Eurocash (EUR) Q3 2025 earnings summary

Executive summary

• Revenue declined by 4.3% year-over-year in 3Q'25 to PLN 7,937.44 million, mainly due to weaker performance in Cash & Carry and Delikatesy Centrum, partially offset by Eurocash Service growth.

• Gross margin improved to 12.99% in Q3 2025, with cost discipline and stable EBIT offsetting lower sales.

• Non-recurring costs of PLN 11m were incurred for Delikatesy Centrum store optimization, with 30 closures in 3Q'25 and 65 year-to-date.

• Growth platforms (Frisco and Duży Ben) showed EBITDA improvement; Frisco sales up 14.6% year-over-year, Duży Ben down 3.6% due to store closures.

• Discontinued operations (Inmedio Sp. z o.o.) contributed a net loss of PLN -16.01 million for the first three quarters.

Financial highlights

• Sales revenues were PLN 7,937m in Q3 2025, down 4.3% year-over-year; gross profit was PLN 1,031m, down 2.7%.

• Gross margin increased to 12.99% from 12.77% year-over-year.

• Adjusted EBITDA was PLN 243m (3.06% margin), up from PLN 237m (2.86%) in 3Q'24; reported EBITDA was PLN 232.11m, down 2.09% year-over-year.

• EBIT was PLN 86.4m, nearly flat year-over-year.

• Net profit from continued operations was PLN 20.2m in Q3 2025, stable year-over-year.

Outlook and guidance

• Frisco is on track to reach break-even next year.

• Management does not plan to publish forecasts for 2025, citing market trends and updated plans.

• New 2026-27 strategy assumptions to be published December 9, with a strategy presentation on December 10.

• Strategic focus remains on wholesale integration, cost efficiency, and selective investment in growth projects.

• The Group aims to maintain a Net Debt/EBITDA (pre-IFRS 16) ratio of 1.5x, with flexibility for market opportunities.