REXA Q2 2026 Earnings Presentation

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REX CONCEPTS2Q26FINANCIAL RESULTSEARNINGS VIDEOCONFERENCE24 September 2026

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IMPORTANT: You must read the following before continuing. The following disclaimer applies to this material. For the purposes of this disclaimer, "Presentation" means this document, its contents or any part of it, any oralor video presentation, any question or answer session and any written or oral material discussed or distributed during the Presentation meeting.This Presentation has been prepared by Rex Concepts S.A. with its seat in Wrocław, Poland ("Rex Concepts"), and its subsidiaries (together the "Rex Concepts Group"). Copying, mailing, distribution or delivery of thisPresentation to any person in some jurisdictions may be subject to certain legal restrictions, and persons who may or have received this Presentation should familiarize themselves with any such restrictions and abide bythem. Failure to observe such restrictions may be deemed an infringement of applicable laws.This Presentation was prepared for information purposes only and is neither a purchase or sale offer, nor a solicitation of an offer to purchase or sell any securities or financial instruments or an invitation to participate inany commercial venture. This Presentation is neither an offer nor an invitation to purchase or subscribe for any securities in any jurisdiction and no statements contained herein nor the fact of its distribution may serve as abasis for any agreement, commitment or investment decision, or may be relied upon in connection with any agreement, commitment or investment decision.This Presentation contains neither a complete nor a comprehensive financial or commercial analysis of Rex Concepts Group, nor does it present its position or prospects in a complete or comprehensive manner. Thefinancial data included in this Presentation has been prepared in accordance with the International Financial Reporting Standards as adopted by the European Union ("IFRS"). Unless otherwise stated, the financial datapresented herein has not been audited or reviewed by an independent auditor. Rex Concepts Group has prepared the Presentation with due care, however certain inconsistencies or omissions might have appeared in it.No warranty or representation, express or implied, is made as to the comprehensiveness or reliability of the information contained in this Presentation. Neither Rex Concepts Group nor the members of its ManagementBoard (Zarząd) or Supervisory Board (Rada Nadzorcza), advisers or representatives of such persons shall bear any liability that might arise in connection with any use of this Presentation. Furthermore, no informationcontained herein constitutes an obligation or representation of Rex Concepts Group, the members of its Management Board or Supervisory Board, its shareholders, subsidiary undertakings, advisers or representatives ofsuch persons.This Presentation may contain alternative performance measures ("APMs") that are not defined or recognized under IFRS, including but not limited to EBITDA, adjusted EBITDA, and operating margin. Such measuresshould not be viewed as substitutes for any IFRS financial measures. Because not all companies calculate APMs in the same way, the APMs presented herein may not be comparable to similarly titled measures used byother companies. For further details, including reconciliation of APMs to the closest IFRS measures, please refer to the relevant periodic reports of Rex Concepts.Certain market, industry and other data used in this Presentation has been obtained from third-party sources, including industry publications, market research and publicly available information. Rex Concepts Group hasnot independently verified such data and makes no warranty or representation, express or implied, as to its accuracy or completeness. Such data may also not have been updated to reflect developments after the originaldate of publication.The Presentation may and does contain forward-looking statements. Examples of these forward looking statements include, but are not limited to statements of plans, objectives or goals and statements of assumptionsunderlying those statements. Words such as "may", "will", "expect", "intend", "plan", "estimate", "anticipate", "believe", "continue", "probability", "risk", and other similar words are intended to identify forward lookingstatements but are not the exclusive means of identifying those statements. By their very nature, forward looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that suchpredictions, forecasts, projections and other forward looking statements will not be achieved. A number of important factors could cause Rex Concepts Group actual results to differ materially from the plans, objectives,expectations, estimates and intentions expressed in such forward looking statements.Past performance of Rex Concepts Group cannot be relied on as a guide to future performance. Forward looking statements speak only as at the date of this Presentation. Any forward looking statements in thisPresentation must not be understood as Rex Concepts Group's assurances or projections concerning future expected results of Rex Concepts Group. The Presentation is not and shall not be understood as a forecast offuture results of Rex Concepts Group and as a consequence, no undue reliance shall be placed on any forward-looking statement contained in this Presentation. Rex Concepts expressly disclaims any obligations orundertaking to release any update of, or revisions to, any forward looking statements, except as required by applicable law or regulation. DISCLAIMER 2

