Modivo (MDV) Q2 2026 earnings summary

Executive summary

• Q2 revenue reached PLN 3,045.5m, up 5.2% year-on-year; sales exceeded PLN 3bn, with 13% LFL growth, including 23% at HalfPrice and 4% at CCC.

• Q2 gross margin improved 1.2pp, supported by licensed brands; cost growth remained below retail space expansion.

• H1 revenue rose 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.

• Inventory per m² fell 16% year-on-year across the platform; CCC inventory per m² declined 23%.

Financial highlights

• Q2 adjusted EBITDA increased 2% year-on-year to PLN 390m; reported EBITDA was PLN 384m.

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

• Q2 gross profit was PLN 1,520.7m; operating loss reached PLN 215.3m and net loss PLN 294.9m.

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

• E-commerce costs fell 11% year-on-year, with performance marketing spend down 24%.

Outlook and guidance

• 2030 ambitions include revenue above PLN 25bn and a 20% EBITDA margin, supported by off-price growth, e-commerce profitability, store expansion and licensed products.

• Retail space is targeted to grow from ~1.3m m² at H1 2026 to ~3.0m m² by 2030; 85%-90% of new sales area in 2027 is linked to Off-Price.

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

• From 1 Aug to 30 Sep 2026, sales rose 13% year-on-year and LFL sales 8%; operating gross margin improved 2.2pp, while MODIVO.COM sales declined 7%.