Reported Earnings • Aug 22
Second quarter 2026 earnings released: EPS: zł0.19 (vs zł0.12 in 2Q 2025) Second quarter 2026 results: EPS: zł0.19 (up from zł0.12 in 2Q 2025). Revenue: zł435.4m (up 15% from 2Q 2025). Net income: zł44.8m (up 56% from 2Q 2025). Profit margin: 10% (up from 7.6% in 2Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.1% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Luxury industry in Europe. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 20% per year, which means it is well ahead of earnings. Duyuru • Jun 26
VRG S.A. announces Annual dividend, payable on December 15, 2026 VRG S.A. announced Annual dividend of PLN 0.0500 per share payable on December 15, 2026, ex-date on September 17, 2026 and record date on September 19, 2026. Upcoming Dividend • Jun 25
Upcoming dividend of zł0.20 per share Eligible shareholders must have bought the stock before 01 July 2026. Payment date: 16 July 2026. Payout ratio is a comfortable 13% and this is well supported by cash flows. Trailing yield: 1.0%. Lower than top quartile of German dividend payers (4.8%). Lower than average of industry peers (1.5%). Duyuru • Jun 02
VRG S.A., Annual General Meeting, Jun 25, 2026 VRG S.A., Annual General Meeting, Jun 25, 2026, at 12:00 Central European Standard Time. New Risk • Jun 01
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. This is currently the only risk that has been identified for the company. Reported Earnings • May 24
First quarter 2026 earnings released First quarter 2026 results: Revenue: zł356.5m (up 21% from 1Q 2025). Net loss: zł154.0k (down 103% from profit in 1Q 2025). Profit margin: 0% (down from 2.0% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.3% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Luxury industry in Europe. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: zł0.04 (vs zł0.004 in 3Q 2023) Third quarter 2024 results: EPS: zł0.04 (up from zł0.004 in 3Q 2023). Revenue: zł311.5m (up 4.8% from 3Q 2023). Net income: zł10.1m (up zł9.21m from 3Q 2023). Profit margin: 3.3% (up from 0.3% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.4% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Luxury industry in Europe. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Upcoming Dividend • Sep 12
Upcoming dividend of zł0.09 per share Eligible shareholders must have bought the stock before 19 September 2024. Payment date: 16 December 2024. Payout ratio is a comfortable 26% and this is well supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of German dividend payers (4.9%). Higher than average of industry peers (0.8%). Reported Earnings • Aug 25
Second quarter 2024 earnings released: EPS: zł0.12 (vs zł0.20 in 2Q 2023) Second quarter 2024 results: EPS: zł0.12 (down from zł0.20 in 2Q 2023). Revenue: zł340.8m (up 1.6% from 2Q 2023). Net income: zł28.2m (down 41% from 2Q 2023). Profit margin: 8.3% (down from 14% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.5% p.a. on average during the next 3 years, compared to a 7.5% growth forecast for the Luxury industry in Europe. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Duyuru • Jun 06
VRG S.A. Provides Consolidated Revenue Guidance for the Month and Year to Date Ended May 2024 VRG S.A. provided consolidated revenue guidance for the month and year to date ended May 2024. VRG's consolidated revenues in May likely amounted to PLN 121.6 million (EUR 28.24 million), down by 2.1% year on year.YTD revenues amounted to PLN 506.5 million (EUR 117.61 mln), up 1.3% year on year. Duyuru • May 31
VRG S.A., Annual General Meeting, Jun 26, 2024 VRG S.A., Annual General Meeting, Jun 26, 2024. Reported Earnings • May 22
First quarter 2024 earnings released: EPS: zł0.01 (vs zł0.014 in 1Q 2023) First quarter 2024 results: EPS: zł0.01 (down from zł0.014 in 1Q 2023). Revenue: zł278.2m (up 4.2% from 1Q 2023). Net income: zł2.22m (down 31% from 1Q 2023). Profit margin: 0.8% (down from 1.2% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 7.5% growth forecast for the Luxury industry in Europe. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Declared Dividend • May 20
