Group New York EME Conference

|25 March, 2020 Agenda

About Eurocash 3

Macro environment 7

Wholesale segment 11

Retail segment 14

Projects segment 17

Consolidated financial results 19

|25 March, 2020 01. About Eurocash

3 1. About Eurocash

No. 1 Fast growing wholesale distributor in retailer on Polish market Second player on 28% market share creating largest proximity Polish FMCG market chain in Poland the biggest FMCG e-commerce B2B platform

Wholesale segment segment Projects segment

* * * *

4 1. About Eurocash

bn PLN Polish FMCG market Polish wholesale market %

51 23 Eurocash Eurocash Group 18 28% 11 10 10 Others 54%

8 5% Makro - FMCG (C&C)

7 Intermarche 4% (C&C) 7 Żabka 3% 1% 3% PT Dystrybucja (T) 2% Metro Distribev (A) 7 PHUP Gniezno (T) (Makro C&C) Alti (A) 6 Dino 3 Selgros

5 1. About Eurocash

Eurocash Group milestones & sales evolution

Building Consolidating Entering Consolidating wholesale wholesale retail retail

bn PLN 25 23 21 6 5 18 19 4 17 17 17 3 3 2 2 2

10 8 1 18 19 16 17 6 7 1 15 15 15 16 5 1 1 3 1 9 0 6 7 1 2 2 4 5 0 3 1995 // 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 * 2017 * 2018 * 2019 *

Retail Wholesale * years 2016-2019 - change in the presentation of sales value related to IFRS 15 - (approx. PLN 2.4 billion) 6 Eurocash Group – Strategy meeting 2020 02. Macro environment

7 02. Macro environment

Polish GDP growth Inflation 6.7 6.9 % % 5.2 5.3 5.2 4.9 4.8 4.6 4.7 3.9 3.9 3.1 3.2 2.8 2.9 2.2 2.4 1.1 1.1 2.0 1.4 1.2 1.8 1.5 1.7 1.4 1.4 1.6 1.3 1.2 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19

CPI CPI - food & non-alcoholic beverages CPI - alcoholic beverages & tobacco

Retail sales growth in Poland Inflation by category % % 8.1 8.1

5.5 5.6 5.8 5.2 4.1 4.2 2.0 1.6 1.3 0.6

1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 2018 2019 2018 2019 Tobacco Alcohol beverages

8 02. Macro environment

FMCG market in Poland

+3,3% 280 245 • The main formats on the market are 230 128 small stores and discount stores

117 small format 123 • Small-format stores have a market share of 46% and have grown on average by 3% annually in the last 3 152 128 years large format 107 • The growth dynamics of small stores 2012 2015 2018 in 2019 is second fastest

Source: PMR 9 02. Macro environment

2019 polish food market growth % Number of stores under Eurocash supported brands 9.2 3,4% 5.4 16 326 3.1 15 782 -1.7 Discounters Small Format Hypermarkets 300-2500 +2500 8 708 8 985 2019 small format stores growth "abc" stores chain Delikatesy Centrum % Others franchaise chains* 15.4 1 565 Inmedio 11.8 1 539 9.3 7.7 Duży Ben, Kontigo, ABC on wheels 3.0 0.5 1.9 -6.7 5 024 5 133

Specialized & Others Convenience Small supermarkets Small grocers <40 sqm 40-100 sqm 100-300 sqm 63 448 193 450 2018 2019 sales dynamic sales per store dynamic

Number of stores under Eurocash brands Strong sales per store dynamic increase increased by 3.4% in 2019

*, Euro Sklep S.A., Lewiatan, PSD 10 *Nielsen Retail Trade Panel, Value sales, period: January 2018 – December 2019, Food categories 03. Wholesale segment

11 03. Wholesale segment

Thousands of users and sales Wholesale segment structure

80.0 12.0 8.7 Eurocash 3.5 Eurocash 2.9 Distribution 2018 2019 long-term target Alcohol Eurocash Eurocash number of users eurocash.pl sales (bln PLN) Serwis Cash&Carry Average monthly mobile app users

4 249.0 2 671.0

2018 2019

82% of Eurocash clients using eurocash.pl Eurocash Distribution mereged with 3.5 bln PLN of sales via Eurocash.pl Eurocash Alcohol, efficiency increased

