H1 2026 report
Segment odzieżowy po latach wyszedł na plus: z −0,9 mln zł straty operacyjnej na +16,9 mln zł zysku, przy sprzedaży rosnącej tylko o 4,0% i kurczącej się o 4,4% powierzchni handlowej — to poprawa jakości, a nie efekt skali.
Sentiment
Positive
No guidance change
VRG
H1 2026 report
Revenue
791.88 m PLN
— YoY
Net income
44.62 m PLN
— YoY
EBITDA
151.06 m PLN
— YoY
Gross margin
58.31%
— YoY
Summary
Investment thesis
- Segment jubilerski urósł o 29,7%, ale jego wynik netto SPADŁ rdr (37,2 wobec 38,3 mln zł), a rentowność operacyjna obniżyła się z 13,8% do 11,9% — akwizycja Lilou kosztowała 5,5 mln zł jednorazowo, plus wyższa amortyzacja, odsetki i ujemne różnice kursowe.
- Marża brutto Grupy wzrosła do 58,3% (+2,56 pp) i poprawiła się w OBU segmentach — to najrzadsza kombinacja w detalu i główny argument za trwałością wyniku.
- Bilans wytrzymał akwizycję za 139,8 mln zł: dług netto/EBITDA nadal 1,6× (0,7× bez MSSF 16), a banki po transakcji podniosły limit dla W.KRUK ze 120 do 140 mln zł.
- Ryzyko nie jest finansowe, lecz właścicielskie: uchwała Rady Nadzorczej oceniająca wniosek Zarządu o podziale zysku nie uzyskała większości, dywidenda 0,20 zł zgłoszona przez NN OFE została odrzucona na rzecz 0,05 zł, a Spółka skupuje akcje po 5,50-6,00 zł, by odsprzedać je kadrze po 4,92 zł.
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Financials
BETA
VRG · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 435.4 | 1,504.83 | −71.1% | 791.88 | −47.4% | reported | — | 0.90 |
|
Revenue
jubilerski
|
473.75 | 1,504.83 | −68.5% | 473.75 | −68.5% | reported | jubilerski | 1.00 |
|
Revenue
odziezowy
|
318.13 | 1,504.83 | −78.9% | 318.13 | −78.9% | reported | odziezowy | 1.00 |
| Gross profit | 461.72 | — | — | 461.72 | — | reported | — | 1.00 |
|
Gross profit
jubilerski
|
258.27 | — | — | 258.27 | — | reported | jubilerski | 1.00 |
|
Gross profit
odziezowy
|
203.45 | — | — | 203.45 | — | reported | odziezowy | 1.00 |
| EBITDA | 307.65 | 273.6 | +12.4% | 151.06 | −44.8% | reported | — | 1.00 |
| EBIT | 58.9 | 137.55 | −57.2% | 72.99 | −46.9% | reported | — | 0.90 |
|
EBIT
jubilerski
|
56.14 | 137.55 | −59.2% | 56.14 | −59.2% | reported | jubilerski | 1.00 |
|
EBIT
odziezowy
|
16.85 | 137.55 | −87.7% | 16.85 | −87.7% | reported | odziezowy | 1.00 |
| EBT | 56.78 | — | — | 56.78 | — | reported | — | 1.00 |
|
Net income
jubilerski
|
37.19 | 98.24 | −62.1% | 37.19 | −62.1% | reported | jubilerski | 1.00 |
|
Net income
odziezowy
|
7.43 | 98.24 | −92.4% | 7.43 | −92.4% | reported | odziezowy | 1.00 |
