Franchisee margin as a % as StEC decrease from 17.0% to 16.7% in the Q2 primarily driven by phasing between quarters. On year-to-date basis cost increased on the back of continued investment in strengthening relationships with its franchise partners. Declining leverage and improved margin on our main debt facilities contributed to a reduction in net finance costs. This benefit was partially offset by higher interest expenses related to store leases and the adverse FX impact. Adjusted Net Profit amounted to PLN 366m in Q2, up 65.8% YoY. We remain well positioned to achieve substantial growth in this area, supported by prudent cost management below the EBITDA level.
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43 Solid adjusted EBITDA delivery reflecting topline growth and stronger profitability in Poland Adjusted EBITDA (PLNm, Q2 2026) 1,057 1,228 1,163165 34 6 2 Adjusted EBITDA Q2 2025 Sales Gross margin effect Marketing cost G&A & Tech Other operating income and costs NGE Conso. eliminations Adjusted EBITDA Q2 2026 Adj. & Reclass Reported EBITDA Q2 2026 (6) (16) (14) (65) Żabka Group excl. NGE, Conso. eliminations & Adj. and Reclass. ▪Further Adj. EBITDA margin expansion, reflecting continued improvements in operational efficiency. ▪The increase in Marketing and G&A & Tech expenses primarily reflects the continued scaling of the business and remained broadly in line with top-line growth, partly driven by enhanced marketing and promotional activities in Q2’26 ▪ The evolution of NGE’s¹ Adjusted EBITDA continues to reflect the investment phase of the Romanian business, whose early-stage development temporarily affects segment profitability ▪ EBITDA adjustments include non-cash costs associated with LTIP program (PLN 51m), costs reclassifications (PLN 14m) relate to fixed assets disposal and min. tax in Romania. 13.0% 13.3% x % of Sales to End Customers Source: Company Information. Note: (1) Current expenditures for projects leading to sale and leaseback transactions ; (2) Free-Cash-Flow excluding Property Fund impact; (2) Free Cash Flow Conversion means Free Cash Flow divided by Adjusted EBITDA ( post-rent); (*) All Alternative Performance Measures referenced in this presentation are defined and explained on Slide 61 “APM – Abbreviations and Definitions” e.g.: Adj. EBITDA [2], Adj EBITDA post-rent [9], Capex [8], FCF [6], Net Working Capital [11]
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44 Q2 2025 (PLNm) Q2 2026 (PLNm) Robust cash generation once again underscores the quality and resilience of our business model… Source: Company Information. Note: (1) Current expenditures for projects leading to sale and leaseback transactions ; (2) Free-Cash-Flow excluding Property Fund impact; (2) Free Cash Flow Conversion means Free Cash Flow divided by Adjusted EBITDA ( post-rent); (*) All Alternative Performance Measures referenced in this presentation are defined and explained on Slide 61 “APM – Abbreviations and Definitions” e.g.: Adj. EBITDA [2], Adj EBITDA post-rent [9], Capex [8], FCF [6], Net Working Capital [11] 1,057 785 1,074 704 Adjusted EBITDA Rent Adjusted EBITDA post-rent Capex (excl. Property Fund) Other1 Changes in WC and provisions Free Cash Flow (273) (375) (40) 136.8% 131.4%Free Cash Flow conversion2 ▪Strong cash flow generation, driven by: ▪ Adjusted EBITDA increased, supporting overall growth momentum. ▪ Rigorous capital discipline in Q2 2026 kept capex focused on projects with the highest incremental value and strongest payback, reflecting our disciplined approach to capital allocation ▪ Working capital continued to support FCF generation, consistent with the structural, cash-generative characteristics of our business model. 1,228 923 1,214 670 (305) (352) (28) 202 6 H1: 1, 242 202 5 H1: 1, 165