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REX CONCEPTS: YTD HIGHLIGHTS 3 10 in 2Q26; On track for 70+ in FY26and 80+ in FY2744 openings YTD(as of Sept 2026)Strong performance in Poland + Czechia; Romania softer on temporary macro headwinds~60% revenue growth in 2Q26Excluding LTIP; nearly doubled yoy on continued margin expansionPLN 23m adj. EBITDA in 2Q26Mandalorian and Groguoffer well received; TV campaign returns; landlord interest growing, with 4 prime shopping mall sites opened in PolandBurger King gaining momentumExpanded into drinks and strengthened delivery with a new aggregatorPopeyes performing strongly

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SALESPLN 209.5m+58% vs PLN 132.2m in 2Q25KEY FINANCIAL INDICATORS 4Note: Adj. EBITDA in 2Q26 adjusted for PLN 3.3m start-up costs, PLN 2.1mIPO costs and PLN 3.5m LTIP. 2Q25 EBITDA adjusted for PLN 2.6m start-up costs and PLN 3.0m externalfinancing costs. G&A ratio calculated as G&A to total revenue ex. LTIP of PLN 3.5mADJ. EBITDA MARGIN ex LTIP11.1%+1.7 p.p. vs 9.4% in 2Q25EQUITY RESTAURANTS181+68 vs 113 in 2Q25 ADJ. EBITDA ex LTIPPLN 23.2m+87% vs PLN 12.4m in 2Q25G&A RATIO ex LTIP*8.1%−1.4 p.p. vs 9.5% in 2Q25STORE OPENINGS 1H2622+9 vs 13 in 1H25

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ON TRACK TO OPEN AT LEAST 70 NEW RESTAURANTS IN 2026 5 695943~850~330~330~850~330~330Note: FC: Food Court; IL: In-line; DT: Drive-Thru. 1H26 NEW OPENINGS 9 FC | 4 IL | 9 DT9 FC | 4 IL | 9 DT13 FC | 4 IL | 5 DT13 FC | 4 IL | 5 DT100% identified100% identified 3Q26 NEW OPENINGSFY26 NEW OPENINGS PopeyesBurger King12 | 1012 | 10 100% secured100% secured 2027 NEW OPENINGS50%+ secured50%+ secured~100% identified~100% identified70+expected80+expected16 | 616 | 6

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REVENUE UP 58% YOY, WELL AHEAD OF 53% COST GROWTHRevenue +58% yoy, led by Czech Rep. at +82%Costs* +53% yoy, 5 pts below revenue growthStart-up costs +24% yoyon 66% more openings 2.63.32Q25 2Q26PL N' m+24%53.287.750.269.328.852.5132.2209.52Q25 2Q26PolandRomaniaCzech Rep.PL N'm+65%+38%+82% Note: costs, excluding D&A and excluding LTIP108.3169.84.95.712.316.3125.5191.72Q25 2Q26Restaurant costsSubfranchise costsG&A and otherPL N'm+57%+17%+32%

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FOOD AND LABOUR COSTS AS OF % RESTAURANT SALES DOWN 1.3 P.P. YOYFood and labour −1.3 p.p. yoy, as % of restaurant sales−0.8 p.p. Food and materials•Scale effects and sales mix−0.5 p.p. Cost of labour•Operational improvements and lean management•Lower start-up training costs+0.1 p.p. Royalties and marketing•Royalties +0.3 p.p., marketing −0.2 p.p.•Both in line with master franchise agreementsRoyalties and marketing +0.1 p.p. yoy 34.7%33.9%26.7%26.2%2Q25 2Q26Cost of labourFood and materials costs% of rest aurant sales- 0.5 p.p.- 0.8 p.p.4.3%4.6%4.4%4.2%2Q25 2Q26Marketing costsRoyalties costs% of rest aurant sales-0.2 p.p.+0.3 p.p.

