Slides
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3Q25 results presentation A MODERN GROUP WITH TRADITIONS November 14, 2025
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Disclaimer 2 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 present its standing or prospects in a comprehensive or in-depth manner. Therefore, anyone who intends to make an investment decision with respect to the Company should rely on the information disclosed in the official reports of the Company, published in accordance with the laws applicable to the Company. This Presentation was prepared for information purposes only and does not constitute an offer to buy or to sell any financial instruments. The Presentation may contain 'forward‐looking statements'. However, such statements cannot be treated as assurances or projections of any expected future results of the Company and the Capital Group. Any statements concerning expectations of future financial results cannot be understood as guarantees that any such results will actually be achieved in future. The expectations of the Management Board are based on their current knowledge and depend on many factors due to which the actual results achieved by the Company may differ materially from the results presented in this document. Many of those factors are beyond the awareness and control of the Company and the Capital Group or the Company’s and Group’s ability to foresee them. Neither the Company, nor its directors, officers, advisors, nor representatives of any such persons are liable on account of any reason resulting from any use of this Presentation. Additionally, no information contained in this Presentation constitutes any representation or warranty of the Company, its officers or directors, advisors or representatives of any of the above persons. The Presentation and the forward‐looking statements speak only as at the date of this Presentation. These may not be indicative of results or developments in future periods. The Company does not undertake any obligation to review, to confirm or to release publicly any revisions to any forward‐looking statements to reflect events that occur or circumstances that arise after the date of this Presentation.
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Introduction
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A strong "Back to office" season at VRG S.A. apparel brands. Collections that have met the tastes of customers. Vistula’s TV advertising launched in September. This was the brand's first TV campaign since 2018. The brand's offering was expanded to include shopping with a stylist. On September 15, the Bytom brand held its 80th anniversary fashion show at Ujazdowski Castle in Warsaw. The collection was specially prepared for this occasion and was presented by well-known figures. A successful "Back to Office" season in the apparel segment 4
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In early July, W.KRUK signed an agreement to acquire the Lilou jewellery brand. As a result of the transaction, W.KRUK will acquire a network of 43 Lilou boutiques and an on-line store. Expanding the portfolio with the Lilou brand strengthens the Group's jewellery segment. Exclusive presentations of luxury brands in prestigious locations, such as Patek Philippe at the Raffles Europejski Hotel, a meeting dedicated to the Tag Heuer brand, or the Chopard x W.KRUK event at the highest viewpoint in the EU. The Freedom Forever collection was created in collaboration with Martyna Wojciechowska, a long-time brand Ambassador. A continuation of the original Freedom line. Designed and crafted at the W.KRUK Manufaktura using recycled silver. Development of the offer and activities of the jewellery segment 5
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REVENUE DYNAMICS (PLN m) 6 Positive dynamics in both segments in 3Q25 Jewellery segment Positive sales dynamics in the jewellery segment in each of the last 12 months, driven by growth in the jewellery segment and supported by network expansion. Strong results in September 2025. Apparel segment Apparel retail sales have maintained positive dynamics for most of the last 12 months, with a significant increase in 3Q25 – especially in September, with the launch of new collections. 8.7% 11.2% 12.9% 10.9% 5.8% 0.4% 10.3% 13.8% 8.4% 8.0% 8.9% 16.9% 9.0% 6.4% 14.4% 12.7% 8.0% -3.2% 6.9% 10.5% 7.1% 5.9% 9.9% 13.4% 10.2% 16.2% 6.3% 11.3% 3.3% 2.6% 13.1% 16.6% 9.2% 8.4% 3.9% 20.1% -5% 0% 5% 10% 15% 20% 25% -5% 5% 15% 25% X.24 XI.24 XII.24 I.25 II.25 III.25 IV.25 V.25 VI.25 VII.25 VIII.25 IX.25 group apparel segment (retail sales) jewellery segment (retail sales)
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REVENUE DYNAMICS (PLN m) 7 Favourable on-line and off-line dynamics in 3Q25 Group Favourable on-line and off- line dynamics in 3Q25. On-line share in the Group's revenues in June 2025 amounted to c. 14%. Stores Positive sales dynamics in traditional stores in majority of the last 12 months. E-stores Positive on-line sales dynamics in each month of 3Q25. Off-line revenues are calculated as the Capital Group's revenues, which consist of retail, wholesale and other revenues, less on-line sales. 11.8% 16.4% 10.0% 10.7% 4.5% -0.7% 8.1% 12.5% 7.4% 7.9% 7.6% 17.1% 7.5% -8.0% 32.2% 11.8% 13.5% 6.9% 25.8% 25.6% 14.8% 8.3% 18.8% 15.6% -20% -10% 0% 10% 20% 30% 40% -10% -5% 0% 5% 10% 15% 20% X.24 XI.24 XII.24 I.25 II.25 III.25 IV.25 V.25 VI.25 VII.25 VIII.25 IX.25 group YoY off-line YoY on-line YoY
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3Q24 VST BTM WLC DCG W.KRUK 3Q25 Continued Group floorspace optimisation • The group’s floorspace came in at 48.9 thousand m2 at the end of 3Q25, -3.2% YoY. • The apparel segment’s floorspace was 33.5 thousand m2, -7.6% YoY at the end of 3Q25. • Systematic floorspace development in the jewellery segment. The segment’s floorspace increased to 15.3 thousand m2, +8.0% YoY, at the end of 3Q25. • Throughout the last 12 months, gross 6.8 thousand m2 of floorspace was opened. • Own stores floorspace reached 42.0 thousand m2, 2.9% fall YoY, at the end of 3Q25. • Franchise stores floorspace fell by 0.4 thousand m2 to 6.9 thousand m2, i.e. by 5.4% YoY at the end of 3Q25. GROUP FLOORSPACE CHANGE YOY (ths m2) GROUP FLOORSPACE CHANGE YOY (ths m2) 8 50.5 48.9 -1.5 -1.0 -0.2 -0.1 +1.1 -2.8 43.2 7.3 -1.2 -0.4 42.0 6.9 3Q24 Own stores Franchise stores 3Q25
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Performance by brands
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Continuation of rapid improvement in EBIT of stores in 3Q25 10 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 formalwear. Good reception of Autumn/Winter 2025 collections. • Growing gross profit on sales levels ➔ Lower level of promotions, matching brand offerings to customer expectations and more favorable collection structure. More favourable FX relations. • Cost efficiency ➔ The impact of closing unprofitable floorspace and the effect of operating leverage as well as maintaining cost discipline.