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45 ...driving further balance sheet strengthening Net leverage1: Net debt excl. leases2 / adjusted EBITDA post-rent* 2.5x 2.1x Gross financial debt3 4,549 4,860 4,226 4,148 4,146 3,930 Cash (750) (1,565) (1,284) (1,079) (844) (1,624) Net debt excl. leases2 3,799 3,295 2,942 3,069 3,302 2,306 Leases 4,855 5,089 5,166 5,301 5,541 5,668 Net debt 8,654 8,384 8,108 8,370 8,843 7,974 PLNm • Leverage improved from 1.2x to 0.7x year-on- year, supported by higher Adjusted EBITDA and favourable working capital dynamics, which translated into substantial net cash generation. • This was accompanied by a PLN 989m reduction (30%) in Net financial debt (ex-leases) YoY bringing the balance to PLN 2,306m at end of Q2 2026. • Given the Group’s very strong liquidity position, we decided to accelerate the repayment of the SFA loan of PLN 100m scheduled for Q4 2026. ₍ Despite higher lease liabilities driven by network expansion and inflation-linked rent revaluations, the ratio significantly improved, underscoring the robustness of the deleveraging trajectory. 2.2x 2.1x Net debt excl. leases / adjusted EBITDA (post-rent)2 Net debt (incl. leases) / adjusted EBITDA (pre-rent)3 2.1x 1.8x Source: Company Information Note: (1) Based on adjusted EBITDA; (2) Pre-IFRS16 approach; (3) Gross debt defined as the sum of current and non -current loans and borrowings; (*) All Alternative Performance Measures referenced in this presentation are defined and explained on Slide 61 “APM – Abbreviations and Definitions” e.g.: Leverage [5] FY’ Q ’ 5 Q3’ 5 Q ’ 5 Q1’ 6 Q2’26 1.5x 1.2x 1.0x 1.0x 1.1x 0.7x (0.5x)
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46 We remain confident in the medium-term outlook and reiterate our expectations We anticipate delivering mid-to-high single-digit LfL growth for full year 2026 (with variability between quarters) and as well in the medium-term. LfL 2026 Mid-to-high single-digit We aim to open over 1,300 new stores in 2026 and continue targeting opening 1,300+ stores p.a. in the medium-term in Poland and Romania. New stores 2026 c. 1,300+ We expect stable margin development in the near-term and medium-term. Adj. EBITDA margin Stable @ top end of 12-13% We expect a gradual improvement in our Adjusted Net Income Margin towards the medium-term target of c. 4.5%, with a stable near-term outlook following the accelerated margin expansion in 2025 (3.2% achieved vs. 3.0% anticipated). Adj. Net income margin mid - term c. 4.5%
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Appendix: FY 2025 Results 6
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FY’ 5 Key financial highlights: Top-line delivery in challenging environment; exceeding expectations on profitability metrics 48 2,339 +1,394 YoY Gross store openings6 FY 25 Trading PLN 27.2bn Revenue1 / +14.1% growth YoY PLN 27.2bn +14.1% YoY Growth YoY driven by network expansion2 (1,276 in Poland & 118 in Romania), LfL* growth (+5.3% as at FY’25), DCO growth and expansion of businesses in Romania. FY 25 Adjusted EBITDA* PLN 4.1bn adj. EBITDA / 13.1% margin (+ 21 bps YoY) Outperforming the 12–13% range set for the year, proving disciplined execution and a strong focus on operational efficiency. Source: Company Information. Note: Margins calculated as % of STeC*; (1) Represents Żabka reported revenue, does not correspond with STeC (2) Includes Nano stores and stores in Romania; (3) This one -off, non-recurring item materially increased the statutory net res ult but was excluded from Adjusted Net Profit; (*) All Alternative Performance Measures referenced in this presentation are defined and explained on Slide 61 “APM – Abbreviations and Definitions” e.g.: StEC [1], LfL [4], Adjusted EBITDA[2]; Adjusted Net Profit[3]; Leverage (Net debt/Adjusted EBITDA) [5]; Free Cash Flow [6]; EPS [9]; Data as at 31st December 2025. FY 25 Adjusted Net Profit* PLN 1,003m adj. NP / 3.2% margin (+ 61 bps YoY) Clearly exceeding our full-year