Vrg S.a. · GPW:VRG
Vrg — Q1 2026 Earnings Presentation
55 slides from Vrg's earnings presentation, May 21, 2026
Slide 1: 1Q26 results presentation
1Q26 results presentation A MODERN GROUP WITH TRADITIONS May 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: A successful start to the year
A successful start to the year 1 The Spring/Summer 2026 collection was well received in the apparel segment. 2 Double-digit dynamics in watches sales. 3 Lilou consolidation. 4
Slide 5: High revenue dynamics 1Q26
High revenue dynamics 1Q26 REVENUE DYNAMICS 35% 32.3% 32.0% 35% 28.3% 30% 25% 21.5% 22.8% 20.1% 25% 18.7% 20.0% 16.6% 15.4% 20% 15.1% 13.1% 9.2% 9.9% 16.9% 5.5% 8.4% 15% 15% 13.8% 7.4% 8.4% 9.2% 10.3% 13.4% 15.7% 5.6% 5.9% 10% 8.0% 8.9% 10.5% 14.3% 5% 7.1% 5% 6.9% 5.9% 3.9% 3.8% 0% 1.6% -5% -5% IV.2
Slide 6: Favorable on-line and off-line dynamics in 1Q26
Favorable on-line and off-line dynamics in 1Q26 REVENUE DYNAMICS 36.2% 30% 40% 34.4% 35% 25% 25.8% 25.8% 25.6% 30% 20% 20.7% 25% 18.8% 17.1% 18.6% 14.8% 16.4% 15% 20% 13.2% 12.5% 8.3% 15% 18.8% 10% 8.1% 15.6% 7.4% 7.4% 10% 5% 11.9% 7.9% 7.6% 8.5% 5% 0% 5.2% 0% -5% -5% IV.25 V.25 VI.25 VII.25 VIII.25
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) +4,2 6.3 +3.3 7.0 -0,7 -0.7 -0.4 -0.3 -0.3 +1.8 52.1 48.6 41.6 45.8 -1.7 1Q25 VST BTM WLC DCG W.KRUK Lilou 1Q26 1Q25 Own stores Franchise stores 1Q26 • The group’s floorspace came
Slide 8: Key events of recent months
Key events of recent months Vistula Collaboration with LOT Polish Events dedicated to watches Flagship store in Budapest Airlines In 1Q26, W.KRUK organized two events With 17 stores, W.KRUK is the largest A capsule collection by Vistula and LOT dedicated to the Hublot brand – one for jewellery chain
Slide 9: Brands’ contribution to results
Brands’ contribution to results
Slide 10: Apparel segment: YoY revenue increase in 1Q26
Apparel segment: YoY revenue increase in 1Q26 APPAREL SEGMENT REVENUES (RETAIL) (PLN m) 196.5 Deni Cler: Revenues +6.3% YoY, including on-line +3.7% YoY. 185.6 174.0 161.0 15.9 17.0 141.2 139.3 128.8 127.4 13.3 41.4 120.3 13.0 38.8 Wólczanka: Revenues +20.8% YoY, including on-line +23.8% YoY. 29.3 3
Slide 11: Apparel segment: 1Q26 executive summary
Apparel segment: 1Q26 executive summary APPAREL SEGMENT REVENUES (RETAIL) APPAREL SEGMENT EFFICIENCY (RETAIL) (PLN m) 139.3 127.4 1Q25 1Q26 YoY +9.4% YoY Revenues (PLN/m2 per month) 1,235 1,449 17.3% 97.6 90.9 Gross profit margin (%) 58.2% 61.8% 3.6pp. Cost of stores 36.6 41.7 658 706 7.3% (PLN/m2 p
Slide 12: Jewellery segment: YoY revenue increase in 1Q26
Jewellery segment: YoY revenue increase in 1Q26 JEWELLERY SEGMENT REVENUES (RETAIL) (PLN m) 283.9 247.8 6.3 213.7 200.9 198.5 179.7 3.3 177.4 14.7 154.9 163.3 Lilou: Revenues PLN 14.7m, including PLN 3.4m in on-line. 3.1 3.4 4.5 0.9 1.1 0.4 2.0 277.6 244.5 197.7 195.1 194.4 W.KRUK Hungary: Revenues
Slide 13: Jewellery segment: 1Q26 executive summary
Jewellery segment: 1Q26 executive summary JEWELLERY SEGMENT REVENUES (RETAIL) JEWELLERY SEGMENT EFFICIENCY (RETAIL) (PLN m) 213.7 1Q25 1Q26 YoY 163.3 +30.8% Revenues (PLN/m2 per month) 3,765 3,636 -3.4% YoY 192.1 Gross profit margin (%) 52.0% 53.5% 1.5pp. 151.8 Cost of stores 1,198 1,235 3.1% 11.4 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) 487.7 444.6 • Group revenues in 1Q26 amounted to PLN 356.5m (+21.4% YoY), due to 340.8 377.5 356.5 growth in both segments. 345.9 278.2 311.5 293.6 287.0 256.4 • In 1Q26, revenues of the apparel segment were 8.9% higher YoY, 178.1 201.6
