H1 2026 Results Presentation
9thOctober 2026
Confidential
1Josu Mugarra
Chief Financial Officer
Susana Pardo
Strategy & Finance Manager
Ibon Inunciaga
Head of Investor RelationsToday’s Speakers Part of you.
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2Summary of Key KPIs
+3.0%
LFL Net Sales Growth Q2- 26(1)
36.6%
Private label share of total food sales LTM
Jul-26
69.7%
Sales to loyalty club members LTM Jul -26
€5,586m
Total Revenue LTM Jul -26 €100m / €339m
Adj. EBITDA Pre -IFRS 16 Q2- 26 / LTM
10.1% / 6.1% Adj. EBITDA Margin (LTM) Post -IFRS 16 /
Pre-IFRS 16
2.0x
Net Leverage Pre- IFRS 16 Q2- 26
+2.8%
LFL Net Sales Growth LTM Jul -26(1)
€2,761m
Total Revenue H1- 26 €155m / €566m
Adj. EBITDA Post -IFRS 16 Q2- 26 / LTM
Strong current trading through Jul -26, with LFL net sales growth of +2.8% on an LTM basis and +3.0% in Q2- 26 (vs Q2- 25) Continued success of our private label, which has reached a penetration rate of 36.6% of our total food sales, allowing us to offer a wider range of products at the most competitive prices to our customers Our loyalty club continues to perform strongly , with member sales representing 69.7% of total sales on an LTM basis LTM adjusted EBITDA reached €566m post -
IFRS 16 (10.1% margin) and €339m pre- IFRS 16 (6.1% margin) Net leverage pre- IFRS 16 stood at 2.0x as of
Jul-26Key Highlights
Source: Company information Note: (1) Excludes “Diversification” business unit
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3Food Revenue Growth (€M) Supermarkets -Own Supermarkets -Franchises Hypermarkets Cash & Carry929 95516317320721544
202544
20261,3421,3873.3%
(+45)Q2-26
600628830854
3,536158
20253,641160
20265,1235,2833.1%
(+160)LTM Jul-26 H1-26
302320394406
1,76278
20251,81179
20262,5362,6173.2%
(+81)
Continued food revenue growth across Q2, H1 and LTM Source: Company information
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4Spanish CPI Evolution General index (%) Food & non- alcoholic beverages (%)3,2 3,33,63,4 2,8 2,3 1,51,82,42,8 2,9 3,0 2,3 2,22,02,32,7 2,73,0 3,1 3,0 2,9 2,3 2,33,43,2 3,2 3,23,602/25
06/2503/24
07/2504/24
08/2505/24
09/2502/24
10/2506/24
11/2507/24
12/2508/24
01/2609/24
10/24
11/24
03/2612/24
04/2601/25
02/26
05/26
06/26
07/2603/25
04/25
05/252,8
5,3 4,7
4,44,2
2,5 1,8 1,91,7 1,8 1,82,22,4
2,02,52,8 2,7
2,3 2,4 2,42,83,0 3,03,2
2,7 2,6
2,2 1,9
1,602/25
06/2503/24
07/2504/24
08/2505/24
09/2502/24
10/2506/24
11/2507/24
12/2508/24
01/2609/24
10/24
11/24
03/2612/24
04/2601/25
02/26
05/26
06/26
07/2603/25
04/25
05/254,3
3,13,3
Exp.
2026
2,1 Exp.