guidance of 3.0% driven by operational efficiency further supported by improved financing structure and better ETR. FY 25 Trading PLN 31.1bn StEC* / +14.1% growth YoY Driven by strong Żabka’s performance (PLN 29.6bn; +13.1% YoY) supported by DCO (+25% YoY) and Romania. FY 25 Free Cash Flow* PLN 1.7bn FCF / +13.7% growth YoY Another year of robust cash flow conversion, driven by larger scale of operations, store expansion and improved profitability across all key-metrics. FY 25 Earnings Per Share* PLN 1.1 EPS /up 77.4% from PLN 0.62 in 2024 A decisive improvement in profitability further reinforced by successful refinancing initiatives, which materially reduced interest costs and strengthened financial flexibility. FY 25 Gross Profit & margin PLN 5.1bn Gross Profit / 16.4% margin (+28 bps YoY) Gross profit up 16.1% (YoY), strengthened by purchasing synergies, improved DCO profitability, disciplined pricing, LfL growth above inflation, and operational leverage. FY 25 Reported Net Profit PLN 1,057m rep. NP / + 78.3% growth YoY With the margin of 3.4% (+61 bps YoY) mauplifted by PLN 212m of CIT refunds3 (2018 received; 2019–2024 expected) following a non-appealable Supreme Administrative Court ruling.
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Acceleration in Poland and Romania On The Back Of Ample Store Network Headroom 49 Location availability in Poland and Romania… Store openings in Poland and Romania1 …with the consistency of our expansion being guarded by the near-term pipeline… Near-term pipeline of prime locations in Poland …and conviction in Romania expansion as traffic catches up to Polish operations… 1,106 1,276 60 2024 118 2025 1,166 1,394 +19.6% PL - Stores opened RO - Stores opened Progress of gross openings in Poland and Romania1 1,131 1,100 1,166 1,394 2022 2023 2024 2025 238 956 1,074 163 31st Dec 22-24 31st Dec 25 1,119 1,312 Locations secured for the next year Locations secured for the following years 2 100% - Poland avg. Daily tickets …with good customer traction and high share of QMS sales. Q1’25 Q2’25 Q3’25 Q4’25 100% Average daily tickets in Romania as a % of avg. daily tickets in Poland, % 35%+ QMS4 share as a % of tickets BucharestConstanța Pitești Source: Company Information; ‘Polska bankowość w liczbach’ report from 015, bankier.pl and Inteliace Research report from 2025. Note: The numbers refer to gross openings; (1) Including Nano stores and Romania stores; ( 2) Includes traditional trade and small, loosely chained stores in Poland. Company analysis based on 2025 PMR estimation; (3) ‘Polska bankowość w liczbach’ report from 015, bankier.pl and Inteliace Research report from 2025; (4) Quick Meal Solutions – wide range of products, including: coffee, hot dogs, healthy snacks, sandwiches, etc. 58.7k 8.0k 2021 57.0k 9.0k 2022 56.5k 10.0k 2023 55.6k 11.0k 2024 55.7k 12.2k 2025 Traditional stores Żabka …supported by expansion pools for Żabka to tap into… Number of Traditional stores2 & bank outlets in Poland3 7.6k 2015 5.4k 2025 Bank Outlets3 …fueled rollout acceleration…
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50 Existing businesses driving our DCO platform New initiatives building on the DCO platform Double-digit- growth for both volume (+16%) and revenue (+14%) GMV1 PLN 1.3bn (+10% YoY) across Masterlife ecosystem 10k # of SKUs in delio Towards ~20% reduction of operating costs Strengthened integration with Żabka, launching new internally developed fresh products New production facilities underway to support scale-up, with upgraded platforms planned for 2026 Strong momentum, with double-digit volume and revenue growth in 2025 D2C capabilities strengthened, scaling White Label and food-waste-reduction solutions Supply-chain integration launched following the Cool Logistics acquisition, supporting future fulfilment synergies Rapid scale-up, with ~55% YoY growth and expansion to Wrocław; Jush! now in all 3 largest Polish cities delio strengthened its platform, expanding to 10,000+ SKUs, launching full e-grocery, and adding Wolt as a new consumer acquisition channel Nano focused on targeting a growing base of repeat customers. Profitability improvements on the back of significantly lower operating costs, as franchisees increasingly took on the autonomous stores' operations Żabka ADS - one of Poland’s leading retail-media networks, offering data-driven, store-level targeting and unique Gen-Z reach through an integrated ad-tech platform. 