Slide 16: Growth in gross profit on sales
Growth in gross profit on sales GROSS PROFIT ON SALES (PLN m) 254.7 274.6 214.9 188.2 201.4 • Group gross profit on sales amounted to PLN 201.4m in 1Q26, +26.4% 191.7 167.0 149.4 138.1 159.3 148.4 YoY. 106.2 93.2 104.9 115.0 82.1 94.1 85.1 • In 1Q26 gross profit on sales in apparel segment reached P
Slide 17: Sizeable improvement in operating profit
Sizeable improvement in operating profit MONTHLY OPERATING COSTS PER M2 (PLN, IAS17) 1,368 1,241 1,153 1,133 1,217 • Group operating costs/m2 (IAS17) reached in 1Q26 PLN 1,217/ m2 per 1,020 1,029 1,067 372 943 347 329 month, up 14.1% YoY. 281 323 287 242 279 273 • Costs of stores at PLN 889/ m2 (+13
Slide 18: Growing net profit
Growing net profit PLN m, IFRS16 1Q25 1Q26 YoY NET PROFIT (LOSS) BY SEGMENTS Revenues 293.6 356.5 21.4% (PLN m, IFRS16) Gross profit on sales 159.3 201.4 26.4% Gross profit on sales margin 70.0 60.0 54.3% 56.5% 2.2pp. 51.2 SG&A costs 154.5 187.0 21.1% 50.0 46.3 Other operating line -1.2 -0.3 40.0 28
Slide 19: High net working capital involvement
High net working capital involvement CHANGE IN INVENTORIES (PLN m) 769.2 753.7 • Group inventory grew 2.1% YoY. Inventories/m2 at the end of 1Q26 at 86.5 PLN 14,772, -4.7% YoY. 71.1 • Apparel segment inventories fell by 29.0% YoY, while inventories/m2 508.7 595.2 amounted PLN 5,390, down 25.4% YoY,
Slide 20: Cash flow represent Lilou’s transaction
Cash flow represent Lilou’s transaction NET DEBT/(NET CASH) VS NET DEBT/EBITDA (PLN m, IAS17 plus reverse factoring) 2.0 1.0 0.8 0.9 0.9 160.0 0.5 1.1 1.5 • Group’s net debt under IAS17 at PLN 157.8m at the end of 1Q26, +9.1% 0.4 0.4 1.0 YoY despite Lilou acquisition. Finance leases under IFRS16 at
Slide 21: 2026+ outlook
VRG 2026+ outlook
Slide 22: 1H26 revenues impacted by celebrations
1H26 revenues impacted by celebrations Mother's Day, Children's Day and Father's Day Jewellery for Mother's Day and Children's Day – a dedicated marketing campaign and products for these celebrations. Apparel brand communication also focused on Father's Day –introduction of on-line gift cards. Commu
Slide 23: Further strengthening of cooperation between the Group's brands
Further strengthening of cooperation between the Group's brands VISTULA x W.KRUK WÓLCZANKA x LILOU • Vistula and W.KRUK are partnering to • Collaboration between the Wólczanka encourage customers to shop for the and Lilou brands supporting traffic in same occasion at both stores. traditional stores
Slide 24: Group floorspace in 2026
Apparel segment Group floorspace • c. 24% of planned annual in 2026 capex • expenditure on infrastructure supporting management 2025 2026 target YoY processes and opening of stores 284 275 -9 new and modernization of Apparel stores segment m2 33,012 32,313 -2% stores 194 267 +73 Jewellery segment m2
Slide 25: Sources of results in 2026
Sources of results in 2026 APPAREL SEGMENT JEWELLERY SEGMENT Further Continued A high-quality Further Consolidation Continued improvements development and efficient development and improvements in on-line and of floorspace in network of of space in development to collections inventory throughout the
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: Management recommends no dividend payment
Management recommends no dividend payment • The Management Board of VRG S.A. has submitted a motion to the Annual General Meeting regarding the distribution of the Company's net profit for the 2025 financial year, not to pay a dividend from the 2025 profit and to allocate it entirely to reserve capi
