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Benefit Systems (BFT) investor relations material
Benefit Systems Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary22 Aug, 2025
Executive summary
Revenue in 2Q25 reached PLN 1,094m, up 29% year-over-year, and for the six months ended 30 June 2025, revenue was PLN 2,045.97m, up 24% year-over-year, driven by growth in Poland and the MAC Group acquisition in Turkey.
Adjusted EBIT was PLN 238m (margin 21.7%), up 17% year-over-year, while operating profit for the half-year was PLN 302.5m, up 8% year-over-year.
Net profit rose 31% year-over-year to PLN 143m in 2Q25, but for the half-year was PLN 199.4m, slightly down due to higher costs including Incentive Scheme and transaction expenses.
Major acquisitions included the MAC Group in Turkey, eFitness S.A., Fit Academy, and Fitness Zličín, expanding the fitness club network and digital capabilities.
The Group issued PLN 1 billion in bonds and secured a PLN 1.78 billion long-term credit facility to finance acquisitions and growth.
Financial highlights
Gross profit increased 23% year-over-year to PLN 393m in 2Q25, with margin on sales at 35.9%; half-year gross profit margin was 33.3%.
EBITDA ex. IFRS 16 grew 29% year-over-year to PLN 246m in 2Q25; half-year EBITDA reached PLN 525.0m, up 17%.
Operating cash flow in 2Q25 was PLN 200m; net cash from operating activities for the half-year was PLN 375.5m, down 6.4% year-over-year.
Total assets increased to PLN 6,033.8m from PLN 3,419.9m at year-end 2024, reflecting acquisitions and capital investments.
Net debt at quarter-end was PLN 685m, with ND/LTM EBITDA at 0.8x.
Outlook and guidance
Further improvement in results expected, with card volumes projected to rise by 130k in Poland and 150k in foreign markets in 2025.
ARPU growth anticipated at low single digits in Poland and stable abroad.
Margin pressure expected in Foreign EU segment due to investments; positive impact from MAC consolidation in Turkey.
Management expects continued growth in Poland and Turkey, with further integration of recent acquisitions and ongoing investments in digital platforms.
Liquidity and access to financing are considered sufficient for at least 12 months, with available credit limits and strong cash position.
MAC Group acquisition's asset impact?
New long-term debt sources and amounts?
What was the H1 2025 share-based payment cost?
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Next Benefit Systems earnings date
Q3 202514 Nov, 2025
Next Benefit Systems earnings date
Q3 202514 Nov, 2025
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Frequently asked questions
Benefit Systems S.A. is a Poland-based company that provides employee benefit solutions focused on promoting health and well-being. The company is best known for its MultiSport program, which offers access to a network of sports and recreational facilities through a single membership card. Benefit Systems also develops cafeteria platforms and wellness programs that allow employers to offer flexible benefits to their employees. The company operates in several Central and Eastern European countries. Benefit Systems S.A. is headquartered in Warsaw, Poland, and its shares are listed on the WSE.
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