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SEMI-VARIABLES AS % OF SALES DOWN 0.8 P.P., LEASES UP 1.6 P.P. YOY ON ASSET MIXSemi-variable costs −0.8 p.p. yoy, as % of restaurant sales−0.8 p.p. Semi-variable and other costs•Aggregator fees +0.4 p.p. driven by higher delivery sales•Utilities remain stable despite inflation•Continuous operational improvements+1.6 p.p. Leases•More in-line, drive-thru and flagship restaurants in the mixLease payments +1.6 p.p. yoy, as % of total revenue Note: Lease payments from CF statement7.8%9.4%2Q25 2Q26% of total reve nue+1.6 p.p.3.0%3.4%4.9%4.9%7.6%6.3%15.5%14.7%2Q25 2Q26OtherUtilitiesDelivery fee% of restaurant salesno change+0.4 p.p.-1.3 p.p.

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G&A (EXCL. LTIP COSTS) DOWN YOY BY 1.4 P.P. TO 8.1% OF REVENUEG&A −1.4 p.p. yoy, as % of total revenue (excl. LTIP) −1.4 p.p. G&A ex LTIP ratio•Payroll ex LTIP +36% yoy vs +58% revenue, on operational efficiencies•External services lower yoy on timing effects and efficiencies•LTM cost per average restaurant PLN 381k, down from 400k in 2025PLN 3.5m LTIP cost•Booked in G&A in 2Q26; total G&A ratio 9.8% including LTIPG&A per restaurant −63% since 2023 (excl. LTIP) 6.0%5.1%2.5%1.8%1.1%1.2%1.7%G&A ex LTIP: 8.1%9.5%9.8%0. 0%2. 0%4. 0%6. 0%8. 0%10. 0%12. 0%14. 0%0. 0%2. 0%4. 0%6. 0%8. 0%10. 0%12. 0%14. 0%2Q25 2Q26PayrollServicesOthersLTIPas % of total revenue-0.9 p.p.-0.7 p.p.+0.1 p.p.1,0206244003812023 2024 2025 2Q26 LTMPLN ('000)

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10 ADJ. EBITDA EX LTIP UP 87% YOY TO PLN 23.2M+58% Revenue•Restaurant sales +60% yoy•FX headwind in RO, slight tailwind in CZ+87% Adj. EBITDA ex LTIP•Restaurant costs lower as % of sales yoy•Start-up costs PLN 3.3m vs PLN 2.6m in 2Q25•G&A ex LTIP ratio lower on operational efficiencies; PLN 3.5m LTIP booked in G&A•PLN 2.1m IPO and external financing costs in 2Q26PLN −9.1m Net financing costs in 2Q26•Net interest PLN −8.2m, mainly IFRS 16•FX differences PLN +1.3m, mainly IFRS 16(PLN 'm) 2Q25 2Q26 yoy 1H25 1H26 yoyRevenues132.2 209.5 +58% 242.5 391.4 +61%EBIT-11.0 -15.4 n.m. -26.7 -28.8 n.m.adj. EBIT ex LTIP-5.4 -6.5 n.m. -17.4 -15.9 n.m.EBITDA6.8 14.2 +110% 5.2 28.1 +438%EBITDA margin5.1% 6.8% +1.7 p.p. 2.2% 7.2% +5.0 p.p.adj. EBITDA ex LTIP*12.4 23.2 +87% 14.5 41.0 +183%adj. EBITDA ex LTIP margin*9.4% 11.1% +1.7 p.p. 6.0% 10.5% +4.5 p.p.EBITDAaL*-3.6 -5.5 n.m. -14.4 -8.8 n.m.EBITDAaL margin*-2.7% -2.6% +0.1 p.p. -5.9% -2.3% +3.7 p.p.Pre-tax-18.7 -24.5 n.m. -39.4 -53.3 n.m.Net loss-6.6 -23.7 n.m. -27.4 -55.7 n.m.Adj. net loss*-1.0 -14.8 n.m. -18.1 -42.8 n.m.Note: Adj. EBIT, EBITDA and adj. net loss in 2Q26 adjusted for PLN 3.3m start-up costs, PLN 2.1m IPO costs and PLN 3.5m LTIP. 2Q25 Adj. EBIT, EBITDA and adj. net loss adjusted for PLN 2.6m start-up costs and PLN 3.0m external financing costs. EBITDAaL calulated as EBITDA less Lease payments (from Cash Flow)

