Slide 1: 2Q26 results presentation
2Q26 results presentation A MODERN GROUP WITH TRADITIONS August 21, 2026
Slide 2: Disclaimer
Disclaimer This presentation (the "Presentation") was prepared by VRG S.A. (the "Company") with a due care. Still, it may contain certain inconsistencies or omissions. The Presentation does not contain a complete or thorough financial analysis of the Company and the Capital Group and does not presen
Slide 3: Introduction
VRG Ol Introduction
Slide 4: Key 2Q26 trends
Key 2Q26 trends 1 Continuation of strong on-line dynamics in the jewellery segment. 2 Increase in sales of the new collection in the apparel segment. 3 Negative dynamics of visits in traditional stores (traffic). 4 Growing gross margins in both segments. 5 Maintaining cost discipline and positive im
Slide 5: Mixed sales dynamics among segments in 2Q26
Mixed sales dynamics among segments in 2Q26 REVENUE DYNAMICS 35% 32.3% 32.0% 35% 28.3% 28.9% 26.9% 28.1% 30% 18.7% 21.5% 22.8% 20.1% 25% 25% 20.0% 15.4% 16.0% 20% 15.1% 15.5% 14.4% 16.9% 9.9% 5.6% 15% 15% 8.4% 9.2% 7.4% 15.7% 5.5% 4.1% 13.4% 10% 8.0% 8.9% 14.3% 1.1% 5% 5.9% -2.5% 5% 5.9% 3.9% 3.8% 1
Slide 6: Favorable on-line and off-line dynamics in 2Q26
Favorable on-line and off-line dynamics in 2Q26 REVENUE DYNAMICS 36.2% 30% 40% 34.4% 30.3% 35% 25% 25.8% 30% 18.8% 20% 17.1% 16.4% 20.7% 25% 19.7% 15% 18.8% 18.6% 13.2% 20% 8.3% 18.8% 15% 10% 15.6% 7.4% 15.6% 13.7% 13.5% 10% 5% 11.9% 8.5% 7.9% 7.6% 5% 0% 5.2% 0% -5% -5% VII.25 VIII.25 IX.25 X.25 XI.
Slide 7: Acceleration of floorspace growth due to Lilou
Acceleration of floorspace growth due to Lilou GROUP FLOORSPACE CHANGE YOY GROUP FLOORSPACE CHANGE YOY (ths m2) (ths m2) +4.6 6.5 -1.0 -0.2 -0.2 -0.2 +2.2 +3.5 6.9 -0.4 53.1 48.9 42.0 46.6 -1.7 2Q25 VST BTM WLC DCG W.KRUK Lilou 2Q26 2Q25 Own stores Franchise stores 2Q26 • The group’s floorspace came
Slide 8: Key events of the recent months
Key events of the recent months Events dedicated to watches Vistula partnered with Maja Chwalińska Monobrand space at Plac Trzech Krzyży W.KRUK, in partnership with Panerai, Team in Warsaw presented the Italian manufacturer's During this year's Wimbledon, the brand Opening of the IWC Schaffhausen co
Slide 9: Brands’ contribution to results
Brands’ contribution to results
Slide 10: Apparel segment: stable YoY revenues in 2Q26
Apparel segment: stable YoY revenues in 2Q26 APPAREL SEGMENT REVENUES (RETAIL) (PLN m) 196.5 Deni Cler: Revenues + 0.8% YoY, including on-line +9.7% YoY. 185.6 174.0 175.4 161.0 15.9 17.0 141.2 139.3 13.4 128.8 127.4 13.3 41.4 13.0 38.8 30.5 Wólczanka: Revenues + 4.0% YoY, including on-line +5.3% Yo
Slide 11: Apparel segment: 2Q26 executive summary
Apparel segment: 2Q26 executive summary APPAREL SEGMENT REVENUES (RETAIL) APPAREL SEGMENT EFFICIENCY (RETAIL) (PLN m) 174.0 175.4 2Q25 2Q26 YoY +0.8% YoY Revenues (PLN/m2 per month) 1,707 1,813 6.2% 139.7 140.1 Gross profit margin (%) 62.3% 66.8% 4.5pp. Cost of stores 34.3 35.3 698 738 5.7% (PLN/m2
Slide 12: Jewellery segment: YoY revenue increase in 2Q26
Jewellery segment: YoY revenue increase in 2Q26 JEWELLERY SEGMENT REVENUES (RETAIL) (PLN m) 283.9 247.8 257.1 6.3 200.9 213.7 23.0 179.7 3.3 198.5 177.4 14.7 6.3 Lilou: Revenues PLN 23.0m, including PLN 5.3m in on-line. 163.3 3.1 3.4 4.5 0.9 1.1 2.0 277.6 244.5 W.KRUK Hungary: Revenues + 101.9% YoY.
