Slide 1: 3Q25 results presentation
3Q25 results presentation A MODERN GROUP WITH TRADITIONS November 14, 2025
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: A successful "Back to Office" season in the apparel segment
A successful "Back to Office" season in the apparel segment On September 15, the Bytom brand held its 80th anniversary fashion A strong "Back to office" season at show at Ujazdowski Castle in VRG S.A. apparel brands. Collections Warsaw. The collection was that have met the tastes of specially prepar
Slide 5: Development of the offer and activities of the jewellery segment
Development of the offer and activities of the jewellery segment In early July, W.KRUK signed an The Freedom Forever collection was agreement to acquire the Lilou jewellery created in collaboration with Martyna brand. As a result of the transaction, Wojciechowska, a long-time brand W.KRUK will acqui
Slide 6: Positive dynamics in both segments in 3Q25
Positive dynamics in both segments in 3Q25 Jewellery segment Positive sales dynamics in the jewellery segment in each of REVENUE DYNAMICS the last 12 months, driven by (PLN m) growth in the jewellery segment and supported by network expansion. Strong 25% 25% results in September 2025. 20.1% 20% 16.2
Slide 7: Favourable on-line and off-line dynamics in 3Q25
Favourable on-line and off-line dynamics in Stores 3Q25 Positive sales dynamics in traditional stores in majority of the last 12 REVENUE DYNAMICS months. (PLN m) 20% 40% 32.2% Group 15% 25.8% 25.6% 30% Favourable on-line and off- line dynamics in 3Q25. 18.8% 17.1% 10% 16.4% 11.8% 14.8% 20% On-line s
Slide 8: Continued Group floorspace optimisation
Continued Group floorspace optimisation GROUP FLOORSPACE CHANGE YOY GROUP FLOORSPACE CHANGE YOY (ths m2) (ths m2) 7.3 6.9 -1.5 -1.0 -0.2 -0.1 +1.1 -1.2 -0.4 50.5 48.9 43.2 42.0 -2.8 3Q24 VST BTM WLC DCG W.KRUK 3Q25 3Q24 Own stores Franchise stores 3Q25 • The group’s floorspace came in at 48.9 thousa
Slide 9: Performance by brands
Performance by brands
Slide 10: Continuation of rapid improvement in EBIT of stores in 3Q25
Continuation of rapid improvement in EBIT of stores in 3Q25 Key sources of rapid improvement in store EBIT in the Vistula, Bytom and Wólczanka brands • Double-digit growth in revenues/m2 ➔ Positive impact of initiatives changing the collection structure and assortment. Stronger emphasis on formalwea
Slide 11: Vistula: double-digit YoY revenue growth in 3Q25
Vistula: double-digit YoY revenue growth in 3Q25 VISTULA BRAND REVENUES (PLN m) 70.2 70.9 63.0 63.7 14.2 10.5 56.3 51.8 7.7 50.7 50.0 13.3 46.9 10.0 7.0 11.2 9.6 9.8 10.6 8.7 11.3 10.1 10.2 7.5 8.1 5.9 7.0 44.8 46.4 50.4 34.7 39.1 33.8 32.8 39.0 29.7 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Own
Slide 12: Vistula: executive summary 3Q25
Vistula: executive summary 3Q25 VISTULA BRAND REVENUES VISTULA BRAND EFFICIENCY (PLN m) 56.3 50.7 3Q24 3Q25 YoY 9.8 8.7 +11.1% 7.5 Revenues (PLN/m2 per month) 984 1,182 20.2% 8.1 YoY Gross profit margin (%) 56.6% 57.9% +1.3pp. 39.0 33.8 Cost of stores 536 597 11.4% (PLN/m2 per month) 3Q24 3Q25 Store
Slide 13: Bytom: dynamic growth continued
