Vrg S.a. · GPW:VRG

Vrg — Q4 2025 Earnings Presentation

66 slides from Vrg's earnings presentation, Apr 27, 2026

  1. Slide 1: 4Q25 results presentation

    4Q25 results presentation A MODERN GROUP WITH TRADITIONS April 27, 2026

  2. 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

  3. Slide 3: Introduction

    VRG Introduction

  4. Slide 4: Key events of the last months

    Key events of the last months On January 8, 2026, W.KRUK concluded an The start of the season was carried out in line The "Designers of Tomorrow" conference agreement to purchase the Lilou jewellery with the target model – collections in full was an inspiring meeting of the entire VRG brand. As a re

  5. Slide 5: Positive dynamics in both segments in 4Q25

    Positive dynamics in both segments in 4Q25 Jewellery segment Positive sales dynamics in the jewellery segment in each of the last 12 months. Double- REVENUE DYNAMICS digit dynamics in January, April, May, September, October and December 2025, driven by growth in the 25% 25% jewellery sector and netw

  6. Slide 6: Favourable on-line and off-line dynamics in 4Q25

    Favourable on-line and off-line dynamics in Stores 4Q25 Positive sales dynamics in traditional stores in majority of the last 12 months, including all months REVENUE DYNAMICS in 4Q25. 20% 40% 35% Group 15% 25.6% 30% Favourable on-line and off- 25.8% 25% line dynamics in 4Q25. 17.1% On-line share in

  7. Slide 7: Continued Group floorspace optimisation

    Continued Group floorspace optimisation GROUP FLOORSPACE CHANGE YOY GROUP FLOORSPACE CHANGE YOY (ths m2) (ths m2) 7.6 6.7 -0.4 -0.2 +1.6 -0,7 -0,9 -1.7 -0.8 50.6 49.0 43.0 42.3 -3.1 4Q24 VST BTM WLC DCG W.KRUK 4Q25 4Q24 Own stores Franchise stores 4Q25 • The group’s floorspace came in at 49.0 thousa

  8. Slide 8: Performance by brands

    VRG Performance by brands

  9. Slide 9: Further improvement in store EBITs of Vistula, Bytom and Wólczanka in 4Q25

    Further improvement in store EBITs of Vistula, Bytom and Wólczanka in 4Q25 1 Double-digit growth in revenues/m2 ➔ Positive impact of initiatives changing the collection structure and assortment. Stronger emphasis on formalwear. Good reception of Autumn/Winter 2025 collections. 2 Growing gross profit

  10. Slide 10: Vistula: YoY revenue growth in 4Q25

    Vistula: YoY revenue growth in 4Q25 VISTULA BRAND REVENUES (PLN m) 70.9 72.7 70.2 63.0 63.7 14.2 10.5 56.3 14.9 7.7 50.7 13.3 46.9 50.0 10.0 8.3 11.2 9.6 9.8 10.6 8.7 11.3 10.2 7.5 8.1 5.9 7.0 44.8 46.4 50.4 49.5 39.1 33.8 32.8 39.0 29.7 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Own stores Franch

  11. Slide 11: Vistula: executive summary 4Q25

    Vistula: executive summary 4Q25 VISTULA BRAND REVENUES VISTULA BRAND EFFICIENCY (PLN m) 72.7 70.2 4Q24 4Q25 YoY 14.2 14.9 +3.5% YoY 8.3 Revenues (PLN/m2 per month) 1,354 1,547 14.3% 9.6 Gross profit margin (%) 61.9% 64.6% 2.7pp. 46.4 49.5 Cost of stores 591 623 5.5% (PLN/m2 per month) 4Q24 4Q25 Stor

  12. Slide 12: Bytom: dynamic growth continued

    Bytom: dynamic growth continued BYTOM BRAND REVENUES (PLN m) 66.4 59.6 60.5 52.8 54.2 14.1 9.3 47.0 12.9 1.7 7.2 1.7 13.3 1.4 41.9 1.5 39.4 34.6 9.1 1.1 7.3 1.2 1.0 9.6 8.0 1.0 0.7 49.5 50.6 45.5 45.2 38.4 36.7 33.6 28.9 25.8 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Own stores Franchise stores I