Slide 13: Jewellery segment: 2Q26 executive summary
Jewellery segment: 2Q26 executive summary JEWELLERY SEGMENT REVENUES (RETAIL) JEWELLERY SEGMENT EFFICIENCY (RETAIL) (PLN m) 257.1 2Q25 2Q26 YoY 200.9 +28.0% Revenues (PLN/m2 per month) 4,520 4,175 -7.6% YoY 232.5 Gross profit margin (%) 52.8% 55.5% 2.7pp. 186.3 Cost of stores 1,248 1,284 2.8% 14.5 2
Slide 14: Group results
VRG Group results
Slide 15: Growing group’s revenues and revenues/m2
Growing group’s revenues and revenues/m2 GROUP REVENUES (PLN m) 444.6 487.7 435.4 • Group revenues in 2Q26 amounted to PLN 435.4m (+15.3% YoY), due to 377.5 growth in jewellery segment. 340.8 345.9 356.5 311.5 293.6 287.0 256.4 258.8 • In 2Q26, revenues of the apparel segment were stable YoY, reachi
Slide 16: Growth in gross profit on sales
Growth in gross profit on sales GROSS PROFIT ON SALES (PLN m) 254.7 274.6 260.4 214.9 191.7 201.4 • Group gross profit on sales amounted to PLN 260.4m in 2Q26, +21.2% 167.0 188.2 148.4 138.1 159.3 143.3 YoY. 106.2 93.2 104.9 115.0 94.1 85.1 • In 2Q26 gross profit on sales in apparel segment reached
Slide 17: Sizeable improvement in operating profit continues
Sizeable improvement in operating profit continues KOSZTY OPERACYJNE, MIESIĘCZNE NA M2 (PLN, MSR17) 1,368 1,217 1,261 1,241 1,153 1,133 1,020 1,067 • Group operating costs/m2 (IAS17) reached in 2Q26 PLN 1,261/ m2 per 1,029 372 347 329 353 month, up 9.3% YoY. 281 323 287 279 273 • Costs of stores at
Slide 18: Growing net profit
Growing net profit PLN m, IFRS16 2Q25 2Q26 YoY NET PROFIT (LOSS) BY SEGMENTS Revenues 377.5 435.4 15.3% (PLN m, IFRS16) Gross profit on sales 214.9 260.4 21.2% Gross profit on sales margin 70.0 60.0 56.9% 59.8% 2.9pp. 51.2 SG&A costs 166.8 197.5 18.4% 50.0 46.3 44.8 Other operating line -2.5 -4.0 40
Slide 19: Growing YoY earnings in 1H26
Growing YoY earnings in 1H26 PLN m, IFRS16 1H25 1H26 YoY Revenues 671.2 791.9 18.0% Gross profit on sales 374.2 461.7 23.4% Gross profit on sales margin 55.8% 58.3% 2.6pp. SG&A costs 321.2 384.4 19.7% Other operating line -3.6 -4.3 EBIT 49.3 73.0 47.9% EBIT margin 7.4% 9.2% 1.9pp. Net financial acti
Slide 20: High net working capital involvement
High net working capital involvement CHANGE IN INVENTORIES (PLN m) 827.5 794.9 89.8 • Group inventory grew 4.1% YoY. Inventories/m2 at the end of 2Q26 at PLN 15,591, -4.1% YoY. -57.3 • Apparel segment inventories fell by 24.8% YoY, while inventories/m2 564.2 654.1 amounted PLN 5,358, down 21.4% YoY,
Slide 21: Cash flow improvement
Cash flow improvement NET DEBT/(NET CASH) VS NET DEBT/EBITDA (PLN m, IAS17 plus reverse factoring) 2.0 1.0 0.8 0.9 0.9 1.1 0.7 1.5 • Group’s net debt under IAS17 at PLN 129.1m at the end of 2Q26, 160.0 0.5 0.4 1.0 110.0 144.7 146.0 157.8 0.5 +13.0% YoY despite Lilou acquisition. Finance leases under
Slide 22: 2026+ outlook
VRG 2026+ outlook
Slide 23: Strong entry into the new season
Strong entry into the new season Cooperation with Marcin New W.KRUK collections Dorocinski continues Launch of W.KRUK NEW FOLK, an original collection The launch of the new Bytom collection with Marcin inspired by Polish craftsmanship and embroidery Dorociński. An intensive 360-degree campaign is tr
