Slide 1: 2Q25 results presentation
2Q25 results presentation A MODERN GROUP WITH TRADITIONS August 22, 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: Positive dynamics in both segments in 2Q25
Positive dynamics in both segments in 2Q25 Jewellery segment Positive sales dynamics in the jewellery segment in each of REVENUE DYNAMICS the last 12 months, built on (PLN m) growth in the jewellery sector and supported by floorspace development. 16.6% 16.2% 15% 14.4% 13.1% 13.8% 15% 12.7% 11.2% 10.
Slide 5: Favourable on-line and off-line dynamics in 2Q25
Favourable on-line and off-line dynamics in Stores 2Q25 Positive sales dynamics in traditional stores in majority of the last 12 REVENUE DYNAMICS months. (PLN m) 40% 50% 40.5% 41.7% Group 40% 30% 32.2% Favourable on-line and off- line dynamics in 2Q25. 25.8% 30% On-line share in the Group's 20% 25.6
Slide 6: Continued Group floorspace optimisation
Continued Group floorspace optimisation GROUP FLOORSPACE CHANGE YOY GROUP FLOORSPACE CHANGE YOY (ths m2) (ths m2) +1.2 7.3 6.9 -1.1 -1.2 -0.9 -0.2 -1.7 -0.4 51.0 48.9 43.7 42.0 -3.3 2Q24 VST BTM WLC DCG W.KRUK 2Q25 2Q24 Own stores Franchise stores 2Q25 • The group’s floorspace came in at 48.9 thousa
Slide 7: Performance by brands
VRG [ Performance by brands
Slide 8: Sharp improvement in VRG S.A. brands' store EBIT in 2Q25
Sharp improvement in VRG S.A. brands’ store EBIT in 2Q25 Double-digit growth in Gross profit on sales at Cost efficiency revenues/ m2 60%+ The impact of closing Positive impact of Lower level of promotions, unprofitable floorspace and initiatives changing the matching brand offerings the effect of o
Slide 9: Vistula: double-digit YoY revenue growth in 2Q25
Vistula: double-digit YoY revenue growth in 2Q25 VISTULA BRAND REVENUES (PLN m) 70.2 70.9 67.0 63.7 63.0 6.0 14.2 10.5 51.8 7.7 50.7 50.0 14.2 13.3 46.9 10.0 7.0 11.2 9.6 10.6 8.7 11.3 10.1 10.2 8.1 5.9 7.0 46.7 44.8 46.4 50.4 34.7 39.1 33.8 32.8 29.7 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 Own
Slide 10: Vistula: executive summary 2Q25
Vistula: executive summary 2Q25 VISTULA BRAND REVENUES VISTULA BRAND EFFICIENCY (PLN m) 70.9 63.7 2Q24 2Q25 YoY 10.5 7.7 +11.3% 10.0 Revenues (PLN/m2 per month) 1,220 1,474 20.8% 11.2 YoY Gross profit margin (%) 61.4% 60.4% -1.0pp. 44.8 50.4 Cost of stores 550 626 13.8% (PLN/m2 per month) 2Q24 2Q25
Slide 11: Bytom: dynamic growth continued
Bytom: dynamic growth continued BYTOM BRAND REVENUES (PLN m) 59.6 60.5 51.6 52.8 54.2 9.3 12.9 6.9 7.2 1.7 38.9 13.3 1.4 41.9 1.5 39.4 1.8 1.1 34.6 7.3 6.0 1.0 9.6 1.2 8.0 1.0 0.7 49.5 42.9 45.5 45.2 38.4 31.7 33.6 28.9 25.8 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 Own stores Franchise stores In
Slide 12: Bytom: executive summary 2Q25
Bytom: executive summary 2Q25 BYTOM BRAND REVENUES BYTOM BRAND EFFICIENCY (PLN m) 60.5 2Q24 2Q25 YoY 54.2 9.3 Revenues (PLN/m2 per month) 1,370 1,678 22.4% 7.2 1.7 1.4 +11.6% YoY Gross profit margin (%) 60.8% 62.7% +1.9pp. 45.5 49.5 Cost of stores 572 644 12.6% (PLN/m2 per month) Store EBIT (PLN m)
Slide 13: Wólczanka: sales impacted by changes in offer and floorspace
Wólczanka: sales impacted by changes in offer and floorspace WÓLCZANKA BRAND REVENUES (PLN m) 35.9 38.8 30.1 29.3 27.7 24.4 25.2 24.5 20.8 17.6 20.3 14.0 10.1 13.4 13.4 12.0 14.1 3.4 7.3 2.9 2.7 2.6 2.5 2.2 1.8 2.0 1.6 14.2 15.4 13.6 15.2 13.5 10.8 10.0 10.5 8.7 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q