  13. Slide 13: Bytom: executive summary 4Q25

    Bytom: executive summary 4Q25 BYTOM BRAND REVENUES BYTOM BRAND EFFICIENCY (PLN m) 66.4 4Q24 4Q25 YoY 59.6 14.1 12.9 1.7 Revenues (PLN/m2 per month) 1,578 1,882 19.3% 1.5 +11.4% YoY Gross profit margin (%) 62.6% 67.4% 4.9pp. 45.2 50.6 Cost of stores 620 683 10.1% (PLN/m2 per month) Store EBIT (PLN m)

  14. Slide 14: Wólczanka: continued revenue growth

    Wólczanka: continued revenue growth WÓLCZANKA BRAND REVENUES (PLN m) 41.4 38.8 35.9 30.1 29.3 25.2 24.5 24.4 25.2 21.8 17.6 20.8 14.0 13.4 13.4 12.0 12.2 2.7 2.9 2.7 14.1 2.6 2.5 1.8 2.0 2.0 1.6 17.0 15.4 13.6 15.2 13.5 10.0 10.5 8.7 10.9 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Own stores Franc

  15. Slide 15: Wólczanka: executive summary 4Q25

    Wólczanka: executive summary 4Q25 WÓLCZANKA BRAND EFFICIENCY WÓLCZANKA BRAND EFFICIENCY (mln PLN) 41.4 4Q24 4Q25 YoY 38.8 Revenues (PLN/m2 per month) 4,032 4,828 19.7% +6.9% YoY 21.8 20.8 Gross profit margin (%) 66.0% 68.9% 2.8pp. 2.7 2.7 Cost of stores 1,384 1,564 13.0% 15.2 17.0 (PLN/m2 per month)

  16. Slide 16: Deni Cler: fall in 4Q25 revenues

    Deni Cler: fall in 4Q25 revenues DENI CLER BRAND REVENUES (PLN m) 17.2 17.0 15.9 13.7 13.6 13.3 1.8 13.0 1.8 12.8 1.3 11.8 5.5 1.9 1.3 6.1 1.6 1.0 1.1 1.2 5.8 4.1 4.3 4.5 4.5 4.3 4.1 9.9 9.1 8.8 7.7 7.3 6.4 7.6 7.7 7.4 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Own stores Franchise stores + multib

  17. Slide 17: Deni Cler: executive summary 4Q25

    Deni Cler: executive summary 4Q25 DENI CLER BRAND REVENUES DENI CLER BRAND REVENUES (PLN m) 17.0 15.9 4Q24 4Q25 YoY 1.8 1.3 -6.3% Revenues (PLN/m2 per month) 1,862 1,824 -2.0% 6.1 5.8 YoY Gross profit margin (%) 66.7% 67.9% 1.3pp. Cost of stores 9.1 8.8 708 715 1.0% (PLN/m2 per month) Store EBIT (PL

  18. Slide 18: W.KRUK: continued double-digit growth

    W.KRUK: continued double- digit growth W.KRUK RETAIL REVENUES (PLN m) 283.9 247.8 26.7 225.8 21.1 198.5 22.8 17.7 19.7 200.9 17.7 177.4 179.7 14.5 13.5 154.9 10.7 163.3 15.8 14.5 10.0 13.0 9.7 13.8 11.4 11.0 11.8 234.5 190.5 207.0 153.6 156.1 170.6 170.5 134.2 140.0 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q2

  19. Slide 19: W.KRUK: executive summary 4Q25

    W.KRUK: executive summary 4Q25 W.KRUK RETAIL REVENUES W.KRUK BRAND EFFICIENCY (PLN m) 283.9 247.8 4Q24 4Q25 YoY 26.7 21.1 22.8 Revenues (PLN/m2 per month) 5,733 5,962 4.0% 19.7 +14.6% YoY Gross profit margin (%) 52.4% 51.7% -0.7pp. 234.5 207.0 Cost of stores 1,505 1,589 5.6% (PLN/m2 per month) Store