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11 RESTAURANTS ADDED PLN 15.4M, LIFTING ADJ. EBITDA TO PLN 23.2M12.4-2.6-3.06.8+15.4-0.5-7.514.2+3.3+2.1+3.523.22Q25 Adj.EBITDAStart-up costs ExternalFinancing2Q25 EBITDA RestaurantcontributionSub-franchisecontributionG&Acontribution2Q26 EBITDA Start-up costs ExternalFinancingLTIP 2Q26 Adj.EBITDA

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13 IPO PROCEEDS LIFTED CASH BY PLN 376M; NWC STAYS NEGATIVE AT PLN −81MPLN +376m change in cash in 2Q26, driven by IPO proceedsPLN −81m negative NWC*, 9.7% of annualised revenueNote:Net working capital calculated as inventory plus receivables and other minus payables and other. Annualized revenue calculated as 4 times quarterly revenues. Actual payments for Capital Expenditures vs IFRS8 Capex. AUC: Asset under constructionPLN 4.9m capex per new opening* in 1H26 (IFRS 8)17.0-32.830.815.016.8-53.0412.1375.9Operating CF Investing CF Financing CF Change in cash2Q252Q262Q26: 0m NWC movement2Q25: +11m NWC movement2Q26: +433m IPO net proceeds2Q25: +43m loan proceeds2Q26: +13m capex liabilities increasePLNm-43.7-61.2-81.12Q25 FY25 2Q26PLNm / % of annaulizerevenue*8.3%9.7%10.3% 3.62.33.33.44.62.73.64.9FY23 FY24 FY25 1H26IFRS 8Cash Flow IFRS 8 ex AUC*

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OUTLOOK

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KEY FINANCIAL TARGETS ON TRACK AFTER 1H26 15Note: G&A ratio and guidance exclude the effect of LTIP cost recognitionOn track: 44 opened YTDROLL-OUTc. 70new equity stores in 2026c. 80 a year in the mid and long term; 700+ by end-20321H26 revenue +61% yoyREVENUES3xrevenue in the next two years (2025-2027)At least double the 2027 level by 2028–20304-wall EBITDA margin up yoyPROFITABILITYLow–mid 20s%4-wall EBITDA margin, long termGradual improvement towards the target rangeBelow 9.5% of revenue in a seasonally weaker 1H26LEASE PAYMENTS6.0–9.5%of revenue in the mid termDepending on location and fit-outOn track: PLN 3.6m in 1H26, ex assets under constructionCAPEXPLN 3.0–3.8mper new restaurant on averageRemodelling after 7 years at c. PLN 1.1mG&A ratio improved further in 2Q26G&A*− 2–3 p.p.G&A ratio* over the next 2–3 yearsExcluding LTIP costs

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16 USE OF PROCEEDSMAIN TARGETSAUXILIARY TARGETS01Support the existing mid-term strategic planRollout of BK / PLK in CEE02Accelerate the roll-out in existing markets and brandsIncreasing pace of development03M&A in existing marketsDiscussions in progress04Expansion into new markets with existing brandsDiscussions in progress05New product categories or a new QSR brandDiscussions in progress, Rex Incubator

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UPDATE 17 3Q26:•3Q26 QTD: consistent sales trends with 1H26;•Continuation of strong marketing calendar: value, loyaltylaunch in BK PL, licensed partnerships, drinks, deliveryexpansion;•Upfront rent payment in Otopeni impacting cash flow2026-2027:•We plan 70+ openings in 2026 and 80+ in 2027;•BK loyalty roll-out to other countries; Popeyes launch in2027;•One-offs: higher recognition of LTIP programme cost incoming quarters.

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Q&A

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APPENDIX

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GLOSSARY 20 •EBITDA: operating profit or loss, adjusted for depreciation and amortization of right-of-use assets, depreciation ofproperty, plant and equipment, amortization of intangible assets, impairment losses on financial assets, impairmentlosses on non-financial assets (presented as part of restaurant expenses).•Adjusted EBITDA: EBITDA adjusted for start-up costs and costs related to external financing (including IPO-relatedcosts) and other one-off items.•Adjusted EBITDA: EBITDA adjusted for start-up costs and costs related to external financing (including IPO-relatedcosts) and Long-Term Incentive Program costs and other one-off items.•EBITDAaL: EBITDA less lease payments from CF statement•Same Store Sales: revenue growth from comparable restaurants (restaurants that have been operating for a periodof longer than 12 months)•G&A Ratio: G&A costs to total revenue•EQ: Equity (Restaurants)•FZ: (Sub) Franchise (Restaurants)•Start-up costs: restaurant expenses incurred prior to opening primarily include employee benefits, rent, training andtesting costs and other basic expenses required to prepare the restaurant for operations. This amount does notinclude capital expenditures.•LTIP:Long-Term Incentive Program•IFRS 8 Capex: Capital expenditures on non-current assets in accordance with paragraph 24(b) of IFRS 8•FC: Food Court•IL: In-line•DT: Drive-Thru

