Eurocash (EUR) Q2 2026 earnings summary

Executive summary

• Strategy execution ahead of plan, with 69% of PLN 400m savings target delivered or in active implementation, totaling PLN 279m annualized EBIT impact.

• Q2 2026 adjusted EBITDA reached PLN 251m, excluding PLN 49m in restructuring one-offs; reported EBITDA was PLN 202m, down 12.2% year-over-year.

• Net profit improved to PLN 6.75m in Q2 2026 from a loss of PLN 4.36m in Q2 2025, with net margin rising to 0.09%.

• Consolidated sales for 1H 2026 were PLN 13,859.1m, down 6.1% year-over-year, with gross margin at 12.37% (down 0.86pp YoY).

• The Group continued its cost-efficiency program, achieving annualized savings of PLN 200m, with over PLN 55.8m realized in 1H 2026.

Financial highlights

• Q2 2026 revenue: PLN 7,202m (-8.7% y/y); H1 2026 revenue: PLN 13,859m (-6.1% y/y).

• Adjusted EBITDA Q2 2026: PLN 251m (+9.2% y/y); H1 2026: PLN 383m (+9.3% y/y).

• Reported EBITDA Q2 2026: PLN 202m (-12.2% y/y); H1 2026: PLN 323m (-7.9% y/y), margin 2.33%.

• Net profit Q2 2026: PLN 6.75m (vs. -4.36m Q2 2025); H1 2026: PLN -82.6m (vs. -91.5m H1 2025).

• Adjusted operating cash flow Q2 2026: PLN 343m (+41.2% y/y); net cash from operating activities in H1 2026 was PLN 63.1m.

Outlook and guidance

• Targeting PLN 600m EBIT by 2027, a fourfold increase from 2025, driven by cost savings, franchise growth, and new revenue streams.

• Management confident in delivering remaining savings and executing further restructuring and franchise conversions.

• Plans include further integration of franchise systems, operational efficiency improvements, and digital transformation.

• The Group expects to increase the number of franchise stores by over 1,000 net locations by 2027.