MDV GPW WIG20 Periodic report · PAP Biznes
Modivo SA (MDV) · Q1 2026 results
Share price: 112.40 zł · 2026-11-10
Modivo SA is engaged in the wholesale and retail trade of clothing and footwear. The company operates in the omnichannel retail segment, selling products through both physical stores and online platforms across multiple markets. Sources: Half-year report (2026-10-02) · Wikipedia
Results Q1 2026 vs Q1 2025 · year over year · published 11 Jun 2026 and 12 Jun 2025
Net income down 74.1% year on year. The language turned more cautious.
1 · Numbers
−74.1%
Net income vs Q1 2025
Outlook given
Net income 24.1M vs 93.2M
Revenue +4.0%
Why Net income fell primarily due to a 287.6 million PLN write-down of tangible and intangible assets following a decision to slow expansion and focus on the off-price segment, as well as a 99.4 million PLN increase in credit loss impairments.
2 · How the report reads
More cautious
Language tone vs last period
Report language: typical for a company report — more cautious than in Q1 2025.
Weak signal: formal report language, not a call.
3 · What stood out
MODIVO Group aims to exceed 25 billion PLN in sales revenue by 2030 as a result of implementing its adopted development directions.
Read between the lines
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Figure
Gross profit from sales increased by 14% compared to the same period last year due to the described changes.
Source quote
“As a result of the described changes, gross profit from sales in the reported period increased by 14% compared to the same period of the previous year.”
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Figure
Cost of sales increased by 1.5% while revenue grew by 4.4% in the first half of 2026, resulting in a 1.3 p.p. improvement in gross margin.
Source quote
“Cost of sales in the first half of 2026 increased by 1.5% compared to the same period last year, while revenues increased by 4.4%, which contributed to a 1.3 p.p. improvement in the gross margin”
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Figure
Expected credit loss allowances increased by 99.4 million PLN to reach 100.1 million PLN, primarily due to significant provisions regarding receivables from Worldbox Sp. z o.o.
Source quote
“Write-offs for expected credit losses increased by 99.4 million PLN and amounted to 100.1 million PLN, primarily due to the recognition of significant provisions regarding receivables from Worldbox Sp. z o.o.”
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Figure
General management costs increased by 52% compared to the same period last year due to an increase in other costs of 31.4 million PLN.
Source quote
“The 52% increase in general and administrative expenses compared to the same period last year is due to an increase in other costs by 31.4 million PLN.”
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Guidance
The Group targets a goal where licensed brands will comprise up to 55% of the sales structure.
3 more
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Figure
The result from other operating activities showed a loss of 324.0 million PLN compared to a profit of 53.2 million PLN in the same period last year.
Source quote
“The result from other operating activities showed a loss of 324.0 million PLN, while in the same period of the previous year, the Group recorded a profit of 53.2 million PLN (a decrease compared to the same period of the previous year of 377.2 million PLN).”
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Figure
The write-off value as of July 31, 2025, was increased by 24.2 million PLN and was recorded as KOREKTA 5.
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Key theme
MDV is building a high-margin business model by increasing the share of private label and licensed brand sales based on signed agreements.
Source quote
“Consistent building of a high-margin business model through further increasing the share of private label and licensed brand sales based on concluded agreements.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q1 2026. Ring: Q1 2025.
Typical for a company report — more cautious than in Q1 2025. Periodic reports carry legally required risk wording, so their tone moves little and is a weak signal.
Sentences that drove the tone
“The main catalyst for the Group's revenue growth over the coming years will be the dynamic development of the off-price segment, as well as the expansion of offline sales of other formats, driven by an increase in retail space.”
“Net profit (loss) margin is calculated as the ratio of net profit (loss) to sales revenue.”
“After taking into account current and deferred income tax in the amount of 3.4 million PLN, the net loss for the 3-month period of 2026 reached the value of 24.1 million PLN, resulting in a net result lower...”
Full figures
PLN · PAP Biznes report (2026-06-11)
| Metric | Q1 2026 | Q1 2025 | Change |
|---|---|---|---|
| Revenue | 2.44B | 2.35B | +4.0% |
| Gross profit | 1.27B | 1.18B | +7.6% |
| Net income | 24.1M | 93.2M | −74.1% |
| P/E today 352.8 | 265.4 | 14.6 | +250.8 |
Topics
Topics are drawn from the full report text, not management commentary.
Most discussed now
- Fading The inventory turnover in days is calculated as the ratio of the average inventory value for the last four quarters to the cost of goods…
- The 7.4% (y/y) decrease in sales revenue is mainly due to the lower share of wholesale and franchise sales.
- The current ratio is calculated as the ratio of current assets to the book value of current liabilities.
- CCC) as well as brands enjoying high popularity (primarily CCC, growing share in eobuwie/MODIVO, HalfPrice and worldbox)
Faded since Q1 2025
- Fading Trading point and sales costs decreased by 14.2 million PLN (1.5%) compared to the same period last year.
- Fading In the statement of financial position, the cost of valuing this incentive program was recognized under general and administrative expenses…
- Fading The consolidated interim condensed financial statements include the financial statements of the parent company CCC S.A.
- Fading In the years 2020 – 2021, sales seasonality was disrupted due to the effects of the global coronavirus pandemic.
Latest announcements
Official filings, newest first. Summaries are generated from each filing and its attachment; every figure is checked against the source.
- Wstępne wybrane skonsolidowane dane finansowe Grupy Kapitałowej MODIVO za III kwartał 2026 roku · ESPI 46/2026
- Half-year report · ESPI periodic · routine
- Niegotówkowe odpisy związane z inwestycją w Worldbox sp. z o.o. oraz Modivo.com S.A. · ESPI 45/2026
The Issuer will recognize non-cash write-downs of 287.6 million PLN for Worldbox assets and 269.8 million PLN for the investment in Modivo.com S.A.
- Wstępne wybrane skonsolidowane dane finansowe Grupy Kapitałowej MODIVO S.A. za II kwartał 2026 roku · ESPI 44/2026
- Zawiadomienia o zmniejszeniu stanu posiadania w znacznych pakietach akcji · ESPI 43/2026
Subfundusz 1 of AgioFunds Towarzystwo Funduszy Inwestycyjnych Spółka Akcyjna reduced its shares from 4,305,214 to 3,990,214, resulting in a decrease in voting rights from 5.151% to 4.774%.
- Rejestracja zmian Statutu Spółki · ESPI 42/2026 · routine
- Przedłużenie okresu kredytowania w ramach Umowy Kredytów z 12 lipca 2024 r. oraz przedłużenie finansowania kredytowego spółki zależnej Emitenta · ESPI 41/2026
- Informacja o transakcjach na akcjach Spółki MODIVO S.A. uzyskana w trybie art. 19 MAR · ESPI 40/2026 · routine