Q1 2026 report
Grupa rośnie na przychodach (+4% r/r) głównie dzięki dynamicznej ekspansji formatu off-price HalfPrice (+35% r/r) i sieci sklepów (+406 r/r), ale wzrost przychodów nie przekłada się na wzrost zysku operacyjnego (-81% r/r) - sygnał negatywnej dźwigni operacyjnej w fazie intensywnej rozbudowy sieci.
Sentiment
Cautious
No guidance change
MDV
Q1 2026 report
Revenue
2,439.3 m PLN
— YoY
Net income
-8.1 m PLN
— YoY
EBITDA
254.2 m PLN
— YoY
Gross margin
52.3%
— YoY
Summary
Investment thesis
- Płynność krótkoterminowa jest strukturalnie napięta (wskaźnik bieżący 0,9x, szybki 0,2x), a ujemny kapitał obrotowy (-823 mln PLN) rośnie i jest w coraz większym stopniu finansowany faktoringiem odwrotnym, a nie kredytem bankowym.
- Zarząd tuż przed datą testowania kowenantów (30.04.2026) podpisał aneksy podnoszące dopuszczalny poziom wskaźnika Ekspozycji Netto do EBITDA z 3,5x do 3,85x (CCC) i 3,95x (Grupa) - sygnał, że bez tych zmian próg zostałby przekroczony.
- Segment Pozostałe (Worldbox, Boardriders, KAES) rośnie skokowo na przychodach, ale generuje coraz większą stratę EBITDA (-41,9 mln PLN), bez jasno skwantyfikowanego harmonogramu osiągnięcia rentowności.
- Bieżące trendy sprzedażowe (maj-czerwiec 2026: sprzedaż +18%, LFL +10%, marża brutto +2,5 p.p. r/r) sugerują, że słabość I kwartału może być częściowo przejściowa/sezonowa, a nie strukturalna.
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Financials
BETA
MDV · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 2,439.3 | — | — | reported | — | 1.00 |
|
Revenue
CCC
|
916.5 | — | — | reported | CCC | 1.00 |
|
Revenue
HalfPrice
|
599.2 | — | — | reported | HalfPrice | 1.00 |
|
Revenue
MODIVO
|
717.6 | — | — | reported | MODIVO | 1.00 |
|
Revenue
Pozostale
|
206 | — | — | reported | Pozostale | 1.00 |
| Gross profit | 1,275 | — | — | reported | — | 1.00 |
|
Gross profit
CCC
|
556.6 | — | — | reported | CCC | 1.00 |
|
Gross profit
HalfPrice
|
317.8 | — | — | reported | HalfPrice | 1.00 |
|
Gross profit
MODIVO
|
336.8 | — | — | reported | MODIVO | 1.00 |
|
Gross profit
Pozostale
|
63.8 | — | — | reported | Pozostale | 1.00 |
| EBITDA | 254.2 | — | — | reported | — | 1.00 |
|
EBITDA
CCC
|
138.6 | — | — | reported | CCC | 1.00 |
|
EBITDA
HalfPrice
|
93.4 | — | — | reported | HalfPrice | 1.00 |
|
EBITDA
MODIVO
|
64.2 | — | — | reported | MODIVO | 1.00 |
|
EBITDA
Pozostale
|
-41.9 | — | — | reported | Pozostale | 1.00 |
| EBIT | 40 | — | — | reported | — | 1.00 |
|
EBIT
CCC
|
36.6 | — | — | reported | CCC | 1.00 |
|
EBIT
HalfPrice
|
34.4 | — | — | reported | HalfPrice | 1.00 |
|
EBIT
MODIVO
|
31.6 | — | — | reported | MODIVO | 1.00 |
|
EBIT
Pozostale
|
-62.5 | — | — | reported | Pozostale | 1.00 |