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21 SELECTED MARKETING ACTIVATIONS YTD Food innovations incl. collectible toys & limitedcupsLimited Time OfferMandalorian License - CEECore Activation - CEEThree mini burgersin one box – first TV communication in PLOffer Note: Limited Time OfferDrink Activation – CEERed Bull Infusions (firsttime on the markets)Red Bull CombosOfferLTO activation - CEELime JalapenoSandwich, Wrap, Dip N Drip, FriedJalapeno, Limited Time Offer

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SHAREHOLDER STRUCTURE AND EVENTS CALENDAR 22Note: Shareholding as of date of this presentation. Assumes share in total number of issued shares and rights to shares. Rex Invest CEE hold put option allowing to repurchase ca. 3.5m shares Shareholder structure* •Total number of shares and rights to shares as of date of this presentation: 95,749,683 sharesRex Invest CEE; 66.04%NN PTE; 10.40%Others; 23.56%Key events Date3Q26 report 25 November 2026

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20571001591812022 2023 2024 2025 2Q26………2032E………LT ROLL-OUT PLAN 23Source: Rex Concepts, Geolytix The figures relates only to opportunities in the current countries of operation and does not account for the planned expansion into other countries From 181 equity stores as of the end of 2Q26 to over 1,500 potential opportunities to choose from*695943~850~330~850~330~850~330Number of stores as of 2Q26Potential number of stores in the LT~330BK EQ PLK EQ BK FZ TotalPL 36 37 44117RO 42 23 1075CZ 26 17 4285Total 104 77 96 277

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USE OF PROCEEDSMAIN TARGETS(46%)AUXILIARY TARGETS (54%)24 SUPPORT OF EXISTING MID-TERM STRATEGIC PLAN: 25%•The Company intends to open approximately 70 new restaurants in 2026 and to continue expanding at a pace of more than 80 restaurants in subsequent years. New locationswill be situated in urban areas, including shopping malls and major transport hubs, across Poland, Czechia and Romania.•The funds will be invested in new properties, modernization and reconstruction of existing restaurants, furnishing new locations, marketing of newly opened restaurants, andhiring and training of new staff. Part of investment will also focus on energy-efficient solutions and technology solutions to accelerate sales.ACCELERATION OF ROLL-OUT IN EXISTING MARKETS AND BRANDS: 21%•In addition to the current business plan, the Company has prepared an additional growth plan aimed at accelerating new store opening beyond those assumed in the currentbusiness plan. The Company intends to accelerate the expansion of Burger King and Popeyes brands by opening 25-30 additional restaurants in Poland, Czechia and Romaniabetween 2027 and 2029.•The funds will be also used to intensify marketing and brand-building activities, develop digital and delivery channels, and invest in initiatives such as the development of CRMsystems, loyalty programs, and increased visibility on platforms, aimed at supporting customer acquisition and long-term retention.M&A OPPORTUNITIES ON EXISTING MARKETS: 28%•The Company identifies consolidation opportunities in existing markets to expand the scale of its brands. These may include acquisitions of individual restaurants, groups ofrestaurants, or entire chains in CEE. Where justified, acquired locations may be converted to brands from the Company’s portfolio to broaden the customer base and realizeoperational synergies.•Acquisitions will be pursued only if they meet key investment criteria, including strategic fit, valuation, integration feasibility, due diligence, and their impact on strengthening theCompany’s competitive position.EXPANSION INTO OTHER MARKETS WITH EXISTING BRANDS: 13%•The Company plans to use the funds to support expansion into new geographic markets using its existing brands, with a particular focus on the CEE region beyond Poland,Czechia, and Romania. The specific target markets have not been determined yet and remain subject to ongoing analysis. Expansion into other markets may represent asignificant potential driver of future growth and value creation.NEW PRODUCT CATEGORIES OR LAUNCH OF A NEW QSR BRAND: 13%•The funds might be used to support the Company’s entry into the new product category, defined as a group of products connected to the core business (such as burgers, pizza,fried chickens, sandwiches), or to introduce a new brand in QSR sector. The company plans to focus on leading brands, holding the first or second position in their category, withpotential investments relating to the introduction of a new brand and the build-out of operational capabilities required to scale a new product category.Pursuant to the MFSA, EUR 30m will be allocated to the development of the Burger King or Popeyes restaurant network in Poland, Romania and the Czech RepublicPursuant to the MFSA, an acquisition reserve of EUR 20m will be set aside, intended to finance potential acquisitions by the Group