Bytom: dynamic growth continued BYTOM BRAND REVENUES (PLN m) 59.6 60.5 52.8 54.2 9.3 47.0 12.9 7.2 1.7 38.9 13.3 1.4 41.9 1.5 39.4 34.6 9.1 1.1 7.3 1.2 6.0 1.0 9.6 1.2 8.0 1.0 0.7 49.5 45.5 45.2 38.4 36.7 31.7 33.6 28.9 25.8 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Own stores Franchise stores In
Slide 14: Bytom: executive summary 3Q25
Bytom: executive summary 3Q25 BYTOM BRAND REVENUES BYTOM BRAND EFFICIENCY (PLN m) 47.0 3Q24 3Q25 YoY 41.9 9.1 7.3 1.2 Revenues (PLN/m2 per month) 1,082 1,327 22.6% 1.0 +12.2% YoY Gross profit margin (%) 58.6% 60.9% +2.3pp. 33.6 36.7 Cost of stores 588 646 9.9% (PLN/m2 per month) Store EBIT (PLN m) 1
Slide 15: Wólczanka: return to revenue growth
Wólczanka: return to revenue growth WÓLCZANKA BRAND REVENUES (PLN m) 38.8 35.9 30.1 29.3 25.2 24.5 24.4 25.2 17.6 20.8 20.3 14.0 13.4 13.4 12.0 12.2 7.3 2.9 2.7 14.1 2.6 2.5 2.2 1.8 2.0 2.0 1.6 15.4 13.6 15.2 13.5 10.8 10.0 10.5 8.7 10.9 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Own stores Franch
Slide 16: Wólczanka: executive summary 3Q25
Wólczanka: executive summary 3Q25 WÓLCZANKA BRAND EFFICIENCY WÓLCZANKA BRAND EFFICIENCY (PLN m) 24.5 25.2 3Q24 3Q25 YoY Revenues (PLN/m2 per month) 2,380 2,814 18.3% 12.0 +2.8% 12.2 YoY Gross profit margin (%) 59.8% 62.7% +2.9pp. 2.0 2.0 Cost of stores 1,229 1,305 6.2% 10.5 10.9 (PLN/m2 per month) S
Slide 17: Deni Cler: revenue growth in 3Q25
Deni Cler: revenue growth in 3Q25 DENI CLER BRAND REVENUES (PLN m) 17.2 17.0 13.7 13.6 13.3 1.8 13.0 1.8 12.8 12.4 11.8 5.5 1.9 1.3 1.6 1.0 1.1 1.3 6.1 1.2 4.1 4.3 4.5 4.5 4.3 4.4 4.1 9.9 9.1 6.6 7.7 7.3 6.4 7.6 7.7 7.4 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Own stores Franchise stores + multi
Slide 18: Deni Cler: executive summary 3Q25
Deni Cler: executive summary 3Q25 DENI CLER BRAND REVENUES DENI CLER BRAND REVENUES (PLN m) 12.8 11.8 3Q24 3Q25 YoY 1.1 1.2 Revenues (PLN/m2 per month) 1,303 1,467 12.6% +8.9% 4.3 4.1 YoY Gross profit margin (%) 60.8% 58.5% -2,3pp. 7.4 Cost of stores 6.4 642 671 4.5% (PLN/m2 per month) Store EBIT (P
Slide 19: W.KRUK: double-digit revenue growth continues
W.KRUK: double-digit revenue growth continues W.KRUK RETAIL REVENUES (PLN m) 247.8 225.8 21.1 200.9 198.5 17.7 19.7 169.3 17.7 177.4 179.7 14.5 13.5 154.9 10.0 10.7 163.3 8.2 11.4 15.8 14.5 11.7 9.7 13.8 13.0 11.8 11.0 190.5 207.0 153.6 156.1 170.6 170.5 149.4 134.2 140.0 3Q23 4Q23 1Q24 2Q24 3Q24 4Q
Slide 20: W.KRUK: executive summary 3Q25
W.KRUK: executive summary 3Q25 W.KRUK RETAIL REVENUES W.KRUK BRAND EFFICIENCY (PLN m) 198.5 179.7 3Q24 3Q25 YoY 13.5 Revenues (PLN/m2 per month) 4,259 4,338 1.8% 10.7 +10.4% 14.5 13.0 YoY Gross profit margin (%) 52.5% 52.3% -0.2pp. 156.1 170.5 Cost of stores 1,191 1,260 5.8% (PLN/m2 per month) Store
Slide 21: Group results
VRG Group results
Slide 22: Growing group's revenues and revenues/m2
Growing group’s revenues and revenues/m2 GROUP REVENUES (PLN m) 444.6 402.3 377.5 • Group revenues in 3Q25 amounted to PLN 345.9m (+11.1% YoY), due to 340.8 345.9 297.1 311.5 293.6 growth in both segments. 278.2 256.4 229.3 201.6 178.1 180.3 200.0 • In 3Q25, revenues of the apparel segment were 11.3