| Net income | 44.77 | 98.24 | −54.4% | 44.62 | −54.6% | reported | — | 0.90 |
| EPS (basic) (PLN) | 0.19 | — | — | 0.19 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 0.19 | — | — | 0.19 | — | reported | — | 1.00 |
| D&A | 78.07 | — | — | 78.07 | — | reported | — | 0.95 |
| Interest expense | 18.82 | — | — | 18.82 | — | reported | — | 1.00 |
| Income tax | 12.17 | — | — | 12.17 | — | reported | — | 1.00 |
| Shares (basic) (m units) | 234.46 | — | — | 234.46 | — | reported | — | 1.00 |
| Gross margin | 58.31% | — | — | 58.31% | — | derived | — | 0.95 |
|
Gross margin
odziezowy
|
63.95% | — | — | 63.95% | — | derived | odziezowy | 0.95 |
|
Gross margin
jubilerski
|
54.51% | — | — | 54.51% | — | derived | jubilerski | 1.00 |
| EBITDA margin | 19.08% | 18.18% | +0.9 pp | 19.08% | +0.9 pp | derived | — | 0.95 |
| EBIT margin | 9.22% | 9.14% | +0.1 pp | 9.22% | +0.1 pp | derived | — | 0.95 |
|
EBIT margin
odziezowy
|
5.3% | 9.14% | −3.8 pp | 5.3% | −3.8 pp | derived | odziezowy | 1.00 |
|
EBIT margin
jubilerski
|
11.85% | 9.14% | +2.7 pp | 11.85% | +2.7 pp | derived | jubilerski | 1.00 |
| EBT margin | 7.17% | — | — | 7.17% | — | derived | — | 0.95 |
| Net margin | 5.63% | 6.53% | −0.9 pp | 5.63% | −0.9 pp | derived | — | 0.95 |
| D&A margin | 9.86% | — | — | 9.86% | — | derived | — | 0.90 |
| Cash | 61.27 | 67.41 | −9.1% | 61.27 | −9.1% | reported | — | 1.00 |
| Total debt | 558.67 | — | — | 558.67 | — | reported | — | 0.95 |
| Net debt | 497.4 | 306.94 | +62% | 497.4 | +62% | reported | — | 1.00 |
| Equity | 1,194.75 | 1,161.53 | +2.9% | 1,194.75 | +2.9% | reported | — | 1.00 |
| Total assets | 2,027.46 | 1,785.71 | +13.5% | 2,027.46 | +13.5% | reported | — | 1.00 |
| Working capital | 417.82 | 448.85 | −6.9% | 417.82 | −6.9% | derived | — | 0.95 |
| Current assets | 914.97 | 850.8 | +7.5% | 914.97 | +7.5% | reported | — | 1.00 |
| Current liabilities | 497.15 | — | — | 497.15 | — | reported | — | 1.00 |
| Non-current liabilities | 335.56 | 222.24 | +51% | 335.56 | +51% | reported | — | 1.00 |
| Inventory | 827.53 | 763.59 | +8.4% | 827.53 | +8.4% | reported | — | 1.00 |
| Trade receivables | 26.01 | 19.77 | +31.5% | 26.01 | +31.5% | reported | — | 1.00 |
| Trade payables | 247.56 | 236.28 | +4.8% | 247.56 | +4.8% | reported | — | 1.00 |
| Goodwill | 612.04 | 496.7 | +23.2% | 612.04 | +23.2% | reported | — | 1.00 |
| Tangible equity | 582.71 | — | — | 582.71 | — | derived | — | 0.90 |
| CFO | 47.88 | — | — | 47.88 | — | reported | — | 1.00 |
| CapEx | 32.62 | — | — | 32.62 | — | reported | — | 1.00 |
| FCF | 15.26 | — | — | 15.26 | — | derived | — | 0.90 |
