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Neither X5 Group N.V. nor any of its agents, employees or advisors intend or have any duty or obligation to supplement, amend, update or revise any of the statements contained in this presentation. 2#3X5Group X5 is a leading Russian food retailer... 2021 Highlights #1 Russian food retailer by revenue 12.7% market share 19,121 stores vs 9.5% in 2017 in 67 Russian regions +57.8% vs 2017 >340 ths employees Loyal customer base New and digital businesses 63 mln active loyalty card users 54% of adult population +140% y-o-y digital businesses' sales growth to RUB 47.9 bln 27 mln MAUS of X5 digital services +78% y-o-y growth >65 ths daily online orders on average in 2021 +6.9 increase in Pyaterochka's NPS y-o-y >3,000 +3.6 increase in Perekrestok's NPS y-o-Y hard discounters in the next three years Strong financials 14.2% Revenue CAGR in 2017-2021 >7% EBITDA margin (under pre-IFRS 16) +1.0 p.p. adj. ROIC¹ growth in 2021 1. ROIC = NOPAT / average (equity + net debt, including short-term financial investment), adjusted for impact from Karusel transformation, tax on investments and tax accrual related to X5's reorganisation in previous periods 3#4Pending#5Pending#6X5Group Perekrestok Supermarkets 15% Share of revenue (Q2 2022) 986 Stores 8 ПОЛЕЗНЫЙ NEPEKYC CODE WTM OPEA ПРАВИЛЬН СЛАДОСТИ 15 A Быстрая доставко УЛИНАРИЯ ON ON 8-15 THS SKUS 1,125 SQM Average selling space 6#7X5Group Chizhik Hard discounter stores РОЛЬШЕ Чижик Килго Чижик 7 1.1% Share of revenue (Q2 2022) 153 Stores 750-800 SKUS Ржаной kpad 288 SQM Average selling space#8X5Group Track record of strong operational performance... Net retail sales dynamics, RUB bln 11.2% CAGR 2017-2021: 14.3% Selling space, ths sqm CAGR 2017-2021: 11.3% 2,194 1,973 1,728 1,525 1,287 7,840 7,239 6,464 5,480 7.3% 8,410 2017 2018 2019 2020 2021 2017 2018 2019 2020 2021 LFL sales, % y-o-y growth 5.4% Number of stores, end of period CAGR 2017-2021: 12.1% 17,707 16,297 14,431 12,121 5.5% 5.1% 4.0% 1.5% 8.0% 19,121 2017 2018 2019 2020 2021 2017 2018 2019 2020 2021 Source: X5 data 8#9X5Group ...supported by robust profitability Revenue CAGR exceeding 14% in 2017-21 CAGR 2017-2021: 14.2% 11.5% Adj. ROIC² has increased by 4 p.p. since 2018 2,205 1,978 1,734 1,533 1,295 2017 2018 2019 2020 2021 Adj. EBITDA margin¹ consistently above 7% CAGR 2017-2021: 13.4% 7.7% 7.3% 7.4% 7.4% 7.2% 12.5% 164 146 127 110 99 2017 2018 2019 2020 2021 Adj. EBITDA, RUB bln Adj. EBITDA margin, % Source: X5 data 123 2. 3. 17.1% 16.1% 15.2% 14.5% 13.2% 2017 2018 2019 2020 2021 FCF at record high level 2.9% 3.3% 733 0.9% 45 0.0% 18 -2.2% (29) 2017 2018 FCF, RUB bln FCF/Revenue, % 2019 2020 2021 Adjusted for LTI, exit share-based payments and other one-off remuneration payments ROIC NOPAT/ average (equity + net debt, including short-term financial investment), adjusted for impact from Karusel transformation, tax on investments and tax accrual related to X5's reorganisation in previous periods Adjusted for short-term financial investments 9#10X5Group X5 uses its core strengths to create upside potential... Our strengths Strong brands X5 brands were among the top Russian brands* in 2021, with Pyaterochka in 1 st place Strong presence in growing market segments X5 is the leader in the format that has seen the most growth - convenience (43% of the market in 2021) - and is entering the fastest- growing format - hard discounters (32% y-o-y growth) Upside potential Diverse and reliable supply base • • • X5 successfully partners with the largest FMCG and grocery suppliers, relying upon a growing base of local suppliers including