  20. Slide 20: Group results

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  21. Slide 21: Growing group's revenues and revenues/m2

    Growing group’s revenues and revenues/m2 GROUP REVENUES (PLN m) 487.7 444.6 402.3 • Group revenues in 4Q25 amounted to PLN 487.7m (+9.7% YoY), due to 377.5 345.9 340.8 growth in both segments. 278.2 311.5 293.6 287.0 256.4 229.3 178.1 201.6 • In 4Q25, revenues of the apparel segment were 6.7% higher

  22. Slide 22: Growth in gross profit on sales

    Growth in gross profit on sales GROSS PROFIT ON SALES (PLN m) 274.6 254.7 218.7 214.9 • Group gross profit on sales amounted to PLN 274.6m in 4Q25, +7.8% 191.7 188.2 149.4 167.0 159.3 148.4 YoY. 138.1 120.6 106.2 93.2 104.9 82.1 94.1 85.1 • In 4Q25 gross profit on sales in apparel segment reached PL

  23. Slide 23: Lower share of SG&A costs in revenues

    Lower share of SG&A costs in revenues MONTHLY OPERATING COSTS PER M2 (PLN, IAS17) 1,241 1,130 1,368 1,095 1,029 1,067 1,153 • Group operating costs/m2 (IAS17) reached in 4Q25 PLN 1,368/ m2 per 1,020 372 943 347 323 286 month, up 10.2% YoY. 329 279 273 281 242 • Costs of stores at PLN 996/ m2 (+11.4%

  24. Slide 24: Higher YoY write-offs

    Higher YoY write-offs Updated from 2025 and more restrictive VRG S.A.’s inventory write-off policy • Inventory recognition on the balance sheet is reviewed semi- annually (unchanged), for collections from the current and previous seasons. • Faster and larger write-offs are made for inventory from co

  25. Slide 25: Growing net profit

    Growing net profit PLN m, IFRS16 4Q24 4Q25 YoY NET PROFIT (LOSS) BY SEGMENTS Revenues 444.6 487.7 9.7% (PLN m, IFRS16) Gross profit on sales 254.7 274.6 7,8% Gross profit on sales margin 70.0 60.0 57.3% 56.3% -1.0pp. 49.9 51.2 SG&A costs 185.6 199.4 7.4% 50.0 46.3 Other operating line 0.5 -10.4 28.2

  26. Slide 26: YoY increase in 2025 net earnings

    YoY increase in 2025 net earnings PLN m, IFRS16 2024 2025 YoY Revenues 1,375.0 1,504.8 9.4% Gross profit on sales 762.8 837.0 9.7% Gross profit on sales margin 55.5% 55.6% 0.1pp. SG&A costs 639.9 684.5 7.0% Other operating line 3.0 -14.9 EBIT 125.9 137.6 9.3% EBIT margin 9.2% 9.1% -0.1pp. Net financ

  27. Slide 27: Growing net working capital involvement

    Growing net working capital involvement CHANGE IN INVENTORIES (PLN m) 763.6 • Group inventory grew 4.1% YoY. Inventories/m2 at the end of 4Q25 at 733.4 PLN 15,575, +7.4% YoY. 88.2 -58.1 • Apparel segment inventories fell by 23.0% YoY, while inventories/m2 481.3 569.5 amounted PLN 5,880, down 15.8% Y

  28. Slide 28: Return to net cash

    Return to net cash NET DEBT/(NET CASH) VS NET DEBT/EBITDA (PLN m, IAS17 plus reverse factoring) 1.1 1.0 0.9 2.0 0.8 140.0 120.0 0.5 144.7 146.0 1.5 • Group’s net debt under IAS17 at PLN 13.4m at the end of 4Q25 100.0 0.4 0.4 1.0 compared to PLN 59.3m net debt at the end of 4Q24. Finance leases 80.0

