VRG (VRG) Q2 2026 earnings summary

Executive summary

• Net sales for H1 2026 reached PLN 293.1m, up 3.8% year-over-year, with notable growth in online and own-store channels, achieved on a reduced retail footprint, indicating improved sales efficiency.

• EBITDA rose to PLN 46.5m from PLN 32.4m year-over-year, and net profit improved to PLN 6.5m from a loss of PLN 1.9m in H1 2025.

• The company maintained a strong cash position, with cash and equivalents at PLN 36.8m at period end.

Financial highlights

• Revenue increased to PLN 293.1m from PLN 282.5m year-over-year.

• EBITDA margin improved, with EBITDA at PLN 46.5m (15.9% margin) vs. PLN 32.4m (11.5%) year-over-year.

• Net profit reached PLN 6.5m, reversing a net loss of PLN 1.9m in H1 2025.

• Operating cash flow was PLN 22.4m, down from PLN 29.8m year-over-year.

• Dividend of PLN 0.05 per share declared from retained earnings.

Outlook and guidance

• Key risks include geopolitical tensions, inflation, currency volatility, and consumer caution.

• Positive drivers: expanding product offer, marketing automation, cost efficiency, and online channel growth.

• Management expects continued market volatility but sees opportunities in premium and omnichannel segments.