Modivo announces major write-downs for Worldbox and eobuwie.com

Modivo has announced significant asset write-downs totaling hundreds of millions of PLN as part of its financial reporting for the first half of 2026. The company will recognize a 287.6 million PLN write-down on Worldbox assets in its consolidated statement, consisting of 116.8 million PLN in goodwill and 170.8 million PLN in tangible assets. This decision follows a strategic shift to slow the expansion of the Worldbox retail chain and focus on the high-margin off-price segment.

In its individual financial statement, Modivo will also record additional write-downs, including 102.9 million PLN for receivables from Worldbox and 269.8 million PLN for its investment in eobuwie.com. The company attributed the latter to a slower-than-expected improvement in financial results for both brands.

Regarding leadership changes, Michał Kujawa has resigned as CEO of Worldbox, with Dariusz Miłek set to take over the position. The valuation tests for these write-downs were conducted using the discounted cash flow method, applying discount rates of 18.04% for Worldbox and 11.04% for the eobuwie.com and Modivo investments.