Financials Earnings Scorecard: 87% beat EPS estimates; Y/Y earnings growth mixed

MDVP announced record third-quarter 2026 revenue of PLN 3.2 billion, marking an 11% increase compared to the previous year. Adjusted EBITDA grew by 50% to around PLN 150 million, with gross margin expanding to above 50%, thanks to a better product mix and inventory optimization. The company credited HalfPrice, CCC, and ShockPrice for the strong performance, with HalfPrice nearly doubling its adjusted EBITDA and CCC increasing by 35%.

New off-price concept ShockPrice opened 10 stores in less than two months, showing solid early sales density. MDVP's Q3 success was driven by broad improvement across its retail portfolio, despite discontinuing wholesale operations that contributed PLN 100 million in the same quarter last year. Like-for-like sales rose 9% across comparable stores, and offline sales increased 25% year-over-year.