Dividend of zł0.09 announced Shareholders will receive a dividend of zł0.09. Ex-date: 19th September 2024 Payment date: 16th December 2024 Dividend yield will be 12%, which is higher than the industry average of 0.8%. Sustainability & Growth Dividend is well covered by both earnings (47% earnings payout ratio) and cash flows (27% cash payout ratio). The dividend has increased by an average of 8.5% per year over the past 2 years and payments have been stable during that time. EPS is expected to grow by 1.3% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Duyuru • May 19
VRG Proposes Cash Dividend, Payable on December 16, 2024 VRG announced its management board proposed to pay a dividend of PLN 0.09 (EUR 0.02) per share. An amount of PLN 21.1 million (EUR 4.9 million) from the capital reserve would be used for this purpose. The management board proposed to allocate the profit for 2023, amounting to PLN 28.2 million (EUR 6.6 million), to the reserve capital. Those entitled to the dividend will be the company's shareholders as at September 20, 2024 and the dividend would be paid on December 16, 2024. In 2023, VRG paid a dividend of PLN 0.2 (EUR 0.05) per share. New Risk • Apr 24
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.2% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.2% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. New Risk • Apr 22
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.2% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.2% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Duyuru • Apr 04
VRG Provides Revenues Guidance for the Month Ended March 2024 VRG provided revenues guidance for the month ended March 2024. The company consolidated revenues in March likely amounted to PLN 95.1 million (EUR 22.1 million), up by 6.7 percent year on year. Reported Earnings • Nov 17
Third quarter 2023 earnings released: EPS: zł0.004 (vs zł0.04 in 3Q 2022) Third quarter 2023 results: EPS: zł0.004 (down from zł0.04 in 3Q 2022). Revenue: zł297.1m (down 7.0% from 3Q 2022). Net income: zł937.0k (down 90% from 3Q 2022). Profit margin: 0.3% (down from 2.9% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 9.0% p.a. on average during the next 3 years, compared to a 7.5% growth forecast for the Luxury industry in Europe. Upcoming Dividend • Sep 12
Upcoming dividend of zł0.20 per share at 5.6% yield Eligible shareholders must have bought the stock before 19 September 2023. Payment date: 15 December 2023. Payout ratio is a comfortable 44% and this is well supported by cash flows. Trailing yield: 5.6%. Within top quartile of German dividend payers (4.9%). Higher than average of industry peers (0.7%). Duyuru • Sep 03
An unknown buyer acquired a 7.23% stake in VRG S.A. (WSE : VRG) from Forum Towarzystwo Funduszy Inwestycyjnych S.A. An unknown buyer acquired a 7.23% stake in VRG S.A. (WSE : VRG) from Forum Towarzystwo Funduszy Inwestycyjnych S.A. on September 1, 2023. An unknown buyer completed the acquisition of a 7.23% stake in VRG S.A. (WSE : VRG) from Forum Towarzystwo Funduszy Inwestycyjnych S.A. on September 1, 2023. Recent Insider Transactions • Aug 30
Deputy Chair of the Supervisory Board recently sold €144k worth of stock On the 28th of August, Jan Pilch sold around 186k shares on-market at roughly €0.78 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Jan's only on-market trade for the last 12 months. Reported Earnings • Aug 28
Second quarter 2023 earnings released: EPS: zł0.20 (vs zł0.17 in 2Q 2022) Second quarter 2023 results: EPS: zł0.20 (up from zł0.17 in 2Q 2022). Revenue: zł335.3m (down 1.9% from 2Q 2022). Net income: zł47.7m (up 21% from 2Q 2022). Profit margin: 14% (up from 12% in 2Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 8.2% p.a. on average during the next 3 years, compared to a 7.3% growth forecast for the Luxury industry in Germany. Buying Opportunity • Jun 21
Now 21% undervalued Over the last 90 days, the stock is up 12%. The fair value is estimated to be €1.00, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 75%. For the next 3 years, revenue is forecast to grow by 5.5% per annum. Earnings is also forecast to grow by 3.0% per annum over the same time period. Duyuru • Jun 02
VRG S.A., Annual General Meeting, Jun 28, 2023 VRG S.A., Annual General Meeting, Jun 28, 2023, at 12:00 Central European Standard Time. Reported Earnings • May 21
