Slides
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Q2 2026 and H1 2026 Results Presentation 31 July 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 23 (“APMs – Abbreviations and Definitions”). 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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Today’s Presenters 4 Tomasz Suchański Group CEO, Chairman of the Board Marta Wrochna- Łastowska Group CFO Tomasz Blicharski Group Chief Strategy & Development Officer
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Strategic Highlights
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Q2 2026: Consistent execution translating into further growth, margin improvement and outstanding cash generation 6 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 2 2 “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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Consumers remained cautious amid ongoing macroeconomic and geopolitical uncertainty, despite gradually improving sentiment... Strong execution keeps us on track to achieve our strategic ambitions 7 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: 240 stores in Romania as of Jun’26, 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 22 “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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Market Environment And Strategy Execution
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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 9 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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Strategic Pillars update 10 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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Financials
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Key Financial Highlights: Profitable growth underpinned by operational resilience, robust cash generation and further balance sheet strengthening 12 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 22 “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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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 13 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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Solid adjusted EBITDA delivery reflecting topline growth and stronger profitability in Poland 14 Adjusted EBITDA (PLNm, Q2 2026) Source: Company Information. Note: : this chart is based on Company Net Sales (CNS); Margins calculated as % of STeC*; (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 22 “APM – Abbreviations and Definitions” e.g.: Adjusted EBITDA [2]; LfL [4]; StEC [1] 165 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)1,057 1,228 1,163 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
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Q2 2025 (PLNm) Q2 2026 (PLNm) Robust cash generation once again underscores the quality and resilience of our business model… 15 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 22 “APM – Abbreviations and Definitions” e.g.: Adj. EBITDA [2], Adj EBITDA post-rent [9], Capex [8], FCF [6], Net Working Capital [11] 785 704 Adjusted EBITDA Rent Adjusted EBITDA post-rent Capex (excl. Property Fund) Other1 Changes in WC and provisions Free Cash Flow 1,057 (273) (375) (40) 1,074 136.8% 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. 923 670 (305) (352) (28) 1,228 1,214 202 6 H1: 1, 242 202 5 H1: 1, 165
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...driving further balance sheet strengthening 16 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 22 “APM – Abbreviations and Definitions” e.g.: Leverage [5] FY’24 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 1.5x 1.2x 1.0x 1.0x 1.1x 0.7x (0.5x)
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We remain confident in the medium-term outlook and reiterate our expectations 17 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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Q&A
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Appendix
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Strong Q2 & H1 2026 Performance Across All Key Metrics 20 Adjusted EBITDA1 & Margin (PLNm / %) H1 25 H1 26 1,654 1,903 +15.1% 11.2% 11.5% Source: Company Information Note: (1) 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 22 “APM – Abbreviations and Definitions” 13.0% 13.3% Q2 25 Q2 26 1,057 1,228 +16.2% Adjusted Net Profit & Margin (PLNm / %) 144 315 H1 25 H1 26 +118.2% 1.0% 1.9% 221 366 Q2 25 Q2 26 +65.8% Free Cash Flow (PLNm) H1 25 H1 26 1,165 1,242 +6.6% Q2 25 Q2 26 1,074 1,214 +13.0% Gross Profit & Margin (PLNm / %) H1 25 H1 26 2,141 2,504 +17.0% 14.5% 15.1% 16.3% 16.8% Q2 25 Q2 26 1,327 1,545 +16.4% 2.7% 4.0%
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LTIP Buyback Programme - H2 2026 Update 21 Buyback Parameters The share buyback programme supports the settlement of Żabka Group’s obligations under its Long-Term Incentive Plan (LTIP) for the 2025- 2027 period, introduced at the IPO and structured around annual awards linked to long-term value creation, including EBITDA growth, sales to end customers & ESG indicators. Timing Volume Price Execution Agent • Launched in August 2025, following the end of the closed period , originally until 30 April 2026 • The programme was subsequently extended until 30 April 2027 • Purchases are executed on the regulated market in accordance with the MAR safe harbour rules under Article 5. • Programme upsized on 28 Apr 2026 from 4.2m to 8.6m shares / budget from PLN 130m to PLN 273m. • 7.78m shares repurchased in total to date \ 0.82m shares remaining under updated authorization \ 5.56m treasury shares currently held as of 29 May 2026, following Y1 delivery of 2.22m shares under LTIP. • Based on authorization granted by the EGM on 10 th Oct 2024 buyback price should not be lower than the share’s accounting par value and not higher than the greater of: • (i) 105% of the avg. mid-market price over the last 5 trad. days and • (ii) the higher of the last independent trade and bid in the market on the venue where the buyback is to be effected • Executed by Trigon Dom Maklerski as an intermediary, acting independently of the Company when making purchase decisions on the regulated market Żabka materially advanced the LTIP-related buyback programme, with 7.78m shares repurchased by 29 May 2026, equivalent to c.90% of the updated 8.6m authorization. Source: Company Information Aug’25 Apr’27 90% of 8.6m already executed
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22 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 re present 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 wit hin the Group’s environment, protection of employees, franchisees and society, (ii) Group reorganization costs, (iii) costs related t o changes in the ownership structure and obtaining financing, (iv) transaction costs in respect of M&A, (v) incentive schemes and addition al compensation in connection with the termination of cooperation with key employees, and (vi) result on disposal of property, p lant 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 l ine. 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 sal es 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 st ore equipment, logistics other than new distribution centres and Capex for Strategic Leadership and Central Functions (unless rel ated 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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23 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 avera ge number of ordinary shares outstanding. EPS indicates how much profit is generated per share and is widely used by investors t o 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 com ponents stem from IFRS line items, NWC as a consolidated metric is not defined under IFRS and is therefore presented as an Alternativ e Performance Measure (APM). A positive NWC indicates that current assets exceed current liabilities, supporting the Group’s ab ility 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.
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Upcoming results release: Online | 27 October Release of selected consolidated financial information for the 9-month period ended 30 September 2026 Thank you Contact for investors: ir@zabkagroup.com For more events see: https://zabkagroup.com/investors/#calendar
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Thank you