2026
Headline inflation
stabilised during 2025 and has remained broadly stable in 2026 Food inflation has declined during 2026 and remains below headline
inflationKey Highlights
Food inflation continues to ease, widening the gap versus headline inflation Sources: INE (Spanish National Institute of Statistics) for actual data, and Funcas for projections (weighting between the ratio of processed and unprocessed foods)
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5€M As of Jul -26 x LTM Jul -26 EBITDA Cash & cash equivalents (257) Short -term financial assets (10) Senior Secured Notes 500 Term Loan A 348 EIB Loan 34 Total Senior Secured Net Debt 614 1.8x Local facilities 70 Total Net Debt 685 2.0x
LTM Jul -26 EBITDA (pre -IFRS 16) 339
2,3x2,2x2,0x2,1x2,0x2,3x2,0x
FY 24 Q1 25 Q2 25 Q3 25 FY 25 Q1 26 Q2 26Leverage Overview ~€24m voluntary debt repayment €80m RCF remains fully undrawn Short -term MARF facility raised in Q2-26, with €36m drawn as of Jul -26 and included within Local Facilities Net leverage reduced to 2.0x as of Jul-26, based on €339m of LTM pre-
IFRS 16 EBITDAKey Highlights Net Leverage EvolutionCapitalisation Table Source: Company information
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6
Detailed Metrics
and Financial Statements
Eroski Group
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7Summary P&L
€M Q2-25 Q2-26 % Growth H1-25 H1-26 % Growth Supermarkets 1,091 1,128 2,064 2,131 o/w Owned Stores 929 955 1,762 1,811 o/w Franchises 163 173 302 320 Hypermarkets 207 215 394 406 Cash & Carry 44 44 78 79 Total Revenue (excluding Diversification) 1,342 1,387 3.3% 2,536 2,617 3.2% Diversification 68 79 126 145 Total Revenue 1,410 1,466 4.0% 2,662 2,761 3.7%
COGS (1,012) (1,075) (1,940) (2,025)
Gross Margin 398 391 (1.7%) 722 736 1.9% % revenue 28.2% 26.7% 27.1% 26.7% Income from promotional contributions 29 46 79 83 Adjusted Gross Margin 427 436 2.2% 801 819 2.2% % revenue 30.3% 29.8% 30.1% 29.6% Personnel expenses (194) (202) (380) (396) Operating lease (9) (8) (18) (13) Other operating expenses and adjustments (73) (71) (141) (139) Adjusted EBITDA 150 155 3.1% 262 270 2.8% % revenue 10.7% 10.6% 9.9% 9.8% Lease expenses (52) (55) (105) (113) Adjusted EBITDA pre -IFRS 16 98 100 1.8% 158 156 (0.7%) % revenue 7.0% 6.8% 5.9% 5.7% Total surface (k sq. m) 1,121 1,119 1,121 1,119 Number of stores (Total) 1,497 1,506 1,497 1,506 o/w Owned Stores 880 876 880 876 o/w Franchises 617 630 617 630 Revenue / surface ( €/sq. m. ) 1,258 1,310 2,375 2,468 Adjusted EBITDA pre- IFRS 16 / store (€m) 0.07 0.07 0.11 0.10Summary P&L and KPIs Source: Company information Strong H1- 26 trading performance, with year -on-year revenue growth across all food
retail formats
Core business revenue, excluding Diversification, increased by 3.2% year-on-year to €2,617m Diversification revenue increased by €19m year -on-year, primarily driven by higher gas station
prices
Gross profit increased by 1.9% year-on-year to €736m Adjusted EBITDA increased by 2.8% year -on-year to €270m Revenue per sq. m. increased by 3.9% year -on-year, reflecting solid commercial performanceKey Highlights
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8Consolidated Cash Flow Net cash from operating activities Operating cash flow before working capital remained strong at €272m, up from €265m in H1- 25 Net cash flow from operating activities was €228m, primarily reflecting a working -capital outflow associated with reduced use of reverse factoring , “payment in float”, an one off Net cash used in investing activities Capex remained broadly stable at €69m in H1- 26 versus €72m in H1-