First quarter 2023 earnings released: EPS: zł0.01 (vs zł0.012 loss in 1Q 2022) First quarter 2023 results: EPS: zł0.01 (up from zł0.012 loss in 1Q 2022). Revenue: zł267.0m (up 9.5% from 1Q 2022). Net income: zł3.22m (up zł6.14m from 1Q 2022). Profit margin: 1.2% (up from net loss in 1Q 2022). The move to profitability was driven by higher revenue. Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the Luxury industry in Germany. Reported Earnings • Apr 06
Full year 2022 earnings released: EPS: zł0.40 (vs zł0.28 in FY 2021) Full year 2022 results: EPS: zł0.40 (up from zł0.28 in FY 2021). Revenue: zł1.27b (up 19% from FY 2021). Net income: zł93.0m (up 40% from FY 2021). Profit margin: 7.3% (up from 6.2% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Luxury industry in Germany. Buying Opportunity • Mar 24
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 5.2%. The fair value is estimated to be €0.88, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.6% over the last 3 years. Earnings per share has grown by 36%. For the next 3 years, revenue is forecast to grow by 5.7% per annum. Earnings is also forecast to grow by 4.8% per annum over the same time period. Buying Opportunity • Aug 30
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 18%. The fair value is estimated to be €0.89, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.3% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 14% in 2 years. Earnings is forecast to decline by 5.9% in the next 2 years. Reported Earnings • Aug 28
Second quarter 2022 earnings released: EPS: zł0.17 (vs zł0.098 in 2Q 2021) Second quarter 2022 results: EPS: zł0.17 (up from zł0.098 in 2Q 2021). Revenue: zł341.8m (up 40% from 2Q 2021). Net income: zł39.3m (up 71% from 2Q 2021). Profit margin: 12% (up from 9.4% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 7.1%, compared to a 13% growth forecast for the Luxury industry in Germany. Duyuru • May 26
VRG S.A., Annual General Meeting, Jun 21, 2022 VRG S.A., Annual General Meeting, Jun 21, 2022, at 12:00 Central Europe Standard Time. Reported Earnings • May 20
First quarter 2022 earnings released First quarter 2022 results: Revenue: zł243.8m (up 42% from 1Q 2021). Net loss: zł2.91m (loss narrowed 86% from 1Q 2021). Over the next year, revenue is forecast to grow 9.3%, compared to a 14% growth forecast for the industry in Germany. Reported Earnings • Apr 10
Full year 2021 earnings released: EPS: zł0.28 (vs zł0.20 loss in FY 2020) Full year 2021 results: EPS: zł0.28 (up from zł0.20 loss in FY 2020). Revenue: zł1.07b (up 25% from FY 2020). Net income: zł66.3m (up zł114.5m from FY 2020). Profit margin: 6.2% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Over the next year, revenue is forecast to grow 14%, compared to a 13% growth forecast for the industry in Germany. Duyuru • Apr 06
VRG Announces Executive Changes VRG announced resignation of acting CEO Jan Pilch effective April 18, 2022 and appointed Janusz Plocica as CEO, effective as of June 1, 2022. Reported Earnings • Nov 18
Third quarter 2021 earnings released: EPS zł0.10 (vs zł0.021 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: zł305.0m (up 22% from 3Q 2020). Net income: zł23.7m (up 374% from 3Q 2020). Profit margin: 7.8% (up from 2.0% in 3Q 2020). The increase in margin was driven by higher revenue. Reported Earnings • Jun 01
First quarter 2021 earnings released: zł0.086 loss per share (vs zł0.14 loss in 1Q 2020) The company reported a decent first quarter result with reduced losses and improved control over expenses, although revenues were weaker. First quarter 2021 results: Revenue: zł172.1m (down 13% from 1Q 2020). Net loss: zł20.1m (loss narrowed 37% from 1Q 2020). Duyuru • Apr 20
VRG Provides Earnings Guidance for the Year 2021 VRG provided earnings guidance for the year 2021. VRG aims to significantly improve its financial results in 2021 against last year. Reported Earnings • Apr 17
Full year 2020 earnings released: zł0.20 loss per share (vs zł0.27 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: zł853.7m (down 20% from FY 2019). Net loss: zł48.2m (down 175% from profit in FY 2019).