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3%12%7%1%7%10%9%13%5%12%16%9%11%13%21%4%13%8%1%-2%-3%-2%-3%2%3%-2%3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 07-08.26* Burger King PL - 20 locations acuired in 2022Popeyes RO - 6 locations acquired in 2023Chicken competitor ROINORGANIC BASE PERFORMANCE PROVES M&A TURNAROUND CAPABILITIES Note: Preliminary data SSS performance of acquired base

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26 SEGMENT SUMMARY – 1H26Total revenue (PLNm)EBITDA (PLNm)Total revenue (PLNm)EBITDA (PLNm)Total revenue (PLNm)EBITDA (PLNm)Number of restaurants (EQ) Number of restaurants (EQ) Number of restaurants (EQ) CAPEX (IFRS 8, PLNm)CAPEX(IFRS 8, PLNm)CAPEX(IFRS 8, PLNm)163m / +64% yoy129m / +39% yoy99m / +96% yoy73 / +25 yoy65 / + 25 yoy43 / +18 yoy15.2m / (+12.1m yoy)7.3m / (+1.5m yoy)9.4m / (+10.8m yoy)22.7m / 21%29.2m / 27%56.5m / 52%

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EQUITY STORES – SPLIT BY COUNTRY AND BRAND 27 equity stores 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26Poland 21 24 32 32 34 35 42 47 48 52 65 69 73o/w BK 21 21 27 27 28 28 31 31 31 31 34 35 36o/w PLK 0 3 5 5 6 7 11 16 17 21 31 34 37Romania 8 10 15 17 22 26 36 37 40 47 56 59 65o/w BK 2 4 9 11 14 17 24 25 26 31 37 38 42o/ PLK 6 6 6 6 8 9 12 12 14 16 19 21 23Czech Rep. 0 1 10 10 13 16 22 23 25 29 38 43 43o/w BK 0 1 8 8 10 13 18 18 19 21 23 26 26o/w PLK 0 0 2 2 3 3 4 5 6 8 15 17 17BK total 23 26 44 46 52 58 73 74 76 83 94 99 104PLK total 6 9 13 13 17 19 27 33 37 45 65 72 77REX TOTAL 29 35 57 59 69 77 100 107 113 128 159 171 181

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PnL SPLIT BY SEGMENT 28 2Q262Q25 (PLN 'm) Poland Romania Czech Rep. OtherTotal Revenue, o/w:87.7 69.3 52.5 0.0Restaurant sales85.1 69.1 49.1 0.0Subfranchise revenue2.6 0.1 3.4 0.0Restaurant expenses-80.0 -69.1 -49.5 0.0Subfranchise expenses-2.2 -0.2 -3.4 0.0G&A-8.8 -4.8 -4.3 -2.7EBIT-3.3 -5.0 -4.5 -2.7EBITDA 8.7 3.5 4.7 -2.7(PLN 'm) Poland Romania Czech Rep. OtherTotal Revenue, o/w:53.2 50.2 28.8 0.0Restaurant sales51.0 49.1 26.4 0.0Subfranchise revenue2.2 1.1 2.4 0.0Restaurant expenses-48.4 -48.2 -28.9 0.0Subfranchise expenses-1.1 -1.3 -2.5 0.0G&A-6.5 -2.4 -2.5 -1.1EBIT-2.9 -1.5 -5.4 -1.1EBITDA 4.0 3.9 0.0 -1.1

