MDV Modivo (dawniej CCC ) Giełda Papierów Wartościowych w Warszawie · semiannual · publ. October 02, 2026

H1 2026 report

Przychody rosną o 4,4% r/r (II kw. +5,2%), a marża brutto poprawia się o 1,4 pp do 51,0% dzięki markom licencyjnym i ograniczeniu sprzedaży hurtowej, ale koszty sklepów rosną o 20% i zjadają całą tę poprawę.

Sentiment

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Website

MDV H1 2026 report

Revenue

5.48 bn PLN

— YoY

Net income

-212.1 m PLN

— YoY

EBITDA

286 m PLN

— YoY

Gross margin

51%

— YoY

Summary

Investment thesis

Strata operacyjna -175,3 mln PLN to w ok. 288 mln PLN efekt niegotówkowego odpisu na Worldbox (wartość firmy 116,8 + nakłady w sklepach 170,8); bez niego EBIT byłby dodatni (ok. +112 mln PLN), lecz wyraźnie niższy niż 492,6 mln PLN rok wcześniej.
Przepływ operacyjny 1 083 mln PLN (rok temu 554) wynika głównie ze wzrostu zobowiązań o 878 mln PLN i rotacji zobowiązań 257 dni; to rozciągnięcie dostawców i faktoring odwrotny, nie jakość zysku.
Bilans jest napięty: wskaźnik płynności bieżącej 0,8, ujemny kapitał obrotowy 1,2 mld PLN, zapasy 4,27 mld PLN (rotacja 269 dni), zadłużenie z leasingiem ponad 4,8 mld PLN; kowenanty niezłamane, ale „z uwzględnieniem porozumień” z bankami.
Najnowsze trendy (sierpień-wrzesień) są lepsze: sprzedaż platformy +13%, LFL grupy +8%, marża brutto +2,2 pp; to jedyny fragment, który sugeruje odwrócenie trendu kosztów.

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Financials

BETA

H1 2026

MDV · H1 2026

Metric	H1 2026	H1 2025	Δ YoY	YTD 2026	Δ YoY	Value type	Segment	Conf.

Revenue	3,045.5	2,947.8	+3.3%	5,484.8	+86.1%	reported	—	1.00
Gross profit	1,520.7	1,063.6	+43%	2,795.7	+162.9%	reported	—	1.00
EBITDA	31.7	264.8	−88%	286	+8%	derived	—	0.70
EBIT	-215.3	91.3	−335.8%	-175.3	−292%	reported	—	1.00
EBT	-309.5	65.8	−570.4%	-330.2	−601.8%	reported	—	1.00
Net income	-204	48.3	−522.4%	-212.1	−539.1%	reported	—	1.00
EPS (basic) (PLN)	-2.75	0.64	—	-2.75	—	reported	—	1.00
EPS (diluted) (PLN)	-2.75	0.64	—	-2.75	—	reported	—	1.00
D&A	461.2	173.5	+165.8%	461.2	+165.8%	reported	—	1.00
Interest expense	188.6	62	+204.2%	188.6	+204.2%	reported	—	1.00
Income tax	-11.2	—	—	-11.2	—	reported	—	1.00
Shares (basic) (m units)	77	75.64	—	77	—	reported	—	1.00

Gross margin	51%	36080000%	−36079949 pp	51%	−36079949 pp	derived	—	1.00
EBITDA margin	5.2%	8980000%	−8979994.8 pp	5.2%	−8979994.8 pp	derived	—	0.70
EBIT margin	-3.2%	3100000%	−3100003.2 pp	-3.2%	−3100003.2 pp	derived	—	1.00
Net margin	-3.9%	1640000%	−1640003.9 pp	-3.9%	−1640003.9 pp	derived	—	0.70