4,000+ stores reached - enabling real-time, hyper-targeted campaigns that directly support LfL growth through dynamic, store-level marketing. 5,969 screens installed - all managed through a dedicated platform that integrates full portfolio of Żabka’s digital advertising assets. 27m customers - creating a highly attractive channel for promoting our own brands and engaging with external partners. izidrop - e-commerce logistics solution leveraging our operational backbone, reverse-logistics network and PUDO infrastructure to provide competitively priced parcel services, scaled through strategic partnerships, including Allegro Delivery. Source: Company Information Note: (1) Gross Merchandise Value (GMV) is the total value of all transactions processed through the platform, before returns , discounts or deductions. New Digital Initiatives Complement Our Portfolio Of Digital Customer Offering
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Efficiency Gains Delivered Alongside Strong Growth Lifted EBITDA Margin To 13.1%, Exceeding The Full-year Guidance Range Of 12-13% 51 Source: Company Information; Note: Margins calculated as % of STeC; (1) Includes Nano stores and stores in Romania; (2) Franchisee margin defined as the amount franchisees earn from selling products plus incentives received from Żabka; (3) Includes: Costs related to changes in the ownership structure and obtaining financing & Incentive schemes and additional compensation in connection with the termination of cooperation with key employees ; (4) Includes: Reclassification of result on the disposal of property, plant and equipment and right of use & Reclassification of minimal tax in Romania & Effect of tax benefits related to prior periods financing costs. Net profit 4th Quarter Δ YoY Q4’24 Q4’25 FY’25 Zabka Group Adj. EBITDA margin improved by +21 bps YoY, underscoring our ability to drive operational effectiveness - primarily attributed to Ultimate Convenience sales growth (driven by store expansion and LfL increase), supported by costs efficiencies focused on logistics optimisation and energy costs savings, partially offset by increasing Franchisee costs. 13.1% margin achieved for the whole year, reflecting strong operational efficiency and clearly outperforming the 12–13% guidance range. Healthy mix of organic growth with solid LfL and expansion with 1,394 new stores, 1,276 in Poland and 118 in Romania in 2025. Franchisee margin2 as a % as StEC rose to 17.0% from 16.7%. This was primarily driven by an improved category mix, with incremental margin shared between Żabka and Franchisees, alongside covering the more dynamic growth in real wages. EBITDA Adjustments3 and reclassifications4 reaching PLN 190m in 2025 The primary adjustment impacting the difference between EBITDA and Adjusted EBITDA in 2025 was the recognition of expenses associated with our share-based incentive schemes - specifically, the IPO Bonus (the program was completed and settled in Q4 2025, in line with the previous communication) and the Long-Term Incentive Plan (LTIP). In 2024 the majority of adjustments were associated with the process of Initial Public Offering. Selected KPIs Number of Stores (EoP)1 12,339 11,069 11.5% 12,339 11,069 11.5% LFL2 4.8% 7.1% (232bps) 5.3% 8.3% (294bps) Franchisee margin (%)2 16.8% 16.9% (12bps) 