Wittchen (WTN) investor relations material

Executive summary

• Sales declined by 6.7% year-over-year in Q2 2026 and by 7.5% in H1 2026, driven by weaker demand, strong competition, and higher logistics costs.

• Gross margin remained above 60%, but profitability dropped sharply due to high fixed costs and increased operating expenses.

• E-commerce remained resilient, accounting for 57.4% of H1 2026 sales, while offline and B2B segments saw declines.

• Inventory levels were reduced by 31% year-over-year, improving stock rotation and creating room for new collections.

• The Group focused on inventory optimization and reviewing the profitability of sales channels.

Financial highlights

• Q2 2026 revenue: PLN 104.7m (-6.7% y/y); H1 2026 revenue: PLN 190.5m (-7.5% y/y); gross profit from sales fell to PLN 115.9m.

• Q2 2026 net profit: PLN 0.4m (-92.2% y/y); H1 2026 net loss: PLN -4.7m.

• Q2 2026 EBITDA: PLN 9.9m (-43.6% y/y); H1 2026 EBITDA: PLN 14.6m (-50.3% y/y).

• Operating loss of PLN 1.6m in H1 2026 versus a PLN 13.4m profit in H1 2025.

• No dividend declared or paid for 2025-2027; 2025 profit allocated to reserves.

Outlook and guidance

• Focus on e-commerce development, international markets, and optimization of the stationary network.

• New autumn-winter 2026 collections planned.

• Preparation for expansion of the logistics center in Q4 2026.

• Management prioritizes profitability improvement and investment financing.

• Ongoing cost control and pricing adjustments to boost sales.