Zabka Group (ZAB) M&A presentation summary

Strategic rationale and transaction overview

• All-cash acquisition of up to 100% of Żabka Group at PLN 32.00 per share, implying ~$8.6B equity value and ~$11.0B enterprise value, with closing targeted by Q4 2026 pending regulatory approvals.

• Combination creates a leading pan-European convenience retail platform, merging complementary businesses with strong digital and operational capabilities.

• Transaction accelerates growth, innovation, and value creation, leveraging best practices and digital leadership across a scaled network.

• Żabka’s management will reinvest and remain responsible for executing strategy, ensuring operational continuity and local accountability.

• Integration teams will focus on capturing synergies and long-term value while maintaining strong employee, franchisee, and customer experiences.

Żabka’s business profile and growth

• Operates over 13,000 stores in Poland and Romania, serving ~18 million consumers within 500 meters and processing ~4.3 million daily transactions.

• Achieved $8.5B in sales to end customers and $1.1B adjusted EBITDA (LTM Mar 2026), with 1,368 new stores opened in the last twelve months and a 9-14 month payback period.

• Evolved from a traditional corner store to a tech-powered convenience ecosystem, expanding digital offerings and international reach.

• Demonstrated strong historical growth with a 23% CAGR in sales to end customers from 2000 to 2025.

• Digital platform includes 11.7 million yearly active users, supporting a mission-led, customer-centric model.

Couche-Tard’s global platform and strategic fit

• Operates 17,267 stores across 27 countries, with a strong presence in North America, Europe, and Asia.

• History of dynamic growth through acquisitions and brand expansion, including Circle K and recent European assets.

• Combination with Żabka significantly expands European footprint and diversifies revenue mix, increasing exposure to higher-margin, higher-growth convenience segments.

• Pro forma, the combined group will have over 30,000 stores and enhanced scale for operational excellence and innovation.

• Focused on delivering long-term value creation for shareholders through operational discipline and a growth mindset.