producers of private labels As the largest food retailer in Russia, X5 has the best possible purchasing terms with suppliers Perekrestok and Pyaterochka were ranked #1 and #2, respectively, by the Advantage 2021 supplier survey Driving LFL sales growth above food CPI level Accelerated expansion in the fast-growing hard discounter segment Adapting Pyaterochka's CVP to customer needs, to increase the proposition to the low-mid-income segment Organisational model development to achieve more speed and greater flexibility Growing efficiency of operating and capital expenses Positive unit economics for digital businesses Strong team Experienced managers and entrepreneurs Operational efficiency Continuously strengthening operational efficiency and maintaining EBITDA at the level of 7%+ combined with aggressive geographical expansion * According to Romir & BCG survey, 2021 Sustaining market leadership and strong financial performance 10#11X5Group ...and is committed to key strategic objectives 1 Leadership in the food market • Focus on the largest and fastest-growing market segments: convenience and hard discounters Further improving the CVP to reflect changes in the market environment and customer trends by leveraging operational and capex efficiency • Increasing sales density, growing LFL sales above CPI Expanding both organic and non-organic market share growth, incl. regional M&A opportunities 3 Focus on efficiency Ensuring sourcing leverage and scalability of infrastructure Driving operational efficiency and synergies across all business units • Increasing efficiency of capital investments and working capital optimisation 2 Digitalisation • Focus on express delivery from stores and dark stores, the largest and fastest-growing segment of e-grocery • Achieving positive unit economics of express delivery Digitalisation projects to improve operational efficiency in stores, logistics operations and the back office 4 Care for the community • Providing reliable food supply ESG targets are integrated into X5's business processes . Regular ESG reporting under GRI standards 11#12X5Group 1 Focus on the fastest-growing market segment Diverse grocery business with growth potential across convenience, hard discounter and online segments 2021 10% 2% 5% 22% 19% 2022E ▼2 p.p. 20% 43% 1p.p. 9% 3% ▲1p.p. 6% ▲1p.p. 68% share of grocery market addressable by X5 Convenience Supermarkets Other (Hard Discounters, variety and other.) x p.p. -y-o-y growth Source: Infoline Online (without aggregators) 45% 2 p.p. 18% 71% ▲ 3 p.p. ▼1 p.p. 12 share of grocery market addressable by X5 Hypermarkets Traditional trade#13X5Group 1 Market consolidation is the key source of growth for the top players Potential for growth in the market shares of top-5 players Continued shift to modern trade and the growing role of nationwide players 76% 75% Globus Svaz 7.0% 1.7% Tesco Aldi 13.3% 9.5% 62% Auchan 4.2% 21% 22% 24% 27% 26% 61% 57% PPHU Aldi 7.6% Ahold 5.0% Delhaize 12.2% Schwartz 17.4% Auchan 7.4% Morrison 7.8% Système U 46% Schwartz 14.0% Centrale 8.1% Publix 3.7% Rewe Group 17.1% Walmart 10.4% Ahold Delhaize 42% 41% 43% 42% 43% Rewe Group 19.3% E Leclerc 12.9% Eurocash 14.1% Sainsbury 11.5% 3.8% Albertsons 4.8% Kroger 8.1% 33% 32% Carrefour 1.6% Yildiz 5.7% Svetofor 1.8% ITM 13.0% Lenta 2.4% Mercury 5.9% Migros 6.0% Schwartz 30.5% Edeka 23.2% Jerónimo 24.4% Tesco 23.5% Walmart 25.2% A101 Yeni 7.9% Magnit 9.5% 37% 37% 30% 32% 33% Carrefour 16.0% BIM 11.8% X5 12.7% Czech Rep Germany Poland UK France USA Turkey Russia 2017 2018 2019 2020 2021 米 Source: Euromonitor, Infoline (for Russian market only), Company