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Zabka Group (ZAB) investor relations material
Zabka Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary29 Oct, 2025
Executive summary
Sales to end customers reached PLN 8.5 billion in Q3 2025, up 14% year-over-year, with like-for-like growth of 4.5% in the quarter and 5.5% year-to-date, despite adverse weather conditions impacting results.
Store network expanded to 12,099 locations across Poland and Romania, with 1,296 openings in the last 12 months and rapid growth in Romania, maintaining leadership in the convenience segment.
Adjusted EBITDA grew 14% to PLN 1.3 billion in Q3 2025, and adjusted net profit surged 48% year-over-year to PLN 505 million, driven by operational performance and lower financial costs.
Net financial debt to adjusted EBITDA improved to 1x, enabling readiness for dividend payments and reflecting robust cash generation and disciplined capex.
Revenue for the first nine months of 2025 grew 14.1% year-over-year to PLN 20,230 million, with net profit up 40.5% to PLN 530 million and adjusted net profit up 54.6% to PLN 649 million.
Financial highlights
Gross profit was PLN 1.5 billion in Q3 2025, up 13% year-over-year, and for the first nine months rose 15.2% to PLN 3,655 million.
Adjusted EBITDA margin expanded by 9 basis points in Q3 and by 26 basis points for the nine-month period, reaching 12.6% for 9M 2025.
Free cash flow exceeded PLN 600 million in Q3 and reached PLN 1,804 million for 9M 2025, slightly below last year due to a one-off sale and leaseback in Q3 2024.
Effective tax rate improved from 27% in Q3 2024 to 22% in Q3 2025.
Reported EBITDA reached PLN 1.23 billion in Q3, up 12.2% year-over-year, impacted by PLN 51 million in LTIP and IPO-related expenses.
Outlook and guidance
Store network target increased to 16,000 by end of 2028, with annual rollout of 1,300+ stores in Poland and Romania.
Like-for-like sales expected to remain in mid-single digits for 2025, with mid to high single-digit trajectory over the medium term.
Adjusted EBITDA margin for 2025 anticipated at the upper end of 12%-13%.
Adjusted net profit margin on track for 3% in 2025, with a medium-term target of 4.5%.
Dividend payout policy formalized at 50%-70% of consolidated net profit annually, with flexibility for incremental or reduced payouts.
Explain LfL growth deceleration
NGE segment path to profitability?
Impact of debt optimization on future costs?
Impact of alcohol sales ban legislation?
Drivers for Romania's 8k store potential?
What drives future LFL growth acceleration?
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Next Zabka Group earnings date
Q4 202524 Mar, 2026
Next Zabka Group earnings date
Q4 202524 Mar, 2026
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Frequently asked questions
Żabka Group S.A. is a Poland-based company operating a network of convenience stores. The company provides a wide range of grocery products, beverages, snacks, and ready-to-eat meals, catering to the needs of urban consumers seeking quick and convenient shopping options. Żabka stores also offer additional services such as parcel collection, bill payments, and mobile top-ups. The company is headquartered in Poznań, Poland, and its shares are listed on the Warsaw Stock Exchange.
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