Eurocash (EUR) Q1 2026 earnings summary

Executive summary

• FMCG market growth slowed to 3.0% y/y in 1Q26, with Eurocash outperforming its wholesale market despite challenging conditions such as disinflation, weaker consumer traffic, and adverse weather.

• Group sales declined by 3.2% y/y, but EBIT loss narrowed to PLN -12m from PLN -28m a year ago; EBITDA (pre-IFRS16) rose to PLN 10m from PLN 1m.

• Strategy execution is on track, with 24% of the PLN 400m cost savings target already launched, corresponding to an annualised EBIT impact of PLN 96m.

• Adjusted net loss was PLN -74m, impacted by PLN 15m in tax one-offs.

Financial highlights

• Revenue fell 3.2% y/y to PLN 6,657m; gross margin declined by 69 bps to 13.0%.

• EBITDA (IFRS16) stable at PLN 121.4m (margin 1.82%); EBIT loss improved to PLN -11.7m.

• Net profit remained negative at PLN -89.4m, with net profit margin unchanged at -1.3%.

• Working capital stable, with cash conversion cycle at 28 days.

• Net Debt/EBITDA (pre-IFRS16, adjusted) increased to 1.8x.

Outlook and guidance

• Cost optimisation and restructuring initiatives are expected to deliver PLN 400m EBIT impact by 2027.

• Strategy focuses on strengthening the franchise core and further expansion into independent clients.