Forget the Takeover — Żabka’s Real Story Just Got Better
Żabka Group, Poland’s largest convenience-store franchise operator, reported H1 2026 results on July 30, after market close.
Sales to end customers rose 12.6 percent year-over-year to PLN 16,616 million, revenue climbed 14.7 percent to PLN 14,666 million, and adjusted EBITDA grew 15.1 percent to PLN 1,903 million, with margin expanding to 11.5 percent from 11.2.
Net profit more than tripled to PLN 249 million, and adjusted net profit reached PLN 315 million, up 118.2 percent.
The network grew to 13,063 stores after 778 openings in the half.
| H1 2026 | H1 2025 | Change | |
| Revenue | 14,666m PLN | 12,791m PLN | +14.7% |
| Adj. EBITDA | 1,903m PLN | 1,654m PLN | +15.1% |
| Adj. Net Profit | 315m PLN | 144m PLN | +118.2% |
The number that stands out is like-for-like growth: 4.0 percent in Q2, up from 3.2 in Q1.
Management had blamed an unusually cold winter for the Q1 slowdown, and this is the first hard evidence that explanation was accurate rather than convenient.
Leverage tells a similar story — net debt to adjusted EBITDA fell to 0.7x from 1.2x a year ago, funding the company’s first-ever dividend.
What strikes me is the timing. This report lands just three days after Seven & i walked away from takeover talks, and it’s a genuinely strong answer to the question that departure raised: is the underlying business still worth owning without a buyer?
The stock rose 2.7 percent during Tuesday’s session, but that move happened before the report — released after the close — so the market hasn’t actually priced these numbers in yet.
Friday’s open is the real test.
