ZAB GPW WIG20 Periodic report · company IR site
Żabka Group SA (ZAB) · H1 2026 results
Share price: 31.77 zł · 2026-11-10
Żabka Group SA operates a chain of convenience stores. The company serves customers in the Polish market. Source: Wikipedia
Results H1 2026 vs H1 2025 · year over year
Net income up 207.6% year on year. The report's language is unchanged.
1 · Numbers
+207.6%
Net income vs H1 2025
Net income 274.5M vs 89.2M
Revenue +14.7%
Why Net income rose primarily because the Ultimate Convenience segment drove profitability through store expansion, like-for-like sales growth, and cost efficiencies related to logistics optimization and energy savings.
2 · How the report reads
Unchanged
Language tone vs last period
Report language: very upbeat for a company report — about as upbeat as in H1 2025.
Weak signal: formal report language, not a call.
3 · What stood out
In H1 2026, Żabka Group's Adjusted EBITDA reached PLN 1,903 million, with the margin as a percentage of Sales to End Customers rising to 11.5% from 11.2% in H1 2025.
Read between the lines
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Figure
Adjusted EBITDA margin as a percentage of Sales to End Customers rose from 11.2% in H1 2025 to 11.5% in H1 2026, totaling PLN 1,903 million.
Source quote
“In H1 2026, Adjusted EBITDA amounted to PLN 1,903 million, representing an 11.5% margin as a percentage of Sales to End Customers (StEC), up from 11.2% in H1 2025.”
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Figure
Non-current assets increased by PLN 485 million (3.4%) due to investments in property, plant, equipment, and new store lease contracts from expansion.
Source quote
“The overall increase in non-current assets by PLN 485 million (+3.4%) was mainly driven by investments in property, plant, and equipment (new store fit-outs and remodeling) and new store lease contracts resulting from expansion.”
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Figure
The Ultimate Convenience segment drove profitability as Adjusted EBITDA increased by 16.7% year-on-year to PLN 2,206 million in H1 2026.
Source quote
“The Ultimate Convenience segment remained the primary driver of the Group’s profitability, with Adjusted EBITDA increasing by 16.7% year-on-year to PLN 2,206 million in H1 2026.”
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Figure
Free Cash Flow increased by 6.6% to PLN 1,242 million in the first six months of 2026 compared to the same period in 2025.
Source quote
“In the first six months of 2026, we generated Free Cash Flow (FCF) of PLN 1,242 million, representing a 6.6% increase compared to H1 2025.”
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Figure
New Growth Engines grew by 27.7% year-on-year to PLN 943 million due to the Romanian store network under the Froo brand and expanded digital customer offerings.
Source quote
“New Growth Engines continued to expand at a faster pace, growing by 27.7% year-on-year to PLN 943 million, supported by the development of the Romanian store network under the Froo brand and the continued development of the Group’s digital customer offering.”
1 more
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Figure
Cash and cash equivalents increased by PLN 545 million from the PLN 1,079 million held at year-end.
Source quote
“Cash and cash equivalents increased by PLN 545 million (from PLN 1,079 million at year-end).”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: H1 2026. Ring: H1 2025.
Very upbeat for a company report — about as upbeat as in H1 2025. Periodic reports carry legally required risk wording, so their tone moves little and is a weak signal.
Sentences that drove the tone
“Additionally, the continued expansion of the store network, on the back of improved availability of prime retail locations in Poland and acceleration of expansion in Romania, is expected to contribute...”
“Sales to End Customers have been driven by three key growth factors: (i) store expansion, (ii) strong LfL growth, and (iii) development of NGE.”
“The improvement in Adjusted EBITDA margin was primarily driven by growth in the Ultimate Convenience segment—fueled by store expansion and like-for-like (LfL) sales growth—alongside cost efficiencies related to logistics optimization...”
Full figures
PLN · PAP Biznes report (2026-07-30), consolidated statement; H1 vs the same period a year earlier (restated); net income to parent shareholders
| Metric | H1 2026 | H1 2025 | Change |
|---|---|---|---|
| Revenue | 14.67B | 12.79B | +14.7% |
| Gross profit | 2.50B | 2.14B | +17.0% |
| EBITDA | 1.81B | 1.55B | +17.1% |
| Operating income | 786.4M | 639.2M | +23.0% |
| Net income | 274.5M | 89.2M | +207.6% |
| EPS | 0.27 | 0.09 | +200.0% |
| P/E today 24.8 | 21.3 | 34.9 | −13.6 |
Topics
Topics are drawn from the full report text, not management commentary.
Most discussed now
- Rising Increases in property, plant and equipment in the six-month period ended 30 June 2026, mainly include purchases related to the...
- Moreover, due to the discontinuation of the government fuel price management programme, which shielded consumers from the impact of…
- In 2025, the Polish labor market continued to demonstrate resilience, supported by a sustained increase in nominal wages across key...
- The amount resulting from the difference between liabilities and receivables due to value added tax is paid to relevant tax...
- However, from July onwards, Żabka is likely to see a return of price inflation driven by the reinstatement of the...
Faded since H1 2025
- Fading This included the completion of the rollout of street food ovens across Żabka's store network, as well as other store...
- Fading Due to the seasonality of the results and the disproportionate distribution of non-tax costs, the effective tax rate calculated for...
Latest announcements
Official filings, newest first. Summaries are generated from each filing and its attachment; every figure is checked against the source.
- Aktualizacja programu skupu akcji własnych przez Zabka Group w celu realizacji zobowiązań wynikających z długoterminowego programu motywacyjnego · ESPI 21/2026
- Wybrane skonsolidowane dane finansowe za okresy 3 i 9 miesięcy zakończone 30 września 2026 r. · ESPI 20/2026
- Zawarcie przez spółki zależne Emitenta przedwstępnej umowy sprzedaży nieruchomości - centrów logistycznych w Rzgowie k. Łodzi oraz w Kątach Wrocławskich · ESPI 19/2026
The Issuer's subsidiaries entered into a preliminary agreement to sell two logistics centers with an estimated total value of approximately EUR 110 million net, combined with long-term leaseback agreements for a minimum of 15 years.
- Stanowisko Rady Dyrektorów Zabka Group S.A. dotyczące wezwania do zapisywania się na sprzedaż akcji Zabka Group S.A. · ESPI 18/2026
Alimentation Couche-Tard Inc. announced a tender offer to acquire all 1,002,974,605 ordinary shares of Zabka Group S.A.
- Powiadomienia o transakcjach otrzymane zgodnie z art. 19 MAR · ESPI 17/2026
Mirai Fundacja Rodzinna, a person closely associated with Jolanta Bańczerowska, acquired 411,637 ordinary shares of Zabka Group as a donation at a price of 0 PLN.
- Powiadomienia o transakcjach otrzymane zgodnie z art. 19 MAR · ESPI 16/2026
Adelfoi Fundacja Rodzinna, a person closely associated with Marta Wrochna-Łastowska, received a donation of 832,003 Zabka Group shares at a price of 0 PLN on August 25, 2026.
- Powiadomienia o transakcjach otrzymane zgodnie z art. 19 MAR · ESPI 15/2026
The Company received a notification regarding the transfer of 14,026,960 Zabka Group shares from Sigma Investment SCSp to Adam Manikowski at a price of 32 PLN per share.
- Powiadomienia o transakcjach otrzymane zgodnie z art. 19 MAR · ESPI 14/2026
Persons discharging managerial responsibilities and persons closely associated with them submitted undertakings to sell shares in the Circle K Polska conditional takeover offer, including 310,000 shares at a price of 32 PLN.