Slides
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Q3 2026 Results Presentation 27 October 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 21 (“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, Group CEO Designate
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Strategic Highlights and Market Environment
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Q3 2026: Strong execution supporting growth, margin progression and cash generation 6 Store network1 as of 30 September 2026 13,405 +1,410 YoY Gross store openings2 Q3 26 Adjusted EBITDA margin3 15.6% +0.6pp YoY Q3 26 Net debt / Adjusted EBITDA* 0.7x -0.4x YoY Q3 26 Sales to End Customers* PLN 9.6bn +12.3% YoY Q3 26 Adjusted EBITDA* PLN 1,489m +16.5% 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 21 “APM – Abbreviations and Definitions” e.g.: STeC[1]; Adjusted EBITDA[2]; Adjusted Net Profit[3]; Like-for-Like[4]; Net debt/Adjusted EBITDA[5] Q3 26 Like-for-Like* +3.5%
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External environment was more mixed in the third quarter,with consumer confidence contrasting with subdued grocery spend 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) Monthly year-on-year retail sales growth at constant prices, shown for total retail sales & the food, beverages and tobacco activity group. Highlighted figures refer to Sep 2026; (4) According to the restated Nielsen data. Total LTM Sep 26 refers to the market share in the last twelve months ending Sep 26, i.e. Sep 25 to Sep 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 Monthly Y-o-Y retail sales growth in Poland (Source: Polish Statistical Office – GUS)³ Mixed macro environment weighed on consumer fundamentals... GUS Polish Consumer Confidence index (Source: GUS)2 Gross wage growth Total Retail 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 Sep 26 Dec 23 Mar 24 Jun 24 Sep 24 Dec 24 Mar 25 Jun 25 Sep 25 Dec 25 Mar 26 Jun 26 Sep 26 +4.4 ▪ Inflationary pressures increased in Q3’26, partly driven by higher fuel prices, while real wage growth moderated, although remaining positive. ▪ Consumer confidence remained relatively resilient through Q3’26, with recent readings showing some improvement. ▪ However, this has yet to translate into stronger retail demand, with food- related categories remaining subdued and the consumer environment competitive. 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 Sep 26 10.0% 10.1% 10.4% 10.6% 10.8% 11.1% 11.3% …still underscoring Żabka’s ability to deliver market share gains across different market conditions Rolling LTM Market share evolution of Żabka4, 2025-2026 Dec 23 Mar 24 Jun 24 Sep 24 Dec 24 Mar 25 Jun 25 Sep 25 Dec 25 Mar 26 Jun 26 Sep 26 3.3% 1.4% Food, Beverages & Tobacco
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Strategic Pillars update 10 Store openings on track with the upgraded guidance… Networkexpansion New GrowthEngines LfL Growth inititiatives ...with data-driven customer engagement supporting LfL growth... Networkexpansion New GrowthEngines LfL Growth inititiatives ...and New Growth Engines expanding customer reach Networkexpansion New GrowthEngines LfL Growth inititiatives 13,405 stores in PL and RO +1,410 LTM Q3 25 LTM Q3 26 LTM 1,195 1,224 +29 …resulting in an unmatched footprint in CEE… 101 186 Q3 25 LTM Q3 26 LTM +85 Triki – successfully scaling following the nationwide rollout, with nearly 200k controllers sold and customer engagement driven by a differentiated retail-entertainment proposition. Source: Company information Customer Growth Loop brings e- commerce-style customer management into physical retail. We identify a target group and activate it across the ecosystem: app users, retail media screens and stores. Offers are personalised, delivered through the right channel, and measured against a control group. Jush and delio - expansion into Silesia through the launch in the Katowice Metropolitan Area – a 4th region in Poland with full e-commerce service. Strong top line momentum, with YTD revenue up PLN 64m (+43% YoY). Vending machines – 1 year after launch, the format has scaled to 275 machines across the Group and strong customer uptake generated nearly 1m transactions as of end-September 2026. Select a unique target group using ACIT 2.0 data Actively manage it with a tailored offer and personalised communication Build loyalty and grow value through greater engagement
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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 Q3 26 StEC Q3 26 LfL Q3 26 EBITDA Q3 26 FCF & Leverage StEC reached PLN 9.6bn (+12.3% YoY), supported by quarterly LfL broadly in line with year to date performance 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 stood at 3.5%, broadly in line with CPI. 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 1,489m with margin improving to 15.6% (vs 15.0% in Q3 25), underscoring operational resilience and continuous efficiency improvements across logistics processes, store-level cost discipline, and economies of scale. Reported EBITDA PLN 1,438m (+17.2% YoY) including a PLN 36m recognition of non-cash expenses related to LTIP . Positive FCF at PLN 736m 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 Q3 26 Net result Adjusted net result of PLN 572m (+13.2% 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 528m representing an improvement of 14.1% compared with Q3 2025, driven by stronger operating performance. New store openings 365 new stores across Poland and Romania in Q3'26, bringing the total network to 13,405 locations. LTM openings remained strong at 1,410 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 21 “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 September 2026.
