Wittchen (WTN) Q1 2026 earnings summary

Executive summary

• Net sales revenue for Q1 2026 was 85,814 thousand PLN, down 8.5% year-over-year from 93,759 thousand PLN.

• The group reported a net loss of 5,108 thousand PLN versus a net profit of 4,217 thousand PLN in Q1 2025.

• Online sales remained dominant, accounting for 59% of revenue, but both online and offline channels saw declines.

• Key negative factors included prolonged cold weather, reduced consumer spending, geopolitical tensions, and increased marketing/logistics costs.

• The group initiated cost optimization and a review of sales and marketing activities to improve future results.

Financial highlights

• Operating loss was 3,356 thousand PLN, compared to an operating profit of 3,949 thousand PLN a year earlier.

• Gross profit from sales was 53,263 thousand PLN, down from 58,089 thousand PLN year-over-year.

• Net cash flow from operating activities was positive at 243 thousand PLN, a significant improvement from negative 11,962 thousand PLN in Q1 2025.

• Cash and equivalents at period end were 47,520 thousand PLN, up from 27,708 thousand PLN at the end of 2025.

• No dividend was declared for 2025; the entire profit is recommended to be allocated to reserve capital.

Outlook and guidance

• The group plans to continue product portfolio expansion, optimize the online sales network, and modernize store concepts.

• Investment plans for 2026 total 26.2 million PLN, including 13.5 million PLN for warehouse expansion.

• Management is closely monitoring financial and operational conditions to adjust investment scale and timing.