Q1 2026 report
Sprzedaż grupy rośnie o 21,4% r/r, napędzana organicznym wzrostem we wszystkich czterech markach odzieżowych oraz konsolidacją świeżo przejętej Grupy Lilou w segmencie jubilerskim.
Sentiment
Neutral
No guidance change
VRG
Q1 2026 report
Revenue
356.48 m PLN
— YoY
Net income
-0.15 m PLN
— YoY
EBITDA
52.61 m PLN
— YoY
Gross margin
56.48%
— YoY
Summary
Investment thesis
- Segment odzieżowy ogranicza sezonową stratę operacyjną I kwartału niemal 6-krotnie (z -14,0 mln PLN do -2,5 mln PLN) dzięki wyższej marży brutto i optymalizacji sieci sprzedaży.
- Wynik netto grupy zjechał na -0,2 mln PLN mimo wzrostu EBIT o 281% r/r — winna jest efektywna stopa podatkowa 108% oraz strata na wycenie walutowej zobowiązań leasingowych.
- Przepływy operacyjne pozostają głęboko ujemne drugi kwartał z rzędu (-31,2 mln PLN), a akwizycja Lilou (ok. 116 mln PLN) sfinansowana kredytem inwestycyjnym istotnie podniosła zadłużenie grupy.
- Zarząd rekomenduje niewypłacanie dywidendy z zysku za 2025 rok — odstępstwo od polityki dywidendowej z 2022 r., uzasadnione potrzebą płynności na inwestycje i akwizycje.
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Financials
BETA
VRG · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 356.48 | — | — | reported | — | 1.00 |
| Gross profit | 201.35 | — | — | reported | — | 1.00 |
| EBITDA | 52.61 | — | — | reported | — | 1.00 |
| EBIT | 14.1 | — | — | reported | — | 1.00 |
| EBT | 1.89 | — | — | reported | — | 1.00 |
| Net income | -0.15 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0 | — | — | derived | — | 0.80 |
| D&A | 38.51 | — | — | reported | — | 1.00 |
| Interest expense | 12.21 | — | — | derived | — | 0.90 |
| Shares (basic) (m units) | 234.46 | — | — | reported | — | 1.00 |
| Gross margin | 56.48% | — | — | reported | — | 0.95 |
| EBITDA margin | 14.76% | — | — | reported | — | 0.95 |
| EBIT margin | 3.95% | — | — | reported | — | 0.95 |
| Net margin | -0.04% | — | — | reported | — | 0.95 |
| Cash | 30.23 | — | — | reported | — | 1.00 |
| Total debt | 552.62 | — | — | derived | — | 0.85 |
| Net debt | 522.4 | — | — | derived | — | 0.85 |
| Equity | 1,161.42 | — | — | reported | — | 1.00 |
| Total assets | 1,932.71 | — | — | reported | — | 1.00 |
| Working capital | 395.43 | — | — | derived | — | 0.90 |
| Current assets | 824.29 | — | — | reported | — | 1.00 |
| Current liabilities | 428.85 | — | — | reported | — | 1.00 |
| Goodwill | 612.12 | — | — | derived | — | 0.90 |
| Tangible equity | 549.3 | — | — | derived | — | 0.85 |
| CFO | -31.2 | — | — | reported | — | 1.00 |
| CapEx | 14.97 | — | — | derived | — | 0.95 |
| FCF | -46.16 | — | — | derived | — | 0.90 |
| FCF conversion | -87.75% | — | — | reported | — | 0.85 |
| CFO conversion | -59.3% | — | — | reported | — | 0.85 |
| Dividends paid | 0 | — | — | reported | — | 1.00 |
| Net acquisitions | 98.49 | — | — | reported | — | 1.00 |
| Current ratio | 1.92x | — | — | reported | — | 0.95 |
| Quick ratio | 0.13x | — | — | reported | — | 0.90 |