| EBT | -20.7 | — | — | reported | — | 1.00 |
| Net income | -8.1 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | -0.11 | — | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | -0.11 | — | — | reported | — | 1.00 |
| D&A | 214.2 | — | — | reported | — | 1.00 |
| Interest expense | 31 | — | — | reported | — | 0.95 |
| Shares (basic) (m units) | 77 | — | — | reported | — | 1.00 |
| Gross margin | 52.3% | — | — | reported | — | 0.95 |
| EBITDA margin | 10.4% | — | — | reported | — | 0.95 |
| EBIT margin | 1.6% | — | — | reported | — | 0.95 |
| EBT margin | -0.8% | — | — | reported | — | 0.95 |
| Net margin | -0.3% | — | — | reported | — | 0.90 |
| D&A margin | 8.8% | — | — | reported | — | 0.90 |
| Cash | 509 | — | — | reported | — | 1.00 |
| Total debt | 2,288.3 | — | — | reported | — | 0.90 |
| Net debt | 1,779.3 | — | — | reported | — | 0.90 |
| Equity | 2,105.9 | — | — | reported | — | 1.00 |
| Total assets | 11,698.6 | — | — | reported | — | 1.00 |
| Working capital | -823.3 | — | — | derived | — | 1.00 |
| Current assets | 5,358 | — | — | reported | — | 1.00 |
| Current liabilities | 6,181.3 | — | — | reported | — | 1.00 |
| Goodwill | 806.6 | — | — | derived | — | 0.95 |
| Tangible equity | 1,299.3 | — | — | derived | — | 0.90 |
| CFO | 346.3 | — | — | reported | — | 1.00 |
| CapEx | 245.3 | — | — | reported | — | 1.00 |
| FCF | 101 | — | — | derived | — | 0.90 |
| Net acquisitions | 9.2 | — | — | reported | — | 0.95 |
| Current ratio | 0.87x | — | — | reported | — | 0.95 |
| Quick ratio | 0.2x | — | — | reported | — | 0.90 |
| Cash ratio | 0.08x | — | — | reported | — | 0.90 |
| Interest coverage | 1.29x | — | — | reported | — | 0.85 |
| Debt / equity | 1.09x | — | — | reported | — | 0.85 |
| Debt / assets | 0.2x | — | — | reported | — | 0.85 |
| Net debt / equity | 0.84x | — | — | reported | — | 0.85 |
| Revenue growth (YoY) | 4% | — | — | reported | — | 1.00 |
| EBITDA growth (YoY) | -32.6% | — | — | reported | — | 1.00 |
| EBIT growth (YoY) | -81.4% | — | — | reported | — | 1.00 |
| Net income growth (YoY) | -108.5% | — | — | reported | — | 0.95 |
| EPS growth (YoY) | -108.2% | — | — | reported | — | 0.95 |
| FCF growth (YoY) | 146.9% | — | — | reported | — | 0.85 |
| Gross margin Δ (YoY) | 1.8 pp | — | — | reported | — | 0.90 |
| EBITDA margin Δ (YoY) | -5.7 pp | — | — | reported | — | 0.90 |
| EBIT margin Δ (YoY) | -7.5 pp | — | — | reported | — | 0.90 |
| Net margin Δ (YoY) | -4.4 pp | — | — | reported | — | 0.85 |
Q1 2026 · Δ YoY
Revenue
2,439.3
—
2,439.3
—
- Q1 2025
- —
Revenue
CCC
916.5
—
CCC
916.5
—
- Q1 2025
- —
Revenue
HalfPrice
599.2
—
HalfPrice
599.2
—
- Q1 2025
- —
Revenue
MODIVO
717.6
—
MODIVO
717.6
—
- Q1 2025
- —
Revenue
Pozostale
206
—
Pozostale
206