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PnL RESTAURANTS 29 (PLN 'm) 2Q25 2Q26 yoy 2Q25 % 2Q26 %Restaurant sales126.5 203.4 +61% 100.0% 100.0%Food and materials costs-43.9 -68.9 +57% 34.7% 33.9%Cost of labour-33.7 -53.2 +58% 26.7% 26.2%Royalties costs-5.4 -9.3 +72% 4.3% 4.6%Marketing costs-5.6 -8.5 +52% 4.4% 4.2%Semis & other costs-19.6 -29.8 +52% 15.5% 14.7%D&A IFRS 16-7.2 -13.0 +79% 5.7% 6.4%D&A PPE&Intagibles-10.0 -15.9 +59% 7.9% 7.8%Start-up costs-2.6 -3.3 +24%Number of equity stores113 181 +60%

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PnL RESTAURANTS – cont. 30 (PLN 'm) 1H25 1H26 yoy 1H25 % 1H26 %Restaurant sales232.4 381.5 +64% 100.0% 100.0%Food and materials costs-80.4 -129.2 +61% 34.6% 33.9%Cost of labour-65.8 -100.6 +53% 28.3% 26.4%Royalties costs-9.6 -17.0 +77% 4.1% 4.4%Marketing costs-9.4 -15.9 +70% 4.0% 4.2%Semis & other costs-37.6 -57.2 +52% 16.2% 15.0%D&A IFRS 16-13.6 -25.7 +88% 5.9% 6.7%D&A PPE&Intagibles-17.3 -30.1 +74% 7.4% 7.9%Start-up costs-6.3 -5.9 -7%Number of equity stores113 181 +60%

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COSTS SPLIT BY TYPE: 2Q26 31 2Q26 PLN ('000) Restaurant expenses Subfranchise expenses G&ACost of food products and materials-68,935 0 2Employee compensation and benefits-53,237 -1,652 -14,261External services - marketing and advertising-8,524 -3,510 0External services - food delivery aggregator costs-6,972 0 0External services - other external services-5,585 -304 -3,808Rent (variable lease payments and short-term and low-value leases)-1,565 -7 -186Utilities (electricity, water, heating)-10,000 -12 -130License (franchise) fees-9,263 -225 0Depreciation of right-of-use assets-12,966 0 -148Depreciation of property, plant and equipment-15,328 -9 -396Amortization of intangible assets-393 0 -149Impairment losses on financial assets*0 -122 0Impairment losses on non-financial assets**-149 0 0Other costs-5,683 0 -1,420Total-198,599 -5,841 -20,495

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COSTS SPLIT BY TYPE: 2Q25 32 2Q25 PLN ('000) Restaurant expenses Subfranchise expenses G&ACost of food products and materials-43,930 0 -2Employee compensation and benefits-33,716 -1,825 -7,869External services - marketing and advertising-5,598 -2,500 0External services - food delivery aggregator costs-3,823 0 0External services - other external services-4,117 -285 -3,285Rent (variable lease payments and short-term and low-value leases)-1,937 -12 -159Utilities (electricity, water, heating)-6,195 -65 -56License (franchise) fees-5,389 -195 0Depreciation of right-of-use assets-7,229 0 -96Depreciation of property, plant and equipment-9,553 -9 -197Amortization of intangible assets-281 0 -158Impairment losses on financial assets*0 -75 10Impairment losses on non-financial assets**-165 0 0Other costs-3,571 0 -749Total-125,502 -4,966 -12,561

