The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: James Anstead - Barclays Services Corp - Analyst
: Good morning, Stephan, Willem. I have three questions, if that's okay. Firstly, you called out that the weather was really unhelpful for Dealz in the
-- well, effectively July, August, September. But at the same time, Poland for Pepco seems to be getting quite a bit better. Is it fair to say that you've
had a good performance of Pepco despite the weather in 4Q in Poland? You might have even done better if the weather had been helpful? I hope
you understand my long question. That's kind of point one.
The second one is, I presume -- I mean, can you comment about whether you're quite happy with how you're exiting the year in terms of your stock
position?
And finally, I just noticed on the pro forma numbers that the central costs are already higher for the first nine months than they were for the whole
year last year. I wonder if that's the new normal run rate or whether there are quite a few, let's say, unusual items at the central cost level this year
and that's a number that can come down in years ahead. Thank you.
Question: James Anstead - Barclays Services Corp - Analyst
: That's very helpful. Thank you.
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SEPTEMBER 25, 2025 / 7:30AM, PCOP.WA - Q4 2025 Pepco Group NV Trading Statement Call
Question: Alison Lygo - Deutsche Bank AG - Analyst
: Good morning. Thank you for taking my questions. Two for me, please. The first is really on the return to light growth in Poland, which is encouraging.
Just wondering if you could talk a bit about what you see as underpinning that, what you've changed in terms of ranging pricing.
And also interested as to what kind of categories that's coming through. Is it kids' clothing? Is it more or kind of taking some greater share in adults'
clothing or general merchandise? That would be really helpful. Any color you could share there. Thank you.
And then the second one is just on interest and the interest costs. That is clearly coming down as you're working on the refinancing and generating
a bit more cash flow. Wondering if you could give any color as to how much more you think there might be to go for as we look into next year.
Thank you.
Question: Alison Lygo - Deutsche Bank AG - Analyst
: Great. That's helpful. Thank you.
Question: Alice Rossini - JPMorgan Chase & Co - Analyst
: Hello. Hi. Can you hear me?
Question: Alice Rossini - JPMorgan Chase & Co - Analyst
: Yes. Hi. I just wanted to ask another question related to the refinancing of the capital structure. So, I just wanted to know if you plan to retain a
structure with bonds and loans, or just plan to transition to a simpler structure with just bonds or just loans going forward, if you can disclose.
Question: Alice Rossini - JPMorgan Chase & Co - Analyst
: Okay. No problem. Thank you very much.
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