17.0% 16.7% 30bps Selected financial metrics (PLNm) Sales to End Customers 7,867 6,884 14.3% 31,135 27,277 14.1% Revenue5 6,922 6,072 14.0% 27,153 23,797 14.1% Cost of Sales (5,478) (4,854) 12.8% (22,053) (19,406) 13.6% Gross Profit 1,445 1,217 18.7% 5,100 4,391 16.1% Gross Profit margin 18.4% 17.7% 69bps 16.4% 16.1% 28bps Adjusted EBITDA 1,134 987 14.9% 4,066 3,505 16.0% Adjusted EBITDA margin 14.4% 14.3% 8bps 13.1% 12.8% 21bps Reported EBITDA 1,103 891 23.8% 3,876 3,363 15.3% Reported EBITDA margin 14.0% 12.9% 108bps 12.4% 12.3% 12bps Full Year Results Δ YoY FY’24 FY’25 Key financials
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Sales to End Customers 7,867 6,884 14.3% 31,135 27,277 14.1% Reported EBITDA 1,103 891 23.8% 3,876 3,363 15.3% D&A (499) (471) 6.0% (1,890) (1,704) 10.9% EBIT 604 420 43.7% 1,986 1,659 19.8% Net financial result (216) (145) 48.9% (880) (856) 2.9% Profit before tax 388 276 40.8% 1,106 804 37.6% Income tax expense 140 (60) (334.3%) (49) (211) (76.7%) Net profit 527 216 144.3% 1,057 593 78.3% Net profit margin 6.7% 3.1% 357bps 3.4% 2.2% 122bps Effective tax rate (ETR) (36.0%) 21.6% n/a 4.4% 26.2% n/a Adjusted Net profit1 354 294 20.6% 1,003 714 40.6% Adjusted Net profit margin 4.5% 4.3% 24bps 3.2% 2.6% 61bps Surpassed PLN 1bn In Adjusted Net Profit, Exceeding Assumptions And Confirming Efficiency Improvements 52 Source: Company Information; Note: Margins calculated as % of STeC; (1) The adjustments applied to the net profit line are determined by taking the adjustments at the EBITDA level and then subtra cting the corresponding tax amount for each adjusted element. Net profit 4th Quarter Δ YoY Q4’24 Q4’25 Full Year Results Δ YoY FY’24 FY’25 FY’25 Adjusted Net Profit reached PLN 1,003m, marking our first “one-billion” year and delivering 40.6% YoY growth, underpinned by disciplined execution and a strong focus on operational efficiency. Key drivers: • EBITDA up 15.3% YoY , driven by strong top-line growth from continued network expansion and healthy LFL dynamics, supported by tight operating cost control; • Disciplined CAPEX allocation, keeping depreciation under control and reducing it as a percentage of StEC; • Lower net financial costs, following successful refinancing initiatives executed in 2025 (bond issuance in May and SFA renegotiation in September). 2025 Adjusted Net Profit EBITDA adjustments Income tax attributed to adjustments Recognition of tax refund 2025 Reported Net Profit 1,003 (195) 37 212 1,057 The bridge illustrates the one-off items impacting the reported net profit, including: • PLN 195m of one-off items, nearly all relate to share-based payments related costs, i.e. IPO Bonus and Long-Term Incentive Plan (LTIP); • PLN 37m reflecting EBITDA adjustments after the related tax effect; • PLN 212m of corporate-income-tax refunds, comprising amounts already received for 2018 and expected refunds for the years 2019–2024. Key financials (PLNm)
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53 A Healthy Mix Of New Store Openings, LfL, And New Strategic Initiatives - All Contributing To Sales Growth Source: Company Information Note: (1) New Growth Engines (NGEs) – comprises our digital businesses and our activity in Romania ; (*) All Alternative Performance Measures referenced in this presentation are defined and explained on Slide 61 “APM – Abbreviations and Definitions” e.g.: LfL[4]; Stec[1] Sales to End Customers* (PLNm) 2025 StEC* growth was led by store expansion (53.7%), supported by LfL* growth (35.2%) and New Growth Engines1 (11.0%). 22,775 FY’23 New Stores Like-for-Like 639 New Growth Engines 27,277 FY’24 New Stores 1,360 Like-for-Like 425 New Growth Engines 31,135 FY’25 2,065 1,798 2,073 PLN +8,360m (+37%)