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PnL 33 PLN ('000) 2023 2024 2025 1Q25 2Q25 1Q25 2Q25Restaurant sales122,141 339,029 575,760 203,361 126,469 178,104 203,361Sub-franchise revenue12,946 19,483 18,808 4,272 5,776 3,789 6,137Total revenue135,087 358,513 594,568 110,236 132,245 181,893 209,498Restaurant expenses -129,117 -332,372 -556,098 -108,189 -125,503 -176,940 -198,599Sub-franchise expenses-12,302 -18,482 -18,418 -4,653 -4,966 -3,609 -5,841Gross profit/(loss)-6,333 7,659 20,052 -2,605 1,777 1,343 5,058General and administrative expenses-42,325 -49,013 -51,773 -13,107 -12,561 -14,542 -20,495Loss alowances on financial assets1,571 427 0 0 0 0 0Other operating income and expenses-226 749 -170 -9 -197 -177 9Operating loss-47,313 -40,179 -31,890 -15,721 -10,981 -13,376 -15,428D&A and writedowns10,373 40,185 75,260 14,177 17,752 27,262 29,659EBITDA-36,939 6 43,370 -1,545 6,771 13,887 14,232Finance income5,257 2,912 925 333 61 41 3,428Finance costs-12,748 -21,105 -31,115 -5,311 -7,749 -15,489 -12,488Loss before tax-54,804 -58,372 -62,080 -20,699 -18,669 -28,824 -24,488Income tax-1,867 -565 16,485 -132 12,073 -3,116 765Net loss-56,671 -58,937 -45,595 -20,831 -6,597 -31,940 -23,723

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BALANCE SHEET 34 PLN ('000) 2023 2024 2025 1Q25 2Q25 1Q26 2Q26PPE120,489 233,604 397,786 253,196 271,972 421,943 474,024Right-of-use assets129,749 246,343 470,094 262,818 277,272 527,864 555,168Goodwill 24,216 24,216 22,759 22,878 22,878 22,886 22,654Intangibles6,989 10,594 14,536 10,595 10,839 14,935 15,989Other non-current assets9,018 11,747 32,027 12,909 25,996 28,707 29,972Total non-current assets290,461 526,504 937,202 562,396 608,956 1,016,335 1,097,807Inventories7,666 6,311 10,394 8,375 6,302 8,451 9,738Trade and other receivables24,221 21,720 34,903 23,080 15,438 28,478 33,602Cash and cash equivalents82,860 64,513 131,445 74,083 89,544 83,158 458,251Other current assets91,705 4,792 13,106 5,702 9,710 15,924 10,197Total current assets206,452 97,336 189,848 111,240 120,994 136,010 511,787Total assets496,913 623,840 1,127,050 673,635 729,950 1,152,345 1,609,594Equity303,480 284,525 474,336 327,563 322,336 444,542 846,096Loans and borrowings0 0 41,904 0 41,861 42,180 42,291Lease liabilities128,613 257,357 492,444 273,374 290,438 555,664 584,783Trade payables and other58,823 72,504 106,530 62,939 65,482 98,346 124,487Other liabilities5,997 9,455 11,837 9,760 9,834 11,614 11,938Total liabilities193,433 339,316 652,715 346,072 407,614 707,804 763,498

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CASH FLOW 35 PLN ('000) 2023 2024 2025 1Q25 2Q25 1Q26 2Q26Loss before Tax-54,804 -58,372 -62,080 -20,699 -18,669 -28,824 -24,488Adjustments:D&A14,327 40,548 74,371 14,167 17,522 27,287 29,388FX (gains)/losses755 -2,881 5,209 -2,812 897 3,001 -1,348Interest3,816 11,727 26,839 5,132 5,820 8,821 9,635NWC movement400 16,572 -17 -8,393 11,353 7,738 492Income tax paid0 0 -278 -278 0 0 -317Other adjustemnts-4,177 -864 -51 1 36 72 3,416Operating cash flow-39,683 6,730 43,993 -12,882 16,959 18,095 16,777Net Capex on PPE-78,536 -136,156 -195,316 -33,122 -32,124 -46,677 -52,854Net Capex on Intangibles-4,827 -5,012 -5,619 -370 -683 -903 -1,596M&A1,266 0 0 0 0 0 1Other investing activities14,172 101,569 154 15 26 13 1,496Investing Cash Flow-67,925 -39,599 -200,781 -33,477 -32,781 -47,567 -52,952Equity contributions122,277 42,916 236,758 66,518 0 0 433,070Lease payments-9,152 -27,137 -50,405 -9,333 -10,476 -17,284 -19,784Change in loans-724 0 42,690 0 42,571 0 0Interest paid on loans0 0 -1,599 0 -31 -639 -645Other finanacing activities0 0 -1,719 0 -1,230 -1,825 -543Financing Cash Flow112,402 15,779 225,725 57,185 30,834 -19,748 412,098Total net cash flows4,794 -17,090 68,937 10,826 15,012 -49,219 375,923

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