btlines

VRG GPW sWIG80 Periodic report · PAP Biznes

VRG (VRG) · Q2 2026 results and valuation

Share price: 5.28 zł · 2026-11-10

Results Q2 2026 vs Q2 2025 · year over year · published 20 Aug 2026 and 21 Aug 2025

Net income up 28.8% year on year. The report's language is unchanged.

Only a basic analysis is available for this company at the moment.

1 · Numbers

+28.8%

Net income vs Q2 2025

Net income 44.6M vs 34.6M

Revenue +18.0%

2 · How the report reads

Unchanged

Language tone vs last period

Report language: typical for a company report — about as upbeat as in Q2 2025.

Weak signal: formal report language, not a call.

3 · What stood out

In the second quarter of 2026, the impact of IFRS 16 on net financial debt was negative and caused an increase in finance costs by 0.2 million PLN.

Valuation

Is VRG undervalued?

Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.

At 5.7% growth a year (3-year revenue growth), the model's fair value is 9.71 zł a share — the stock trades 46% below it. Today's price assumes −2.9% growth a year.

Current price

5.28 zł

close of 2026-11-10

Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.

-2.9% for 10 yrs

Fair value / share

9.71 zł

Buy below

7.28 zł

Price vs fair value

Undervalued 46%

Price vs buy-below price

Undervalued 27%

Official channels

The company's own website and social media accounts.

Read between the lines

  1. Fading

    The company developed the premium segment by introducing the Swiss brand Norqain, which specializes in luxury mechanical watches.

    Source quote
    “The brand consistently developed the premium segment by introducing the Swiss brand Norqain, which specializes in luxury mechanical watches, to its offer.”

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: Q2 2026. Ring: Q2 2025.

Report language Typical (was typical)

Typical for a company report — about as upbeat as in Q2 2025. Periodic reports carry legally required risk wording, so their tone moves little and is a weak signal.

Sentences that drove the tone
“Similarly, in the second quarter of 2026, the impact of IFRS 16 on the net financial debt was negative and caused an increase in finance costs by 0.2 million PLN (in the same period of the previous year, the impact...”
“Cybersecurity risk - Cybersecurity risk is the risk of attack, damage, or unauthorized access to corporate data, its IT networks, devices, and programs.”
“For the Bytom brand, the development of the collection will continue in the second half of 2026 based on four main pillars: the development of formal wardrobes, expanding the smart casual offer, strengthening the outerwear category...”

Full figures

PLN · PAP Biznes report (2026-08-20)

Metric Q2 2026 Q2 2025 Change
Revenue 791.9M 671.2M +18.0%
Gross profit 681.0M 374.2M +82.0%
EBITDA 151.1M 117.0M +29.1%
Operating income 73.0M 49.3M +47.9%
Net income 44.6M 34.6M +28.8%
EPS 0.19 0.15 +26.7%
P/E today 12.8 13.3 11.9 +1.4

Topics

Topics are drawn from the full report text, not management commentary.

Most discussed now

  • Rising The final financial and capital effects will, however, only be determinable after the completion of the process, the determination of the…
  • The company's business activity consists of the retail sale of clothing, footwear, and accessories, and furthermore, the company holds…
  • W.KRUK also participated in the Watches and Wonders trade fair in Geneva, developing relationships with leading manufactures and monitoring…
  • After starting operations in the Hungarian market, W.KRUK's brand awareness among local customers was developed and the foundations for the…
  • Customers can expect new, unique designs and jewelry accessories in a unique style characteristic of the collection's Co-creator.

Faded since Q2 2025

  • Fading The following factors may have a negative impact on the Company's financial results over the next few quarters:
  • Fading Core business activities of the Group: – Retail and wholesale of clothing products – Retail and wholesale of jewelry and watches.
  • Fading BYTOM is a Polish brand with a history beginning in 1945, where tradition meets a contemporary vision of tailoring and men's fashion.
  • Fading The watches from renowned brands sold in W.KRUK showrooms hold a strong position in the Polish market.

Latest announcements

Official filings, newest first.

Similar companies

Consumer Cyclical · Apparel Manufacturing
All Consumer Cyclical companies →