  29. Slide 29: Majority of 2025 achieved

    Majority of 2025 achieved Revenue growth in both segments. +9.4% +8.0% +10.6% Group revenues apparel segment jewellery segment Growing gross profit on sales margin. 55.6% +0.1pp. Operating costs control. +7.0% SG&A costs (IFRS16) Improved profitability in apparel segment. 1.8% +2.6pp. (IFRS16) EBIT

  30. Slide 30: 2026+ outlook

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  31. Slide 31: Key retail trends in 2026

    Key retail trends in 2026 Trend VRG Capital Group response Network rationalisation Apparel floorspace close to optimal. Fewer locations, but better selected and more efficient. Growing integration of off-line and on-line networks, introduction of "click-and-collect" and Omnichannel as a priority in-

  32. Slide 32: Vistula and Bytom on the right track

    Vistula and Bytom on the right track Target group: brand for men and women Target group : men's brand Brand world: creating your own Brand identity: craftsmanship, moments, modern and casual classic style, timeless elegance elegance Communication: quality, detail, and Communication: building style o

  33. Slide 33: Marketing supporting revenues

    Marketing supporting revenues Continuation of TV advertising: TV campaign (TVP, TVN, Polsat Group) of Vistula and Bytom brands in March, April and May. Shopping with a stylist: This service is available in 17 Vistula stores in 8 cities. It addresses the growing expectations of customers who increasi

  34. Slide 34: Return to permanent profitability in the apparel segment

    Return to permanent profitability in the apparel segment Key actions that led to a return to profitability: • closing unprofitable stores and brand concepts, • changing the positioning of the aforementioned brands and working on collections, • integrating off-line and on-line. Key actions that will

  35. Slide 35: Continued development in Hungary

    Continued development in Hungary 1 Miskolc 15 W.KRUK stores in Further openings are 1 Hungary by the end of planned for the coming Nyiregyhaza 2025, selling jewellery and months. accessories. 10 Budapest 1 Szombathely The debut of the first collection dedicated to local customers – Royal The network

  36. Slide 36: LILOU – integration and development

    LILOU – integration and We plan to develop the brand while maintaining its character, identity development and independence based on a separate sales network. • formally taking control of the company, • commencing integration and convergence of processes We expect the transaction and activities, inc

  37. Slide 37: Group floorspace in 2026

    Group floorspace in 2026 2025 2026 target YoY stores 284 275 -9 Apparel segment m2 33,012 32,313 -2% stores 194 267 +73 Jewellery segment m2 16,013 21,422 +34% stores 478 542 +64 Total m2 49,026 53,735 +10% Apparel Jewellery segment segment Planned capital expenditures in 2026 • c. 24% of planned an

  38. Slide 38: 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. 38

  39. Slide 39: Q&A

    VRG QGA

  40. Slide 40: Back-up

    VRG Back-up

  41. Slide 41: Vistula: executive summary

    Vistula: executive summary Spring/Summer 2026 collection • Vistula is synonymous with elegance that knows no bounds – creating clothes that inspire, support, and are a part of unforgettable moments. For the Spring/Summer 2026 season, the brand is showing a new direction: from classic to contemporary

  42. Slide 42: Vistula: executive summary 2025

    Vistula: executive summary 2025 VISTULA BRAND REVENUES VISTULA BRAND EFFICIENCY (PLN m) 249.8 231.4 2024 2025 YoY 40.9 +7.9% 46.5 Revenues (PLN/m2 per month) 1,105 1,306 18.1% 36.0 YoY 31.7 Gross profit margin (%) 59.2% 60.2% 1.0pp. 154.6 171.7 Cost of stores 547 606 10.9% (PLN/m2 per month) 2024 20

  43. Slide 43: Bytom: executive summary

    Bytom: executive summary Spring/Summer 2026 collection • BYTOM’s Spring campaign tells stories about moments that give meaning to life, about mindfulness, and the energy that builds relationships with the world and others. • Brotherhood and intergenerationality – the brand's fundamental values ​beco

