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WTN GPW Periodic report · PAP Biznes

Wittchen (WTN) · Q1 2026 results and valuation

Share price: 10.60 zł · 2026-11-10

Wittchen is a company engaged in the wholesale and retail sale of leather accessories, clothing, footwear, and luggage. It operates in the leather goods sector. Sources: Quarterly report (2026-05-28) · Wikipedia

Results Q1 2026 vs Q1 2025 · year over year · published 28 May 2026 and 22 May 2025

Net income turned to a loss from a profit a year earlier. The language turned more cautious.

1 · Numbers

Turned loss

Net income vs Q1 2025

Net income -5.1M vs 4.2M

Revenue −8.5%

Why Net income fell because the Group recorded a net loss for the first quarter of 2026 due to a decrease in revenues in both online and stationary sales channels.

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

Wittchen plans 26.2 million PLN in total expenditures for 2026, including 5.3 million PLN for showrooms, 7.4 million PLN for IT and e-commerce, and 13.5 million PLN for a warehouse.

Valuation

Is Wittchen 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 5.5% growth a year (3-year revenue growth), the model's fair value is 36.89 zł a share — the stock trades 71% below it. Today's price assumes −14.3% growth a year.

Current price

10.60 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.

-14.3% for 10 yrs

Fair value / share

36.89 zł

Buy below

27.67 zł

Price vs fair value

Undervalued 71%

Price vs buy-below price

Undervalued 62%

Official channels

The company's own website and social media accounts.

Read between the lines

  1. Figure

    The online channel remained the Group's primary sales channel, accounting for 59% of revenue in the three months of 2026.

    Source quote
    “The online channel maintained its dominant role, remaining the Group's most important sales channel and accounting for a 59% share of revenue in the 3-month period of 2026.”
  2. Figure

    The Group historically achieves approximately 30%-40% of its revenue in the fourth quarter, which is when the highest level of sales is recorded.

    Source quote
    “The highest level of sales is achieved in the fourth quarter of the year, in which the Group has historically achieved approximately 30%-40% of revenues.”
  3. Key theme

    The company plans to convert part of the debt into capital for its foreign entities.

    Source quote
    “Regarding the foreign subsidiaries, a conversion of part of the debt into equity is planned.”
  4. Key theme

    Increasing the share capital through the acquisition of shares in exchange for a non-cash contribution in the form of receivables is a solution beneficial for both WITTCHEN S.A.

    Source quote
    “Increasing the share capital through the acquisition of shares in exchange for a non-cash contribution in the form of receivables is a solution beneficial for both WITTCHEN S.A. and the subsidiaries, enabling further development of operational activities and potential participation of WITTCHEN S.A. in the future financial results of these entities.”

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.

Report language Typical (was upbeat)

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
“Internal factors influencing the development of the Issuer and the Group are primarily (i) the implemented development strategy; (ii) factors affecting the growth of sales revenue; (iii) actions aimed at controlling...”

Full figures

PLN · PAP Biznes report (2026-05-28)

Metric Q1 2026 Q1 2025 Change
Revenue 85.8M 93.8M −8.5%
Gross profit 53.3M 58.1M −8.3%
Operating income -3.4M 3.9M Turned loss
Net income -5.1M 4.2M Turned loss
EPS -0.28 0.23 Turned loss
P/E today 5.5 8.2 11.4 −3.2

Topics

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

Most discussed now

  • No significant legal settlements occurred during the period covered by this report.
  • However, in the first quarter of 2026, a year-on-year decline in revenue was recorded in both online channels and in physical stores.
  • In the first quarter of 2026, the WITTCHEN Group continued activities aimed at developing foreign sales, particularly in e-commerce…

Faded since Q1 2025

  • Fading During the first quarter of 2025, the Group recorded a 6% increase in sales in this channel.
  • Fading The cooperation formula with one of the most significant trade partners offering brand products abroad has been redefined again: B2B sales…
  • Fading The Group plans to further pursue growth objectives across all sales channels and improve financial results, which is supported by a series…
  • Fading Total export sales amounted to PLN 18.3 million in the first quarter of 2025 vs. PLN 19.1 million in the same period last year.

Latest announcements

Official filings, newest first. Summaries are generated from each filing and its attachment; every figure is checked against the source.

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