Poland · Delayed Price · Currency is PLN Modivo Earnings Call Transcripts
Fiscal Year 2026
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The meeting confirmed proper convening, unanimously adopted the agenda, and approved all financial statements and reports. Discharge from liability was granted to all board members, profit was allocated to reserve capital, and governance rules were updated. All resolutions passed with strong majorities.
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Adjusted EBITDA rose 6% year-over-year in Q1 2026, with revenue up 4% and gross margin at a record 51.8%. HalfPrice led growth, while Modivo.com improved profitability despite lower sales. Expansion will focus on off-price formats, with inventory and cost controls prioritized.
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FY2025 revenue and EBITDA targets have been revised downward after a weak Q4, with margin pressure from inventory write-downs and licensing fees. Strategic focus is on expanding brick-and-mortar, growing own/licensed brands, and optimizing costs, while maintaining financial stability and aiming for improved results in 2026.
Fiscal Year 2025
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Revenue and EBITDA targets for FY2025 were revised down after a weak Q4, with lower sales and margins driven by softer consumer demand, high discounting, and inventory write-downs. Expansion of brick-and-mortar stores and a shift to own and licensed brands are expected to support improved results in 2026.
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Q3 saw 7% revenue growth to PLN 3 billion, but margins were pressured by rapid store expansion and weather impacts. Half Price and CCC brands are expanding aggressively, with strong margin recovery expected in Q4. Inventory and cash flow improved, and the group targets PLN 13–14 billion revenue next year.
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Q2 2025 saw record EBITDA and strong sales growth, driven by disciplined cost control, rapid expansion, and a higher share of licensed brands. Management remains confident in meeting ambitious 2025 and 2030 targets, with further growth expected in H2 as new stores open and inventory is optimized.
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Record annual sales and profits were achieved, with Q1 2025 showing strong EBITDA and margin improvements. Aggressive expansion in Spain and Italy is underway, supported by cost discipline, inventory reduction, and new loyalty initiatives.
Fiscal Year 2024
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Group targets 20% EBITDA margin and PLN 12B+ revenue, driven by cost savings, omnichannel expansion, and a shift to high-margin licensed brands. MODIVO buyout and rights offering to enable full integration and accelerate growth.
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Q3 2024 delivered record EBITDA and strong revenue growth, with all brands improving profitability. Expansion of licensed brands, cost optimization, and ambitious retail growth plans underpin a positive outlook, while inventory and supplier financing remain key focus areas.
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CCC and ABG are expanding their strategic partnership, with ABG brands now making up 11% of CCC sales and Reebok nearing 10%. The collaboration leverages licensing for high-margin growth, technology investment, and global brand expansion, with new licenses and acquisitions planned.
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Record Q2 revenue and margins were achieved, driven by strong cost discipline, robust like-for-like sales, and successful refinancing. Expansion plans are ambitious, with a focus on accelerating store openings and optimizing inventory, while maintaining a resilient omni-channel model.