VRG (VRG) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 reached 356.5 mln PLN, up 21.4% year-over-year, driven by the inclusion of Lilou and growth in other brands.

• EBITDA rose 39.0% to 52.6 mln PLN, while net result turned to a loss of -0.2 mln PLN from a profit of 6.0 mln PLN in Q1 2025, mainly due to higher costs and one-off acquisition expenses.

• The retail network expanded by 7.1% in area, with a 34.8% increase in the jewelry segment and a 4.9% decrease in apparel.

Financial highlights

• Gross margin improved to 61.0% in apparel (up 3.9 pp) and 53.5% in jewelry (up 1.5 pp) year-over-year.

• Apparel segment revenue grew 8.9% to 141.5 mln PLN; jewelry segment revenue rose 31.3% to 215.0 mln PLN, with Lilou contributing 15.1 mln PLN.

• Online sales in apparel accounted for 30.0% of segment revenue, up from 28.7% a year earlier.

• Net debt increased to 528.8 mln PLN, with a net debt/EBITDA ratio of 1.8 (IFRS 16 basis).

Outlook and guidance

• Focus remains on improving apparel segment profitability, optimizing inventory, and expanding the jewelry segment, especially Lilou.

• Planned investments for 2026 are estimated at 56.4 mln PLN, targeting store openings, refurbishments, and business infrastructure.

• No financial forecasts for 2026 were published.