25 Continued disposal of non- core assets generated €10m of proceeds Net cash used in financing activities Net cash used in financing activities remained broadly stable at €170m, including €15m of dividends paid to our partners during H1- 26Key Highlights Consolidated Cash Flow
€M H1-25 H1-26
Cash flow from operating activities excluding WC 265 272 Increase/decrease in WC 78 (40) Income tax received/(paid) (3) (4) Net cash flow from operating activities 340 228 Capex (72) (69) Assets disposals 9 10 Interest received 7 7 Acquisition of other financial assets (3) (1) Dividends received - -
Net cash flow used in investing activities (59) (54) Repayment of loans and borrowings (4) (28) Proceeds from Bonds and Other negotiable securities 3 35 Repayment of lease liabilities (99) (107) Dividends paid (10) (15) Net interest and other financial activities (56) (45) Net of issue and redemption of capital (9) (9) Net cash flow used in financing activities (174) (170) Net increase/(decrease) in cash and cash equivalents 108 4 Cash transferred to non- current assets held for sale - -
Cash and cash equivalents as of 31 January 167 253 Cash and cash equivalents as of 31 July 275 257 Source: Company information
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9Focus on Working Capital & Liquidity Bridge from Change in Reported WC to Change in Adjusted WC Strong Liquidity Available€M H1-25 H1-26 Change in Reported Working Capital 78 (40) Reverse- factoring lines, Payment "in float", one offs (51) 56 Change in Adjusted Working Capital 27 16 o/w Change in Inventories (39) (42) o/w Change in Trade and other receivables 63 74 o/w Change in Others 3 (16)
€M H1-24 H1-25 H1-26
Change in Reported Working Capital 18 78 (40) Reverse Factoring Committed Limit 178 178 -
Reverse Factoring Available139 178 -
Subsidiaries RCF Committed Limit - - 12 Subsidiaries RCF Available- - 12 Group RCF Committed Limit (Excluding Subsidiaries) - - 80 Group RCF Available (Excluding Subsidiaries) - - 80 Total Cash and Equivalents 211 275 257 Source: Company information
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1050 4455 5461 65767062787271126 114 116132 133 136
FY 21 FY 22 FY 23 FY 24 FY 25 LTM 26
Maintenance Capex Expansion CapexFocus on Capex 2.8% 2.4% 2.2% 2.5% 2.4% 2.4% 1.7% 1.4% 1.2% 1.5% 1.3% 1.3% 1.1% 0.9% 1.1% 1.0% 1.1% 1.1% Stable capex profile, with total capex at c.2.4% of revenue Maintenance capex primarily comprises store refurbishments and the replacement or upgrade of obsolete
equipment
Expansion capex primarily comprises discretionary investments in new store openings and the remodelling of existing
stores
The Company expects to maintain a broadly stable capex profile, in line with historical levelsKey Highlights Capex (€M) & Capex / revenues (%) Source: Company information
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11Store Openings & Closures Store expansion remains focused on the franchise model, in line with the
strategic plan
Continued investment in the refurbishment of the existing store network, with 56 stores refurbished in Q2- 26Key Highlights Source: Company information Note: 11 Optical shops and 8 online shops excluded
FoodOwned
StoresFranchises TotalFood +
DiversificationOwned
StoresFranchises Total
Stores Q2 -25 776 617 1,393 Stores Q2 -25 880 617 1,497 Openings 9 51 60 Openings 11 51 62 Net Transfers (2) 2 - Net Transfers (2) 2 -
Closings (13) (40) (53) Closings (13) (40) (53) Stores Q2 -26 770 630 1,400 Stores Q2 -26 876 630 1,506
Refurbishments
Q2-2542 - 42Refurbishments
Q2-2542 - 42
Refurbishments
Q2-2656 - 56Refurbishments Q2-2656 - 56Store Footprint (LTM Figures)
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12Summary Balance Sheet
ASSETS (€K) 31/01/2026 31/07/2026
