Modivo (MDV) Q2 2025 earnings summary

Executive summary

• Q2 2025 delivered record EBITDA of PLN 481 million, with profitability and cost ratios improving despite challenging weather and a demanding base effect from last year.

• Group revenue rose 8% to PLN 5,238.6 million, with strong growth in CCC and HalfPrice segments, while MODIVO saw a slight decline.

• Rapid retail space expansion exceeded ambitious targets, supporting revenue growth and resilience in a difficult environment.

• The Group expanded its store network to 1,159 locations and increased retail space to 966,665 m² across 21 markets.

• Major strategic moves included the acquisition of Szopex Sp. z o.o. and consolidation of MODIVO.COM S.A. ownership.

Financial highlights

• Q2 2025 revenue increased 11% year-over-year to PLN 2,884 million, with gross margin near 50%.

• EBITDA climbed 18% to PLN 481 million in Q2 2025, with LTM EBITDA margin at 17%, up 5pp year-over-year.

• Operating profit increased 24.5% to PLN 514.5 million, and net cash from operating activities more than doubled to PLN 553.6 million.

• Cost ratio improved to 38.4% in Q2 2025 from 40.1% a year earlier, supporting profitability.

• Equity increased by PLN 437.4 million to PLN 2,373.3 million, supported by a PLN 1.55 billion share issue.

Outlook and guidance

• The Group targets over PLN 25 billion in revenue and a 20% EBITDA margin by 2030, with growth driven by retail space expansion and a higher share of licensed brands.

• No changes to annual targets; management remains optimistic for H2 2025 due to accelerated store openings and strong inventory preparation.

• 2030 marks the conclusion of the incentive scheme tied to these ambitions.

• No formal profit guidance was published for the current period.