Modivo (MDV) Q2 2026 earnings summary

Executive summary

• Achieved record-high revenue, surpassing PLN 3 billion for the first time in Q2 2026, with dynamic like-for-like sales growth of 13% and HalfPrice up 23%.

• Gross margin improved by 1.2pp, driven by a higher share of licensed products and product portfolio optimization.

• Adjusted EBITDA rose 2% year-over-year, reflecting stable margins and profitability improvement, especially at worldbox.

• Inventory per square meter reduced by up to 23% year-on-year, supporting healthier stock levels and improved cash flow.

• Strategic focus on expanding Off-Price (HalfPrice, ShockPrice), set to become the largest sales segment by 2027.

Financial highlights

• Revenue reached PLN 3,046 million, up 3% year-over-year; group sales up 54% year-over-year.

• Adjusted EBITDA increased 2% year-over-year to PLN 390 million in Q2 2026.

• Gross margin improved by nearly 3 percentage points at group level; Modivo.com margin up 4.5pp to 45.8%.

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

• Inventory value reduced by nearly PLN 300 million year-on-year.

Outlook and guidance

• Off-Price segment expected to outpace CCC and become the main growth driver, with 85%-90% of new sales area linked to Off-Price in 2027.

• No major changes to the 2030 strategic plan; focus remains on EBITDA growth, deleveraging, and cash flow improvement.

• Online sales expected to stabilize year-on-year, with growth focus on offline expansion.

• Further inventory reductions and working capital optimization planned over the next two to three quarters.

• Transformation of Modivo.com’s business model expected to further improve profitability.