Zabka Group (ZAB) investor relations material

Executive summary

• Q3 sales to end customers rose 12.3% YoY to PLN 9.6bn; adjusted EBITDA grew 16.5% to PLN 1,489m, with margin up 0.6pp to 15.6%.

• 9M revenue increased 14.3% to PLN 23,129m; net profit rose 46.7% to PLN 777m and adjusted net profit grew 36.6% to PLN 886m.

• Growth combined store expansion, like-for-like sales and market-share gains despite subdued grocery demand.

• Tomasz Suchański completed his final results call as CEO; Tomasz Blicharski was identified as his successor.

Financial highlights

• Q3 revenue rose 13.8% to PLN 8,463m; gross profit increased 17.3% to PLN 1,776m and gross margin expanded 0.8pp to 18.6%.

• Q3 reported EBITDA increased 17.2% to PLN 1,438m; adjusted net profit rose 13.2% to PLN 572m and net profit grew 14.1% to PLN 528m.

• 9M adjusted EBITDA rose 15.7% to PLN 3,392m; operating cash flow was PLN 3,781m and free cash flow reached PLN 1,977m, up 9.6%.

• Q3 adjusted EBITDA included PLN 51m of adjustments and reclassifications, primarily PLN 36m of non-cash LTIP costs; 9M total was PLN 142m.

Outlook and guidance

• FY26 target remains more than 1,300 store openings; medium-term ambition is 1,300+ annual openings across Poland and Romania.

• FY26 like-for-like growth is expected at the lower end of mid-to-high single-digit medium-term guidance; management cited confidence in 4% for the year.

• Adjusted EBITDA margin is expected to remain stable at the top end of the 12%–13% range; the medium-term adjusted net profit margin target is ~4.5%.