Slide 28: Possible stock option plan
Possible stock option plan • The Company's Management Board is considering requesting the General Meeting to adopt a resolution regarding the introduction of a long-term share-based incentive program for the Company, addressed to the Company's Management Board, the Management Board of W.KRUK S.A., k
Slide 29: VRG
VRG QGA
Slide 30: Back-up
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Slide 31: Vistula: executive summary
Vistula: executive summary Spring/Summer 2026 collection • The capsule collection by Vistula and LOT Polish Airlines and the marketing campaign "Well Traveled. Well Dressed." The collection includes women's and men's sets and functional travel accessories that meet the challenges of long hours of tr
Slide 32: Vistula: 1Q26 executive summary
Vistula: 1Q26 executive summary VISTULA BRAND REVENUES VISTULA BRAND EFFICIENCY (PLN m) (PLN m) 50.0 51.6 70.9 72.7 70.2 63.7 14.2 10.5 56.3 14.9 51.6 +3.3% YoY 7.7 50.7 50.0 46.9 9.6 10.0 9.8 8.3 11.2 39.4 8.7 11.3 7.5 12.3 38.7 10.2 8.1 5.9 4.9 7.0 44.8 46.4 50.4 49.5 33.8 32.8 39.0 34.4 29.7 11.3
Slide 33: Bytom: executive summary
Bytom: executive summary Spring/Summer 2026 collection • BYTOM’s Spring campaign is a story 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 become a
Slide 34: Bytom: 1Q26 executive summary
Bytom: 1Q26 executive summary BYTOM BRAND REVENUES BYTOM BRAND EFFICIENCY (PLN m) (PLN m) 66.4 43.8 59.6 60.5 39.4 54.2 14.1 12.9 9.3 47.0 7.2 1.7 1.7 43.8 1.4 41.9 1.5 39.4 +11.0% YoY 34.6 9.1 7.3 1.2 10.4 33.4 1.0 9.6 0.8 29.9 8.0 1.0 0.7 49.5 50.6 45.5 45.2 33.6 36.7 32.6 25.8 28.9 9.6 10.4 1Q24
Slide 35: 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,
Slide 36: Wólczanka: 1Q26 executive summary
Wólczanka: 1Q26 executive summary WÓLCZANKA BRAND REVENUES WÓLCZANKA BRAND EFFICIENCY (PLN m) (PLN m) 41.4 29.4 38.8 24.4 30.1 29.3 29.4 25.2 24.5 25.2 21.8 20.8 24.4 12.0 14.0 13.4 10.2 +20.8% 17.4 13.4 12.0 2.7 14.1 12.2 2.7 YoY 2.6 2.5 1.8 2.0 2.0 1.6 1.6 17.0 17.4 13.6 15.2 13.5 14.1 10.0 10.5 8
Slide 37: 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
Slide 38: Deni Cler: 1Q26 executive summary
Deni Cler: 1Q26 executive summary DENI CLER BRAND REVENUES DENI CLER BRAND REVENUES (PLN m) (PLN m) 17.0 13.6 14.5 13.7 13.6 13.3 15.9 14.5 13.0 1.8 12.8 1.3 11.8 1.7 +6.3% 1.9 1.6 1.0 1.3 1.2 6.1 1.1 5.8 YoY 4.1 4.5 4.5 4.3 5.1 12.8 4.3 12.0 4.1 7.7 9.1 7.6 7.7 8.8 7.8 7.3 6.4 7.4 1.6 1.7 1Q24 2Q24
Slide 39: W.KRUK: executive summary
W.KRUK: executive summary Novelties in collections • In the first quarter, key jewellery collections were introduced and developed: • A new edition of the Flowers of the Night collection, featuring a total of 42 pieces of nature-inspired jewellery, enriched with complementary accessories (including
Slide 40: W.KRUK: 1Q26 executive summary
W.KRUK: 1Q26 executive summary RETAIL W.KRUK REVENUES (POLAND AND HUNGARY) RETAIL W.KRUK REVENUES (POLAND AND HUNGARY) (PLN m) (PLN m) 283.9 198.9 247.8 26.7 163.3 21.1 200.9 198.5 22.8 198.9 19.7 +21.8% 177.4 179.7 154.9 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 9.7 11.0 11.8
Slide 41: Lilou: executive summary
Lilou: executive summary Novelties in collections • In the first quarter of 2026, the Lilou brand continued to strategically strengthen its personalized and symbolic jewellery offerings, combining minimalist design with emotional storytelling. The offerings included jewellery with distinctive medall
Slide 42: Lilou: 1Q26 executive summary
