Wittchen (WTN) Q2 2026 earnings summary

Executive summary

• Revenue for H1 2026 was 190.5m PLN, down 7% year-over-year, with a net loss of 4.7m PLN compared to a 9.7m PLN profit in H1 2025.

• Decline driven by weaker consumer demand, higher logistics costs, and unsuccessful pricing policy changes.

• E-commerce remained resilient, accounting for 57.4% of sales, while offline sales and travel product categories were notably impacted.

• The Group focused on inventory optimization and reviewing the profitability of sales channels.

Financial highlights

• Gross profit from sales fell to 115.9m PLN from 126.4m PLN year-over-year.

• Operating loss of 1.6m PLN versus a 13.4m PLN profit in H1 2025.

• Net cash from operating activities improved to 17.6m PLN from -0.1m PLN year-over-year.

• No dividend was declared or paid; 2025 profit was allocated to reserves.

Outlook and guidance

• The Group plans to continue focusing on e-commerce and international markets, with cost control and pricing adjustments to boost sales.

• Management expects ongoing pressure from consumer demand and logistics costs, with further actions to optimize store networks and inventory.