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Investor Relations14 Oct 2025
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VRG (VRG) investor relations material
VRG Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary21 Aug, 2025
Executive summary
Group revenues in 2Q25 rose 10.8% YoY to PLN 377.5m, with both apparel (+8.2% YoY) and jewellery (+13.2% YoY) segments contributing to growth.
Revenue for H1 2025 increased to PLN 282.5m, up 8% YoY, with the strongest growth in online sales and higher sales per square meter despite reduced retail space.
Gross profit on sales increased 12.1% YoY to PLN 214.9m, with margin up 0.6pp to 56.9%.
EBIT improved 13.2% YoY to PLN 43.7m (IAS17), and net profit grew 1.4% YoY to PLN 28.6m (IFRS16); EBITDA rose 7.1% YoY to PLN 79.2m, with margin at 21.0%.
Operational focus included omnichannel development, CRM and marketing automation, and product innovation across key brands.
Financial highlights
Apparel segment revenues reached PLN 175.9m (+8.2% YoY); jewellery segment at PLN 201.6m (+13.2% YoY).
Group revenues per m2 rose 16.6% YoY to PLN 2,580; apparel at PLN 1,727 (+19.8% YoY), jewellery at PLN 4,537 (+5.0% YoY).
Gross profit margin for apparel increased by 1.2pp YoY to 61.8%; jewellery margin up 0.4pp to 52.7%.
EBITDA: PLN 32.4m (H1 2025) vs. PLN 21.2m (H1 2024), +53% YoY.
Net loss: PLN -1.9m (H1 2025) vs. PLN -12.5m (H1 2024).
Outlook and guidance
Management expects further revenue growth in both segments, improved gross profit margins, and continued cost control in 2H25.
Focus on attractive new collections, further floorspace optimization in apparel, and expansion in jewellery, especially in Hungary.
Planned capex for 2025 is c. PLN 41m, mainly for jewellery segment development.
Key risks include inflation, consumption slowdown, currency depreciation, and geopolitical instability.
Positive drivers: expanding product offer, marketing automation, CRM, cost efficiency, and online channel growth.
Why no 2024 dividend despite policy?
What drove H1 2025 EBITDA improvement?
Impact of Tax Capital Group on future results?
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Next VRG earnings date
Q3 202513 Nov, 2025
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