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Benefit Systems (BFT) investor relations material
Benefit Systems Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary14 Nov, 2025
Executive summary
Achieved double-digit adjusted EBIT growth of 42% year-over-year in 3Q25, driven by the consolidation of MAC investment and strong performance across key segments.
Revenue for the nine months ended 30 September 2025 reached PLN 3,230.2 million, up 30% year-over-year, with net profit from continuing operations at PLN 412.4 million, a 21.7% increase year-over-year.
Revenue in 3Q25 reached PLN 1,184 million, up 42% year-over-year, with net profit attributable to shareholders rising 58% to PLN 211.9 million.
Major expansion included the acquisition of the MAC Group in Turkey, adding 123 fitness clubs, and several acquisitions in Poland and other EU markets.
The Group issued PLN 1 billion in bonds and raised PLN 742 million through a share issue to finance growth and acquisitions.
Financial highlights
Adjusted EBIT for 3Q25 was PLN 283 million (23.9% margin), up 42% year-over-year.
EBITDA ex. IFRS 16 increased 37% year-over-year to PLN 291 million in 3Q25; EBITDA for the nine months rose to PLN 902.3 million, up 25.3%.
Net cash from operating activities was PLN 709.6 million, with a net increase in cash of PLN 415.8 million.
Total assets grew to PLN 6,322.1 million from PLN 3,419.9 million at year-end 2024.
Basic EPS increased to PLN 130.88 from PLN 113.34 year-over-year.
Outlook and guidance
Expect further improvement in results for 2026, with projected card volume growth of +130,000 in Poland, 100,000+ in the EU, and substantial acceleration in Turkey.
ARPU growth anticipated at low single-digit levels in Poland and EU; operating profitability in Poland to remain stable, with improvement in the EU and Turkey.
Long-term growth potential for the MultiSport programme in Poland and foreign markets remains high, with estimated market potential of 2.5–2.8 million cards in Poland and 1.7–2.0 million in EU markets.
Economic headwinds include inflation, energy costs, and currency depreciation, but forecasts suggest stabilizing conditions in key markets.
Investment plans include 20+ new openings in Poland, 30+ in Turkey, and 20+ in other markets, with continued focus on product development and M&A.
Funding strategy for 2025 acquisitions
Turkey segment's hyperinflationary effects
Rationale for 2024 dividend policy deviation
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Next Benefit Systems earnings date
Q4 202520 Mar, 2026
Next Benefit Systems earnings date
Q4 202520 Mar, 2026
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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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