Lilou: 1Q26 Retail revenues in 1Q26 increased by PLN 14.7m. Total revenues executive amounted to PLN 15.1m. Sales/m2: PLN 1,490 in 1Q26. summary LILOU BRAND REVENUES (RETAIL) On-line revenues amounted to PLN 11.3m PLN 3.4m, representing 23.0% of total retail revenues. Own stores PLN 3.4m Internet Li
Slide 43: 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 Retail WK
Slide 44: Dynamics in number of stores
Dynamics in number of stores Number of stores 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 Apparel total 359 358 350 346 331 322 319 297 295 292 284 276 segment franchise 92 84 78 75 67 66 67 60 57 57 53 50 total 136 135 132 126 119 119 116 103 103 103 99 94 Vistula franchise 51 47 45
Slide 45: Floorspace YoY
Floorspace YoY M2 floorspace 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 Apparel total 39,007 39,818 39,470 38,951 37,140 36,301 36,125 33,922 33,848 33,537 33,012 32,269 segment franchise 7,175 6,582 6,216 6,023 5,415 5,494 5,774 5,212 4,992 4,992 4,760 4,452 total 17,815 18,337 18,
Slide 46: 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). 9.7 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 the
Slide 47: 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. 2,079 1,564 1,670 1,683 1,704 1,479 1,584 1,593 • Jewellery segment is characterised by higher revenues and costs/m2 than these of the apparel s
Slide 48: Historical quarterly results, IFRS16
Historical quarterly results, IFRS16 PLN m 2Q24 2Q25 YoY 3Q24 3Q25 YoY 4Q24 4Q25 YoY 1Q25 1Q26 YoY Revenues 340.8 377.5 10.8% 311.5 345.9 11.1% 444.6 487.7 9.7% 293.6 356.5 21.4% Gross profit on sales 191.7 214.9 12.1% 167.0 188.2 12.7% 254.7 274.6 7.8% 159.3 201.4 26.4% Gross profit on sales margin
Slide 49: Results under IAS17
Results under IAS17 PLN m, IAS17 1Q25 1Q26 YoY Revenues 293.6 356.5 21.4% Gross profit on sales 159.3 201.4 26.4% Gross profit on sales margin 54.3% 56.5% 2.2pp. SG&A costs 156.3 188.6 20.7% Other operating line -1.4 -0.2 EBIT 1.6 12.5 695.2% EBIT margin 0.5% 3.5% 3.0pp. Net financial line 1.2 -3.9
Slide 50: Capex supports growth
Capex supports growth CAPEX VS. NET DEBT/EBITDA 10 113.5 110 9 • Organic capital expenditure in 1Q26 amounted to PLN 15.0m, 8 90 7 70 6 growth by 65.7% YoY. 0.5 1.1 5 0.4 0.4 1.0 0.9 • Capex focused on new stores and modernizations, mainly in the 0.8 50 0.9 4 -0.1 3 jewellery segment. 8.9 30 13.8 2
Slide 51: FX risk exposure
FX risk exposure PURCHASES BY CURRENCIES (PLN m) CHF, 19% CHF, 18% USD, 26% USD, 29% • FX risk is sizeable for the capital group, thus it is being hedged since 2Q16. Hedging only relates to the apparel segment. 1Q25 1Q26 • The group is a beneficiary of strengthening of zloty versus foreign EUR, 20%
Slide 52: Long-term indebtedness related to Lilou
Long-term indebtedness related to Lilou PLN m 1Q25 4Q25 1Q26 Long-term debt 1.7 1.1 85.9 • Interest bearing indebtedness includes: bank loans, finance leases and reverse factoring. Bank loans 0.0 0.0 83.8 • Bank loans include: overdrafts and investment bank loans. Bank loan collateral comprises of:
Slide 53: Shareholder structure
Shareholder structure SHAREHOLDER STRUCTURE AS AT 25.05.2026 (SHARE IN EQUITY AND VOTES) Other free-float Number of 24.01% % share Shareholders' shares/votes agreement 1. Shareholders' agreement 99,823,010 42.58% 42.58% 2. PZU OFE and DFE 45,589,125 19.44% 3. NN OFE 32,750,000 13.97% NN OFE 13.97% 4
Slide 54: 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 55: 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