Slide 14: Wólczanka: executive summary 2Q25
Wólczanka: executive summary 2Q25 WÓLCZANKA BRAND EFFICIENCY WÓLCZANKA BRAND EFFICIENCY (PLN m) 30.1 29.3 2Q24 2Q25 YoY Revenues (PLN/m2 per month) 2,498 3,249 30.0% 14.0 13.4 -2.6% YoY Gross profit margin (%) 61.7% 65.4% +3.7pp. 2.6 2.5 Cost of stores 1,129 1,313 16.3% 13.6 13.5 (PLN/m2 per month)
Slide 15: Deni Cler: stable YoY revenues in 2Q25
Deni Cler: stable YoY revenues in 2Q25 DENI CLER BRAND REVENUES (PLN m) 17.2 17.0 13.5 1.8 13.7 13.6 13.3 13.0 1.8 12.4 11.8 1.6 5.5 1.9 1.3 1.6 1.0 1.3 6.1 1.2 4.7 4.1 4.3 4.5 4.5 4.4 4.1 9.9 9.1 7.2 6.6 7.7 7.3 6.4 7.6 7.7 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 Own stores Franchise stores +
Slide 16: Deni Cler: executive summary 2Q25
Deni Cler: executive summary 2Q25 DENI CLER BRAND REVENUES DENI CLER BRAND REVENUES (PLN m) 13.3 13.0 2Q24 2Q25 YoY 1.3 1.0 +2.2% Revenues (PLN/m2 per month) 1,436 1,521 5.9% 4.3 4.5 YoY Gross profit margin (%) 65.9% 64.2% -1.7pp. 7.3 7.7 Cost of stores 654 685 4.8% (PLN/m2 per month) Store EBIT (PL
Slide 17: W.KRUK: double-digit revenue growth in 2Q25
W.KRUK: double-digit revenue growth in 2Q25 W.KRUK RETAIL REVENUES (PLN m) 247.8 225.8 21.1 17.7 19.7 200.9 166.1 169.3 17.7 177.4 179.7 14.5 154.9 10.0 10.7 163.3 8.2 11.4 15.8 7.7 11.7 9.7 13.8 13.0 11.8 11.8 11.0 190.5 207.0 153.6 156.1 170.6 146.5 149.4 134.2 140.0 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24
Slide 18: W.KRUK: executive summary 2Q25
W.KRUK: executive summary 2Q25 W.KRUK RETAIL REVENUES W.KRUK BRAND EFFICIENCY (PLN m) 200.9 177.4 2Q24 2Q25 YoY 14.5 Revenues (PLN/m2 per month) 4,304 4,520 5.0% 10.0 +13.2% 15.8 13.8 YoY Gross profit margin (%) 52.5% 52.8% +0.3pp. 153.6 170.6 Cost of stores 1,167 1,248 7.0% (PLN/m2 per month) Store
Slide 19: Group results
VRG Group results
Slide 20: 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 2Q25 amounted to PLN 377.5m (10.8% YoY), due to 335.3 340.8 311.5 growth in both segments. 297.1 278.2 293.6 256.4 229.3 201.6 167.8 178.1 180.3 • In 2Q25, revenues of the apparel segment were 8.2%
Slide 21: Growth in gross profit on sales
Growth in gross profit on sales GROSS PROFIT ON SALES (PLN m) 254.7 218.7 214.9 • Group gross profit on sales amounted to PLN 214.9m in 2Q25, +12.1% 188.7 191.7 161.0 149.4 167.0 138.1 159.3 YoY. 120.6 106.2 88.2 93.2 89.5 82.1 94.1 85.1 • In 2Q25 gross profit on sales in apparel segment reached PLN
Slide 22: EBIT improvement in both segments
EBIT improvement in both segments MONTHLY OPERATING COSTS PER M2 (PLN, IAS17) 1,241 1,153 1,095 • Group operating costs/m2 (IAS17) reached in 2Q25 PLN 1,153/ m2 per 950 1,020 1,029 1,067 920 943 347 323 month, up 13.0% YoY. 329 279 273 281 259 251 242 • Costs of stores at PLN 831/ m2 (+12.0% YoY, gr
Slide 23: Higher YoY EBIT and net profit
Higher YoY EBIT and net profit PLN m, IFRS16 2Q24 2Q25 YoY NET PROFIT (LOSS) BY SEGMENTS Revenues 340.8 377.5 10.8% (PLN m, IFRS16) Gross profit on sales 191.7 214.9 12.1% 70.0 60.0 Gross profit on sales margin 56.3% 56.9% 0.6pp. 47.7 49.9 SG&A costs 155.0 166.8 7.6% 50.0 46.3 EBIT 40.8 45.6 11.7% 2
Slide 24: Growth in earnings in 1H25