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Vistula: double-digit YoY revenue growth in 3Q25 VISTULA BRAND REVENUES (PLN m) • Revenues in 3Q25 increased by 11.1% YoY. These dynamics were affected by 15.3% YoY growth in sales in own stores and 7.7% YoY fall in franchise stores. • Internet sales increased 12.1% YoY, accounting for 17.4% of brand revenues (+0.2pp). 11 34.7 39.1 29.7 44.8 33.8 46.4 32.8 50.4 39.0 10.1 10.6 7.0 11.2 8.1 9.6 5.9 10.0 7.5 7.0 13.3 10.2 7.7 8.7 14.2 11.3 10.5 9.8 51.8 63.0 46.9 63.7 50.7 70.2 50.0 70.9 56.3 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Own stores Franchise stores Internet
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Vistula: executive summary 3Q25 VISTULA BRAND REVENUES VISTULA BRAND EFFICIENCY 3Q24 3Q25 YoY Revenues (PLN/m2 per month) 984 1,182 20.2% Gross profit margin (%) 56.6% 57.9% +1.3pp. Cost of stores (PLN/m2 per month) 536 597 11.4% Store EBIT (PLN m) 1.1 4.2 284.6% Good reception of the Autumn/ Winter collection. YoY increase in the share of the new collection in revenues, especially in the women's collection. 12 (PLN m) Gross margin increase due to lower YoY discounts on the Spring/Summer collection and sales of the Autumn/Winter collection at first prices. Growth in revenues/m2 above cost/m2 growth: rising rentals, salaries, depreciation and on-line costs. Favourable impact of closing unprofitable stores. 50.7 56.3 +11.1% YoY 33.8 39.0 8.1 7.58.7 9.8 3Q24 3Q25 Own stores Franchise stores Internet
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Bytom: dynamic growth continued BYTOM BRAND REVENUES (PLN m) • Revenues in 3Q25 increased by 12.2% YoY, while sales from own stores grew 9.1% YoY. Very good reception of the brand’s new collection. • Internet sales grew 24.7% YoY, accounting for 19.3% of brand revenues (+1.9% YoY). 13 31.7 38.4 25.8 45.5 33.6 45.2 28.9 49.5 36.7 1.2 1.1 0.7 1.4 1.0 1.5 1.0 1.7 1.26.0 13.3 8.0 7.2 7.3 12.9 9.6 9.3 9.138.9 52.8 34.6 54.2 41.9 59.6 39.4 60.5 47.0 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Own stores Franchise stores Internet
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Bytom: executive summary 3Q25 BYTOM BRAND REVENUES BYTOM BRAND EFFICIENCY High double-digit YoY growth in revenues/m2 supported by good off-line and on-line results. Better reception, more favourable collection structure and positive impact of floorspace optimisation. 14 (PLN m) High and growing gross profit on sales margin due to more favorable purchase prices and limited promotions on the permanent collection. Growth in revenues/m2 above this of costs/m2: higher salaries and on-line costs. Beneficial impact of closing down unprofitable stores. 41.9 47.0 +12.2% YoY 3Q24 3Q25 YoY Revenues (PLN/m2 per month) 1,082 1,327 22.6% Gross profit margin (%) 58.6% 60.9% +2.3pp. Cost of stores (PLN/m2 per month) 588 646 9.9% Store EBIT (PLN m) 1.8 5.8 220.8% 33.6 36.7 1.0 1.27.3 9.1 3Q24 3Q25 Own stores Franchise stores Internet
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Wólczanka: return to revenue growth WÓLCZANKA BRAND REVENUES (PLN m) • Revenues in 3Q25 increased by 2.8% YoY due to favourable changes in collection structure. 4.8% YoY growth in traditional stores and 2.1% YoY fall in sales from franchise stores. • Internet sales increased 1.2% YoY, accounting for 48.4% of brand’s sales (-0.8pp. YoY). 15 10.8 15.4 10.0 13.6 10.5 15.2 8.7 13.5 10.9 2.2 2.9 1.8 2.6 2.0 2.7 1.6 2.5 2.0 7.3 17.6 13.4 14.0 12.0 20.8 14.1 13.4 12.2 20.3 35.9 25.2 30.1 24.5 38.8 24.4 29.3 25.2 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Own stores Franchise stores Internet
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Wólczanka: executive summary 3Q25 WÓLCZANKA BRAND EFFICIENCY WÓLCZANKA BRAND EFFICIENCY High double-digit YoY growth in revenues/m2 supported by positive on-line sales dynamics and higher traditional stores sales efficiency. YoY increase in share of the new Autumn/Winter collection in revenues. 16 (PLN m) The highest among brands increase in gross profit on sales margin due to lower on-line share and higher YoY share of new collections. Growth in revenues/m2 significantly above costs/m2. Higher salaries and commissions/m2. More effective marketing and lower on-line costs. 24.5 25.2 +2.8% YoY 3Q24 3Q25 YoY Revenues (PLN/m2 per month) 2,380 2,814 18.3% Gross profit margin (%) 59.8% 62.7% +2.9pp. Cost of stores (PLN/m2 per month) 1,229 1,305 6.2% Store EBIT (PLN m) 2.0 4.1 105.7% 10.5 10.9 2.0 2.0 12.0 12.2 3Q24 3Q25 Own stores Franchise stores Internet
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Deni Cler: revenue growth in 3Q25 DENI CLER BRAND REVENUES (PLN m) • Revenues in 3Q25 grew 8.9% YoY. Own stores sales grew 14.9% while franchise and multibrand sales grew by 6.0% YoY. • Internet sales fell by 13.0% YoY, accounting for 8.3% of the brand's revenues (-2.1 pp. YoY). 17 6.6 9.9 7.7 7.3 6.4 9.1 7.6 7.7 7.4 4.4 5.5 4.1 4.3 4.1 6.1 4.5 4.5 4.3 1.3 1.8 1.9 1.3 1.2 1.8 1.6 1.0 1.1 12.4 17.2 13.7 13.0 11.8 17.0 13.6 13.3 12.8 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Own stores Franchise stores + multibrands Internet
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Deni Cler: executive summary 3Q25 DENI CLER BRAND REVENUES DENI CLER BRAND REVENUES Increase in revenues/m2 mainly due to stronger YoY discounts on collections. 18 (PLN m) Lower gross profit on sales margin due to higher YoY promotions. Increase in costs/m2 strongly below growth in revenues/m2. Rising YoY salaries and commissions/m2. 11.8 12.8 +8.9% YoY 3Q24 3Q25 YoY Revenues (PLN/m2 per month) 1,303 1,467 12.6% Gross profit margin (%) 60.8% 58.5% -2,3pp. Cost of stores (PLN/m2 per month) 642 671 4.5% Store EBIT (PLN m) 1.4 1.6 20.9% 6.4 7.4 4.1 4.3 1.2 1.1 3Q24 3Q25 Own stores Franchise stores + multibrands Internet
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W.KRUK: double-digit revenue growth continues W.KRUK RETAIL REVENUES (PLN m) • Revenues in 3Q25 increased by 10.4% YoY. Sales from off-line stores increased by 9.2% while sales from franchise stores increased by 12.0% YoY, due to continuation of demand for jewellery. • Internet sales increased by 26.0% YoY, accounting for 6.8% of the brand's revenues (+0.8pp. YoY). 19 149.4 190.5 134.2 153.6 156.1 207.0 140.0 170.6 170.5 11.7 17.7 11.0 13.8 13.0 19.7 11.8 15.8 14.58.2 17.7 9.7 10.0 10.7 21.1 11.4 14.5 13.5169.3 225.8 154.9 177.4 179.7 247.8 163.3 200.9 198.5 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Own stores Franchise stores Internet
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W.KRUK: executive summary 3Q25 W.KRUK RETAIL REVENUES W.KRUK BRAND EFFICIENCY Double-digit growth in jewellery and stabilisation in watches sales. Lower dynamics in revenues/m2 due to expansion of floorspace in Poland and Hungary. 20 (PLN m) Stable gross profit on sales margin. Increase in costs/m2 above revenues/m2: increase in salaries, depreciation and commissions as well as higher on-line costs. 179.7 198.5 +10.4% YoY 3Q24 3Q25 YoY Revenues (PLN/m2 per month) 4,259 4,338 1.8% Gross profit margin (%) 52.5% 52.3% -0.2pp. Cost of stores (PLN/m2 per month) 1,191 1,260 5.8% Store EBIT (PLN m) 44.0 46.2 5.0% 156.1 170.5 13.0 14.510.7 13.5 3Q24 3Q25 Own stores Franchise stores Internet
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Group results
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Growing group’s revenues and revenues/m2 • Group revenues in 3Q25 amounted to PLN 345.9m (+11.1% YoY), due to growth in both segments. • In 3Q25, revenues of the apparel segment were 11.3% higher YoY, reaching PLN 146.0m. • Revenues of the jewellery segment amounted to PLN 200.0m, up 10.9% YoY in 3Q25. Stable share of the jewellery segment sales in revenues at c. 57.8% in 3Q25. GROUP REVENUES (PLN m) REVENUES PER M2 (PLN monthly) • In 3Q25 group revenues/ m2 reached PLN 2,363, +15.1% YoY. • Sales/m2 of apparel segment amounted to PLN 1,450 in 3Q25, +21.1% YoY due to better YoY reception of VRG S.A. brands’ collections. • Jewellery segment sales/m2 reached PLN 4,371 in 3Q25, up 2.3% YoY. 22 127.3 173.0 122.2 162.6 131.1 188.2 129.9 175.9 146.0 169.8 229.3 156.0 178.1 180.3 256.4 163.7 201.6 200.0 297.1 402.3 278.2 340.8 311.5 444.6 293.6 377.5 345.9 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Apparel segment Jewellery segment 1,909 2,053 2,363 1,082 1,198 1,450 4,479 4,274 4,371 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Group Apparel segment Jewellery segment
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Growth in gross profit on sales and margin • Group gross profit on sales amounted to PLN 188.2m in 3Q25, +12.7% YoY. • In 3Q25 gross profit on sales in apparel segment reached PLN 83.3m, up 14.3% YoY. • Gross profit on sales in jewellery segment in 3Q25 amounted to PLN 104.9m, +11.4% YoY. GROSS PROFIT ON SALES (PLN m) GROSS PROFIT ON SALES MARGIN • In 3Q25, gross profit on sales margin amounted to 54.4%, up 0.8 pp. YoY. • Apparel segment margin increased in 3Q25 by 1.5 pp. YoY to 57.1% due to lower YoY discounting and good reception of the collections. • Jewellery segment recorded a 0.2 pp. higher YoY gross profit on sales margin in 3Q25 of 52.4% due higher share of jewellery. 23 71.5 98.0 67.3 98.5 72.9 116.6 74.2 108.7 83.3 89.5 120.6 82.1 93.2 94.1 138.1 85.1 106.2 104.9 161.0 218.7 149.4 191.7 167.0 254.7 159.3 214.9 188.2 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Apparel segment Jewellery segment 54.2% 53.6% 54.4% 56.2% 55.6% 57.1% 52.7% 52.2% 52.4% 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Group Apparel segment Jewellery segment
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Doubling of EBIT in IAS17 • Group operating costs/m2 (IAS17) reached in 3Q25 PLN 1,133/ m2 per month, up 10.1% YoY. • Costs of stores at PLN 846/ m2 (+11.9% YoY, growth mostly due to on- line, minimum wage and rental indexation), while HQs costs/ m2 at PLN 287/ m2, +5.1% YoY (under IAS17). • Under IFRS16, SG&A costs to revenues fell to 47.4% in 3Q25 versus 49.4% in 3Q24. MONTHLY OPERATING COSTS PER M2 (PLN, IAS17) OPERATING PROFIT (PLN m, MSR17) • Group EBIT amounted to PLN 21.5m in 3Q25 under IAS17, +105.1% YoY (PLN 23.3m under IFRS16). • In 3Q25, apparel segment's EBIT loss was at PLN 6.4m under IAS17, sizeably lower YoY (PLN -5.3m under IFRS16). • In 3Q25, jewellery segment's EBIT under IAS17 was PLN 27.8m, +4.4% YoY (PLN 28.7m under IFRS16). 24 669 766 701 742 756 894 785 831 846 251 329 242 279 273 347 281 323 287920 1,095 943 1,020 1,029 1,241 1,067 1,153 1,133 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Costs of stores HQs costs -15.2 -1.2 -23.1 10.6 -16.2 19.2 -15.2 11.8 -6.4 31.8 42.5 23.3 28.0 26.6 48.9 16.8 31.9 27.8 16.6 41.2 0.2 38.6 10.5 68.1 1.6 43.7 21.5 -20 -10 0 10 20 30 40 50 60 70 80 -20 -10 0 10 20 30 40 50 60 70 80 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Apparel segment Jewellery segment
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NET PROFIT (LOSS) BY SEGMENTS (PLN m, IFRS16) Contribution of apparel segment and jewellery segment to Group profit depends on operating result and, among other things, the level of FX differences, which are significant under IFRS16 (outside of the Company’s control). Growing operating and net profit 25 PLN m, IFRS16 3Q24 3Q25 YoY Revenues 311.5 345.9 11.1% Gross profit on sales 167.0 188.2 12.7% Gross profit on sales margin 53.6% 54.4% 0.8pp. SG&A costs 153.8 163.9 6.6% EBIT 12.8 23.3 83.0% EBIT margin 4.1% 6.7% 2.7pp. Net financial activity 0.1 -7.5 N/M Net profit 10.1 12.4 22.2% Net margin 3.3% 3.6% 0.3pp. EBITDA 45.9 57.3 24.8% EBITDA margin 14.7% 16.6% 1.8pp. • Key elements affecting the level of net financials: • IFRS16: PLN 1.5m FX losses in 3Q25 vs PLN 2.1m FX gains in 3Q24, • IAS17: PLN 0.2m FX gains in 3Q25 vs PLN 2.9m FX gains in 3Q24, • IFRS16 interest: PLN 3.1m in 3Q25 vs PLN 2.6m in 3Q24, • Interest on debt: PLN 2.1m in 3Q25 vs PLN 1.6m in 3Q24. -18.9 8.7 -17.7 6.8 -11.9 10.1 -12.2 8.5 -8.9 19.8 41.1 19.9 21.4 22.0 36.2 18.2 20.2 21.3 0.9 49.9 2.2 28.2 10.1 46.3 6.0 28.6 12.4 0.0 20.0 40.0 60.0 -30.0 -10.0 10.0 30.0 50.0 70.0 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Apparel segment Jewellery segment
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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 profit 40.6 47.0 15.9% Net margin 4.4% 4.6% 0.3pp. • Stable YoY net financials: • IFRS16: PLN 0.7m FX gains in 9M25 vs PLN 4.3m FX gains in 9M24, • IAS17: PLN 3.9m FX gains in 9M25 vs PLN 3.2m FX gains in 9M24, • IFRS16 interest: PLN 9.0m in 9M25 vs. PLN 7.1m in 9M24, • Interest on debt: PLN 6.1m in 9M25 vs PLN 3.6m in 9M24. • Less favorable balance on other operating activities in 9M25 YoY due to PLN 2.9 million profit on sale of unused fixed assets of VG Property in 2Q24. Dynamic YoY earnings growth in 9M25 26 EBITDA 155.9 174.3 11.8% EBITDA margin 16.8% 17.1% 0.4pp.
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Growing demand for working capital • Group inventory grew 9.3% YoY. Inventories/m2 at the end of 3Q25 at PLN 16,019, +12.9% YoY. • Apparel segment inventories fell by 9.5% YoY, while inventories/m2 amounted PLN 6,479, down 2.1% YoY, at the end of 3Q25 due to lower scale of orders. • Jewellery segment inventories increased by 18.7% YoY and inventories/m2 amounted to PLN 36,872, an increase of 9.9% YoY due to planned development in Poland and in Hungary and increase in prices. CHANGE IN INVENTORIES (PLN m) WORKING CAPITAL (PLN m) • Growing YoY inventories due to higher orders in the jewellery segment. • Stable YoY receivables. • Lower level of liabilities YoY results from lower YoY purchases in the apparel segment and lack of dividend liabilities. 27 716.6 783.0 PLN 550.4m PLN 653.2m 240.1 476.5 -22.8 89.2 217.3 565.7 3Q24 Apparel segment Jewellery segment 3Q25 716.6 783.0 26.1 25.9 192.3 155.7 3Q24 3Q24 3Q25 3Q25 Inventory Receivables Trade and other liabilities
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Sizeable improvement in operating cash flow • Group’s net debt under IAS17 at PLN 146.0m at the end of 3Q25, +15.7% YoY. Finance leases under IFRS16 at PLN 321.3m in 3Q25. • No long-term debt. Usage of reverse factoring for supply chain financing reached PLN 13.5m in 3Q25. • Excluding reverse factoring, the Group’s net debt ratio would come at 0.8x. NET DEBT/(NET CASH) VS NET DEBT/EBITDA (PLN m, IAS17 plus reverse factoring) QUARTERLY CASH FLOWS (PLN m) • Sizeable YoY operating cash flows improvement – key impact of lower inventory in the quarter. • Higher YoY capex (PLN 13.4 mln PLN in 3Q25) – emphasis on development in the jewellery segment. • Financing cash flows show lower growth in indebtedness in the quarter. 28 9.0 -38.5 50.8 59.7 126.2 59.3 144.7 114.2 146.00.1 -0.3 0.4 0.5 1.1 0.4 1.0 0.8 0.9 -2.0 -1.5 -1.0 -0.5 0.0 0.5 1.0 1.5 2.0 -40.0 -20.0 0.0 20.0 40.0 60.0 80.0 100.0 120.0 140.0 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Net debt Net debt/EBITDA (4 quarters) -19.9 17.8 -8.5 -12.6 18.7 -7.8-9.6 -2.6 -50 0 50 3Q24 3Q25 Operating CF Investing CF Financing CF Total CF
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2025+ outlook
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As part of Black Friday and Cyber Monday, promotional campaigns are planned covering stores and e-stores, supported by activities in the digital channel, social media, newsletter and banners. From mid-November to the end of December, holiday campaigns are planned to support customers in choosing gifts and present styles for the winter and holiday seasons (St. Nicholas Day and Christmas). Evening and New Year's Eve offers, as well as those prepared for the prom season, mainly from apparel brands. High-quality products. The group is prepared for the crucial 4Q 30
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The new ambassador collection has debuted. Polish music icon Katarzyna Nosowska, who created the PEŁNIA jewellery collection with the brand and appeared in the campaign alongside her son, Mikołaj Krajewski, has been named W.KRUK’s Ambassador for the first time. New versions of the valued W.KRUK jewellery collections, which enrich the offer with proposals inspired by seasonal trends and a variety of jewellery forms. A wide selection of watches in various price ranges, prepared especially for the fourth quarter. Supported by marketing communications. A wide range of jewellery and watches 31 A wide range of jewellery on-line and off-line for customers in various price ranges.
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Omnichannel to support 4Q25 Further beneficial impact of integrating on-line and off-line inventory Using newly implemented marketing automation tools to increase revenue 1 2 New on-line store engine and mobile app of W.KRUK 3
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Expectations for a good 4Q25 33 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 jewellery segment, • the Group is well prepared for the key month of December. Favourable trends on gross profit on sales margin: • positive impact of the US$ depreciation against the PLN on the margins of the apparel and jewellery segments, • improved purchasing conditions in relations with suppliers in apparel segment, • impact of logistics and inventory management optimization and a focus on planning quality . Growing operating profit: • favourable impact of operating levearge, • positive impact of closing unprofitable stores in previous quarters and cost savings ➨ supportive for the apparel segment EBIT, • reduction of the operating loss in Hungary in the jewellery segment.
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Group floorspace in 2025 34 2024 2025 target YoY Apparel segment stores 319 286 -33 m2 36,125 33,198 -8% Jewellery segment stores 177 194 +17 m2 14,456 16,013 +11% Total stores 496 480 -16 m2 50,582 49,211 -2% Jewellery segment • new own stores in Poland, in towns in which the brand is not present yet, • development in Hungary Apparel segment • c. 20% of planned annual capex • the need to successively renovate stores Planned capital expenditures in 2025 at the level of PLN 42m. The above targets include DCG S.A., whose disposal is considered.
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35 2025 targets maintained Revenue growth in both segments. Growing gross profit on sales margin. Operating cost control. Improved profitability in the apparel segment and increased operating profit in the jewellery segment.
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LILOU – transaction schedule In accordance with current report 18/2025, the conclusion of the final agreement is to take place no later than the end of the calendar month after the expiry of 10 months from the signing of the preliminary contract 1 quarter 2026 Start of Lilou consolidation (inclusion into VRG S.A. Capital Group) 1 quarter 2026 First full quarter of Lilou results consolidation in VRG S.A. Capital Group financial statements 2 quarter 2026
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2026 targets 37 Continued revenue growth in both segments. Growing Group gross profit on sales margin. Further improvement of the business operating profitability. As a result, the goal is to further increase the operating result. 2025 target 2026 target YoY Apparel segment stores 286 275 -11 m2 33,198 32,015 -4% Jewellery segment stores 194 214 +20 m2 16,013 17,936 +12% Total stores 480 489 +9 m2 49,211 49,951 +2% 2026 targets include DCG S.A., the sale of which is currently considered, but do not include Lilou, the purchase process of which has not yet been completed.
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Q&A
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Back-up
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Vistula: executive summary 40 Fashion for women and men Traditional tailoring and global trends – modern, original and individual style Men's collection: VISTULA, and women's: VISTULA WOMAN „Made to Measure” service available in selected brand’s stores 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, complemented by greens and burgundy. All items are characterized by high-quality craftsmanship and the use of natural fabrics, ensuring comfort and warmth. A variety of structures and textures, as well as a wide range of accessories, allow you to create looks for every occasion. • Since October, the Fine Tailoring capsule has been available in selected stores and on-line. This carefully selected offering is for men who expect the highest quality tailoring, fine fabrics, and classic design. The products are distinguished by luxurious fabrics that emphasize elegance in formal and business styling. • In 3Q25, the brand conducted intensive on-line and off-line activities, supporting sales of its Summer offerings and promoting its special occasion products. Communications included shopping malls and stores. In the second half of August, the "Back to Office" offer was promoted, featuring casual and business-casual styles for women and men. Since September, a TV campaign, a digital campaign, and an event for media and influencers have been running under the slogan "Every Moment is Your Moment”, highlighting the everyday, important moments in which Vistula provides confidence and comfort.
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Vistula: executive summary 9M25 VISTULA BRAND REVENUES VISTULA BRAND EFFICIENCY 9M24 9M25 YoY Revenues (PLN/m2 per month) 1,024 1,227 19.9% Gross profit margin (%) 58.1% 58.4% +0.4pp. Cost of stores (PLN/m2 per month) 532 601 12.9% Store EBIT (PLN m) 9.8 16.8 71.6% Revenues/m2 higher YoY due to floorspace optimisation, improved collection structure and good reception of the Autumn/Winter collection, especially womenswear. 41 (PLN m) Slightly growing gross profit on sales margin due to lower YoY promotions. Growth in revenues/m2 above the growth in store costs/m2: rising rentals, salaries, depreciation. 161.2 177.1 +9.9% YoY 108.2 122.1 26.3 23.426.6 31.6 9M24 9M25 Own stores Franchise stores Internet
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Bytom: executive summary 42 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 narrator, remains the campaign Ambassador – his voice guides the viewer on a symbolic journey to the past. • The clothes provide a natural backdrop to the story, a foundation for the emotional narrative – appealing to the customer's sentimentalism, which connects the brand with the customers’ most important values. • Styling direction: warmth, comfort, timelessness. Warm colors: nature, home interiors, candlelight. • In August, the brand presented the Bytom x Andrzej Mleczko capsule, focusing on the values of generationality and timelessness, and leveraging marketing potential by including the artist's image in the campaign to complement the graphics featured on the clothing series, building a story around the capsule and situating the designer in the context of the city – his Cracow studio – and Polish culture. • On September 15, the brand's 80th anniversary fashion show took place at Ujazdowski Castle in Warsaw. A collection specially prepared for the occasion was presented by well-known personalities. Fashion for men A Polish brand with a tradition of tailoring craftsmanship dating back to 1945. Tailor-made service available in selected brand stores, preserving the brand's traditional values. Men's formal and smart casual fashion.
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Bytom: executive summary 9M25 BYTOM BRAND REVENUES BYTOM BRAND EFFICIENCY Higher YoY revenues/m2 supported by good on-line and off-line results. Good reception of collection after changes in structure and stocking method. 43 (mln PLN) High and growing gross profit on sales margin due to more favorable purchase prices and limited promotions on the permanent collection. Revenues/m2 significantly above growth in store costs/m2, especially higher YoY salaries/m2. A greater share of own stores than in the Vistula brand. 130.6 146.9 +12.5% YoY 9M24 9M25 YoY Revenues (PLN/m2 per month) 1,101 1,362 23.7% Gross profit margin (%) 58.6% 61.0% +2.4pp. Cost of stores (PLN/m2 per month) 572 633 10.8% Store EBIT (PLN m) 8.7 21.3 145.0% 104.9 115.0 3.1 4.022.5 27.9 9M24 9M25 Own stores Franchise stores Internet
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Wólczanka: executive summary 44 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 Albini and Thomas Mason, Egyptian cotton, delicate silk, and high-quality Italian viscose. Perfect for the office and formal occasions, these shirts combine the elegance of fabrics with attention to quality craftsmanship and functionality. • The Autumn/Winter season is also the season for sweaters – and in this edition, Wólczanka focuses on the highest quality knits: wool, cashmere, and merino wool, including mercerized. These natural materials provide exceptional thermal comfort while remaining breathable and airy. • For those seeking casual everyday solutions, the new Wólczanka collection offers Autumn shirts with fashionable prints inspired by nature, as well as warm and stylish wool-blend shirts, perfect for the Autumn rain. • In the third quarter of 2025, Wólczanka intensified its efforts to promote its embroidery personalization service, available both at the Wólczanka Boutique in Warsaw's Promenada district and on-line at wolczanka.pl. The brand is consistently expanding its offerings; thanks to the new service, you can embroider shirts, sweaters, T-shirts, and polo shirts. Choose from three fonts, nine thread colors, and unique symbols that convey individual meanings. Fashion for women and men Polish network of boutiques and own and franchise stores with women's and men's clothing. The offer includes: shirts, sweaters, polo and t-shirts.
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Wólczanka: executive summary 9M25 WÓLCZANKA BRAND REVENUES WÓLCZANKA BRAND EFFICIENCY Double-digit YoY growth in revenues/m2 – increases in own stores and favourable dynamics in 1Q25 and 3Q25. 45 (PLN m) Higher gross profit on sales margin: swift introduction of new collections, limited discounts despite high on-line share. Increase in revenues/m2 significantly above growth in costs/m2: higher salaries and commission costs. Decrease in rentals and depreciation/m2. 79.8 78.8 -1.2% YoY 9M24 9M25 YoY Revenues (PLN/m2 per month) 2,177 2,897 33.1% Gross profit margin (%) 59.5% 63.2% +3.7pp. Cost of stores (PLN/m2 per month) 1,100 1,284 16.8% Store EBIT (PLN m) 7.1 14.8 108.1% 34.1 33.1 6.3 6.1 39.4 39.7 9M24 9M25 Own stores Franchise stores Internet
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Deni Cler: executive summary 46 Women’s fashion Women’s fashion brand established in Italy in 1971. Addressed to women over 35 years old who value high quality and elegance. Superior quality fabrics with superior accessories and designer cut. The brand cooperates with selected manufacturers and suppliers of fabrics from renowned Italian manufactories. 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 gaining new value. "Amici" is a celebration of elegance that doesn't follow passing trends but creates lasting bonds – with one's wardrobe, with one's own style, and with other women. • The "Amici" collection embodies the essence of Deni Cler's DNA: a refined silhouette, timeless elegance, and impeccable craftsmanship. Each design is the result of a combination of refined construction and luxurious fabrics – cashmere, silk, wool with alpaca, satin viscose, and precious cotton. All this so that women can not only look beautiful but also feel confident and comfortable – as if in the presence of their best friend. • The Autumn/Winter 2025 season features colors such as lime green, which in Deni Cler's new take is the quintessence of modern courage; burgundy, which appears in coats, knitwear and evening outfits, bringing with it a discreet charm of luxury; navy blue, which, combined with tweed, micro- patterns and luxurious fabrics, becomes a clothing philosophy for women who focus on intelligent fashion and conscious choices; and camel, which gains softness and depth thanks to noble materials: cashmere knitwear, silk and cotton with a satin finish.
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Deni Cler: executive summary 9M25 DENI CLER BRAND REVENUES DENI CLER BRAND REVENUES Increase in revenues/m2 mainly due to better sales dynamics in 3Q25. 47 (PLN m) YoY decline in gross profit on sales margin due to higher YoY promotions. Increase in costs/m2 slightly higher than that of revenues/m2. Rising salaries and commissions with lower YoY rentals and depreciation/m2. 38.4 39.7 +3.4% YoY 9M24 9M25 YoY Revenues (PLN/m2 per month) 1,430 1,510 5.6% Gross profit margin (%) 62.5% 61.0% -1.6pp. Cost of stores (PLN/m2 per month) 649 677 4.4% Store EBIT (PLN m) 6.6 6.4 -2.9% 21.4 22.7 12.5 13.3 4.5 3.7 9M24 9M25 Own stores Franchise stores + multibrands Internet
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W.KRUK: executive summary 48 The oldest jewellery brand in Poland The jewellery offer includes gold and silver jewellery, diamonds, gemstones and original collections. W.KRUK's offer also includes global watch brands, such. Rolex, Patek Philippe, Cartier, Chopard, Bvlgari, IWC Schaffhausen, Hublot, Jaeger LeCoultre, Panerai, Zenith, Franck Muller, Omega, Tudor, Grand Seiko, Tag Heuer oraz Longines, Rado, Tissot, Certina and many others. W.KRUK offer also includes perfumes and a collection of own label accessories: leather handbags, silk scarves, leather accessories. 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 of the most inspiring women in Poland. The project is a continuation of the brand's signature Freedom line and evokes the brand's core values – freedom, authenticity, and the power of femininity. The collection was designed and crafted at the W.KRUK Manufactory using recycled silver. • 3Q25 also saw the presentation of two new versions of W.KRUK's prized jewellery collections, enriching the offering with pieces inspired by seasonal trends and a diversity of jewelry forms. • Alchemia – a new take on the iconic collection, in which gold and silver harmoniously combine with opals, pearls, and lapis lazuli, creating compositions full of Summer sparkle and sophistication. • Lollipop – a refreshed version of one of the brand's most recognizable lines. The collection combines familiar motifs with new jewellery models adorned with stones in delicate, pastel shades. • The October premiere of the new ambassador collection revealed the first-time W.KRUK Ambassador, the Polish music icon Katarzyna Nosowska, who created the PEŁNIA jewellery collection with the brand and appeared in the campaign alongside her son, Mikołaj Krajewski.
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W.KRUK: executive summary 9M25 W.KRUK RETAIL REVENUES .KRUK BRAND EFFICIENCY Double-digit growth in sales of gold and silver jewellery. Stabilisation in watches sales. 49 (PLN m) Stable gross profit on sales margin – more favorable trends in 2Q25 than 1Q25 and 3Q25. Costs/m2 increased above revenues/m2: increased salaries, depreciation and commissions. As a result, stable store EBIT. 512.1 562.6 +9.9% YoY 9M24 9M25 YoY Revenues (PLN/m2 per month) 4,167 4,212 1.1% Gross profit margin (%) 52.5% 52.4% -0.1pp. Cost of stores (PLN/m2 per month) 1,163 1,236 6.3% Store EBIT (PLN m) 125.9 129.8 3.1% 443.9 481.1 37.8 42.130.4 39.4 9M24 9M25 Own stores Franchise stores Internet
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W.KRUK S.A. Jewellery, watches, accessories WK 1840 HU Kft. Jewellery, accessories 100% owned by W.KRUK S.A. WK SPV 1 Sp. z o.o. Company dedicated to Lilou’ takeover 100% owned by W.KRUK S.A. Capital group’s structure Companies included in the consolidated statements for 3Q25 VRG DCG S.A. Deni Cler brand VRG S.A. parent company Vistula, Wólczanka, Bytom brands VG Property sp. z o.o. w likwidacji Real estate (in liquidation) Jewellery segment Apparel segment Other activity 50
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Continued optimisation of number of stores Number of stores 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Apparel segment total 359 358 350 346 331 322 319 297 295 292 franchise 92 84 78 75 67 66 67 62 60 60 Vistula total 136 135 132 126 119 119 116 103 103 103 franchise 51 47 45 43 37 35 34 29 27 27 Bytom total 101 100 99 98 96 92 89 84 83 81 franchise 5 4 4 4 4 4 4 4 4 4 Wólczanka total 93 94 91 93 86 80 80 74 73 72 franchise 30 27 25 24 21 20 20 18 17 17 Deni Cler total 29 29 28 29 30 29 30 29 28 28 franchise 6 6 4 4 5 5 5 4 4 4 Multibrandy franchise 0 0 0 0 0 2 4 7 8 8 Jewellery segment total 157 159 163 167 171 174 177 179 183 186 franchise 28 28 29 29 29 27 28 28 29 29 Total total 516 517 513 513 502 496 496 476 478 478 franchise 120 112 107 104 96 93 95 90 89 89 51
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Floorspace YoY M2 floorspace 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Apparel segment total 39,007 39,818 39,470 38,951 37,140 36,301 36,125 33,922 33,848 33,537 franchise 7,175 6,582 6,216 6,023 5,415 5,494 5,774 5,212 4,992 4,992 Vistula total 17,815 18,337 18,386 17,792 17,051 17,432 17,248 15,796 15,987 15,900 franchise 5,212 4 841 4,682 4,509 3,906 3,857 3,884 3,527 3,328 3,303 Bytom total 13,825 13,782 13,579 13,397 13,128 12,723 12,560 12,039 11,938 11,726 franchise 527 416 416 416 416 478 657 617 639 633 Wólczanka total 4,440 4,774 4,654 4,788 3,888 3,170 3,243 3,058 3,014 3,001 franchise 996 884 822 802 721 789 862 756 714 745 Deni Cler total 2,926 2,926 2,851 2,975 3,073 2,976 3,074 3,030 2,909 2,909 franchise 440 440 296 296 371 371 371 311 311 311 Jewellery segment total 12,597 12,737 13,020 13,432 13,868 14,204 14,456 14,683 15,058 15,343 franchise 1,859 1,859 1,922 1,910 1,910 1,770 1,824 1,824 1,883 1,883 Total total 51,604 52,556 52,491 52,383 51,008 50,505 50,582 48,605 48,906 48,879 franchise 9,034 8,441 8,138 7,933 7,325 7,264 7,598 7,036 6,875 6,875 52 Floorspace of multibrand stores was divided between individual brands: Vistula, Bytom and Wólczanka.
