# Zabka Group (ZAB.WAR)

Canonical: https://gigainvestors.com/s/ZAB.WAR

Analysis as of: 2026-10-16T07:36:20.541Z. 

Listing currency: PLN. Reporting currency: PLN.

## Verdict

Not enough history yet

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: PLN 31.74 per share; close as of 2026-10-15.

## Checklist

### understandable: na

### moat: na

### economics: na

### management: na

### accounting: na

## Holders

## Price story

Up 48% since Oct 2024

Story as of 2026-10-16T10:01:27.487Z; price observation 2026-10-15.

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in grocery stores; annual sales are PLN 27.2 billion.

- Source: https://eodhd.com/api/fundamentals/ZAB.WAR.json#2025-12-31 (filed 2026-10-16T07:36:20.541Z); FY2025: revenue 27152564000; grossProfit 5099792000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ZAB.WAR: Zabka Group S.A. operates as an ultimate convenience ecosystem in Poland. The company operates convenience retail stores and Zabka Nano Stores, an autonomous store. It also provides digital offering solutions, including Maczfit, a direct-to-consumer (D2C) meal solution; Dietly, an online D2C meal solutions marketplace.; and eGrocery and e-commerce services under the Zappka, delio and Zabka Jush brands. In addition, the company franchises retail stores; and engages in the IT consultancy related activities, real estate construction, warehousing and storage of goods, rental and management of own or leased real estate, and sale of merchandise. Further, it is involved in the retail sale of tobacco products in specialised stores; production and distribution of ready meals; software related activities connected with catering platform; transport of goods; distribution of FMCG products; and other activities supporting financial services. It sells its products through physical convenience stores and online. The company was founded in 1998 and is headquartered in Luxembourg, Luxembourg.

### Why customers stay

Margins ranged from 11.3% to 18.8% during 2023–25.

- Source: https://eodhd.com/api/fundamentals/ZAB.WAR.json#2023-12-31 (filed 2026-10-16T07:36:20.541Z); FY2023: grossProfit / revenue = 17.8%.

- Source: https://eodhd.com/api/fundamentals/ZAB.WAR.json#2024-12-31 (filed 2026-10-16T07:36:20.541Z); FY2024: grossProfit / revenue = 11.3%.

- Source: https://eodhd.com/api/fundamentals/ZAB.WAR.json#2025-12-31 (filed 2026-10-16T07:36:20.541Z); FY2025: grossProfit / revenue = 18.8%.

### Where the cash goes

Paid no dividends in 5 years; bought back PLN 82.6 million of shares.

- Source: https://eodhd.com/api/fundamentals/ZAB.WAR.json#2025-12-31 (filed 2026-10-16T07:36:20.541Z); FY2025: growth capex 0; upkeep 1623801000; owner earnings 307025000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:20.541Z); Dividend observations: [[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/ZAB.WAR.json#2025-12-31 (filed 2026-10-16T07:36:20.541Z); FY2025: cash repurchases 82567000 PLN.

### Are managers owners

Insiders own 47.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ZAB.WAR SharesStats.PercentInsiders = 47.637 percentage points; cache date 2026-10-16.

### What the price says

The price is 1.2 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:20.541Z); Closing price 31.74 PLN; reporting-to-trading FX 1; FY2025 annual sales per share 27.10351520219483; price multiple 1.1710658105864329. FY2025 cash earnings/share 0.30647038544698274. Closing-price date 2026-10-15.

## Monthly share-price history (PLN per share)

- 2024-10: PLN 21.45 per share

- 2024-11: PLN 19.30 per share

- 2024-12: PLN 19.25 per share

- 2025-01: PLN 23.34 per share

- 2025-02: PLN 22.80 per share

- 2025-03: PLN 20.69 per share

- 2025-04: PLN 21.49 per share

- 2025-05: PLN 22.61 per share

- 2025-06: PLN 21.64 per share

- 2025-07: PLN 20.75 per share

- 2025-08: PLN 21.80 per share

- 2025-09: PLN 23.45 per share

- 2025-10: PLN 21.45 per share

- 2025-11: PLN 23.27 per share

- 2025-12: PLN 22.90 per share

- 2026-01: PLN 21.60 per share

- 2026-02: PLN 22.35 per share

- 2026-03: PLN 22.10 per share

- 2026-04: PLN 23.13 per share

- 2026-05: PLN 25.60 per share

- 2026-06: PLN 27.20 per share

- 2026-07: PLN 31.80 per share

- 2026-08: PLN 31.58 per share

- 2026-09: PLN 31.65 per share

- 2026-10: PLN 31.72 per share

## Annual estimated value (PLN per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:42:04.543Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations