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Eurocash (EUR) investor relations material
Eurocash Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary28 Aug, 2025
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.
Update on Inmedio divestment process
Timeline for UOKiK and Arhelan legal disputes?
Why are 2025 EBITDA/Frisco targets not feasible?
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Next Eurocash earnings date
Q3 202521 Nov, 2025
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Frequently asked questions
Eurocash S.A. operates as a wholesale distributor of fast-moving consumer goods to independent retailers in Poland. The company manages wholesale distribution centers, franchise networks, and retail stores. Its business activities include logistics, merchandising support, and private label product development. The company is headquartered in Komorniki, Poland, and its shares are listed on the WSE.
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