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Own e-stores of five brands • We have own e-stores for all five retail brands. Our aim is to develop on-line stores of own brands (monoshops). • Revenues and costs of on-line stores are allocated directly to the brands. • E-commerce logistics for Vistula, Wólczanka and Bytom brand is conducted from the same distribution centre. W.KRUK has its own logistics warehouse. ON-LINE SALES BY SEGMENTS (PLN m) GROUP ON-LINE SALES • In 3Q25, on-line sales amounted to PLN 45.6m, +14.0% YoY. • As a result, the internet's share amounted to 13.2% in 3Q25, +0.4 pp. YoY. 53 29.8 63.7 43.3 40.3 39.9 70.8 48.0 48.8 45.6 10.0% 15.8% 15.6% 11.8% 12.8% 15.9% 16.3% 12.9% 13.2% 0% 5% 10% 15% 20% 25% 30% 35% 40% 0 10 20 30 40 50 60 70 80 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 On-line sales (PLN m) % group sales 21.6 46.1 33.6 30.3 29.3 49.7 36.6 34.3 32.1 8.2 17.7 9.7 10.0 10.7 21.1 11.4 14.5 13.5 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Apparel segment Jewellery segment
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Higher costs/m2 • Differences in SG&A costs/m2 between segments result from different business models. • Jewellery segment is characterised by higher revenues and costs/m2 than these of the apparel segment. • Segmental costs/m2 are calculated based on average working floorspace for each segment. OPERATING COSTS MONTHLY/M2 (PLN, excl. IFRS16) COSTS OF OWN STORES MONTHLY/M2 (PLN, excl. IFRS16) • Costs of stores encompass costs of own and franchise stores. • Costs of own stores include rental costs, salaries and other costs of own stores. • Costs of own stores/ m2 are calculated based on average working floorspace of own stores. • Costs of franchise stores equal to commission for franchisees. 54 261 260 283 299 303 327 340 360 350 287 310 283 282 284 328 292 287 286 166 223 185 186 207 270 204 214 257714 794 752 767 794 926 835 861 892 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 HR Rentals Other costs of stores 729 792 763 814 812 906 858 928 883 1,510 2,021 1,479 1,584 1,593 2,079 1,564 1,670 1,683 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Apparel segment SG&A Jewellery segment SG&A
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Increase in image marketing expenses • Off-line marketing costs are part of group selling costs. • These encompass recurring advertising spending (catalogues, photoshoots) and nationwide marketing campaigns in editorial, internet and TV with celebrities. • In 3Q25, marketing expenses amounted to PLN 5.7m, up 33.7% YoY, due to growth in both segments (especially in the apparel segment). GROUP IMAGE MARKETING COSTS BY SEGMENTS (PLN m) GROUP IMAGE MARKETING COSTS • Apparel segment: off-line marketing outlays are related to campaigns, which typically cumulate in the second and/or fourth quarter. These include TV advertising for selected brands. • Off-line marketing costs within the jewellery segment historically cumulated in 4Q (seasonally best), before Christmas. These include TV advertisement. 55 5.1 15.6 3.1 5.9 4.3 15.0 3.8 8.4 5.7 1.7% 3.9% 1.1% 1.7% 1.4% 3.4% 1.3% 2.2% 1.7% 0% 1% 2% 3% 4% 5% 0 2 4 6 8 10 12 14 16 18 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Group's marketing costs (PLN m) % of group sales 2.0 5.4 1.5 2.4 1.5 3.7 2.2 4.9 2.6 3.1 10.2 1.6 3.5 2.8 11.3 1.7 3.6 3.1 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Apparel segment Jewellery segment
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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 margin 54.4% 57.3% 2.9pp. 53.7% 54.3% 0.6pp. 56.3% 56.9% 0.6pp. 53.6% 54.4% 0.8pp. SG&A costs 169.5 185.6 9.5% 145.5 154.5 6.2% 155.0 166.8 7.6% 153.8 163.9 6.6% Net other operating line -4.8 0.5 -1.3 -1.2 4.2 -2.5 -0.4 -0.9 EBIT 44.4 69.6 57.0% 2.7 3.7 37.9% 40.8 45.6 11.7% 12.8 23.3 83.0% EBIT margin 11.0% 15.7% 4.6pp. 1.0% 1.3% 0.3pp. 12.0% 12.1% 0.1pp. 4.1% 6.7% 2.7pp. Net financial line 19.7 -10.0 0.5 4.3 -5.6 -9.6 0.1 -7.5 Pre-tax profit 64.1 59.6 -7.0% 3.2 8.0 150.8% 35.3 36.0 2.2% 12.9 15.9 23.1% Taxes 14.2 13.3 -6.1% 1.0 2.0 104.3% 7.0 7.4 5.5% 2.7 3.5 26.2% Net income 49.9 46.3 -7.2% 2.2 6.0 171.5% 28.2 28.6 1.4% 10.1 12.4 22.2% Net margin 12.4% 10.4% -2.0pp. 0.8% 2.0% 1.3pp. 8.3% 7.6% -0.7pp. 3.3% 3.6% 0.3pp. EBITDA 77.4 104.2 34.6% 36.1 37.9 4.9% 73.9 79.2 7.1% 45.9 57.3 24.8% EBITDA margin 19.2% 23.4% 4.2pp. 13.0% 12.9% -0.1pp. 21.7% 21.0% -0.7pp. 14.7% 16.6% 1.8pp. 56 * Restatment described in 1H25 report.
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Results under IAS17 57 EBITDA 17.6 28.9 64.6% 70.1 88.6 26.3% EBITDA margin 5.6% 8.4% 2.7pp. 7.5% 8.7% 1.2pp. 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% 49.3 66.7 35.3% EBIT margin 3.4% 6.2% 2.8pp. 5.3% 6.6% 1.3pp. Net financial line 0.7 -2.9 -2.1 -4.4 Net income 8.7 14.6 67.0% 37.2 48.9 31.5% Net margin 2.8% 4.2% 1.4pp. 4.0% 4.8% 0.8pp.
