Modivo (MDV) Q2 2026 earnings summary

Executive summary

• Q2 revenue reached PLN 3,045.5m, up 5.2% YoY, with LFL sales growth of 13%; HalfPrice rose 23% and CCC 4%.

• Q2 adjusted EBITDA increased 2% YoY to PLN 390m; gross margin reached 50.7%, up 1.2pp.

• H1 revenue grew 4.4% to PLN 5,484.8m and gross margin reached 51%, but net loss was PLN 319.0m, including a PLN 287.6m Worldbox impairment.

• Operating cash flow was PLN 1,082.9m; H1 capex totaled PLN 794.8m.

Financial highlights

• Q2 revenue was PLN 3,045.5m; gross profit was PLN 1,520.7m, while operating loss was PLN 215.3m and net loss PLN 294.9m.

• H1 gross profit rose 7.4% to PLN 2,795.7m; operating loss was PLN 175.3m and basic EPS was -PLN 2.75.

• Net finance costs declined to PLN 154.9m from PLN 277.8m, helped by lower borrowing interest and no repeat of the prior-year SoftBank liability remeasurement charge.

• Q2 gross margin was 50.7% (+1.2pp); adjusted EBITDA was PLN 390m (+2%), with a 12.8% margin.

Outlook and guidance

• Off-Price is expected to become the largest sales segment by 2027; 85%-90% of new sales area in 2027 is linked to Off-Price.

• 2030 ambitions include revenue above PLN 25bn and an EBITDA margin of 20%, supported by Off-Price growth, e-commerce profitability, store expansion and licensed products.

• Further inventory reductions were planned over the next two to three quarters; strategic priorities include EBITDA growth, deleveraging and cash flow improvement.

• Further Worldbox performance improvement was expected in H2 2026; retail space was projected to reach 140 thousand m² by Q4 2026, with a 60% gross margin target.