reports, X5 analysis Federal chains Regional modern trade Traditional trade Source: Infoline 13#14X5Group 14 1 Growth and profitability supported by improving sales density Maintain sales density leadership in proximity segment in key geographies (Moscow and St Petersburg) Unit: '000 RUB/sqm (annualised) Overall Moscow & Moscow region +8.5% 287 279 272 267 264 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 St Petersburg & Leningrad region +6.6% 378 372 363 358 355 Q2 2021 Source: X5 data +6.9% 399 389 378 373 374 Q2 2021 Rest of Russia Q3 2021 Q4 2021 Название оси Q1 2022 Q2 2022 +10.0% 242 235 228 223 220 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022#15X5Group X5 is among the leaders in e-grocery Fastest-growing food retail segment RUB bln +147% 155 18 27 43 2017 2018 383 2019 2020 2021 Source: Infoline X5 e-grocery market position, 2021 13.7% 12.9% 12.9% 10.5% 10.4% 7.9% 7.7% 52.6 49.5 49.2 3.7% 3.3% 2.4% 40.2 39.7 30.3 29.4 14.2 12.6 9.4 Sbermarket X5 Group VkusVill Yandex Samokat OZON Wildberries Utkonos Delivery Club Lenta Food GMV, RUB bln Market share, % Source: Infoline Offering a range of e-grocery services: express delivery, click&collect and scheduled delivery • Launched in 2020, express delivery service is available from 1,611 stores in 50 regions Operating an express delivery platform with advanced planning and routing and maintaining a leading position in customer service • Successful pilot of multi-format dark stores (Pyaterochka and Perekrestok) • Continuous improvement in unit economics on the back of scale and operational efficiency • Delivered over 65 thousand orders per day in 2021 and over 136 thousand on peak days in December 2021 • X5 digital services reached 27 million MAUS in Q4 2021, 78% growth y-o-y 15#16X5Group 3 Focus on efficiency Key EBITDA drivers Private labels and direct import share growth Delivering assortment differentiation and gross margin improvement through private label and direct import development Regional growth contribution EBITDA margin in new regions increased by c. 1.5 p.p. y-o-y in 2021 through DC and other costs utilisation Capex drivers Continue ambitious space expansion Focus on Pyaterochka proximity format and aggressive Chizhik rollout with 3,000+ stores in the next 3 years Smart refurbishments Extended store life cycle in terms of equipment renewal and repairs Driving commercial function efficiency Automation of category management, personalised promo, pricing and customer value management using big data capabilities; using cross-format synergies in the commercial function Operating costs optimisation Leveraging the scale of the business, cross-format synergies and driving efficiency initiatives to deliver lean and efficient retail operations Driving business efficiency Key process digitalisation with high investment returns (IRR >100%) Logistics development Renewal of the truck park and opening of new DCs in line with expansion plans; increasing transport utilisation Improving personnel efficiency Driving productivity growth via process simplification and automation New businesses supporting and strengthening the core X5 formats 16#17Pending#18X5Group Key priorities for the next 6 months Human resources management Ensuring safety in stores and maintaining a sufficient headcount to avoid staff shortages On-shelf availability Ensuring smooth functioning of infrastructure and logistics. Work with suppliers to ensure stock availability and replacement of unavailable assortment Supply of equipment Replacement of equipment necessary for development and inaccessible due to sanctions (B Settlements and