| FCF conversion | 10.1% | — | — | 10.1% | — | derived | — | 0.85 |
| CFO conversion | 31.69% | — | — | 31.69% | — | derived | — | 0.85 |
| Net acquisitions | 98.49 | — | — | 98.49 | — | reported | — | 1.00 |
| Current ratio | 1.84x | 2.12x | −0.28x | 1.84x | −0.28x | derived | — | 0.95 |
| Quick ratio | 0.18x | 0.22x | −0.04x | 0.18x | −0.04x | derived | — | 0.95 |
| Cash ratio | 0.12x | — | — | 0.12x | — | derived | — | 0.95 |
| Interest coverage | 3.88x | — | — | 3.88x | — | derived | — | 0.85 |
| Net debt / EBITDA | 1.62x | 1.12x | +0.5x | — | — | derived | — | 1.00 |
| Debt / equity | 0.47x | 0.32x | +0.15x | 0.47x | +0.15x | derived | — | 0.90 |
| Debt / assets | 0.28x | 0.21x | +0.07x | 0.28x | +0.07x | derived | — | 0.90 |
| Net debt / equity | 0.42x | 0.26x | +0.16x | 0.42x | +0.16x | derived | — | 0.90 |
| Revenue growth (YoY) | 17.99% | 9.44% | — | 17.99% | — | derived | — | 0.95 |
| EBITDA growth (YoY) | 29.1% | 5.18% | — | 29.1% | — | derived | — | 0.95 |
| EBIT growth (YoY) | 47.93% | 9.25% | — | 47.93% | — | derived | — | 0.95 |
| Net income growth (YoY) | 28.82% | 13.08% | — | 28.82% | — | derived | — | 0.95 |
| EPS growth (YoY) | 26.67% | — | — | 26.67% | — | derived | — | 0.95 |
| FCF growth (YoY) | 79.35% | — | — | 79.35% | — | derived | — | 0.85 |
| Gross margin Δ (YoY) | 2.56 pp | — | — | 2.56 pp | — | derived | — | 0.95 |
| EBITDA margin Δ (YoY) | 1.64 pp | -0.74 pp | — | 1.64 pp | — | derived | — | 0.95 |
| EBIT margin Δ (YoY) | 1.86 pp | -0.02 pp | — | 1.86 pp | — | derived | — | 0.95 |
| Net margin Δ (YoY) | 0.47 pp | 0.21 pp | — | 0.47 pp | — | derived | — | 0.95 |
H1 2026 · Δ YoY
Revenue
435.4
−71.1%
435.4
−71.1%
- H1 2025
- 1,504.83
- YTD 2026
- 791.88
- Δ YoY
- −47.4%
Revenue
jubilerski
473.75
−68.5%
jubilerski
473.75
−68.5%
- H1 2025
- 1,504.83
- YTD 2026
- 473.75
- Δ YoY
- −68.5%
Revenue
odziezowy
318.13
−78.9%
odziezowy
318.13
−78.9%
- H1 2025
- 1,504.83
- YTD 2026
- 318.13
- Δ YoY
- −78.9%
Gross profit
461.72
—
461.72
—
- H1 2025
- —
- YTD 2026
- 461.72
- Δ YoY
- —
Gross profit
jubilerski
258.27
—
jubilerski
258.27
—
- H1 2025
- —
- YTD 2026
- 258.27
- Δ YoY
- —
Gross profit
odziezowy
203.45
—
odziezowy
203.45
—
- H1 2025
- —
- YTD 2026
- 203.45
- Δ YoY
- —
EBITDA
307.65
+12.4%
307.65
+12.4%
- H1 2025
- 273.6
- YTD 2026
- 151.06
- Δ YoY
- −44.8%
EBIT
58.9
−57.2%
58.9
−57.2%
- H1 2025
- 137.55
- YTD 2026
- 72.99
- Δ YoY
- −46.9%
EBIT
jubilerski
56.14
−59.2%
jubilerski
56.14
−59.2%
- H1 2025
- 137.55
- YTD 2026
- 56.14
- Δ YoY
- −59.2%
EBIT
odziezowy
16.85
−87.7%
odziezowy
16.85
−87.7%
- H1 2025