Growth in earnings in 1H25 PLN m, IFRS16 1H24 1H25 YoY Revenues 619.0 671.2 8.4% Gross profit on sales 341.1 374.2 9.7% Gross profit on sales margin 55.1% 55.8% 0.7pp. SG&A costs 300.5 321.2 6.9% EBIT 43.5 49.3 13.4% EBIT margin 7.0% 7.4% 0.4pp. Net financial activity -5.1 -5.3 4.1% Net profit 30.4
Slide 25: Growing demand for working capital
Growing demand for working capital CHANGE IN INVENTORIES (PLN m) 794.9 678.5 109.6 • Group inventory grew 17.1% YoY. Inventories/m2 at the end of 2Q25 at 6.7 PLN 16,253, +22.2% YoY. 564.2 • Apparel segment inventories increased by 3.0% YoY, while inventories/m2 454.6 amounted PLN 6,814, up 13.0% YoY
Slide 26: 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 2.0 0.8 140.0 120.0 0.5 144.7 1.5 • Group’s net debt under IAS17 at PLN 114.2m at the end of 2Q25 vs 0.1 0.4 0.4 PLN 59.7m net cash in 2Q24. Finance leases under IFRS16 at
Slide 27: 2025+ outlook
VRG 2025+ outlook
Slide 28: Back to office – Autumn/Winter 2025 collections in stores
Back to office – Autumn/Winter 2025 collections in stores Effective marketing Collections in stores and on-line • Communication of casual and business- • New collections in brand stores and casual offerings, promoting the Back- on-line stores from mid-August 2025. to-office offer. • Back-to-office a
Slide 29: 360° marketing – brand presence at every customer touchpoint
360° marketing – brand presence at every customer touchpoint A 6-episode podcast introducing the Wólczanka This Autumn, Vistula will also feature in a We have planned a fashion show for the Bytom brand to new listeners and potential customers. television commercial. This will be the brand's first br
Slide 30: Expectations for a good 2H25
Expectations for a good 2H25 Increase in revenues: • attractive collections, introduced in stores and on-line on time, 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 th
Slide 31: Continued development in Hungary
Continued development in Hungary Already 10 W.KRUK stores in Hungary. The stores sell jewellery and 1 accessories. Miszkolc 1 Nyiregyhaza 6 Budapest 1 11. store opened in July Szombathely in Szombathely. 1 Szeged 1 Pecs Further openings planned for upcoming months. 31
Slide 32: Group floorspace in 2025
Group floorspace in 2025 2024 2025 target YoY stores 319 287 -32 Apparel segment m2 36,125 33,038 -9% stores 177 194 +17 Jewellery segment m2 14,456 16,015 +11% stores 496 481 -15 Total m2 50,582 49,053 -3% Apparel Jewellery Planned capital expenditures in 2025 segment segment at the level of c. PLN
Slide 33: 2025 targets
2025 targets 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. 33
Slide 34: LILOU – complementary to W.KRUK jewellery brand
LILOU – complementary to W.KRUK jewellery brand + Date of creation 1840 2008 Offering Jewellery, watches, accessories Jewellery, accessories Personalized designer jewellery, with the option of Type of jewellery Own jewellery and this of external brands individual engraving Number of stores 183 45 Nu
Slide 35: LILOU – advantages from the takeover
LILOU – advantages from the takeover • A strong and recognizable brand with an established position. • A unique product and offering that does not directly compete with W.KRUK's product range. • Distinctive pricing and access to a diverse, younger target group. • Significant potential for further de
Slide 36: LILOU – transaction schedule