Slide 23: Growth in gross profit on sales and margin
Growth in gross profit on sales and margin GROSS PROFIT ON SALES (PLN m) 254.7 218.7 214.9 191.7 188.2 • Group gross profit on sales amounted to PLN 188.2m in 3Q25, +12.7% 161.0 149.4 167.0 138.1 159.3 YoY. 120.6 106.2 93.2 104.9 89.5 82.1 94.1 85.1 • In 3Q25 gross profit on sales in apparel segment
Slide 24: Doubling of EBIT in IAS17
Doubling of EBIT in IAS17 MONTHLY OPERATING COSTS PER M2 (PLN, IAS17) 1,241 1,095 1,020 1,029 1,067 1,153 1,133 • Group operating costs/m2 (IAS17) reached in 3Q25 PLN 1,133/ m2 per 920 943 347 323 287 month, up 10.1% YoY. 329 279 273 281 251 242 • Costs of stores at PLN 846/ m2 (+11.9% YoY, growth m
Slide 25: Growing operating and net profit
Growing operating and net profit PLN m, IFRS16 3Q24 3Q25 YoY NET PROFIT (LOSS) BY SEGMENTS Revenues 311.5 345.9 11.1% (PLN m, IFRS16) Gross profit on sales 167.0 188.2 12.7% 70.0 60.0 Gross profit on sales margin 53.6% 54.4% 0.8pp. 49.9 46.3 SG&A costs 153.8 163.9 6.6% 50.0 EBIT 12.8 23.3 83.0% 28.2
Slide 26: Dynamic YoY earnings growth in 9M25
Dynamic YoY earnings growth in 9M25 PLN m, IFRS16 9M24 9M25 YoY Revenues 930.5 1,017.1 9.3% Gross profit on sales 508.1 562.4 10.7% Gross profit on sales margin 54.6% 55.3% 0.7pp. SG&A costs 454.3 485.2 6.8% EBIT 56.3 72.7 29.2% EBIT margin 6.0% 7.1% 1.1pp. Net financial activity -4.9 -12.8 N/M Net
Slide 27: Growing demand for working capital
Growing demand for working capital CHANGE IN INVENTORIES (PLN m) 783.0 716.6 89.2 • Group inventory grew 9.3% YoY. Inventories/m2 at the end of 3Q25 at PLN 16,019, +12.9% YoY. -22.8 • Apparel segment inventories fell by 9.5% YoY, while inventories/m2 476.5 565.7 amounted PLN 6,479, down 2.1% YoY, at
Slide 28: Sizeable improvement in operating cash flow
Sizeable improvement in operating cash flow NET DEBT/(NET CASH) VS NET DEBT/EBITDA (PLN m, IAS17 plus reverse factoring) 1.1 1.0 0.9 2.0 0.8 140.0 0.5 144.7 146.0 1.5 • Group’s net debt under IAS17 at PLN 146.0m at the end of 3Q25, 120.0 100.0 0.1 0.4 0.4 1.0 80.0 -0.3 126.2 0.5 +15.7% YoY. Finance
Slide 29: 2025+ outlook
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Slide 30: The group is prepared for the crucial 4Q
The group is prepared for the crucial 4Q As part of Black Friday and From mid-November to the Cyber Monday, promotional end of December, holiday Evening and New Year's Eve campaigns are planned campaigns are planned to offers, as well as those covering stores and support customers in choosing prepa
Slide 31: A wide range of jewellery and watches
A wide range of jewellery and watches The new ambassador collection has debuted. Polish music icon Katarzyna Nosowska, who created the PEŁNIA jewellery A wide range of collection with the brand and appeared in the campaign jewellery on-line alongside her son, Mikołaj Krajewski, has been named W.KRUK
Slide 32: Omnichannel to support 4Q25
Omnichannel to support 4Q25 1 2 3 Using newly Further beneficial New on-line store implemented impact of engine and mobile marketing integrating on-line app of W.KRUK automation tools and off-line to increase inventory revenue
