Further to the announcement on 28 January 2026, the Company today confirms it will commence a fourth tranche of its share buyback programme from 12 March 2026 of €52.9 million. The Board views it as an opportune time to commence the next tranche of our share buyback programme as it believes the current share price materially undervalues the Group’s future prospects and its intrinsic earnings potential.
Today’s announcement will complete Pepco Group’s initial €200 million share buyback programme, as announced at our Capital Markets Day in March 2025. To date, we have completed €147.1 million in share buybacks, including our participation in Ibex Group’s placement of shares in January 2026, where Pepco Group purchased €50 million in shares. As this current share buyback programme has demonstrated, return of capital strategies are a key priority in the Board’s overall approach to capital allocation. Further updates will be provided from time to time as appropriate.
The details of the share buyback programme are as follows:
• the purpose of the share buyback: capital reduction;
• the maximum amount allocated to the share buyback is €52.9 million;
• at the closing price of 10 March 2026, the maximum number of shares to be acquired under the programme is 8,467,985 shares;
• the maximum purchase price per share excluding expenses, which the Company may pay for each share to be acquired, will be an amount equal to 110% of the market price of the ordinary shares. The market price is defined as the higher of (i) the price of the ordinary shares on the Warsaw Stock Exchange at the time of repurchase and (ii) the closing price of the ordinary shares on the Warsaw Stock Exchange on the trading day prior to the date of acquisition;
• the programme is intended to commence on 12 March 2026 and will end no later than 22 May 2026.
The programme will be executed by Santander Bank Polska S.A. – Santander Brokerage Poland (Santander Biuro Maklerskie) acting as an intermediary, who will make trading decisions concerning the price and timing of the purchases of the Company’s shares independently of the Company. Transactions effected under this programme will be reported in weekly press releases (only in weeks during which any such transactions are executed).
This share buyback programme will be conducted within the parameters prescribed by the Market Abuse Regulation (EU) 596/2014 and the safe harbour parameters prescribed by the Commission Delegated Regulation (EU) 2016/1052 for buyback programmes. In accordance with customary practice, to allow for possible changes in future circumstances, the programme does not obligate the Company to acquire any number of shares, and the programme may be suspended, modified or discontinued at any time.