Wawel (WWL) Q3 2026 earnings summary

Executive summary

• Q3 2026 revenue fell 2% YoY to PLN 168.0m, while operating profit rose 59% to PLN 32.8m and profit before tax increased 45% to PLN 36.0m.

• For 9M 2026, revenue declined 6% to PLN 470.4m; operating profit rose 56% to PLN 75.0m and profit before tax increased 49% to PLN 88.4m.

Financial highlights

• Q3 net profit was PLN 29.3m versus PLN 19.7m YoY; EPS was PLN 22.71 versus PLN 15.24.

• 9M net profit was PLN 71.1m versus PLN 47.2m YoY; EPS was PLN 55.04 versus PLN 36.54.

• Q3 gross profit on sales increased 37% YoY to PLN 69.8m; cost of sales fell PLN 22.8m despite lower revenue.

• Q3 selling costs increased 7% YoY to PLN 17.3m and general management costs increased 43% to PLN 20.3m.

Outlook and guidance

• Cocoa price volatility makes the impact on full-year 2026 sales and results difficult to estimate; prices rose during Q3 after declining earlier in 2026.

• Cocoa swaps cover a scale equivalent to ~50% of 2027 annual demand; realized gains or losses will be recognized with delivery and included in product cost of sales.

• Seasonal demand is strongest in Q1 and Q4, with the lowest sales typically in Q2; 75%-80% of sales are chocolate products affected by spring and summer seasonality.