Slide 24: Group floorspace in 2026
Apparel segment Group floorspace • c. 26% of planned annual in 2026 capex • expenditure on infrastructure supporting management 2025 2026 target YoY processes and opening of stores 284 277 -7 new and modernization of Apparel stores segment m2 33,012 32,897 -0.4% stores 194 272 +78 Jewellery segment
Slide 25: Continuous improvements in the concepts of own stores
Continuous improvements in the concepts of own stores VISTULA BYTOM WÓLCZANKA W.KRUK LILOU September 2026 - opening of the The brand's latest retail concept The new Wólczanka store concept The new W.KRUK location at Plac The modern design of the space, flagship store in Złote Tarasy. A combines mode
Slide 26: 2026 targets maintained
2026 targets maintained Continued revenue Further operating Growing gross profit growth in both profitability on sales margin. segments. improvement. As a result, the goal is to further increase the operating result with permanent profitability of the apparel segment. 26
Slide 27: Dividend payment
Dividends approved and paid (PLN m, dividend shown in the year of payment) Dividend payment • On June 25, 2026, the Company's Annual General Meeting adopted Resolution No. 25/06/2026 regarding dividend payment. In this resolution, it was decided to allocate the net 46.9 profit generated by the Compa
Slide 28: Stock option programme approved
Stock option programme approved The Annual General Meeting of 25 June 2026 adopted a share-based incentive program. Key elements of the program include: • Eligible persons: VRG S.A. Management Board, W.KRUK S.A. Management Board, key management personnel of the Company, and other persons of signific
Slide 29: oD x >
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Slide 30: Back-up
VRG [ Back-up
Slide 31: Vistula: executive summary
Vistula: executive summary Autumn/Winter 2026 collection • The Autumn/Winter 2026 collection continues the emotional world of the "Create Your Moment" platform, showing ambassadors in moments of decision, readiness, and storytelling. We don't observe their everyday lives. We enter the natural world
Slide 32: Vistula: executive summary 2Q26
Vistula: executive summary 2Q26 VISTULA BRAND REVENUES VISTULA BRAND EFFICIENCY (PLN m) (PLN m) 70.9 68.8 70.2 70.9 72.7 68.8 63.7 14.2 10.5 56.3 14.9 51.6 10.2 -3.0% YoY 7.7 50.7 50.0 10.0 8.3 8.4 11.2 9.6 9.8 8.7 11.3 7.5 12.3 60.4 58.5 8.1 5.9 4.9 44.8 46.4 50.4 49.5 50.2 33.8 32.8 39.0 34.4 10.5
Slide 33: Vistula: executive summary 1H26
Vistula: executive summary 1H26 VISTULA BRAND REVENUES VISTULA BRAND REVENUES (PLN m) (PLN m) 120.9 120.4 120.4 120.9 21.8 22.5 15.9 13.3 -0.4% YoY 99.0 97.9 83.1 84.6 21.8 22.5 1H25 1H26 1H25 1H26 Own stores Franchise stores Internet on-line off-line Revenues in 1H26 were stable YoY. These Increase
Slide 34: Bytom: executive summary
Bytom: executive summary Autumn/Winter 2026 collection • The Autumn/Winter 2026 collection focuses on further strengthening the Bytom brand's strategic product categories – suits, shirts, and outerwear – jackets and coats, developed based on the highest quality materials and a contemporary interpret