LILOU – transaction schedule Submitting application to the Office Announcement of the acquisition Obtaining financing for the of Competition and Consumer transaction transaction Protection 08.07.2025 23.07.2025 28.07.2025 In accordance with current report Obtaining the consent of the Office 18/2025,
Slide 37: LILOU – transaction parameters
LILOU – transaction parameters Transaction value: Consolidated pro-forma Lilou 2024 results PLN 105m Revenues Adjusted for working capital and net debt at the transaction date PLN 70m Earn-out: Adjusted EBITDA margin (IAS17) 17-18% max PLN 30m Lack of net debt During the earn-out period, Ms. Magdale
Slide 38: Q&A
VRG QGA
Slide 39: Back-up
VRG Back-up
Slide 40: Vistula: executive summary
Vistula: executive summary Autumn/Winter 2025 collection • The Autumn/Winter 2025 campaign is a story about everyday moments that, while unspectacular, hold immense significance. It's not about grand celebrations, but about those quiet decisions we make on our own terms. These moments don't have to
Slide 41: Vistula: executive summary 1H25
Vistula: executive summary 1H25 VISTULA BRAND REVENUES VISTULA BRAND EFFICIENCY (PLN m) 120.9 110.6 1H24 1H25 YoY +9.3% 21.8 17.9 Revenues (PLN/m2 per month) 1,043 1,249 19.8% YoY 15.9 18.2 Gross profit margin (%) 58.7% 58.7% 0.0pp. 74.4 83.1 Cost of stores 530 603 13.7% (PLN/m2 per month) 1H24 1H25
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. • The campaign's ambassador is Mar
Slide 43: Bytom: executive summary 1H25
Bytom: executive summary 1H25 BYTOM BRAND REVENUES BYTOM BRAND EFFICIENCY (PLN m) 88.7 99.9 1H24 1H25 YoY 18.8 Revenues (PLN/m2 per month) 1,110 1,379 24.2% 15.3 2.1 +12.6% YoY 2.7 Gross profit margin (%) 58.5% 61.0% +2.5pp. 71.4 78.4 Cost of stores 564 627 11.3% (PLN/m2 per month) Store EBIT (PLN m
Slide 44: Wólczanka: executive summary
Wólczanka: executive summary Autumn/Winter 2025 collection • The Autumn/Winter 2025 collection is a strategic step towards modern, conscious functional fashion. It is based on three pillars: comfort technology, quality materials, and timeless design. Products are designed with the dynamic lifestyle
Slide 45: Wólczanka: executive summary 1H25
Wólczanka: executive summary 1H25 WÓLCZANKA BRAND REVENUES WÓLCZANKA BRAND EFFICIENCY (PLN m) 55.3 53.7 1H24 1H25 YoY 17.9 21.8 Revenues (PLN/m2 per month) 2,098 2,937 40.0% -2.9% YoY 15.9 18.2 Gross profit margin (%) 59.3% 63.3% +4.0pp. 74.4 83.1 Cost of stores 1,050 1,274 21.4% (PLN/m2 per month)
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 1H25
Deni Cler: executive summary 1H25 DENI CLER BRAND REVENUES DENI CLER BRAND REVENUES (PLN m) 26.7 26.9 1H24 1H25 YoY 3.3 2.6 +1.0% Revenues (PLN/m2 per month) 1,494 1,532 2.5% 9.0 8.4 YoY Gross profit margin (%) 63.3% 62.1% -1.2pp. Cost of stores 15.0 15.3 652 680 4.3% (PLN/m2 per month) Store EBIT (
Slide 48: W.KRUK: executive summary
W.KRUK: executive summary Novelties in collections • In July, W.KRUK unveiled its new Freedom Forever collection, created in collaboration with long-time ambassador Martyna Wojciechowska, marking the beginning of the brand's 185th anniversary celebrations. The jewellery was crafted at the W.KRUK Man
Slide 49: W.KRUK: executive summary 1H25
W.KRUK: executive summary 1H25 W.KRUK RETAIL REVENUES W.KRUK BRAND EFFICIENCY (PLN m) 364.1 332.3 1H24 1H25 YoY 26.0 19.7 27.6 Revenues (PLN/m2 per month) 4,118 4,147 0.7% 24.8 +9.6% YoY Gross profit margin (%) 52.5% 52.4% -0.1pp. 287.8 310.6 Cost of stores 1,148 1,223 6.5% (PLN/m2 per month) Store