financing Ensuring the continuity of settlements and financing, taking into account the sanctions pressure on the banking system Liquidity management Focusing on adequate liquidity X5Group וגנס Reducing technological risks Implementation of a programme to reduce technological risks associated with the use of foreign systems and software GR Ensuring the resolution of operational issues and participation in the development of a position in relation to price regulation ☑ M&A Analysis of emerging M&A opportunities, including those related to the exit of foreign retailers and manufacturers C Information security Ensuring protection from cyberattacks 18#19X5Group 2022 financial goals Accelerated revenue growth Capex reduction in absolute terms Focus on cost optimisation & FCF management Net financial debt / EBITDA <1.8x 19#20X5Group Q2 2022 Results 20#21X5Group Double-digit top-line growth supported by strong LFL sales dynamics... Net retail sales¹ Traffic, mln customers Net selling space (eop) 18.7% 18.6% 14.7% 1,586 10.5% 11.3% 641 1,478 1,497 1,459 1,412 599 596 541 537 8.3% 7.4% 7.3% 7.1% 6.9% 8,528 8,640 8,410 8,212 8,063 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Net retail sales, RUB bln LFL sales, y-o-y 4.8% 4.0% Growth y-o-y, % 9.0% 11.7% 11.7% LFL traffic, y-o-y 14.7% Selling space, ths sqm LFL basket, y-o-y Growth y-o-y, % 19.5% 13.1% 3.7% 10.8% 11.0% 1.5% 0.1% 0.6% 8.1% 7.3% 7.8% 4.7% 7.3% (9.3)% Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 LFL basket, y-o-y 1 Excluding Vprok.ru Perekrestok Food CPI, % 21 21#22X5Group ...combined with stable profitability Revenue SG&A (excl. D&A&I&LTI)1 19.1% 14.9% 11.7% 10.7% 8.1% 607.5 604.2 546.5 543.6 507.2 19.2% 17.9% 18.8% 18.6% 18.5% 102.1 97.1 97.8 113.2 111.6 14.2% 86.1 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 pre-IFRS 16 Q1 2022 IFRS 16 Growth y-o-y, % SG&A (excl. D&A&I&LTI), RUB bln % of revenue Revenue, RUB bln Gross profit & gross margin Adj. EBITDA & EBITDA margin² 11.6% 25.2% 25.3% 25.8% 24.3% 24.6% 24.9% 8.3% • 70.2 7.9% 147.5 148.5 150.4 7.0% 7.0% 6.7% 138.1 140.2 127.6 45.4 42.8 42.5 40.5 35.5 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q1 2022 pre-IFRS 16 IFRS 16 Gross profit, RUB bln Margin, % Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q1 2022 pre-IFRS 16 IFRS 16 Adj. EBITDA, RUB bln Margin, % 1 Adjusted for impact from Karusel transformation 2 Adjusted for LTI, exit payments and share-based payments, other one-off remuneration payments and impact from Karusel transformation 22#23X5Group Q1 2022: Adjusted SG&A¹ expense analysis Q1 2022 analysis as a percentage of revenue (69) b.p. 19.2% 18.5% 0.8% (10) b.p. 0.7% 1.4% 15 b.p. 1.6% 1.1% (10) b.p. 1.0% 2.4% 14.2% (6) b.p. 2.3% 0.7% 1.4% 0.9% 5.0% (32) b.p. 4.7% 2.3% 0.7% Key Q1 2022 highlights Staff costs (excluding LTI and share-based payments): positive operating leverage effect partially offset by additional staff hiring due to increased consumer demand. Lease expenses: higher number of revenue-linked leases (IFRS 16); positive operational leverage effect (pre-IFRS 16). Utilities: positive operating leverage effect. Other store costs positive operating leverage effect. Third-party service expenses: decrease in marketing and advertising costs. Other expenses: growing share of courier service costs for express delivery and provisions driven by current environment. 