Slide 35: Bytom: executive summary 2Q26
Bytom: executive summary 2Q26 BYTOM BRAND REVENUES BYTOM BRAND REVENUES (PLN m) (PLN m) 66.4 62.7 62.7 59.6 60.5 60.5 54.2 14.1 9.8 12.9 9.3 47.0 7.2 1.7 1.7 43.8 1.3 1.4 41.9 1.5 39.4 +3.8% YoY 9.1 7.3 1.2 10.4 53.0 1.0 9.6 0.8 51.2 1.0 49.5 50.6 51.7 45.5 45.2 33.6 36.7 32.6 28.9 9.3 9.8 2Q24 3Q24
Slide 36: Bytom: executive summary 1H26
Bytom: executive summary 1H26 BYTOM BRAND REVENUES BYTOM BRAND REVENUES (PLN m) (PLN m) 106,5 106.5 99,9 99.9 20.2 18.8 2.0 2.7 +6.6% YoY 81.1 86.4 78.4 84.3 18.8 20.2 1H25 1H26 1H25 1H26 Own stores Franchise stores Internet on-line off-line The Spring/Summer 2026 collection was On-line sales increa
Slide 37: Wólczanka: executive summary
Wólczanka: executive summary Autumn/Winter 2026 collection • Wólczanka kicks off the Autumn/Winter 2026 season with a collection of premium formal shirts. Returning to office with the brand is an opportunity to express professionalism and individual style. It's the perfect time to refresh your wardr
Slide 38: Wólczanka: executive summary 2Q26
Wólczanka: executive summary 2Q26 WÓLCZANKA BRAND REVENUES WÓLCZANKA BRAND REVENUES (PLN m) (PLN m) 38.8 41.4 30.5 29.3 30.1 29.3 29.4 30.5 24.5 24.4 25.2 21.8 20.8 16.4 15.9 14.0 13.4 17.4 14.1 +4.0% YoY 12.0 14.1 12.2 2.7 2.6 2.7 2.5 2.3 2.0 2.0 1.6 1.6 17.0 13.6 15.2 13.5 14.1 14.1 10.5 8.7 10.9
Slide 39: Wólczanka: executive summary 1H26
Wólczanka: executive summary 1H26 WÓLCZANKA BRAND REVENUES WÓLCZANKA BRAND REVENUES (PLN m) (PLN m) 59.9 59.9 53.7 53.7 31.6 28.4 27.5 26.2 +11.6% 3.9 YoY 4.1 27.5 31.6 22.1 24.4 1H25 1H26 1H25 2H26 Own stores Franchise stores Internet on-line off-line Very good use of the colder months in Revenues
Slide 40: Deni Cler: executive summary
Deni Cler: executive summary Autumn/Winter 2026 collection • The Autumn/Winter 2026 collection is built around the concept of a conscious wardrobe. The starting point is quality, functionality, and timeless elegance, presented in a modern, softer way. The collection features draping, looser trouser
Slide 41: Deni Cler: executive summary 2Q26
Deni Cler: executive summary 2Q26 DENI CLER BRAND REVENUES DENI CLER BRAND REVENUES (PLN m) (PLN m) 17.0 13.3 13.4 13.6 15.9 14.5 13.0 1.8 13.3 12.8 13.4 1.3 11.8 1.7 +0.8% 1.3 6.1 1.6 1.0 1.1 1.1 1.2 5.8 5.1 YoY 4.3 4.5 4.5 4.3 5.1 4.1 12.2 12.2 9.1 7.6 7.7 8.8 7.8 7.3 6.4 7.4 7.2 1.0 1.1 2Q24 3Q24
Slide 42: Deni Cler: executive summary 1H26
Deni Cler: executive summary 1H26 DENI CLER BRAND REVENUES DENI CLER BRAND REVENUES (PLN m) (PLN m) 26.9 27.9 26.9 27.9 2.6 2.8 +3.6% 9.0 10.1 YoY 24.3 25.1 15.3 15.0 2.6 2.8 1H25 1H26 1H25 1H26 Own stores Franchise stores + multibrands Internet on-line off-line Revenues in 1H26 increased by 3.6% Yo
Slide 43: W.KRUK: executive summary
W.KRUK: executive summary Novelties in collections • In the third quarter of 2026, W.KRUK will focus on further strengthening the brand's position in the premium and luxury segment, expanding its product offering, and implementing sales support activities that build brand value. A key element of the
Slide 44: W.KRUK: executive summary 2Q26