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Selected KPIs Number of Stores (EoP)1 13,405 12,099 10.8% 13,405 12,099 10.8% LFL2 3.5% 4.5% (1.0pp) 3.6% 5.5% (1.9pp) Franchisee margin (%)3 16.7% 16.3% 0.4pp 17.3% 17.1% 0.2pp Selected financial metrics Sales to End Customers4 9,564 8,517 12.3% 26,180 23,268 12.5% Revenue5 8,463 7,440 13.8% 23,129 20,230 14.3% Cost of Sales (6,687) (5,925) 12.9% (18,849) (16,575) 13.7% Gross Profit 1,776 1,514 17.3% 4,279 3,655 17.1% Gross Profit margin 18.6% 17.8% 0.8pp 16.3% 15.7% 0.6pp Adjusted EBITDA6 1,489 1,279 16.5% 3,392 2,932 15.7% Adjusted EBITDA margin 15.6% 15.0% 0.6pp 13.0% 12.6% 0.4pp D&A (537) (483) 11.2% (1,563) (1,391) 12.4% Net financial result (223) (147) 51.3% (653) (664) (1.7%) Adjusted net profit 572 505 13.2% 886 649 36.6% Adjusted net profit margin 6.0% 5.9% 0.0pp 3.4% 2.8% 0.6pp Reported EBITDA 1,438 1,226 17.2% 3,249 2,773 17.2% Reported EBITDA margin 15.0% 14.4% 0.6pp 12.4% 11.9% 0.5pp Net profit 528 463 14.1% 777 530 46.7% Net profit margin 5.5% 5.4% 0.1pp 3.0% 2.3% 0.7pp 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 21 “ APM – Abbreviations and Definitions” Q3 Δ YoY Q3 25 Q3 26 YTD Δ YoY 9M 25 9M 26 Q3 Zabka Group Adj. EBITDA margin improved by 56bps YoY and YTD adjusted EBITDA margin by 35bps vs 9M 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 broadly in line with CPI inflation and expansion with 365 new stores, 302 in Poland and 63 in Romania (1,008 and 135 respectively for 9M 2026). EBITDA adjustments and reclassifications reached PLN 51m in the quarter and PLN 142m in 9M. The quarterly amount primarily comprises PLN 36m of non-cash costs related to the LTIP programme. Franchisee margin as a % as StEC rose from 16.3% to 16.7% in the Q3. On year-to-date basis cost increased from 17.1% to 17.3% 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 for 9M. This benefit was partially offset by higher interest expenses related to store leases, prior year loan modification and the adverse FX impact. During the third quarter of 2025, the company recognized a gain on loan modification (recognised under other financial income). After 9M, our adjusted net profit margin expanded by 0.6 percentage points to 3.4%, demonstrating solid progress toward our mid-term target of 4.5% by 2028.