Slide 33: Expectations for a good 4Q25
Expectations for a good 4Q25 Increase in revenues: • attractive collections, timely introduced to stores and on-line, and the effect of previously undertaken actions ➔ increasing revenues per m2, • further optimization of the Group’s floorspace in the apparel segment and continued development in the
Slide 34: Group floorspace in 2025
Group floorspace in 2025 2024 2025 target YoY stores 319 286 -33 Apparel segment m2 36,125 33,198 -8% stores 177 194 +17 Jewellery segment m2 14,456 16,013 +11% stores 496 480 -16 Total m2 50,582 49,211 -2% Apparel Jewellery Planned capital expenditures in 2025 segment segment at the level of PLN 42
Slide 35: 2025 targets maintained
2025 targets maintained Revenue growth in Growing gross profit Operating cost both segments. on sales margin. control. Improved profitability in the apparel segment and increased operating profit in the jewellery segment. 35
Slide 36: LILOU – transaction schedule
LILOU – transaction schedule 1 quarter 2026 1 quarter 2026 2 quarter 2026 In accordance with current report 18/2025, the conclusion of the final agreement is to take place Start of Lilou consolidation First full quarter of Lilou results no later than the end of the (inclusion into VRG S.A. Capital c
Slide 37: 2026 targets
2026 targets Further Continued revenue Growing Group improvement of the growth in both gross profit on sales business operating segments. margin. profitability. 2025 target 2026 target YoY stores 286 275 -11 Apparel segment m2 33,198 32,015 -4% As a result, the goal is to further increase the operat
Slide 38: Q&A
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Slide 39: Back-up
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Slide 40: Vistula: executive summary
Vistula: executive summary Autumn/Winter 2025 collection • The Autumn/Winter 2025 collection combines minimalist design with refined details. It includes jackets, trousers, shirts, sweaters, and coats for men and women. The colour scheme is based on timeless browns, beiges, navy blues, and grays, co
Slide 41: Vistula: executive summary 9M25
Vistula: executive summary 9M25 VISTULA BRAND REVENUES VISTULA BRAND EFFICIENCY (PLN m) 177.1 161.2 9M24 9M25 YoY 31.6 26.6 +9.9% Revenues (PLN/m2 per month) 1,024 1,227 19.9% 23.4 26.3 YoY Gross profit margin (%) 58.1% 58.4% +0.4pp. 108.2 122.1 Cost of stores 532 601 12.9% (PLN/m2 per month) 9M24 9
Slide 42: Bytom: executive summary
Bytom: executive summary Autumn/Winter 2025 collection • In the Autumn/Winter 2025 season, the brand continues its narrative of moments that matter. This time, it focuses on returns – to the places, people and emotions that define us and remind us of what matters. • Marcin Dorociński, the story's na
Slide 43: Bytom: executive summary 9M25
Bytom: executive summary 9M25 BYTOM BRAND REVENUES BYTOM BRAND EFFICIENCY (mln PLN) 130.6 146.9 9M24 9M25 YoY 27.9 22.5 4.0 Revenues (PLN/m2 per month) 1,101 1,362 23.7% 3.1 +12.5% YoY Gross profit margin (%) 58.6% 61.0% +2.4pp. 104.9 115.0 Cost of stores 572 633 10.8% (PLN/m2 per month) Store EBIT
Slide 44: Wólczanka: executive summary