- 137.55
- YTD 2026
- 16.85
- Δ YoY
- −87.7%
EBT
56.78
—
56.78
—
- H1 2025
- —
- YTD 2026
- 56.78
- Δ YoY
- —
Net income
jubilerski
37.19
−62.1%
jubilerski
37.19
−62.1%
- H1 2025
- 98.24
- YTD 2026
- 37.19
- Δ YoY
- −62.1%
Net income
odziezowy
7.43
−92.4%
odziezowy
7.43
−92.4%
- H1 2025
- 98.24
- YTD 2026
- 7.43
- Δ YoY
- −92.4%
Net income
44.77
−54.4%
44.77
−54.4%
- H1 2025
- 98.24
- YTD 2026
- 44.62
- Δ YoY
- −54.6%
EPS (basic)
(PLN)
0.19
—
0.19
—
- H1 2025
- —
- YTD 2026
- 0.19
- Δ YoY
- —
EPS (diluted)
(PLN)
0.19
—
0.19
—
- H1 2025
- —
- YTD 2026
- 0.19
- Δ YoY
- —
D&A
78.07
—
78.07
—
- H1 2025
- —
- YTD 2026
- 78.07
- Δ YoY
- —
Interest expense
18.82
—
18.82
—
- H1 2025
- —
- YTD 2026
- 18.82
- Δ YoY
- —
Income tax
12.17
—
12.17
—
- H1 2025
- —
- YTD 2026
- 12.17
- Δ YoY
- —
Shares (basic)
(m units)
234.46
—
234.46
—
- H1 2025
- —
- YTD 2026
- 234.46
- Δ YoY
- —
Gross margin
58.31%
—
58.31%
—
- H1 2025
- —
- YTD 2026
- 58.31%
- Δ YoY
- —
Gross margin
odziezowy
63.95%
—
odziezowy
63.95%
—
- H1 2025
- —
- YTD 2026
- 63.95%
- Δ YoY
- —
Gross margin
jubilerski
54.51%
—
jubilerski
54.51%
—
- H1 2025
- —
- YTD 2026
- 54.51%
- Δ YoY
- —
EBITDA margin
19.08%
+0.9 pp
19.08%
+0.9 pp
- H1 2025
- 18.18%
- YTD 2026
- 19.08%
- Δ YoY
- +0.9 pp
EBIT margin
9.22%
+0.1 pp
9.22%
+0.1 pp
- H1 2025
- 9.14%
- YTD 2026
- 9.22%
- Δ YoY
- +0.1 pp
EBIT margin
odziezowy
5.3%
−3.8 pp
odziezowy
5.3%
−3.8 pp
- H1 2025
- 9.14%
- YTD 2026
- 5.3%
- Δ YoY
- −3.8 pp
EBIT margin
jubilerski
11.85%
+2.7 pp
jubilerski
11.85%
+2.7 pp
- H1 2025
- 9.14%
- YTD 2026
- 11.85%
- Δ YoY
- +2.7 pp
EBT margin
7.17%
—
7.17%
—
- H1 2025
- —
- YTD 2026
- 7.17%
- Δ YoY
- —
Net margin
5.63%
−0.9 pp
5.63%
−0.9 pp
- H1 2025
- 6.53%
- YTD 2026
- 5.63%
- Δ YoY
- −0.9 pp
D&A margin
9.86%
—
9.86%
—
- H1 2025
- —
- YTD 2026
- 9.86%
- Δ YoY
- —
Cash
61.27
−9.1%
61.27
−9.1%
- H1 2025
- 67.41
- YTD 2026
- 61.27
- Δ YoY
- −9.1%
Total debt
558.67
—
558.67
—
- H1 2025
- —
- YTD 2026
- 558.67
- Δ YoY
- —
Net debt
497.4
+62%
497.4
+62%
- H1 2025
- 306.94
- YTD 2026
- 497.4
- Δ YoY
- +62%
Equity
1,194.75
+2.9%
1,194.75
+2.9%
- H1 2025
- 1,161.53
- YTD 2026
- 1,194.75
- Δ YoY
- +2.9%
Total assets
2,027.46
+13.5%
2,027.46
+13.5%
- H1 2025
- 1,785.71
- YTD 2026
- 2,027.46
- Δ YoY
- +13.5%
Working capital
417.82
−6.9%
417.82
−6.9%
- H1 2025
- 448.85
- YTD 2026
- 417.82
- Δ YoY
- −6.9%
Current assets
914.97
+7.5%
914.97
+7.5%
- H1 2025
- 850.8
- YTD 2026
- 914.97
- Δ YoY
- +7.5%
Current liabilities
497.15
—
497.15
—
- H1 2025
- —
- YTD 2026
- 497.15
- Δ YoY
- —
Non-current liabilities
335.56