—
- Q1 2025
- —
Gross profit
1,275
—
1,275
—
- Q1 2025
- —
Gross profit
CCC
556.6
—
CCC
556.6
—
- Q1 2025
- —
Gross profit
HalfPrice
317.8
—
HalfPrice
317.8
—
- Q1 2025
- —
Gross profit
MODIVO
336.8
—
MODIVO
336.8
—
- Q1 2025
- —
Gross profit
Pozostale
63.8
—
Pozostale
63.8
—
- Q1 2025
- —
EBITDA
254.2
—
254.2
—
- Q1 2025
- —
EBITDA
CCC
138.6
—
CCC
138.6
—
- Q1 2025
- —
EBITDA
HalfPrice
93.4
—
HalfPrice
93.4
—
- Q1 2025
- —
EBITDA
MODIVO
64.2
—
MODIVO
64.2
—
- Q1 2025
- —
EBITDA
Pozostale
-41.9
—
Pozostale
-41.9
—
- Q1 2025
- —
EBIT
40
—
40
—
- Q1 2025
- —
EBIT
CCC
36.6
—
CCC
36.6
—
- Q1 2025
- —
EBIT
HalfPrice
34.4
—
HalfPrice
34.4
—
- Q1 2025
- —
EBIT
MODIVO
31.6
—
MODIVO
31.6
—
- Q1 2025
- —
EBIT
Pozostale
-62.5
—
Pozostale
-62.5
—
- Q1 2025
- —
EBT
-20.7
—
-20.7
—
- Q1 2025
- —
Net income
-8.1
—
-8.1
—
- Q1 2025
- —
EPS (basic)
(PLN)
-0.11
—
-0.11
—
- Q1 2025
- —
EPS (diluted)
(PLN)
-0.11
—
-0.11
—
- Q1 2025
- —
D&A
214.2
—
214.2
—
- Q1 2025
- —
Interest expense
31
—
31
—
- Q1 2025
- —
Shares (basic)
(m units)
77
—
77
—
- Q1 2025
- —
Gross margin
52.3%
—
52.3%
—
- Q1 2025
- —
EBITDA margin
10.4%
—
10.4%
—
- Q1 2025
- —
EBIT margin
1.6%
—
1.6%
—
- Q1 2025
- —
EBT margin
-0.8%
—
-0.8%
—
- Q1 2025
- —
Net margin
-0.3%
—
-0.3%
—
- Q1 2025
- —
D&A margin
8.8%
—
8.8%
—
- Q1 2025
- —
Cash
509
—
509
—
- Q1 2025
- —
Total debt
2,288.3
—
2,288.3
—
- Q1 2025
- —
Net debt
1,779.3
—
1,779.3
—
- Q1 2025
- —
Equity
2,105.9
—
2,105.9
—
- Q1 2025
- —
Total assets
11,698.6
—
11,698.6
—
- Q1 2025
- —
Working capital
-823.3
—
-823.3
—
- Q1 2025
- —
Current assets
5,358
—
5,358
—
- Q1 2025
- —
Current liabilities
6,181.3
—
6,181.3
—
- Q1 2025
- —
Goodwill
806.6
—
806.6
—
- Q1 2025
- —
Tangible equity
1,299.3
—
1,299.3
—
- Q1 2025
- —
CFO
346.3
—
346.3
—
- Q1 2025
- —
CapEx
245.3
—
245.3
—
- Q1 2025
- —
FCF
101
—
101
—
- Q1 2025
- —
Net acquisitions
9.2
—
9.2
—
- Q1 2025
- —
Current ratio
0.87x
—
0.87x
—
- Q1 2025
- —
Quick ratio
0.2x
—
0.2x
—
- Q1 2025
- —
Cash ratio
0.08x
—
0.08x
—
- Q1 2025
- —
Interest coverage
1.29x
—
1.29x
—
- Q1 2025
- —
Debt / equity
1.09x
—
1.09x
—
- Q1 2025
- —
Debt / assets
0.2x
—
0.2x
—
- Q1 2025
- —
Net debt / equity
0.84x
—
0.84x
—
- Q1 2025
- —
Revenue growth (YoY)
4%
—
4%
—
- Q1 2025
- —
EBITDA growth (YoY)
-32.6%
—
-32.6%
—
- Q1 2025
- —
EBIT growth (YoY)
-81.4%
—
-81.4%
—
- Q1 2025
- —
Net income growth (YoY)
-108.5%
—
-108.5%
—
- Q1 2025
- —
EPS growth (YoY)
-108.2%
—
-108.2%
—
- Q1 2025
- —
FCF growth (YoY)
146.9%
—
146.9%
—
- Q1 2025
- —
Gross margin Δ (YoY)
1.8 pp
—
1.8 pp
—
- Q1 2025
- —
EBITDA margin Δ (YoY)
-5.7 pp
—
-5.7 pp
—
- Q1 2025
- —
EBIT margin Δ (YoY)
-7.5 pp
—
-7.5 pp
—
- Q1 2025
- —
Net margin Δ (YoY)
-4.4 pp
—
-4.4 pp
—
- Q1 2025
- —