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Capex supports development CAPEX VS. NET DEBT/EBITDA CUMULATIVE CAPEX • Capital expenditure in 3Q25 amounted to PLN 13.4m, growth by 50.6% YoY. • Capex focused on new stores and modernizations, mainly in the jewellery segment. • Key reasons for this growth include: • continued development in the jewellery segment in Poland and abroad, • openings in the apparel segment despite the optimization of the store network. 58 (PLN m) 25.6 39.9 11.9 24.3 33.2 47.1 9.0 17.8 31.2 9M23 2023 1Q24 1H24 9M24 2024 1Q25 1H25 9M25 6.7 14.4 11.9 12.4 8.9 13.8 9.0 8.8 13.40.1 -0.3 0.4 0.5 1.1 0.4 1.0 0.8 0.9 -1 0 1 2 3 4 5 0 2 4 6 8 10 12 14 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Capex (PLN m) Net debt/ EBITDA (4 quarters)
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FX risk exposure • FX risk is sizeable for the capital group, thus it is being hedged since 2Q16. Hedging only relates to the apparel segment. • The group is a beneficiary of strengthening of zloty versus foreign currencies. • YoY shift in purchases structure due to changes in sourcing. PURCHASES BY CURRENCIES (PLN m) 9M25 REVENUES AND SG&A COSTS BY CURRENCIES (excl. IFRS16) • Depreciation of zloty (PLN) to main currencies (USD, EUR and CHF) may unfavourably impact the gross profit (higher COGS), operating margin (higher rental costs, IAS17) and lower net margin (FX losses on IFRS16 liability). • The Company uses currency derivatives (currency forwards) to hedge future cash flows against currency risk. 59 9M259M24 CHF, 17% EUR, 19% PLN, 33% USD, 31% CHF, 18% EUR, 22% PLN, 30% USD, 30% 99% 78% 22% Revenues SG&APLN FX
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Growing YoY net debt • Interest bearing indebtedness includes: bank loans, finance leases and reverse factoring. • Bank loans include: overdrafts and investment bank loans. Bank loan collateral comprises of: a floating charge on inventory, a fixed charge on ”Vistula”, ”Wólczanka” trademarks and a fixed charge on W.KRUK S.A. shares. • Lack of long-term debt. • PLN 13.5m of reverse factoring used to finance suppliers at the end of 3Q25. • PLN 321.3m of IFRS16 liabilities (finance leases) at the end of 3Q25. PLN m 3Q24 4Q24 3Q25 Long-term debt 2.0 1.8 1.2 Bank loans 0.0 0.0 0.0 Finance leases 2.0 1.8 1.2 Short-term debt 136.0 74.5 159.4 Bank loan 127.3 61.0 144.9 Finance leases 1.0 1.0 1.0 Reverse factoring 7.7 12.5 13.5 Cash 11.8 17.0 14.5 Net debt 126.2 59.3 146.0 Finance leases IFRS16 288.4 303.6 321.3 Net debt IFRS16 414.6 363.0 467.3 60
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Shareholder structure Number of shares/votes % share 1. Shareholders' agreement 99,823,010 42,58% 2. PZU OFE and DFE 45,589,125 19.44% 3. NN OFE 32,750,000 13.97% 4. Other free-float 56,293,705 24.01% Total 234,455,840 SHAREHOLDER STRUCTURE AS AT 13.11.2025 (SHARE IN EQUITY AND VOTES) 1. Information provided based on a notification received by the Company under the provisions of Article 69 in conjunction with Article 87 section 1 item 5) of the Act of July 29, 2005 on public offering and conditions for introducing financial instruments to organized trading, and on public companies – concerns shares held jointly by a shareholders’ agreement consisting of: Mr. Jan Kolański, Colian Holding Sp. z o.o. with its registered office in Opatówek, Colian Developer Sp. z o.o. with its registered office in Kalisz, Colian sp. z o.o. with its registered office in Opatówek and Kolański Family Foundation with its registered office in Opatówek. According to the information available to the Company under the shareholders’ agreement referred to above: - Mr. Jan Kolański holds 2,000,000 shares in the Company, which constitutes 0.85% of the Company’s share capital and entitles him to 2,000,000 votes, constituting 0.85% of the total number of votes at the General Meeting of the Company, - Colian Holding Sp. z o.o. holds 3,594,107 shares in the Company, which constitutes 1.53% of the Company’s share capital and entitles him to 3,594,107 votes, constituting 1.53% of the total number of votes at the General Meeting of the Company. - Colian Developer Sp. z o.o. does not hold any shares in the Company, - Colian sp. z o.o. holds 54,961,557 shares of the Company, which constitutes 23.44% of the share capital of the Company and entitles to 54,961,557 votes, constituting 23.44% of the total number of votes at the General Meeting of the Company, - Kolański Family Foundation holds 39,267,346 shares of the Company, which constitutes 16.75% of the share capital and entitles to 39,267,346 votes, constituting 16.75% of the total number of votes at the General Meeting of the Company. 2. Information provided based on the number of Company shares held jointly by the funds PZU “Złota Jesień” Open Pension Fund and PZU Voluntary Pension Fund managed by Powszechne Towarzystwo Emerytalne PZU S.A. at the Annual General Meeting on June 25, 2025. At the Annual General Meeting on June 25, 2025, PZU “Złota Jesień” Open Pension Fund independently held 44,537,016 shares in the Company, which constituted 19.00% of the Company’s share capital and entitled to 44,537,016 votes, representing 19% of the total number of votes at the General Meeting of the Company. At the Annual General Meeting on June 25, 2025, the PZU Voluntary Pension Fund held independently 1,052,109 shares in the Company, which constituted 0.45% of the Company’s share capital and entitled to 1,052,109 votes, constituting 0.45% of the total number of votes at the General Meeting of the Company. 3. Information provided based on the number of shares held by Nationale-Nederlanden Open Pension Fund at the Annual General Meeting on June 25, 2025. 61 The table above, with the exception of the remaining free-float, contains information on shareholders who, to the Company's knowledge, hold, directly or indirectly through subsidiaries, at least 5% of the total number of votes at the General Meeting of Shareholders. Shareholders' agreement 43% PZU OFE and DFE 19% NN OFE 14% Other free-float 24%
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62 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: jackets, trousers, coats, knitwear. Formal Revenues from sale of formalwear, including suits and shirts. Revenues (PLN/m2 per month) Quarterly revenues of segment or brand (stores and internet)/ average working floorspace / 3. In terms of Deni Cler brand it includes multibrand store revenues yet not their floorspace. Store EBIT (PLN m) Store operating profit calculated as gross profit on sales for stores minus store costs. Costs of stores (IAS17) Operating costs of stores including among others rental expenses, HR costs, depreciation, commissions for franchise stores and logistics. Operating costs (SG&A)/m2 (PLN per month) Quarterly group SG&A / average total working floorspace / 3. EBITDA Operating profit plus depreciation and amortisation from cash flow statement. Costs of (own) stores/ m2 (PLN per month) Quarterly costs of stores (own stores)/ average working floorspace (of own stores) / 3. Inventory/m2 Inventory end of period / group’s floorspace end of period.
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Investor Relations e-mail: relacjeinwestorskie@vrg.pl Press office VRG S.A. e-mail: biuroprasowe@vrg.pl 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 Thank you