Zabka sustainability-linked bond

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Overview

Participation of PLN 140 million (c.a. EUR 33 million) in a PLN 1 billion (c.a. EUR 234 million) debut sustainability-linked bond programme (the "Bond Programme") by Zabka Group S.A. (the "Group" or the "Borrower"), an owner of the iabka Polska sp. z o.o. i a modern convenience food retailer in Poland. The proceeds from the Bond Programme will be utilised for general corporate purposes. The Bank's subscription will be applied towards financing the Group's activity in Poland, as well as investments on foreign markets. The Bond will be listed on the Warsaw Stock Exchange (GPW Catalyst market), and it will be publicly traded.

Project ID 56304

Status Signed

Location

Regional

Business Sector

Food and Agribusiness

Notice Type

Private

Project timeline

Exploratory
Passed Concept Review
Passed Structure Review
Passed Final Review
Board Approved
Signed
Implementing
Completed

Company Contact Information

Zabka Group
contact@zabkagroup.com
+35228994045
zabkagroup.com
2, rue Jean Monnet L-2180 Luxembourg

Project ID 56304

Status Signed

Location

Regional

Business Sector

Food and Agribusiness

Notice Type

Private

Environmental Category

Approval Date

09 Apr 2025

Disclosure date

16 Feb 2026

As permitted by paragraph 2.6 of Section III of the Access to Information Policy, disclosure of this PSD was deferred in accordance with paragraph 1.4.4 of the Directive on Access to Information.

Project Description

Project Objectives

The main objective of the Project is to diversify and improve the efficiency of the Group's financing sources. Funds obtained from the bond programme will support the financing of Zabka Group's operating costs and capital expenditures in Poland and Romania.

Transition Impact

ETI score: 65

Transition impact of the transaction will be mainly derived from two transition qualities:

(i) Green, as the Bank will support Zabka Group's commitment to environmental KPIs and SPTs focused on promotion of the sustainable lifestyle and circular economy. The KPIs/SPTs include the reduction of the share of virgin plastic in the weight of own brand packaging and increase the value of sales of own brand food products promoting a sustainable lifestyle In addition, under the framework agreement with EBRD the company has committed to reducing the carbon footprint emissions in its own operations.

(ii) Resilient, as the Project will support the Group in aligning its cybersecurity standards with international best practices through development of a cybersecurity roadmap.

Client Information

ZABKA POLSKA SA

Zabka is one of the leading modern-convenience retailers in Poland, with more than 11,000 stores.

EBRD Finance Summary

PLN 200,000,000.00

Total Project Cost

PLN 1,060,000,000.00

Additionality

Financing structure: The EBRD will support a listed issuance in local currency which is entirely sustainability-linked and in size larger than average for the market.

Risk mitigation: The EBRD's involvement provides comfort to the other investors and further widens market participation.

Environmental and Social Summary

Categorised B. Low-medium risk. (2024 ESP). As this is a capital markets transaction, due diligence relies on publicly available information. The client, Zabka, is an existing client, and the Bank is familiar with its capacity to manage E&S risks. Zabka has fully implemented the ESAP agreed in 2023, and the reporting has been satisfactory. The Project is an investment in a bond programme for general corporate purposes, and the KPIs/SPTs will include the reduction of the share of virgin plastic in the weight of own brand packaging and increase the value of sales of own brand food products promoting a sustainable lifestyle. The Bond Framework has been reviewed by Moody's and the Second Party Opinion (SPO) has been published on the company website. In addition, under the framework agreement with EBRD the company has committed to reducing the carbon footprint emissions in its own operations. The Company is certified to externally recognised standards including ISO 14001, ISO 50001, ISO 45000, and ISO 22000. iabka Polska sp. z o.o. had several actions agreed as part of an ESAP with the Bank in 2023 covering human rights policy, supply chain management, biodiversity, health and safety, and resource efficiency, all of which have been implemented. The ESD will monitor the Project via review of annual E&S reports. The Project is determined as aligned with the mitigation and adaptation goals of the Paris Agreement based on the application of the Bank's Paris alignment approach for other financial instruments. 50% of the EBRD financing is classified as green finance, as it supports activities to achieve climate mitigation and circular economy objectives. The attribution is made in line with the methodology to determine the green finance attribution of EBRD investments. The expected green outcomes of the project are achieving an emissions level of 14000 CO2eq by 2028 and reductions of app.100t of virgin plastic annually up to 2028.

Technical Cooperation and Grant Financing

TC 1: Cybersecurity Resilience Programme for assistance to the Company in developing a cybersecurity roadmap.

Company Contact Information

Zabka Group
contact@zabkagroup.com
+35228994045
zabkagroup.com
2, rue Jean Monnet L-2180 Luxembourg

PSD Last Updated

16 Feb 2026

Understanding transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with the EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and its associated Environmental and Social Requirements (ESRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”. The ESP and the ESRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation, and to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about the environmental and social (E&S) performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD also requires its clients to disclose information, as appropriate, about the risks and impacts of projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all of the Bank's activities in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The EBRD believes that identifying and resolving issues in the project assessment and approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts andhelps to monitor integrity risks in projects post-investment.

OCCO is further responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, either within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to compliance@ebrd.com. OCCO will follow-up all matters reported. It will review all matters reported. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP, which entered into force on 1 January 2025, sets out how the EBRD discloses information and consults with its stakeholders to promote better awareness and understanding of its strategies, policies and operations. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (for example, through the client’s project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the mechanism is: to support dialogue between project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or the project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate and how to submit a Request for review. Alternatively, contact IPAM by email at ipam@ebrd.com for guidance and more information on IPAM and how to submit a request.

Environmental and Social Documentation is not available for this project.

Selected procurement notices related to this project may be shown below. Further procurement opportunities related to this and other projects, if available, maybe be viewed in the EBRD Procurement Portal.

The EBRD's Environmental and Social Policy (ESP), Access to Information policy (AIP) and Project Accountability Policy (PAP) enable sound and sustainable development in its projects. The Independent Project Accountability Mechanism (IPAM) deals with complaints about environmental, social and disclosure matters related to the Bank’s investments.

No complaints about this project have been made so far.

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Zabka sustainability-linked bond

Overview

Project timeline

Company Contact Information

Project Description

Project Objectives

Transition Impact

Client Information

EBRD Finance Summary

Total Project Cost

Additionality

Technical Cooperation and Grant Financing

Company Contact Information

PSD Last Updated

Understanding transition

Business opportunities

General enquiries

Environmental and Social Policy (ESP)

Integrity and compliance

Access to Information Policy (AIP)

Independent Project Accountability Mechanism (IPAM)