Wólczanka: executive summary Autumn/Winter 2025 collection • With the beginning of Autumn, Wólczanka unveiled its Autumn/Winter collection. Among the premiere designs, shirts made from the highest quality premium fabrics hold a special place – including materials from renowned Italian suppliers Albi
Slide 45: Wólczanka: executive summary 9M25
Wólczanka: executive summary 9M25 WÓLCZANKA BRAND REVENUES WÓLCZANKA BRAND EFFICIENCY (PLN m) 79.8 78.8 9M24 9M25 YoY Revenues (PLN/m2 per month) 2,177 2,897 33.1% 39.4 -1.2% 39.7 YoY Gross profit margin (%) 59.5% 63.2% +3.7pp. 6.3 6.1 Cost of stores 1,100 1,284 16.8% 34.1 33.1 (PLN/m2 per month) St
Slide 46: Deni Cler: executive summary
Deni Cler: executive summary Autumn/Winter 2025 collection • For the Autumn/Winter 2025 season, Deni Cler presents a collection titled "Amici" – a subtle tribute to female friendship, closeness, and community. In a world full of change, relationships and quality – both in life and fashion – are gain
Slide 47: Deni Cler: executive summary 9M25
Deni Cler: executive summary 9M25 DENI CLER BRAND REVENUES DENI CLER BRAND REVENUES (PLN m) 38.4 39.7 9M24 9M25 YoY 4.5 3.7 +3.4% Revenues (PLN/m2 per month) 1,430 1,510 5.6% 12.5 YoY 13.3 Gross profit margin (%) 62.5% 61.0% -1.6pp. Cost of stores 21.4 22.7 649 677 4.4% (PLN/m2 per month) Store EBIT
Slide 48: W.KRUK: executive summary
W.KRUK: executive summary Novelties in collections • In the third quarter of 2025, the W.KRUK brand inaugurated its 185th anniversary celebrations with the launch of the Freedom Forever collection, created in collaboration with Martyna Wojciechowska – a long-time brand Ambassador and considered one
Slide 49: W.KRUK: executive summary 9M25
W.KRUK: executive summary 9M25 W.KRUK RETAIL REVENUES .KRUK BRAND EFFICIENCY (PLN m) 562.6 512.1 9M24 9M25 YoY 39.4 30.4 42.1 37.8 Revenues (PLN/m2 per month) 4,167 4,212 1.1% +9.9% YoY Gross profit margin (%) 52.5% 52.4% -0.1pp. 443.9 481.1 Cost of stores 1,163 1,236 6.3% (PLN/m2 per month) Store E
Slide 50: Capital group's structure
Capital group’s structure VRG Companies included in the consolidated statements for 3Q25 Jewellery segment Apparel segment Other activity VRG S.A. VG Property sp. z o.o. W.KRUK S.A. parent company w likwidacji Jewellery, watches, accessories Vistula, Wólczanka, Bytom brands Real estate (in liquidati
Slide 51: Continued optimisation of number of stores
Continued optimisation of number of stores Number of stores 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 total 359 358 350 346 331 322 319 297 295 292 Apparel segment franchise 92 84 78 75 67 66 67 62 60 60 total 136 135 132 126 119 119 116 103 103 103 Vistula franchise 51 47 45 43 37 35 34 29
Slide 52: Floorspace YoY
Floorspace YoY M2 floorspace 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 total 39,007 39,818 39,470 38,951 37,140 36,301 36,125 33,922 33,848 33,537 Apparel segment franchise 7,175 6,582 6,216 6,023 5,415 5,494 5,774 5,212 4,992 4,992 total 17,815 18,337 18,386 17,792 17,051 17,432 17,248 15,7
Slide 53: Own e-stores of five brands