Property, plant and equipment 623,091 625,646 Investment property 151,043 144,603 Rights of use 665,627 629,745 Goodwill and other intangible assets 855,535 854,912 Equity -accounted investees 7,316 7,152 Trade and other receivables 11,099 10,879 Financial assets 141,758 146,594 Deferred tax assets 230,150 222,201 Uncalled members’ contributions 152 144
TOTAL NON -CURRENT ASSETS 2,685,771 2,641,876
Inventories 416,979 455,247 Financial assets 11,077 10,273 Trade and other receivables 166,642 180,760 Current income tax assets 3,088 8,056 Unpaid calls on members’ contributions 4,070 4,035 Cash and cash equivalents 252,702 256,992 Non-current assets held for sale 2,451 9,128
TOTAL CURRENT ASSETS 857,009 924,491
TOTAL ASSETS 3,542,780 3,566,367EQUITY & LIABILITIES (€K) 31/01/2026 31/07/2026
Capital 310,061 313,933 Share premium 3,808 3,808 Capitalised funds 95,525 95,525 Other comprehensive income 34,792 38,708 Retained earnings (168,212) (147,613) Interim dividend (6,243) (2,538) Equity attributable to equity holders of the Parent 269,731 301,823 Non-controlling interests 303,990 309,765
TOTAL EQUITY 573,721 611,588
Financial liabilities 1,486,579 1,482,182 Government grants - -
Provisions 34,907 34,337 Other non- current liabilities 12,052 16,150 Deferred tax liabilities 135,849 132,788
TOTAL NON -CURRENT LIABILITIES 1,669,387 1,665,457
Financial liabilities 297,767 273,276 Trade and other payables 993,665 997,520 Current income tax liabilities 8,240 18,526 Liabilities associated with non- current asset held for sale - -
TOTAL CURRENT LIABILITIES 1,299,672 1,289,322
TOTAL LIABILITIES 2,969,059 2,954,779
TOTAL EQUITY AND LIABILITIES 3,542,780 3,566,367
Source: Company information
Confidential
13Current and Non-Current Financial Liabilities ~€24m voluntary debt repayment during H1-
26
Lease liabilities
decreased by €38m since FY25 to €653m €80m RCF remains fully undrawn, providing additional liquidity headroomKey Highlights FY25 (Jan -26) H1-26 (Jul -26) €M Non-Current Current Total Non-Current Current Total Financial liabilities from issuing bonds and marketable securities 493 5 498 494 5 499 Other financial liabilities from the issuance of obligations and marketable securities125 41 166 125 36 161 Financial liabilities from loans and borrowings 326 40 366 342 41 384 Third -party loans 30 5 35 27 5 32 Lease liabilities 487 205 691 468 185 653 Other payables 26 1 27 25 1 27 Total financial liabilities 1,486 298 1,784 1,482 273 1,755 Source: Company information
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14Summary P&L
€K H1-25 (31/07/2025) H1-26 (31/07/2026)
Revenue from Sales 2,662,321 2,761,281 Revenue from Services 107,735 119,252 Other income 7,767 7,479 Self-constructed non- current assets 385 298 Raw materials and other consumables used (1,940,217) (2,025,378) Personnel expenses (379,748) (396,311) Amortisation and depreciation (143,813) (154,853) Provisions/(reversals) for impairment of non- current assets 1,568 1,566 Other expenses (194,401) (196,037) Profit before financing items and taxes 121,597 117,297 Financing income 7,279 7,380 Financing costs (61,198) (44,602) Share of profit/(loss) of equity -accounted investees 73 (163) Profit/(loss) before tax from continuing operations 67,751 79,912 Income tax expense (12,269) (14,475)
PROFIT/(LOSS) FOR THE PERIOD 55,482 65,437
Source: Company information
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15Q&A
Eroski Group
October 2026
investors@eroski.es
https://corporativo.eroski.es/en/investors/senior
-secured-bonds//
Confidential
16Disclaimer
THIS PRESENTATION AND ITS CONTENTS ARE CONFIDENTIAL AND ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART , DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES OF AMERICA.
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H1 2026 Results Presentation 9th October 2026