Answear in 2026: first full year without MCI, PLN 9.3 m net profit, but the supervisory board cuts the 2026 EBITDA target from PLN 100 m to PLN 90 m

Answear: first full year without MCI on the cap table, EBITDA PLN 56 m (+63% YoY), net profit PLN 9.3 m - after a PLN 10 m loss in 2024

Answear.com S.A. - headquartered at Aleja Pokoju 18 in Kraków (postcode 31-564), registered in the KRS under number 0000816066 - closed 2025 with revenue of PLN 1.7 bn (+13% YoY), EBITDA of PLN 56 m (+63% YoY) and net profit of PLN 9.3 m. That is a return to the black after a PLN 10 m loss in 2024 - and at the same time the first full financial year without MCI on the shareholder register. MCI.TechVentures sold its entire 3,666,355 shares (19.32% of capital) on 10 June 2025, with the 270-day lock-up expiring in March 2026. Control of the company stays with the Bajołek brothers (Krzysztof - founder and CEO, and Arkadiusz) holding a combined 57.79% of capital, mostly transferred into the Forum X FIZ structures and the KB_F and AB_F family foundations.

A key caution signal: after a weak Q4 (EBITDA PLN 11.2 m, -71% YoY; profit PLN 1.3 m, -90%; both below the PAP consensus) the supervisory board cut the 2026 EBITDA target from PLN 100 m to PLN 90 m and the management-incentive target price from PLN 50 to PLN 45 per share. That is a board target adjustment - not a guaranteed decline - but it is also a signal that Q4 was not a one-off stumble but a reflection of real competitive pressure in Polish fashion e-commerce. Management will, as a consequence, not receive equity for 2025 results (the PLN 80 m EBITDA hurdle was missed at full-year scale).

Answear.com

KRAKÓW · KRS 0000816066 · SPÓŁKA AKCYJNA

Revenue

n/a

Aleja Pokoju 18: Bajołek's 4-member board, 12 CEE markets, 2023 Wear Medusa acquisition

The address Al. Pokoju 18, 31-564 Kraków places Answear's seat in the eastern-Kraków office cluster, near the headquarters of many Polish e-commerce companies (eobuwie.pl/Modivo, although headquartered in Polkowice, keeps a Kraków product office). The company has operated in its current corporate form (Answear.com S.A., KRS 0000816066) since 29 November 2019 and has been listed on the Warsaw Stock Exchange since January 2021 - it belongs to the sWIG80.

Governance: a four-member management board (CEO Krzysztof Bajołek + vice-president + member for operations + vice-president for finance). Bajołek is also the founder, having earlier built eobuwie.pl from scratch and sold it to CCC in 2010 - a structural consequence of which is direct competition today with Modivo (CCC-owned) on the Polish fashion e-commerce market.

Under Polish PKD codes the principal activity is 47.91.Z (retail sale via mail-order houses or via internet). The company operates in 12+ CEE countries - Poland, Czechia, Slovakia, Romania, Hungary, Ukraine, Bulgaria, Slovenia, Croatia, Greece, Cyprus - plus an expanding DACH push (Germany, Austria, Switzerland). In 2023 it acquired Wear Medusa, a premium-segment fashion brand, integrated with the core Answear catalogue as part of the repositioning toward mid-premium and high-end. The company has a registered electronic-delivery address (AE:PL-57729-95267-GATGG-21) and the website answear.com/relacje-inwestorskie.

Polish fashion e-commerce on the WSE: three structural features of Answear's position

The Polish fashion e-commerce sector listed on the Warsaw exchange has narrow representation in 2026 - Answear and Modivo are the two main players, with different capital profiles:

• Answear.com - pure CEE multibrand e-commerce, founder-controlled (Bajołek 57.8%), listed since 2021, sWIG80.
• Modivo (Zielona Góra) - formerly eobuwie.pl, controlled by the CCC group in deep financial restructuring.
• VRG (Vistula Group) (Kraków) - bricks-and-mortar plus e-commerce distribution of suits and jewellery (Vistula, Wólczanka, W.KRUK, Bytom, Deni Cler). A sectoral neighbour with a different omnichannel model.
• Others: Pepco (discount kids' fashion, separate segment), LPP (owner of Reserved/Cropp/Sinsay, mWIG40 - dominant).