Own e-stores of five brands ON-LINE SALES BY SEGMENTS (PLN m) 21.1 • We have own e-stores for all five retail brands. Our aim is to develop 17.7 on-line stores of own brands (monoshops). 9.7 11.4 14.5 13.5 10.0 10.7 8.2 49.7 • Revenues and costs of on-line stores are allocated directly to the brands
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 2,021 2,079 1,564 1,670 1,683 business models. 1,510 1,479 1,584 1,593 • Jewellery segment is characterised by higher revenues and costs/m2 than 792 763 814 812 906 85
Slide 55: Increase in image marketing expenses
Increase in image marketing expenses GROUP IMAGE MARKETING COSTS BY SEGMENTS (PLN m) • Off-line marketing costs are part of group selling costs. 10.2 11.3 • These encompass recurring advertising spending (catalogues, 3.6 photoshoots) and nationwide marketing campaigns in editorial, internet 3.1 3.5
Slide 56: Historical quarterly results, IFRS16
Historical quarterly results, IFRS16 PLN m 4Q23 4Q24* YoY 1Q24 1Q25 YoY 2Q24 2Q25 YoY 3Q24 3Q25 YoY Revenues 402.3 444.6 10.5% 278.2 293.6 5.5% 340.8 377.5 10.8% 311.5 345.9 11.1% Gross profit on sales 218.7 254.7 16.5% 149.4 159.3 6.6% 191.7 214.9 12.1% 167.0 188.2 12.7% Gross profit on sales margi
Slide 57: Results under IAS17
Results under IAS17 PLN m, IAS17 3Q24 3Q25 YoY 9M24 9M25 YoY Revenues 311.5 345.9 11.1% 930.5 1,017.1 9.3% Gross profit on sales 167.0 188.2 12.7% 508.1 562.4 10.7% Gross profit on sales margin 53.6% 54.4% 0.8pp. 54.6% 55.3% 0.7pp. SG&A costs 156.1 165.9 6.2% 461.2 491.0 6.5% EBIT 10.5 21.5 105.1% 4
Slide 58: Capex supports development
Capex supports development CAPEX VS. NET DEBT/EBITDA 0.4 5 -0.3 0.9 14 0.4 0.5 4 0.1 12 10 1.1 1.0 0.8 13.4 3 12.4 • Capital expenditure in 3Q25 amounted to PLN 13.4m, growth by 14.4 8.9 13.8 9.0 8 11.9 8.8 50.6% YoY. 2 6 6.7 1 • Capex focused on new stores and modernizations, mainly in the 4 0 jewe
Slide 59: FX risk exposure
FX risk exposure PURCHASES BY CURRENCIES (PLN m) CHF, 17% CHF, 18% USD, 31% USD, 30% • FX risk is sizeable for the capital group, thus it is being hedged since 2Q16. Hedging only relates to the apparel segment. 9M24 9M25 • The group is a beneficiary of strengthening of zloty versus foreign EUR, 19%
Slide 60: Growing YoY net debt
Growing YoY net debt PLN m 3Q24 4Q24 3Q25 Long-term debt 2.0 1.8 1.2 • Interest bearing indebtedness includes: bank loans, finance leases and reverse factoring. Bank loans 0.0 0.0 0.0 • Bank loans include: overdrafts and investment bank loans. Bank loan collateral comprises of: a floating charge on
Slide 61: Shareholder structure
Shareholder structure SHAREHOLDER STRUCTURE AS AT 13.11.2025 (SHARE IN EQUITY AND VOTES) Other free-float Number of 24% % share Shareholders' shares/votes agreement 43% 1. Shareholders' agreement 99,823,010 42,58% 2. PZU OFE and DFE 45,589,125 19.44% NN OFE 3. NN OFE 32,750,000 13.97% 14% 4. Other f
Slide 62: 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 63: Thank you
Thank you VRG S.A. Pilotów 10 St., 31-462 Cracow Investor Relations e-mail: relacjeinwestorskie@vrg.pl tel. +48 12 656 18 32 faks + 48 12 656 50 98 Press office VRG S.A. e-mail: sekretariat@vrg.pl e-mail: biuroprasowe@vrg.pl