12 03. Wholesale segment

m PLN 2019 sales LFL +12% m PLN 6.9 6.2

3.8 2.7 3.2 16 725 17 683 18 710 1.5 1.2 0.7

2017 2018 2019 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19

2019 EBITDA and EBITDA margin 2019 sales evolution m PLN 2.29% 2.36% 42 6 2.5 2.05% 2.0 224.9* 862 1.5 18 710 400 1.0 441.9 17 683 117 0.5 342.7 404.1 200 0.0 0 2017 2018 2019 2018 Sales Cash&Carry Tabacco Distribiution Food Service 2019 Sales & Others

Next year of sales increase Tobacco sales increase and better segment efficiency stable growth in distribution and Cash&Carry

13 *IFRS16 impact 04. Retail segment

14 04. Retail segment

Retail integration completed, rebranding on stream LFL Delikatesy Centrum Retail

% 8.0%

6.3%

4.1% 3.6% 2.1%

-1.5% 1 171 stores -1.8% -2.0% 1Q18 2Q18 3Q18 4Q19 1Q19 2Q19 3Q19 4Q19

Number of Delikatesy Centrum stores 177 stores 225 stores +45%

1 539 1 565

1 076 537 576 Own 10

Retail integrated. 1 066 1 002 989 Franchise 1Q 2020 – first quarter of retail working as one business unit 2015 2018 2019

15 04. Retail segment

m PLN 2019 sales 2019 sales evolution m PLN +50%

+19% 5 905 37 4 947 3 949

2017 2018 2019 689

5 905 m PLN 2019 EBITDA and EBITDA margin 3.53% 4 132.2* 300 32 81 3 2.17% 2.25% 200 4 947 119 2 100 1 139.4 107.4 132.6 2018 sales Delikatesy Delikatesy EKO Mila & Inmedio 2019 sales Centrum Centrum Others 0 0 Own 2017 2018 2019

Integration of all companies Delikatesy Centrum LFL: 3.6% into one common structure Mila consolidated as of June 2018

16 *IFRS16 impact 05. Projects segment

17 05. Projects segment

Alcohol store Stores & plans 2019

• 2019 sales: 52 m 77 • LFL 20% 34 • BEP=120 stores

2018 2019 Cosmetic store

• 2019 sales: 30 m 30 • LFL 21% 13 • BEP=100 stores 2018 2019

Stores on wheels

86 • 2019 sales: 14 m • BEP= 240 cars 26 2018 2019

Plans of further expansion in each of business concepts

18 06. Consolidated financial results

19 06. Consolidated financial results

m PLN 2019 sales 2019 cash conversion

+19% m PLN

30 27 24 25 24 852 21 23 20 21 20 849 22 833 24 24 23 20 20 20 18 19

2017 2018 2019 -23 -24 -25 -28 -25 -26 -25 -25 m PLN 2019 EBITDA and EBITDA margin 1.83% 2.0 1.73% 800 -63 1.5 1.18% 364.1* 600 -68 -68 -65 -70 -72 -76 1.0 400-77 Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 0.5 418.6 430.0 200 246.3 Receivables Stock Cash conversion Liabilities 0.0 0 2017 2018 2019

Sales increase driven by wholesale segment and further 25 days of cash conversion development of retail segment

*IFRS16 impact 20 06. Consolidated financial results

m PLN Net debt/EBITDA (before IFRS16) Net debt/EBITDA (after IFRS16) m PLN

3.29 2.0 1.77 3.5800 3 000 3.07 2.96 700 2.82 1.49 3.0 2 500 1.5 2.5600 1.17 1.23 2 000 500 2.0 1.0 400 1 500 729 1.5 2 554 628 300 2 416 2 285 2 348 521 528 1 000 0.5 412 422 446 430 1.0200 500 0.5100 777* 786* 810* 794* 0.0 0.00 0 1Q 19 2Q 19 3Q 19 4Q 19 1Q 19 2Q 19 3Q 19 4Q 19

LTM EBITDA (PLN m) LTM EBITDA (PLN m) NET DEBT (PLN m) NET DEBT (PLN m) NET DEBT / EBITDA, definition of bank covenant NET DEBT / EBITDA, definition of bank covenant

Stable and safe net debt position before and after IFRS16

*Impact of IFRS16 on EBITDA amounted in 2019 to: PLN 364 m. This value has been added to 12M EBITDA in each quarter of 2019 & 2020. 21 Thank you!

IR contact Magdalena Kupiec Email: [email protected] tel. +48 784 472 068