Three structural features of the Answear model that explain the 2025 split between Poland (engine) and CEE (FX pressure):

• Poland +31% YoY as the growth engine - the domestic market remains the revenue motor. The brand repositioning toward mid-premium / high-end (the Wear Medusa acquisition, larger share of brands like Pinko, Liu Jo, Calvin Klein) in a segment with a higher AOV (PLN 394 average order value) explains the faster growth versus domestic fashion-e-commerce demand (~10–12%).
• CEE markets under FX and competitive pressure - Ukrainian-hryvnia weakness (-11% vs PLN in 2025), consumption slowdown in Slovakia, Romania and Bulgaria, plus Zalando and Asos entering with first-line pricing all hit currency-denominated revenue. Geographic diversification across 12+ markets is a natural hedge, but in a strong-zloty year it works in reverse - all exports lose on conversion.
• Marketing-acquisition-first profile in Q4 - marketing costs at ~21% of Q4 revenue (mainly Christmas-period TV campaigns) indicate the company still has to buy traffic rather than acquire it organically. That is a weaker moat than competitors like LPP (own bricks-and-mortar stores and brand pull) or Modivo (eobuwie.pl scale effect). For 2026 management plans marketing-cost reduction and warehouse-robotisation investment.

Implication for the investment profile: return to profit, but a lowered 2026 target

The interpretation is speculative - the conclusions below are scenarios, not certainties:

“We are returning to what we hope is a sustainable, profitable growth path. We are effectively monetising the offer restructuring and the brand repositioning toward the premium and high-end segment.”

Three possible consequences of the 2025 results for Answear's investment profile in 2026:

• The return to profit looks durable, but the growth scale remains in question - the move from a PLN 10 m loss (2024) to PLN 9.3 m profit (2025) is a meaningful structural change. If Q1 and Q2 2026 confirm the Polish growth pace (+31% from 2025), the valuation may move away from a discount. Risk: if the weak Q4 2025 turns out to be the start of a durable slowdown (rather than a one-off cyclical effect), the supervisory board cut from PLN 100 m to PLN 90 m EBITDA may be the first of several.
• MCI's exit = greater Bajołek control, less activist discipline - selling MCI's 19.32% stake removed a growth-equity fund with an active stance toward management from the cap table. From minority-shareholder perspective, that means greater vote concentration in the Bajołek family (57.8%) and less market pressure for short-term discipline. Positive: the company can build the premium strategy longer without quarterly pressure. Negative: there is no natural counterweight in capital decisions.
• No dividend - still a growth-stage profile - Answear has paid no dividend since the WSE IPO (2021) and is not planning a recommendation out of 2025; all free cash flow goes to CEE/DACH expansion, warehouse robotisation and marketing. Dividend investors should look at neighbours (VRG has a dividend track record); growth investors may treat the 2026–2028 cycle as the key test of the premium strategy.

Main company-specific risks across the 2026–2027 cycle:

• Delivery of the lowered PLN 90 m EBITDA target - that is still +60% over 2025, requiring a full continuation of Polish seasonal growth and materialisation of marketing savings; any further cut would be a strong structural signal.
• Zalando/Asos competition in CEE - aggressive pricing and international logistics directly compete with Answear in Czechia, Romania and Hungary.
• Ownership concentration (Bajołek 57.8%) - low free-float liquidity and limited governance brakes.
• CEE currency cycle - continued PLN strengthening further compresses foreign-currency revenue (40% of customer base outside Poland).

What you'll find in the Answear.com S.A. profile

The Answear.com S.A. profile in our database carries the full picture of the company: composition of the four-member management board (with CEO Krzysztof Bajołek since 2019), the KRS registration history from 29 November 2019, the registered address at Al. Pokoju 18 in Kraków, e-delivery status (AE:PL-57729-95267-GATGG-21), the website answear.com/relacje-inwestorskie, and the assigned PKD code 47.91.Z (retail sale via internet). The profile is also available in English - important for international consumer-fund investors, since Answear is the only pure Polish multibrand fashion e-commerce listed on the WSE with active expansion across 12+ CEE markets and DACH.

This material is informational and does not constitute investment advice.

Data: Polish KRS Court Register (KRS 0000816066); Answear.com S.A. - 2025 annual report and quarterly reports (February–April 2026); Stockwatch - analysis of Answear 2025 results and the 2026 EBITDA target cut; Parkiet - analysis of Answear's 2025 profit recovery and management incentive plan; Bankier - Answear Q4 2025 current report vs PAP consensus; PAP MediaRoom 21/2025 - Bajołek brothers shareholding disclosure; MCI Capital - communication on Answear exit (10 June 2025); PKD 47.91.Z classification (retail sale via internet); company history - incorporated 29 November 2019, WSE IPO January 2021, as of 2026-05-02.