  44. Slide 44: Bytom: executive summary 2025

    Bytom: executive summary 2025 BYTOM BRAND REVENUES BYTOM BRAND EFFICIENCY (PLN m) 190.2 213.3 2024 2025 YoY 42.0 Revenues (PLN/m2 per month) 1,216 1,490 22.5% 35.4 +12.1% YoY 5.7 4.6 Gross profit margin (%) 59.8% 63.0% 3.2pp. 150.2 165.6 Cost of stores 583 646 10.7% (PLN/m2 per month) Store EBIT (PL

  45. Slide 45: Wólczanka: executive summary

    Wólczanka: executive summary Spring/Summer 2026 collection • The "Perfect Shirt" campaign is a story of timeless elegance, quality, and style, centered on the perfect shirt. The goal of the first campaign is to demonstrate that a shirt is no longer just a piece of clothing, but a statement of class,

  46. Slide 46: Wólczanka: executive summary 2025

    Wólczanka: executive summary 2025 WÓLCZANKA BRAND REVENUES WÓLCZANKA BRAND EFFICIENCY (PLN m) 118.6 120.3 2024 2025 YoY Revenues (PLN/m2 per month) 2,562 3,360 31.1% 60.2 1.5% YoY 61.5 Gross profit margin (%) 61.6% 65.1% 3.5pp. 9.0 8.8 Cost of stores 1,159 1,351 16.6% 49.3 50.0 (PLN/m2 per month) St

  47. Slide 47: Deni Cler: executive summary

    Deni Cler: executive summary Spring/Summer 2026 collection • For Spring/Summer 2026, Deni Cler celebrates its exceptional 55th anniversary, combining Italian heritage with a renewed energy of colour and a contemporary take on femininity. This collection represents both a return to its roots and a cl

  48. Slide 48: Deni Cler: executive summary 2025

    Deni Cler: executive summary 2025 DENI CLER BRAND REVENUES DENI CLER BRAND REVENUES (PLN m) 55.4 55.6 2024 2025 YoY 6.3 5.0 +0.4% Revenues (PLN/m2 per month) 1,539 1,588 3.2% 18.6 19.1 YoY Gross profit margin (%) 63.8% 62.9% -0.9% 31.5 Cost of stores 30.6 664 686 3.4% (PLN/m2 per month) Store EBIT (

  49. Slide 49: W.KRUK: executive summary

    W.KRUK: executive summary Novelties in collections • On March 6, 2026, the new edition of the Flowers of the Night collection premiered. It is one of the most recognizable and bestselling collections in the brand's portfolio, consistently developed over the years. To date, it has seen more than a do

  50. Slide 50: W.KRUK: executive summary 2025

    W.KRUK: executive summary 2025 W.KRUK RETAIL REVENUES W.KRUK BRAND EFFICIENCY (PLN m) 846.5 759.9 2024 2025 YoY 66.1 51.5 64.9 57.5 Revenues (PLN/m2 per month) 4,574 4,672 2.1% +11.4% YoY Gross profit margin (%) 52.5% 52.2% -0.3pp. 650.9 715.6 Cost of stores 1,252 1,328 6.1% (PLN/m2 per month) Store

  51. Slide 51: Lilou: executive summary

    Lilou: executive summary Transaction Structure • On January 8, 2026, W.KRUK S.A., part of the VRG S.A. Capital Group, completed the next step in the process of acquiring the Lilou personalized jewellery brand. Transaction agreements were signed with companies from the Lilou Group. This acquisition i

  52. Slide 52: Capital group's structure at the end of 2025

    Capital group’s structure at the end of 2025 VRG Companies included in the consolidated statements for 4Q25 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 e

  53. Slide 53: Capital group's current structure

    Capital group’s current 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 100% shares Lilou Online Shop WK Lilou Retail WK SPV 1 Logistics Retail WK SPV 1 Bel

  54. Slide 54: 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 4Q25 total 359 358 350 346 331 322 319 297 295 292 284 Apparel segment franchise 92 84 78 75 67 66 67 62 60 60 56 total 136 135 132 126 119 119 116 103 103 103 99 Vistula franchise 51 47 45