| Cash ratio | 0.07x | — | — | reported | — | 0.95 |
| Interest coverage | 1.15x | — | — | reported | — | 0.85 |
| Debt / equity | 0.48x | — | — | reported | — | 0.80 |
| Debt / assets | 0.29x | — | — | reported | — | 0.80 |
| Net debt / equity | 0.45x | — | — | reported | — | 0.80 |
| Revenue growth (YoY) | 21.4% | — | — | reported | — | 0.95 |
| EBITDA growth (YoY) | 38.97% | — | — | reported | — | 0.95 |
| EBIT growth (YoY) | 281.28% | — | — | reported | — | 0.95 |
| Net income growth (YoY) | -102.56% | — | — | reported | — | 0.95 |
| EPS growth (YoY) | -102.56% | — | — | reported | — | 0.80 |
| Gross margin Δ (YoY) | 2.23 pp | — | — | reported | — | 0.90 |
| EBITDA margin Δ (YoY) | 1.87 pp | — | — | reported | — | 0.90 |
| EBIT margin Δ (YoY) | 2.7 pp | — | — | reported | — | 0.90 |
| Net margin Δ (YoY) | -2.09 pp | — | — | reported | — | 0.90 |
Q1 2026 · Δ YoY
Revenue
356.48
—
356.48
—
- Q1 2025
- —
Gross profit
201.35
—
201.35
—
- Q1 2025
- —
EBITDA
52.61
—
52.61
—
- Q1 2025
- —
EBIT
14.1
—
14.1
—
- Q1 2025
- —
EBT
1.89
—
1.89
—
- Q1 2025
- —
Net income
-0.15
—
-0.15
—
- Q1 2025
- —
EPS (basic)
(PLN)
0
—
0
—
- Q1 2025
- —
D&A
38.51
—
38.51
—
- Q1 2025
- —
Interest expense
12.21
—
12.21
—
- Q1 2025
- —
Shares (basic)
(m units)
234.46
—
234.46
—
- Q1 2025
- —
Gross margin
56.48%
—
56.48%
—
- Q1 2025
- —
EBITDA margin
14.76%
—
14.76%
—
- Q1 2025
- —
EBIT margin
3.95%
—
3.95%
—
- Q1 2025
- —
Net margin
-0.04%
—
-0.04%
—
- Q1 2025
- —
Cash
30.23
—
30.23
—
- Q1 2025
- —
Total debt
552.62
—
552.62
—
- Q1 2025
- —
Net debt
522.4
—
522.4
—
- Q1 2025
- —
Equity
1,161.42
—
1,161.42
—
- Q1 2025
- —
Total assets
1,932.71
—
1,932.71
—
- Q1 2025
- —
Working capital
395.43
—
395.43
—
- Q1 2025
- —
Current assets
824.29
—
824.29
—
- Q1 2025
- —
Current liabilities
428.85
—
428.85
—
- Q1 2025
- —
Goodwill
612.12
—
612.12
—
- Q1 2025
- —
Tangible equity
549.3
—
549.3
—
- Q1 2025
- —
CFO
-31.2
—
-31.2
—
- Q1 2025
- —
CapEx
14.97
—
14.97
—
- Q1 2025
- —
FCF
-46.16
—
-46.16
—
- Q1 2025
- —
FCF conversion
-87.75%
—
-87.75%
—
- Q1 2025
- —
CFO conversion
-59.3%
—
-59.3%
—
- Q1 2025
- —
Dividends paid
0
—
0
—
- Q1 2025
- —
Net acquisitions
98.49
—
98.49
—
- Q1 2025
- —
Current ratio
1.92x
—
1.92x
—
- Q1 2025
- —
Quick ratio
0.13x
—
0.13x
—
- Q1 2025
- —
Cash ratio
0.07x
—
0.07x
—
- Q1 2025
- —
Interest coverage
1.15x
—
1.15x
—
- Q1 2025
- —
Debt / equity
0.48x
—
0.48x
—
- Q1 2025
- —
Debt / assets
0.29x
—
0.29x
—
- Q1 2025
- —
Net debt / equity
0.45x
—
0.45x
—
- Q1 2025
- —
Revenue growth (YoY)
21.4%
—
21.4%
—
- Q1 2025
- —
EBITDA growth (YoY)
38.97%
—
38.97%
—
- Q1 2025
- —
EBIT growth (YoY)
281.28%
—
281.28%
—
- Q1 2025
- —
Net income growth (YoY)
-102.56%
—
-102.56%
—
- Q1 2025
- —
EPS growth (YoY)
-102.56%
—
-102.56%
—
- Q1 2025
- —
Gross margin Δ (YoY)
2.23 pp
—
2.23 pp
—
- Q1 2025
- —
EBITDA margin Δ (YoY)
1.87 pp
—
1.87 pp
—
- Q1 2025
- —
EBIT margin Δ (YoY)
2.7 pp
—
2.7 pp
—
- Q1 2025
- —
Net margin Δ (YoY)
-2.09 pp
—
-2.09 pp
—
- Q1 2025
- —