Q1 2026 Modivo SA Earnings Call Transcript
Key Points
- Modivo SA (STU:6RK) reported a 6% increase in adjusted EBITDA for Q1 2026 compared to the same period last year, despite challenging conditions.
- The company's gross margin reached its highest level in the last 10 years at 51.8%, showing a 1.3-percentage-point improvement year-on-year.
- Halfprice, a key brand within the group, demonstrated strong growth with a 35% increase in sales, driven by new store openings and like-for-like sales growth.
- Modivo.com improved its gross margin by 0.1-percentage-points year-on-year, reaching nearly 46%, which is considered strong for an e-commerce business.
- The company has successfully integrated Worldbox into its operations, with gross margins improving significantly from 2% to 54% during Q1 2026.
- Worldbox integration led to a negative impact of minus PLN49 million due to operational and logistical challenges.
- Sales at Modivo.com were down by 8% year-on-year, attributed to a strategic reduction in performance marketing efforts.
- CCC brand experienced flat to slightly negative sales growth, indicating market saturation and limited growth potential.
- The company faced challenges with inventory management, aiming to reduce inventory by 20% to optimize operations.
- Worldbox is not yet profitable, and the company is working to achieve a 60% margin by the second half of the year.
Good afternoon. We'd like to welcome you to the results of Modivo for Q1 2026. We're starting with a little bit of a delay because of the demonstrations that made it more difficult for our guests to arrive at today's meeting on the stock exchange floor in the Warsaw Stock Exchange. We're now all ready and poised to kick off.
So if we talk about the results, let's begin by discussing the EBITDA result for Q1 of 2026. So the metric we're showing you is the adjusted EBITDA result, so things that aren't comparable. So to make sure that we're talking about the underlying actual result, having in mind the core business in comparable conditions. And so if we focus on this metric, as you can see in Q1, the EBITDA generated by the group was 6% higher than the EBITDA result generated in the corresponding period of the previous quarter -- year in the first quarter.
Of course, our ambitions were greater. Our appetite was greater. But in the relatively difficult conditions with unstable weather unstable
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