Slide 50: Capital group's structure
Capital group’s structure VRG Companies included in the consolidated statements for 2Q25 Jewellery segment Apparel segment Other activity W.KRUK S.A. VRG S.A. VG Property sp. z o.o. parent company in liquidation Jewellery, watches, accessories Real estate Vistula, Wólczanka, Bytom WK 1840 HU Kft. DC
Slide 51: Continued optimisation of number of stores
Continued optimisation of number of stores Number of stores 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 total 368 359 358 350 346 331 322 319 297 295 Apparel segment franchise 104 92 84 78 75 67 66 67 62 60 total 137 136 135 132 126 119 119 116 103 103 Vistula franchise 55 51 47 45 43 37 35 34
Slide 52: Floorspace YoY
Floorspace YoY M2 floorspace 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 total 39,333 39,007 39,818 39,470 38,951 37,140 36,301 36,125 33,922 33,848 Apparel segment franchise 7,962 7,175 6,582 6,216 6,023 5,415 5,494 5,774 5,212 4,992 total 17,733 17,815 18,337 18,386 17,792 17,051 17,432 17,2
Slide 53: Own e-stores of five brands
Own e-stores of five brands ON-LINE SALES BY SEGMENTS (PLN m) 21.1 17.7 • We have own e-stores for all five retail brands. Our aim is to develop 11.4 14.5 on-line stores of own brands (monoshops). 9.7 10.0 10.7 7.7 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 1,670 business models. 1,512 1,510 1,479 1,584 1,593 1,564 • Jewellery segment is characterised by higher revenues and costs/m2 than 906 928 these of the
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 3.4 3.5
Slide 56: Historical quarterly results, IFRS16
Historical quarterly results, IFRS16 PLN m 3Q23 3Q24 YoY 4Q23 4Q24* YoY 1Q24 1Q25 YoY 2Q24 2Q25 YoY Revenues 297.1 311.5 4.8% 402.3 444.6 10.5% 278.2 293.6 5.5% 340.8 377.5 10.8% Gross profit on sales 161.0 167.0 3.7% 218.7 254.7 16.5% 149.4 159.3 6.6% 191.7 214.9 12.1% Gross profit on sales margin
Slide 57: Results under IAS17
Results under IAS17 PLN m, IAS17 2Q24 2Q25 YoY 1H24 1H25 YoY Revenues 340.8 377.5 10.8% 619.0 671.2 8.4% Gross profit on sales 191.7 214.9 12.1% 341.1 374.2 9.7% Gross profit on sales margin 56.3% 56.9% 0.6pp. 55.1% 55.8% 0.6pp. SG&A costs 157.2 168.8 7.4% 305.1 325.1 6.6% EBIT 38.6 43.7 13.2% 38.8
Slide 58: Capex supports development
Capex supports development CAPEX VS. NET DEBT/EBITDA 0.4 5 -0.3 14 0.4 0.5 0.0 4 0.1 12 10 1.1 1.0 0.8 3 12.4 • Capital expenditure in 2Q25 amounted to PLN 8.8m, fall by 14.4 8.9 13.8 9.0 8 11.9 8.8 29.2% YoY. 2 6 10.9 6.7 1 • Capex focused on new stores and modernizations, mainly in the 4 0 jewelle
Slide 59: FX risk exposure
FX risk exposure PURCHASES BY CURRENCIES (PLN m) CHF, 18% CHF, 19% USD, 27% USD, 28% • FX risk is sizeable for the capital group, thus it is being hedged since 2Q16. Hedging only relates to the apparel segment. 1H24 1H25 • 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 2Q24 4Q24 2Q25 Long-term debt 2.2 1.8 1.4 • 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 21.08.2025 (SHARE IN EQUITY AND VOTES) Other free-float Number of 24% % share Shareholders' shares/votes agreement 1. Shareholders' agreement 99,823,010 42.58% 43% 2. PZU OFE and DFE 45,589,125 19.44% 3. NN OFE 32,750,000 13.97% NN OFE 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