+51%
335.56
+51%
- H1 2025
- 222.24
- YTD 2026
- 335.56
- Δ YoY
- +51%
Inventory
827.53
+8.4%
827.53
+8.4%
- H1 2025
- 763.59
- YTD 2026
- 827.53
- Δ YoY
- +8.4%
Trade receivables
26.01
+31.5%
26.01
+31.5%
- H1 2025
- 19.77
- YTD 2026
- 26.01
- Δ YoY
- +31.5%
Trade payables
247.56
+4.8%
247.56
+4.8%
- H1 2025
- 236.28
- YTD 2026
- 247.56
- Δ YoY
- +4.8%
Goodwill
612.04
+23.2%
612.04
+23.2%
- H1 2025
- 496.7
- YTD 2026
- 612.04
- Δ YoY
- +23.2%
Tangible equity
582.71
—
582.71
—
- H1 2025
- —
- YTD 2026
- 582.71
- Δ YoY
- —
CFO
47.88
—
47.88
—
- H1 2025
- —
- YTD 2026
- 47.88
- Δ YoY
- —
CapEx
32.62
—
32.62
—
- H1 2025
- —
- YTD 2026
- 32.62
- Δ YoY
- —
FCF
15.26
—
15.26
—
- H1 2025
- —
- YTD 2026
- 15.26
- Δ YoY
- —
FCF conversion
10.1%
—
10.1%
—
- H1 2025
- —
- YTD 2026
- 10.1%
- Δ YoY
- —
CFO conversion
31.69%
—
31.69%
—
- H1 2025
- —
- YTD 2026
- 31.69%
- Δ YoY
- —
Net acquisitions
98.49
—
98.49
—
- H1 2025
- —
- YTD 2026
- 98.49
- Δ YoY
- —
Current ratio
1.84x
−0.28x
1.84x
−0.28x
- H1 2025
- 2.12x
- YTD 2026
- 1.84x
- Δ YoY
- −0.28x
Quick ratio
0.18x
−0.04x
0.18x
−0.04x
- H1 2025
- 0.22x
- YTD 2026
- 0.18x
- Δ YoY
- −0.04x
Cash ratio
0.12x
—
0.12x
—
- H1 2025
- —
- YTD 2026
- 0.12x
- Δ YoY
- —
Interest coverage
3.88x
—
3.88x
—
- H1 2025
- —
- YTD 2026
- 3.88x
- Δ YoY
- —
Net debt / EBITDA
1.62x
+0.5x
1.62x
+0.5x
- H1 2025
- 1.12x
- YTD 2026
- —
- Δ YoY
- —
Debt / equity
0.47x
+0.15x
0.47x
+0.15x
- H1 2025
- 0.32x
- YTD 2026
- 0.47x
- Δ YoY
- +0.15x
Debt / assets
0.28x
+0.07x
0.28x
+0.07x
- H1 2025
- 0.21x
- YTD 2026
- 0.28x
- Δ YoY
- +0.07x
Net debt / equity
0.42x
+0.16x
0.42x
+0.16x
- H1 2025
- 0.26x
- YTD 2026
- 0.42x
- Δ YoY
- +0.16x
Revenue growth (YoY)
17.99%
—
17.99%
—
- H1 2025
- 9.44%
- YTD 2026
- 17.99%
- Δ YoY
- —
EBITDA growth (YoY)
29.1%
—
29.1%
—
- H1 2025
- 5.18%
- YTD 2026
- 29.1%
- Δ YoY
- —
EBIT growth (YoY)
47.93%
—
47.93%
—
- H1 2025
- 9.25%
- YTD 2026
- 47.93%
- Δ YoY
- —
Net income growth (YoY)
28.82%
—
28.82%
—
- H1 2025
- 13.08%
- YTD 2026
- 28.82%
- Δ YoY
- —
EPS growth (YoY)
26.67%
—
26.67%
—
- H1 2025
- —
- YTD 2026
- 26.67%
- Δ YoY
- —
FCF growth (YoY)
79.35%
—
79.35%
—
- H1 2025
- —
- YTD 2026
- 79.35%
- Δ YoY
- —
Gross margin Δ (YoY)
2.56 pp
—
2.56 pp
—
- H1 2025
- —
- YTD 2026
- 2.56 pp
- Δ YoY
- —
EBITDA margin Δ (YoY)
1.64 pp
—
1.64 pp
—
- H1 2025
- -0.74 pp
- YTD 2026
- 1.64 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
1.86 pp
—
1.86 pp
—
- H1 2025
- -0.02 pp
- YTD 2026
- 1.86 pp
- Δ YoY
- —
Net margin Δ (YoY)
0.47 pp
—
0.47 pp
—
- H1 2025
- 0.21 pp
- YTD 2026
- 0.47 pp
- Δ YoY
- —