Modivo (MDV) Q3 2026 earnings summary

Executive summary

• Q3 revenue was PLN 3.199bn, up 11% YoY; like-for-like sales rose 9%, offline sales grew 25% and online sales fell 4%.

• Adjusted EBITDA, excluding net other operating items, non-like-for-like operations and one-offs, rose 48% YoY to PLN 450m.

• Gross margin increased 5.5pp to 51.4%; reported EBIT fell 14% to PLN 120m, largely reflecting FX differences.

• Inventory reduction and focused off-price expansion remain priorities; inventory reduction targets 20%–30% by end-2027 from PLN 4.6bn in Q3 2026.

Financial highlights

• Gross profit rose 24% YoY to PLN 1.644bn; distribution and administrative expenses increased 23% to PLN 1.455bn.

• Reported EBITDA increased 15% YoY to PLN 372m; adjusted EBITDA margin expanded 3.6pp to 14.1%.

• Net other operating items and impairment were PLN -69m versus PLN +3m in Q3 2025, mainly due to FX differences.

Outlook and guidance

• Average platform inventory is targeted to decline 20%–30% by end-2027 from Q3 2026's PLN 4.6bn, supported by purchasing, product-mix and replenishment measures.

• ShockPrice plans call for 27 stores by end-2026 and ~50 openings in 2027; expansion is intended to remain measured and return-focused.

• Worldbox is expected to reach break-even from next quarter and contribute positively next year; retail-space expansion will remain conservative until key assumptions are validated.

• MODIVO.com expects gross-margin improvement through a broader private-label and licensed-brand offer and further inventory optimisation; eobuwie store EBITDA is expected to improve as higher-margin brands exceed 50% of the portfolio.

• 2027 retail-space plans include 205,000 sq m and expansion focused on off-price formats.