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Strong StEC and LfL Performance Through 2025, Despite Headwinds 54 Sales to End Customers (PLNm) LfL (%) Q1’25 Q2’25 Q3’25 Q4’25 FY 2025 31,135 6,618 8,133 8,517 7,867 21.3% % of Full year 26.1% 27.4% 25.3% Q1’25 Q2’25 Q3’25 Q4’25 FY 2025 6.0% 6.1% 4.5% 4.8% 5.3% Source: Company Information Note: (1) New Growth Engines (NGEs) – comprises our digital businesses and our activity in Romania ; (*) All Alternative Performance Measures referenced in this presentation are defined and explained on Slide 61 “APM – Abbreviations and Definitions” e.g.: STeC [1]; LfL [4] LfL* growth reached strong +5.3% in 2025 despite significant weather headwinds, underscoring the resilience of our format and the strength of our customer proposition. StEC* - the Group’s core commercial KPI: reached PLN 29.6bn in Żabka stores in 2025 (+13.1% YoY), supported by network expansion and solid LfL growth, while New Growth Engines1 scaled rapidly from PLN 136m in 2021 to PLN 1.53bn in 2025 (83% CAGR), driven in particular by strong DCO performance and the continued expansion of the Romanian business. In line with revised guidance of Mid-Single-Digit growth in 2025 On track to deliver more than 2x StEC growth between 2023-28
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55 Strong Franchisee Value Proposition, Underpinning Profitable Growth, Seamless Recruitment, And Controlled Churn Source: Company Information Note: (1) Franchisee margin defined as the amount franchisees earn from selling products plus incentives received from Żabka; (2) Franchisee margin divided by number of average active stores; (3) Voluntary churn represents the percentage of customers, partners or franchisees who actively choose to exit the network or discontinue their relationship with the Group within a given period. Franchisee Margin1 PLNm Sales to End Customers 26,167 29,600 Franchisee Margin1 (4,377) (5,040) % Sales to End Customers 16.7% 17.0% FY 25A Franchisee Margin1 per store (PLNk)2 Voluntary churn3 (%) • Franchisee margin1 increased 15% in 2025, with margin as a share of StEC rising from 16.7% to 17.0%, supported by a favourable mix shift toward higher-margin categories — a clear win-win, for both sides with incremental margin shared equally between Żabka and franchisees3: • Franchisee margin remained attractive tracked against local benchmarks PL averages, supporting retention and sustainable franchisee engagement. • Franchisee engagement continued to strengthen, evidenced by a lower voluntary churn rate. • 2,625 Franchisees recruited in 2025, confirming Żabka’s attractive franchisee offering. 307 426 446 2021 2024 2025 CAGR: +9.8% 24A 2021 2024 2025 10.5% 8.1% 7.8% (2.7pp)
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56 Disciplined Capital Expenditure Targeted To Funding Growth Source: Company Information Note: (*) All Alternative Performance Measures referenced in this presentation are defined and explained on Slide 61 “APM – Abbreviations and Definitions” e.g.: CAPEX [8] Capex split by segments1 (PLNm) 157 104 220 276 155 152 FY’24 FY’25 1,675 1,624 1,143 1,092 Ultimate Convenience Property Fund New Growth Engines Corporate & Strategic Leadership CAPEX* remained largely growth-oriented • CAPEX as a percentage of Sales to End Customers declined from 6.1% to 5.2 % YoY , reflecting continued discipline in capital spending. • Ultimate Convenience representing the main investment area: • New store openings accounted for above PLN 0.5bn in 2025, while per-store CAPEX decreased due to continued optimisation of fit-out and equipment specifications. • Store remodelling amounted to PLN 0.2bn, reflecting completion of the street-food oven rollout and other layout enhancements across the network. • New Growth Engines CAPEX growth, on the back of accelerated roll-out in Romania and investment in DCO. • Corporate & Strategic Leadership CAPEX remained focused on automation, robotisation and core software maintenance, strengthening long-term operational scalability.