8.5% (26) b.p. 8.2% Q1 2021 Q1 2022 pre-IFRS 16 1 Adjusted for D&A&I, LTI, exit share-based payments and impact from Karusel transformation 8.2% Staff costs Lease expenses Utilities Other store costs Other expenses Third-party services Q1 2022 IFRS 16 23#24X5Group X5 capital expenditures Capex breakdown, 2021 Capex dynamics by year, RUB bln 11% 10% 15% 34% New store openings Refurbishments Logistics 97.9 RUB bln +8.9% y-o-y IT 10% 20% Source: X5 data (prepared under pre-IFRS 16) Maintenance Other 7.6% 5.5% 4.7% 4.5% 4.4% 98.6 97.9 89.9 83.7 81.1 2017 2018 2019 Capex % of sales 2020 2021 Prioritising projects with highest return, consistent delivery of capex (as % of revenue) reduction 24#2531 Mar 2022 31 Mar 2021 X5Group X5 debt structure Debt profile RUB mln Total debt Short-term debt % of total debt Long-term debt % of total debt Net debt (pre-IFRS 16) Adj. net debt¹ (pre-IFRS 16) Covenants & liquidity update 333,408 248,009 Debt portfolio maturity 100% 29% 115,489 78,081 35% 34.6% 31.5% 217,919 169,928 33% 65.4% 68.5% 280,196 235,796 3% 229,063 235,796 31 Mar 2022 2022 2023 2024 2025 Covenant metrics & liquidity sources 31 Mar 2022 31 Mar 2021 Net debt/EBITDA (pre-IFRS 16) 1.67x 1.60x Adj. net debt / EBITDA (pre-IFRS 16)1 1.36x 1.60x Cash & cash equiv., RUB mln 53,212 12,213 Short-term financial investments, RUB mln 51,133 Available credit limits, RUB mln 435,060 483,218 1. Adjusted for short-term financial investment Highlights • X5's debt portfolio is 100% RUB-denominated • 81% of X5's borrowings have fixed interest rates • X5's available credit limits amounted to RUB 435 bln 25#26X5Group 26 Appendix#27X5Group Pyaterochka - key format highlights (Q2 2022) Key results 18,558 stores +7.5% y-o-y Operating highlights +12.3% LFL sales +0.9% LFL traffic 534 RUB bln Revenue +19.4% y-o-y 8.1% 2021 EBITDA margin (pre-IFRS 16) +11.4% LFL ticket CVP 4,500 SKUs 392 sqm average selling space 1,402 mln customer visits +7.5% y-o-y 44 mln active loyalty card users 46% loyalty card penetration in traffic 24% private label share 65% Loyalty card penetration in sales +6.3 points increase in NPS y-o-y 439 RUB average ticket +11.3% y-o-y -17 b.p. reduction in shrinkage in 2021 +9.2% labour productivity growth in 2021 27 27#28X5Group Perekrestok - key format highlights (Q2 2022) Key results 986 stores +1.9% y-o-y Operating highlights +9.0% LFL sales -1.5% LFL traffic CVP 8-15 ths 1,125 sqm SKUS average selling space 95 RUB bln Revenue +13.0% y-o-y 6.9% 2021 EBITDA margin (pre-IFRS 16) +10.6% LFL ticket 655 RUB 167 mln customer visits +2.7% y-o-y average ticket +10.8% y-o-y +7.1% labour productivity growth in 2021 15 mln active loyalty card users 63% loyalty card penetration in traffic 18% private label share 80% loyalty card penetration in sales +3.6 points increase in NPS y-o-y 28#29X5Group Chizhik - key format highlights 250-300 sqm of store selling space 7-9 RUB min net capex per store (excl. VAT) 750-800 SKUS in the assortment 75% target share of private label assortment EDLP price strategy +138% higher sales density compared with proximity format up to 50% higher return on investments compared with average proximity format figures 7 employees per store 29#30X5Group Express delivery Business model overview 0 ~40-60 min Key operating metrics Q2 2022 GMV Order made by customer via mobile app RUB 9.6 bln Orders per day 59 ths Average ticket RUB 1,776 Order received at the nearest store Stores 1,718 Click to delivery 50-60 min Order assembled at the store by in-store staff SKUS per order 12-14 Order picked up by a third-party courier Store assortment Delivery charge >5,000 SKUs RUB 99 fixed (partially subsidised by X5) Free of charge for orders above RUB 1,700 in all regions except for Moscow and St Petersburg Regions of operations 54 Order delivered 30#31X5 Investor Relations [email protected] +7 (495) 662 88 88 ext. 13147 X5Group