Cash	466.9	51.6	+804.8%	—	—	reported	—	1.00
Total debt	2,084.1	345.3	+503.6%	—	—	reported	—	0.90
Net debt	1,617.2	293.7	+450.6%	—	—	derived	—	0.80
Equity	1,819.2	3,742.8	−51.4%	—	—	reported	—	1.00
Total assets	11,908.8	5,731.6	+107.8%	—	—	reported	—	1.00
Working capital	-1,215	40.3	−3114.9%	—	—	derived	—	1.00
Current assets	5,380.7	1,078.3	+399%	—	—	reported	—	1.00
Current liabilities	6,595.7	1,038	+535.4%	—	—	reported	—	1.00
Non-current liabilities	3,493.9	—	—	—	—	reported	—	1.00
Inventory	4,266.1	—	—	—	—	reported	—	1.00
Trade receivables	240.6	—	—	—	—	reported	—	1.00
Trade payables	4,236.4	—	—	—	—	reported	—	1.00
Goodwill	682.5	50.4	+1254.2%	—	—	reported	—	1.00
Tangible equity	1,136.7	3,692.4	−69.2%	—	—	derived	—	0.70

CFO	736.6	181.4	+306.1%	1,082.9	+497%	reported	—	1.00
CapEx	794.8	143.8	+452.7%	794.8	+452.7%	reported	—	1.00
FCF	288.1	37.6	+666.2%	288.1	+666.2%	derived	—	0.90

Current ratio	0.82x	1040000x	−1039999.18x	—	—	derived	—	0.90
Quick ratio	0.17x	610000x	−609999.83x	—	—	derived	—	0.70
Cash ratio	0.07x	50000x	−49999.93x	—	—	derived	—	0.70

Debt / equity	1.15x	90000x	−89998.85x	—	—	derived	—	0.70
Debt / assets	0.17x	60000x	−59999.83x	—	—	derived	—	0.70
Net debt / equity	0.89x	80000x	−79999.11x	—	—	derived	—	0.70

Revenue growth (YoY)	5.2%	6240000%	—	4.4%	—	derived	—	0.70
EBITDA growth (YoY)	-65.1%	20250000%	—	-65.1%	—	derived	—	0.70
Gross margin Δ (YoY)	1.4 pp	4820000 pp	—	1.4 pp	—	derived	—	0.70
EBITDA margin Δ (YoY)	-10.4 pp	—	—	-10.4 pp	—	derived	—	0.70
EBIT margin Δ (YoY)	-12.6 pp	630000 pp	—	-12.6 pp	—	derived	—	0.90
Net margin Δ (YoY)	-6.8 pp	-370000 pp	—	-6.8 pp	—	derived	—	0.70

H1 2026 · Δ YoY

Revenue

3,045.5 +3.3%

H1 2025: 2,947.8
YTD 2026: 5,484.8
Δ YoY: +86.1%

Gross profit

1,520.7 +43%

H1 2025: 1,063.6
YTD 2026: 2,795.7
Δ YoY: +162.9%

EBITDA

31.7 −88%

H1 2025: 264.8
YTD 2026: 286
Δ YoY: +8%

EBIT

-215.3 −335.8%

H1 2025: 91.3
YTD 2026: -175.3
Δ YoY: −292%

EBT

-309.5 −570.4%

H1 2025: 65.8
YTD 2026: -330.2
Δ YoY: −601.8%

Net income

-204 −522.4%

H1 2025: 48.3
YTD 2026: -212.1
Δ YoY: −539.1%

EPS (basic) (PLN)

-2.75 —

H1 2025: 0.64
YTD 2026: -2.75
Δ YoY: —

EPS (diluted) (PLN)

-2.75 —

H1 2025: 0.64
YTD 2026: -2.75
Δ YoY: —

D&A

461.2 +165.8%

H1 2025: 173.5
YTD 2026: 461.2
Δ YoY: +165.8%

Interest expense

188.6 +204.2%

H1 2025: 62
YTD 2026: 188.6
Δ YoY: +204.2%

Income tax

-11.2 —

H1 2025: —
YTD 2026: -11.2
Δ YoY: —

Shares (basic) (m units)