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Appendix: Supporting slides 7
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• Store selection and assessment • Approval by Investment Committee • Store layout outline • Store preparation and adaptation • IT infrastructure • Alarm installation • Business model presentation to the candidate • Candidate assessment and decision • Operational training with an exam • Store renovations and maintenance • Assortment and pricing1 • Central sourcing and logistics • Know how, training and support • Agreement on store location • Store staff recruitment and onboarding Initial investment of c. PLN 5,000 for the individual cash register and initial formalities • End-to-end store management in line with the Żabka standards • Personnel and business management (incl. tax obligations) • Stock loss responsibility • Option to order and sell regional products Store staff remuneration, fixed costs (water, garbage, service and admin charges etc.), costs related to running a business (e.g. accounting and insurance), stock losses Source: Company information. 1 Refers to setting of maximum prices Store design & equipment costs (initial Capex & store stock up costs upfront) Maintenance, rent, electricity, logistics, marketing Costs of the recruitment and initial onboardingLease ownership Franchisees • Franchisee pays Żabka for the products only upon selling them to the end customer • Margins realised by the Franchisee are a result of the product mix and rebates related to quality and turnover level • Franchisee take home is a result of the margins realised less the costs, mostly related to staff remuneration and costs of running a business • Żabka sells products to the Franchisee • Żabka grants the Franchisees bonuses and rebates, e.g. related to store standards • Żabka conducts monthly settlement process, based on margins, rebates and quality KPIs Operations Location search Franchisee recruitment and onboarding Store openings Settlements Overview Of Żabka’s Franchise Business Model
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Żabka Group’s Strategic Capex allocation Source: Company Information. 59 Illustrative Żabka Group’s Capex breakdown Growth Maintenance Strategic Capex allocation-prioritizing growth-driven initiatives… …alongside maintenance investments to sustain a high-quality operational backbone Technology Stores Logistics Other ~30.0% ~30.0% ~15.0% ~25.0% Store expansion Store upgrades Investments in DCO ~60.0% ~30.0% ~10.0% Of which: (% split within Growth Capex) 1 2 3 1 2 3 Incl. new stores openings, logistics Incl. LfL initiatives, increasing store efficiencies, street food oven rollouts Incl. Maczfit, Dietly, Lite, Nano Maintenance Capex Growth Capex Of which: (% split within Growth Capex) 80% 20%
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Launching our street food offering: echoes of our coffee beginnings Source: Company information. 60 Coffee sales per store, 2023 = 100% 0% 20% 40% 60% 80% 100% 120% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Galaxy Full Coverage 2017 - 2019
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61 APMs – Abbreviations and Definitions This slide provides the definitions, relevance explanations and calculation methodologies for all Alternative Performance Measures (“APMs”) referenced in this Presentation. These measures are not defined under IFRS and are therefore presented in accordance with the ESMA Guidelines on Alternative Performance Measures. The information below is intended to enable users to understand the basis, purpose and limitations of each APM, and to ensure transparency, consistency and comparability across reporting periods. APMs – Abbreviations and Definitions Table (1/2) No. APM Abbreviation Definition Relevance 1. Sales to End Customers STeC Sales to End Customers represents sales to end customers from Żabka stores, as well as of New Growth Engines, and does not represent the Company’s revenue. Reflects the underlying commercial performance of the Group and the demand generated at the customer level, beyond revenue reported under IFRS. 2. Adjusted Earnings before Interest, Taxes, Depreciation & Amortization Adj. EBITDA Adjusted EBITDA means EBITDA adjusted for (i) funds spent on ensuring business continuity in the face of unforeseen event within the Group’s environment, protection of employees, franchisees and society, (ii) Group reorganization costs, (iii) costs related to changes in the ownership structure and obtaining financing, (iv) transaction costs in respect of M&A, (v) incentive schemes and additional compensation in connection with the termination of cooperation with key employees, and (vi) result on disposal of property, plant and equipment and right of use. Provides a clearer view of recurring operational profitability by excluding volatility from items not indicative of ongoing performance. 