Zabka Group (ZAB) Q3 2026 earnings summary

Executive summary

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

• Growth combined 3.5% Q3 like-for-like sales with 365 store openings; positive FCF of PLN 736m and net leverage of 0.7x supported the balance sheet.

Financial highlights

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

• Q3 reported EBITDA was PLN 1,438m, up 17.2%; net profit was PLN 528m, up 14.1%, and adjusted net profit was PLN 572m, up 13.2%.

• 9M revenue reached PLN 23,129m, up 14.3%; adjusted EBITDA was PLN 3,392m, up 15.7%, adjusted net profit PLN 886m, up 36.6%, and net profit PLN 777m, up 46.7%.

• 9M gross profit rose 17.1% to PLN 4,279m, operating profit increased 22.0% to PLN 1,687m, and profit before tax rose 44.0% to PLN 1,034m.

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

Outlook and guidance

• FY26 store-opening target remains above 1,300; the medium-term target is 1,300+ annual openings across Poland and Romania.

• FY26 LfL growth is expected closer to mid-single digits; medium-term LfL guidance remains mid-to-high single digits.

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

• Investment priorities include store and Romania network expansion, logistics infrastructure, digital capabilities and technology projects.