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Solid adjusted EBITDA delivery reflecting topline growth and stronger profitability in Poland 14 Adjusted EBITDA (PLNm, Q3 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 21 “APM – Abbreviations and Definitions” e.g.: Adjusted EBITDA [2]; LfL [4]; StEC [1] 175 58 Sales Gross margin effect Marketing cost Reported EBITDA Q3 2026 Adj. & Reclass Adjusted EBITDA Q3 2026 Conso. eliminations NGEOther operating income and costs G&A & Tech (1) (3) (3) (17) 0 (51)1,279 1,489 1,438 Adjusted EBITDA Q3 2025 Żabka Group excl. NGE, Conso. eliminations & Adj. and Reclass. ▪Further Adj. EBITDA margin expansion reflects continued operating leverage as the business scales ▪Strong operating efficiency enabled Marketing, G&A & Tech expenses to remain broadly stable year-on-year, while supporting continued business growth ▪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 15.0% 15.6% x % of Sales to End Customers
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Q3 2025 (PLNm) Q3 2026 (PLNm) Robust cash generation once again underscores the quality and resilience of our business model… 15 Source: Company Information. Note: (1) Current expenditures and sale proceeds related to projects involving 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 21 “APM – Abbreviations and Definitions” e.g.: Adj. EBITDA [2], Adj EBITDA post-rent [9], Capex [8], FCF [6], Net Working Capital [11] 639 Adjusted EBITDA Rent Adjusted EBITDA post-rent Capex (excl Property Fund) Other1 Changes in WC and provisions Free Cash Flow (277) (310) (34) (17) 1,279 1,001 63.8% 62.5%Free Cash Flow conversion2 ▪Strong cash flow generation, driven by: ▪ Healthy adjusted EBITDA growth underpins our cash generation. ▪ Capex growth in Q3 2026 was driven by disciplined investment across the business, including international expansion. ▪ Positive cash contribution from partial completion of the sale-and-leaseback transaction. ▪ The working capital outflow reflects the seasonal outflow of payables after the summer peak. The larger year-on-year outflow was primarily due to the timing of inventory purchases and related cash settlements. 736 100 (313) (373) (167) 1,489 1,176 2026 9M : 1,977 2025 9M : 1,804
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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 3,567 Cash (750) (1,565) (1,284) (1,079) (844) (1,624) (1,307) Net debt excl. leases2 3,799 3,295 2,942 3,069 3,302 2,306 2,260 Leases 4,855 5,089 5,166 5,301 5,541 5,668 5,853 Net debt 8,654 8,384 8,108 8,370 8,843 7,974 8,113 PLNm 2.2x 2.1x Net debt excl. leases / adjusted EBITDA (post-rent)2 Net debt (incl. leases) / adjusted EBITDA (pre-rent)3 2.1x 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 21 “APM – Abbreviations and Definitions” e.g.: Leverage [5] • Leverage improved from 1.0x to 0.7x year-on- year and remained flat versus Q2 following the dividend payment, supported by substantial net cash generation. • This was accompanied by a PLN 682m reduction (23%) in Net financial debt (ex-leases) YoY bringing the balance to PLN 2,260m at end of Q3 2026. • Given the Group’s strong liquidity position, we decided to make an additional PLN 400m repayment of the SFA loan. 1.5x 1.2x 1.0x 1.0x 1.1x 0.7x 0.7x FY’24 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 (0.4x) 1.8x 1.8x
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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 in the medium-term. In FY 2026 we expect LfL growth to be closer to mid-single-digit 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 remain on track to reach our mid-term target of adjusted net profit margin of 4.5% 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 Q3 & 9M 2026 Performance Across All Key Metrics 20 Adjusted EBITDA1 & Margin (PLNm / %) Q3 YTD 2025 Q3 YTD 2026 2,932 3,392 +15.7% 12.6% 13.0% 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 21 “APM – Abbreviations and Definitions” 15.0% 15.6% Q3 2025 Q3 2026 1,279 1,489 +16.5% Adjusted Net Profit & Margin (PLNm / %) 649 886 Q3 YTD 2025 Q3 YTD 2026 +36.6% 2.8% 3.4% 505 572 Q3 2025 Q3 2026 +13.2% Free Cash Flow (PLNm) Q3 YTD 2025 Q3 YTD 2026 1,804 1,977 +9.6% 639 736 Q3 2025 Q3 2026 +15.1% Gross Profit & Margin (PLNm / %) Q3 YTD 2025 Q3 YTD 2026 3,655 4,279 +17.1% 15.7% 16.3% 17.8% 18.6% Q3 2025 Q3 2026 1,514 1,776 +17.3% 5.9% 6.0%
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21 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 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 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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22 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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Thank you