VRG (VRG) investor relations material

Executive summary

• Group revenues in 2Q26 rose 15.3% YoY to PLN 435.4m, driven by strong jewellery segment growth and stable apparel revenues.

• Net sales for H1 2026 reached PLN 293.1m, up 3.8% YoY, with notable growth in online and own-store channels, achieved on a reduced retail footprint.

• Gross profit margin improved by 2.9pp YoY to 59.8%, with group gross profit up 21.2% YoY.

• Net profit increased 56.4% YoY to PLN 44.8m, with net margin at 10.3% (+2.7pp YoY).

• EBITDA rose 24.4% YoY to PLN 98.5m, and EBIT grew 29.0% YoY to PLN 58.9m.

Financial highlights

• Jewellery segment revenues up 28.0% YoY to PLN 257.1m in 2Q26, with organic growth at 16.5%.

• Apparel segment retail revenues up 0.8% YoY to PLN 175.4m in 2Q26.

• Gross profit on sales margin: apparel 66.3% (+4.5pp YoY), jewellery 55.4% (+2.7pp YoY), group 64.3% in H1 2026.

• Group revenues per m2 increased 6.6% YoY to PLN 2,750.

• SG&A costs rose 18.4% YoY, mainly due to higher wages, rentals, and online costs.

Outlook and guidance

• 2026 targets maintained: continued revenue growth, higher gross profit margin, and improved operating profitability.

• Planned capex for 2026 at PLN 63.9m, focused on store openings and modernizations, especially in jewellery.

• New collections and marketing campaigns planned for Autumn/Winter 2026 across all brands.

• Management expects continued market volatility but sees opportunities in premium and omnichannel segments.

• Positive drivers include expanding product offer, marketing automation, cost efficiency, and online channel growth.