77 —

H1 2025: 75.64
YTD 2026: 77
Δ YoY: —

Gross margin

51% −36079949 pp

H1 2025: 36080000%
YTD 2026: 51%
Δ YoY: −36079949 pp

EBITDA margin

5.2% −8979994.8 pp

H1 2025: 8980000%
YTD 2026: 5.2%
Δ YoY: −8979994.8 pp

EBIT margin

-3.2% −3100003.2 pp

H1 2025: 3100000%
YTD 2026: -3.2%
Δ YoY: −3100003.2 pp

Net margin

-3.9% −1640003.9 pp

H1 2025: 1640000%
YTD 2026: -3.9%
Δ YoY: −1640003.9 pp

Cash

466.9 +804.8%

H1 2025: 51.6
YTD 2026: —
Δ YoY: —

Total debt

2,084.1 +503.6%

H1 2025: 345.3
YTD 2026: —
Δ YoY: —

Net debt

1,617.2 +450.6%

H1 2025: 293.7
YTD 2026: —
Δ YoY: —

Equity

1,819.2 −51.4%

H1 2025: 3,742.8
YTD 2026: —
Δ YoY: —

Total assets

11,908.8 +107.8%

H1 2025: 5,731.6
YTD 2026: —
Δ YoY: —

Working capital

-1,215 −3114.9%

H1 2025: 40.3
YTD 2026: —
Δ YoY: —

Current assets

5,380.7 +399%

H1 2025: 1,078.3
YTD 2026: —
Δ YoY: —

Current liabilities

6,595.7 +535.4%

H1 2025: 1,038
YTD 2026: —
Δ YoY: —

Non-current liabilities

3,493.9 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Inventory

4,266.1 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Trade receivables

240.6 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Trade payables

4,236.4 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Goodwill

682.5 +1254.2%

H1 2025: 50.4
YTD 2026: —
Δ YoY: —

Tangible equity

1,136.7 −69.2%

H1 2025: 3,692.4
YTD 2026: —
Δ YoY: —

CFO

736.6 +306.1%

H1 2025: 181.4
YTD 2026: 1,082.9
Δ YoY: +497%

CapEx

794.8 +452.7%

H1 2025: 143.8
YTD 2026: 794.8
Δ YoY: +452.7%

FCF

288.1 +666.2%

H1 2025: 37.6
YTD 2026: 288.1
Δ YoY: +666.2%

Current ratio

0.82x −1039999.18x

H1 2025: 1040000x
YTD 2026: —
Δ YoY: —

Quick ratio

0.17x −609999.83x

H1 2025: 610000x
YTD 2026: —
Δ YoY: —

Cash ratio

0.07x −49999.93x

H1 2025: 50000x
YTD 2026: —
Δ YoY: —

Debt / equity

1.15x −89998.85x

H1 2025: 90000x
YTD 2026: —
Δ YoY: —

Debt / assets

0.17x −59999.83x

H1 2025: 60000x
YTD 2026: —
Δ YoY: —

Net debt / equity

0.89x −79999.11x

H1 2025: 80000x
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

5.2% —

H1 2025: 6240000%
YTD 2026: 4.4%
Δ YoY: —

EBITDA growth (YoY)

-65.1% —

H1 2025: 20250000%
YTD 2026: -65.1%
Δ YoY: —

Gross margin Δ (YoY)

1.4 pp —

H1 2025: 4820000 pp
YTD 2026: 1.4 pp
Δ YoY: —

EBITDA margin Δ (YoY)

-10.4 pp —

H1 2025: —
YTD 2026: -10.4 pp
Δ YoY: —

EBIT margin Δ (YoY)

-12.6 pp —

H1 2025: 630000 pp
YTD 2026: -12.6 pp
Δ YoY: —

Net margin Δ (YoY)

-6.8 pp —

H1 2025: -370000 pp
YTD 2026: -6.8 pp
Δ YoY: —