W.KRUK: executive summary 2Q26 RETAIL W.KRUK REVENUES (POLAND AND HUNGARY) RETAIL W.KRUK REVENUES (POLAND AND HUNGARY) (PLN m) (PLN m) 234.0 283.9 200.9 247.8 26.7 234.0 21.1 200.9 198.5 22.8 198.9 19.7 19.2 +16.5% 177.4 179.7 16.9 10.0 10.7 163.3 14.5 15.8 13.5 14.5 18.2 14.1 YoY 13.8 13.0 11.4 215
Slide 45: W.KRUK: executive summary 1H26
W.KRUK: executive summary 1H26 RETAIL W.KRUK REVENUES (POLAND AND HUNGARY) RETAIL W.KRUK REVENUES (POLAND AND HUNGARY) (PLN m) (PLN m) 433.0 364.1 433.0 37.4 364.1 31.1 26.0 27.6 +18.9% YoY 395.6 364.5 338.2 310.6 26.0 37.4 1H25 1H26 1H25 1H26 Own stores Franchise stores Internet on-line off-line Re
Slide 46: Lilou: executive summary
Lilou: executive summary Novelties in collections • In the second quarter of 2026, the product portfolio was expanded with new collections: the Harmony Turtle, Starfish, and Zebra, inspired by Summer and nautical motifs. The Reverso collection also received a new, colourful version for the Summer se
Slide 47: Lilou: executive summary 2Q26 and 1H26
Lilou: executive Total revenues in 2Q26 increased by summary 2Q26 PLN 23.8m. Sales/m2: PLN 1,871 in 2Q26. and 1H26 LILOU BRAND REVENUES (RETAIL) IN 2Q26 On-line revenues amounted to PLN 17.7m 23.2% of total retail revenues in 2Q26. Own stores PLN 5.3m Internet In 1H26, Lilou's retail revenues amount
Slide 48: Apparel segment: executive summary 1H26
Apparel segment: executive summary 1H26 APPAREL SEGMENT REVENUES (RETAIL) APPAREL SEGMENT EFFICIENCY (RETAIL) (PLN m) 301.4 314.7 1H25 1H26 YoY +4.4% YoY Revenues (PLN/m2 per month) 1,470 1,631 11.0% 230.6 237.7 Gross profit margin (%) 60.6% 64.6% 4.0pp. Cost of stores 70.8 77.0 678 722 6.5% (PLN/m2
Slide 49: Jewellery segment: executive summary 1H26
Jewellery segment: executive summary 1H26 JEWELLERY SEGMENT REVENUES (RETAIL) JEWELLERY SEGMENT EFFICIENCY (RETAIL) (mln PLN) 470.4 1H25 1H26 YoY 364.1 +29.3% Revenues (PLN/m2 per month) 4,147 3,912 -5.7% YoY 424.6 338.2 Gross profit margin (%) 52.4% 54.6% 2.2pp. Cost of stores 1,223 1,260 3.0% 26.0
Slide 50: Capital group’s structure
Capital group’s structure VRG parent company Vistula, Wólczanka, Bytom brands Jewellery segment Apparel segment Other activity VG Property sp. z o.o. W.KRUK S.A. DCG S.A. 100% shares 100% shares w likwidacji (in liquidation) 100% shares Lilou Online Shop WK Lilou Retail WK SPV 1 Logistics WK SPV 1 S
Slide 51: Dynamics in number of stores
Dynamics in number of stores Number of stores 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Apparel total 358 350 346 331 322 319 297 295 292 284 276 275 segment franchise 84 78 75 67 66 67 60 57 57 53 50 51 total 135 132 126 119 119 116 103 103 103 99 94 92 Vistula franchise 47 45 43
Slide 52: Floorspace YoY
Floorspace YoY M2 floorspace 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Apparel total 39,818 39,470 38,951 37,140 36,301 36,125 33,922 33,848 33,537 33,012 32,269 32,361 segment franchise 6,582 6,216 6,023 5,415 5,494 5,774 5,212 4,992 4,992 4,760 4,452 4,630 total 18,337 18,386 17,
Slide 53: Own e-stores of five brands
