VRG stock gets an analyst upgrade after half year results

VRG stock is backed by first half revenue of PLN 791.88 million and EBITDA of PLN 151.06 million for 2026. According to Comparic on September 14, 2026, the figures made the fashion and jewelry group a stronger earnings story, while a new analyst recommendation added a second catalyst.

Half year earnings accelerate

VRG reported first half 2026 revenue of PLN 791.88 million, compared with PLN 671.17 million in the year-earlier period. That is an increase of 18.00 percent, giving the top line a clear lead over the prior-year base.

EBITDA increased from PLN 117.01 million to PLN 151.06 million, a gain of 29.00 percent. The operating improvement was broader than sales growth, which points to better cost absorption and a stronger contribution from the group's retail network.

Recommendation moves to Buy

Parkiet reported on September 10, 2026, that Millennium Bank raised its recommendation from Accumulate to Buy and lifted the target from PLN 6.22 to PLN 7.20. The report linked the upgrade to the first half performance, especially the clothing division's operational improvement and continued expansion of the W.KRUK network.

The same report identified a counterweight for shareholders: VRG approved a dividend of PLN 0.05 per share, totaling PLN 11.70 million. That payout is below the company's stated policy range cited in the report, making earnings growth more important to the investment case than income distribution.

GPW valuation sets the checkpoint

VRG was last at PLN 5.14 on GPW on September 29, 2026 at 5:00 p.m. CEST. The quote's 52-week range was PLN 4.33 to PLN 5.86, while market capitalization stood at PLN 1.2 billion.

The valuation leaves the market focused on execution: the company must convert the 18.00 percent first half sales increase and 29.00 percent EBITDA growth into sustained performance across both fashion and jewelry.