Modivo (MDV) Investor Day 2026 presentation summary

Off-price expansion and economics

• Off-price is positioned as the main growth engine, with HalfPrice and ShockPrice targeting different price tiers and store locations. HalfPrice cites 50% gross margin; ShockPrice cites 40%+ and higher sales per m².

• HalfPrice generated PLN 6,558 million cumulative revenue in its first five years; the figure includes HalfPrice and ShockPrice stores.

• First-day feedback for ShockPrice showed average sales per store nearly 2x HalfPrice’s, with 12,000 units per day of inventory turnover in the first 12 days.

• HalfPrice’s expected EBITDA margin of 20%+ is linked to store maturation, ~40% lower unit logistics costs after a new logistics centre launches, and cost-base stabilisation.

• Off-price retail space is planned to grow 29% from Q2’26 to Q4’26; 97 net off-price store openings are planned for 2026, adding 198,000 m².

Worldbox performance and plans

• Q2’26 revenue was PLN 124 million vs PLN 83 million in Q1; licensed-brand share rose to 46% from 35%, operating gross margin to 49% from 25%, and EBITDA loss narrowed to PLN 26 million from PLN 50 million.

• The share of stores open 12+ months with positive store EBITDA rose from 18% in February to 85% in August 2026; average store EBITDA margin improved from -34% to 11% over the same period.

• H2’26 plans target licensed-brand shares of 60% in Q3 and 70% in Q4, with operating gross margin of 56% and 57–58%, respectively.

• Expansion is to remain selective, with new openings limited to turnkey stores on attractive lease terms while business assumptions are validated.

E-commerce and portfolio mix

• Third-party brands at Modivo.com were reduced from 800+ to ~100; licensed and private-label products reached 21% of the Q2’26 range, up 12pp YoY.

• Q2’26 Modivo.com revenue was PLN 898 million, down 15.1% YoY; gross margin was 47.4%, up 5.8pp, and EBITDA margin was 9.3%, up 1.8pp.

• E-commerce profitability was temporarily affected by eobuwie offline stores; the Q2’26 EBITDA margin was 5.2% after adjusting the online result for store EBITDA and other operating items.