Own e-stores of five brands ON-LINE SALES BY SEGMENTS (PLN m) 26.7 • We have own e-stores for all five retail brands. Our aim is to develop on- 21.1 21.5 line stores of own brands (monoshops). 24.6 11.4 14.5 13.5 10.0 10.7 49.7 52.0 • Revenues and costs of on-line stores are allocated directly to th
Slide 54: Higher costs/m2
Higher costs/m2 OPERATING COSTS MONTHLY/M2 (PLN, excl. IFRS16) • Differences in SG&A costs/m2 between segments result from different 2,079 2,182 1,699 business models. 1,584 1,593 1,564 1,670 1,683 1,704 • Jewellery segment is characterised by higher revenues and costs/m2 than 979 982 these of the a
Slide 55: Historical quarterly results, IFRS16
Historical quarterly results, IFRS16 PLN m 3Q24 3Q25 YoY 4Q24 4Q25 YoY 1Q25 1Q26 YoY 2Q25 2Q26 YoY Revenues 311.5 345.9 11.1% 444.6 487.7 9.7% 293.6 356.5 21.4% 377.5 435.4 15.3% Gross profit on sales 167.0 188.2 12.7% 254.7 274.6 7.8% 159.3 201.4 26.4% 214.9 260.4 21.2% Gross profit on sales margin
Slide 56: Results under IAS17
Results under IAS17 PLN m, IAS17 2Q25 2Q26 YoY 1H25 1H26 YoY Revenues 377.5 435.4 15.3% 671.2 791.9 18.0% Gross profit on sales 214.9 260.4 21.2% 374.2 461.7 23.4% Gross profit on sales margin 56.9% 59.8% 2.9pp. 55.8% 58.3% 2.6pp. SG&A costs 168.8 199.7 18.3% 325.1 388.3 19.4% EBIT 43.7 56.8 29.9% 4
Slide 57: Capex supports growth
Capex supports growth CAPEX VS. NET DEBT/EBITDA 10 113.5 110 9 • Organic capital expenditure in 2Q26 amounted to PLN 17.7m, 8 90 7 70 6 growth by 100.6% YoY. 0.5 1.1 1.0 5 50 0.4 0.8 0.9 0.9 0.7 4 • Capex focused on new stores and modernizations, mainly in the -0.1 3 jewellery segment. 8.9 13.8 30 1
Slide 58: FX risk exposure
FX risk exposure PURCHASES BY CURRENCIES (PLN m) CHF, 22% CHF, 18% USD, 26% USD, 27% • FX risk is sizeable for the capital group, thus it is being hedged since 2Q16. Hedging only relates to the apparel segment. 1H25 1H26 • The group is a beneficiary of strengthening of zloty versus foreign currencie
Slide 59: Long-term indebtedness related to Lilou
Long-term indebtedness related to Lilou PLN m 2Q25 4Q25 2Q26 Long-term debt 1.4 1.1 83.7 • Interest bearing indebtedness includes: bank loans, finance leases and reverse factoring. Bank loans 0.0 0.0 81.2 • Bank loans include: overdrafts and investment bank loans. Bank loan collateral comprises of:
Slide 60: Shareholder structure
Shareholder structure SHAREHOLDER STRUCTURE AS AT 20.08.2026 (SHARE IN EQUITY AND VOTES) Other free-float Shareholders' Number of 24.22% agreement % share shares/votes 42.81% 1. Shareholders' agreement 100,381,828 42.81% 2. PZU OFE 44,537,016 19.00% 3. NN OFE 32,750,487 13.97% NN OFE 4. Other free-f
Slide 61: Glossary
Glossary Idea Definition Apparel segment Revenues from brands: Vistula, Wólczanka, Bytom, Deni Cler and wholesale segment, B2B and processing (until VI.2023). Jewellery segment Retail revenues of W.KRUK brand and other revenues (including B2B). Casual Revenues including the following assortment: jac
Slide 62: Thank you
Thank you VRG S.A. Pilotów 10 St., 31-462 Cracow tel. +48 12 656 18 32 faks + 48 12 656 50 98 e-mail: sekretariat@vrg.pl Investor Relations e-mail: relacjeinwestorskie@vrg.pl Press office VRG S.A. e-mail: biuroprasowe@vrg.pl