  55. Slide 55: Floorspace YoY

    Floorspace YoY M2 floorspace 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 total 39,007 39,818 39,470 38,951 37,140 36,301 36,125 33,922 33,848 33,537 33,012 Apparel segment franchise 7,175 6,582 6,216 6,023 5,415 5,494 5,774 5,212 4,992 4,992 4,760 total 17,815 18,337 18,386 17,792 17,051

  56. Slide 56: 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 17.7 line stores of own brands (monoshops). 9.7 11.4 14.5 13.5 10.0 10.7 49.7 52.0 • Revenues and costs of on-linestores are allocated directly to the

  57. Slide 57: Higher costs/m2

    Higher costs/m2 OPERATING COSTS MONTHLY/M2 (PLN, excl. IFRS16) • Differences in SG&A costs/m2 between segments result from different 2,182 business models. 2,021 2,079 1,584 1,593 1,564 1,670 1,683 1,479 • Jewellery segment is characterised by higher revenues and costs/m2 than these of the apparel s

  58. Slide 58: 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. 13.0 • These encompass recurring advertising spending (catalogues, 10.2 11.3 3.6 photoshoots) and nationwide marketing campaigns in editorial, internet 3.5

  59. Slide 59: Historical quarterly results, IFRS16

    Historical quarterly results, IFRS16 PLN m 1Q24 1Q25 YoY 2Q24 2Q25 YoY 3Q24 3Q25 YoY 4Q24 4Q25 YoY Revenues 278.2 293.6 5.5% 340.8 377.5 10.8% 311.5 345.9 11.1% 444.6 487.7 9.7% Gross profit on sales 149.4 159.3 6.6% 191.7 214.9 12.1% 167.0 188.2 12.7% 254.7 274.6 7.8% Gross profit on sales margin 5

  60. Slide 60: Results under IAS17

    Results under IAS17 PLN m, IAS17 4Q24 4Q25 YoY 2024 2025 YoY Revenues 444.6 487.7 9.7% 1,375.0 1,504.8 9.4% Gross profit on sales 254.7 274.6 7.8% 762.8 837.0 9.7% Gross profit on sales margin 57.3% 56.3% -1.0pp. 55.5% 55.6% 0.1pp. SG&A costs 188.2 201.4 7.0% 649.3 692.3 6.6% EBIT 67.2 62.9 -6.4% 11

  61. Slide 61: Capex supports growth

    Capex supports growth CAPEX VS. NET DEBT/EBITDA 0.4 5 -0.3 0.4 0.9 -0.1 14 12 0.5 4 10 1.1 1.0 0.8 13.4 3 12.4 • Capital expenditure in 4Q25 amounted to PLN 12.6m, growth by 14.4 8.9 13.8 9.0 12.6 8 11.9 8.8 9.1% YoY. 2 6 1 • Capex focused on new stores and modernizations, mainly in the 4 0 jeweller

  62. Slide 62: FX risk exposure

    FX risk exposure PURCHASES BY CURRENCIES (PLN m) CHF, 18% CHF, 18% USD, 31% USD, 29% • FX risk is sizeable for the capital group, thus it is being hedged since 2Q16. Hedging only relates to the apparel segment. 2024 2025 • The group is a beneficiary of strengthening of zloty versus foreign EUR, 18%

  63. Slide 63: From net debt to net cash

    From net debt to net cash PLN m 4Q24 4Q25 Long-term debt 1.8 1.1 • Interest bearing indebtedness includes: bank loans, finance leases and reverse factoring. Bank loans 0.0 0.0 • Bank loans include: overdrafts and investment bank loans. Bank loan collateral comprises of: a floating charge on inventor

  64. Slide 64: Shareholder structure

    Shareholder structure SHAREHOLDER STRUCTURE AS AT 24.04.2026 (SHARE IN EQUITY AND VOTES) Other free-float Number of 24.01% % share Shareholders' shares/votes agreement 42.58% 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% 13.97% 4

  65. Slide 65: 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

  66. Slide 66: 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

VRG — Q4 2025 Earnings Presentation on 6ix