VRG stock gains as earnings growth meets a higher analyst target

VRG stock was quoted at PLN 5.14 on GPW on September 25, 2026, up 1.18 percent for the session. The Polish fashion and jewelry group combined stronger first half earnings with a higher analyst target, giving investors two concrete valuation reference points.

First half revenue rises 18.00 percent

VRG generated PLN 791.88 million in first half 2026 sales, compared with PLN 671.17 million in the same period of 2025, according to StockWatch. Net profit attributable to owners increased to PLN 44.62 million from PLN 34.64 million, while EBITDA rose to PLN 151.06 million from PLN 117.01 million.

The improvement came across the group's clothing and jewelry operations, with Lilou added to the portfolio during 2026. VRG owns the Vistula, Bytom, Wólczanka, Deni Cler Milano, W.KRUK and Lilou brands and operates an omnichannel retail network, according to Bankier.pl.

Millennium raises target to PLN 7.20

Bank Millennium's brokerage raised its VRG target to PLN 7.20 from PLN 6.22 and upgraded the recommendation to Buy from Accumulate in a report dated September 10, 2026, as Bankier.pl reported. The report used a market price of PLN 5.38 and forecast 2026 adjusted EBITDA of PLN 213.4 million on revenue of PLN 1.764 billion.

The higher target rests on better operating assumptions, particularly in clothing, while W.KRUK continues expanding in Poland and Hungary. That combination makes margin execution and store productivity the key operating tests for the upgraded view.

Buyback offsets the small dividend

VRG repurchased 8.44 million shares at PLN 5.50 each for a total PLN 46.4 million, with settlement completed on August 31, 2026, according to Parkiet. The same report said the 2025 dividend was PLN 0.05 per share, a cash return of PLN 11.7 million, according to the Millennium research summary published by PAP Biznes.

VRG stock remains tied to execution

At PLN 5.14 on September 25, 2026, VRG stock was below the PLN 5.50 buyback price and below Millennium's PLN 7.20 target. The earnings comparison shows improving scale, while the modest dividend keeps operational delivery at the center of the investment case.