3. Adjusted Net Profit Adj. Net Profit Net profit adjusted for non-recurring, non-cash and exceptional items excluded from Adjusted EBITDA and items below the EBITDA line. Enhances comparability of earnings by removing distortions caused by exceptional or non-core elements 4. Like-for-Like LfL LFL growth defined as the comparison of Sales to End Customers from Żabka stores between periods, taking into account the sales of stores operating on the same day of both the current and previous period. Provides a clean indicator of underlying organic performance by eliminating the effects of network expansion or structural changes, enabling users to assess true comparable growth dynamics. 5. Leverage (Ned Debt/Adjusted Earnings before Interest, Taxes, Depreciation & Amortization) Leverage (ND/Adj. EBITDA) Leverage indicator comparing net financial indebtedness to Adjusted EBITDA. Net Debt divided by Adjusted EBITDA for the preceding twelve months. Provides a key measure of financial leverage, liquidity headroom and debt-servicing capacity. 6. Free-Cash-Flow FCF FCF means Adjusted EBITDA (post-rent) minus Capex plus cost of the Sale and Leaseback Transaction plus changes in working capital and provisions FCF provides insight into the Group’s ability to convert operating profitability into cash and reflects financial flexibility, capital discipline, and the capacity to self-fund growth. 7. Franchisee Margin --- Franchisee margin defined as the amount franchisees earn from selling products plus incentives received from Żabka Captures the financial health and sustainability of the franchise network, indicating franchisee-level performance and operational efficiency. 8. Capital Expenditure CAPEX Capex means the sum of additions related to intangible assets and property, plant and equipment within the Group’s consolidated statement of cash flows. Can be split between: Growth Capex (means Capex minus Maintenance Capex) & Maintenance Capex [means Capex incurred generally in relation to the maintenance of the existing asset base, in particular the replacement of store equipment, logistics other than new distribution centres and Capex for Strategic Leadership and Central Functions (unless related to development or major expansion) ]. Indicates baseline investment essential to sustain operations + growth and expansion, moreover provides insight into recurring cash needs. 9. Adjusted Earnings before Interest, Taxes, Depreciation & Amortization (post-rent) Adj. EBITDA (post-rent) Adjusted EBITDA (post-rent) means Adjusted EBITDA reduced by rent (real estate rent cost as incurred). Adjusted EBITDA (post-rent) provides a clearer view of the Group’s recurring operating performance by incorporating the impact of rent costs while excluding exceptional or non -core items. It is a key indicator of operational efficiency and cash-generating ability in rent-heavy retail networks.
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62 APMs – Abbreviations and Definitions APMs – Abbreviations and Definitions Table (2/2) No. APM Abbreviation Definition Relevance 10. Earnings Per Share EPS Earnings per share (EPS) represents a company’s net profit attributable to common shareholders, divided by the weighted average number of ordinary shares outstanding. EPS indicates how much profit is generated per share and is widely used by investors to assess profitability and value creation on a per -share basis. EPS is a key indicator of value creation for shareholders, illustrating how effectively the Group converts net profit into per-share returns. It enables users to assess profitability on a per-share basis and benchmark performance against peers and market expectations 11. Net Working Capital NWC Net Working Capital (NWC) represents the difference between a company’s operating current assets and operating current liabilities. It is a measure of short -term liquidity and the capital required to support day-to-day operations. Although its components stem from IFRS line items, NWC as a consolidated metric is not defined under IFRS and is therefore presented as an Alternative Performance Measure (APM). A positive NWC indicates that current assets exceed current liabilities, supporting the Group’s ability to meet short -term obligations and fund ongoing operations. NWC provides insight into the efficiency of the operating cycle and the level of capital tied up in inventories, receivables and payables. It is a key driver of Free Cash Flow, reflecting working-capital discipline and the Group’s capacity to generate and retain liquidity.