Eurocash (EUR) investor relations material

Executive summary

• Revenue declined 1.2% year-over-year in 2Q'25, outperforming a 3.5% drop in the wholesale relevant market, while 1H'25 sales were PLN 14,760m, down 4.3% y/y; gross margin improved and cost savings supported resilience.

• Adjusted EBITDA margin expanded to 3.0% in 2Q'25 (from 2.7% in 2Q'24), with 1H'25 adjusted EBITDA at PLN 371m (+4.4% y/y); net profit remained stable in 2Q'25, but 1H'25 net loss widened to PLN 91.5m.

• Growth platforms (Frisco and Duży Ben) reached break-even at EBITDA level for the first time, with Frisco on track for full-year break-even.

• The Group continued its cost-efficiency program, incurring one-off costs of PLN 20.1m from store closures, with expected annualized savings of PLN 19m.

• Liquidity position remains stable, with net debt at PLN 2,376m and net debt/EBITDA ratio of 2.56 in 2Q'25.

Financial highlights

• 2Q'25 sales: PLN 7,886m (-1.2% y/y); gross margin: 12.8% (-0.06 p.p. y/y); adjusted EBITDA: PLN 239m (+9.1% y/y); EBIT: PLN 82m (+24% y/y).

• 1H'25 sales: PLN 14,760m (-4.3% y/y); gross margin: 13.2% (+0.26 p.p. y/y); adjusted EBITDA: PLN 371m (+4.4% y/y); net loss: PLN 91.5m (vs. PLN 87.2m loss in 1H'24).

• Non-recurring items: PLN 9m one-off in 2Q'25 and PLN 20.1m in 1H'25 from store closures, with expected annualized savings of PLN 19m.

• Cash flow from operating activities was PLN 297.7m in 1H'25, down from PLN 327.7m in 1H'24.

• Book value per share was PLN 4.38 at 30 June 2025.

Outlook and guidance

• Frisco expected to reach break-even next year, with continued focus on cost discipline and working capital optimization.

• November 2025 strategy update will address sum-of-the-parts valuation and future growth plans.

• Management does not plan to publish forecasts for 2025, citing market trends and updated plans that make previous targets unlikely.

• The Group aims to maintain a stable financing structure and return to regular dividend payments, subject to financing terms.