Wirtualna Polska (WPL) investor relations material

Executive summary

• Q2 2026 cash revenue rose 8% year-over-year to PLN 575.7 million, while H1 2026 cash revenue grew 28% to PLN 1,156.4 million; adjusted EBITDA for Q2 2026 fell 15% to PLN 103.4 million and for H1 2026 declined 2.4% to PLN 202.6 million.

• Net profit attributable to shareholders reached PLN 62.6 million in Q2 2026, up from a loss of PLN 11.1 million in Q2 2025, and PLN 45.7 million in H1 2026, up from a loss of PLN 1.1 million in H1 2025, driven by a PLN 27.6 million gain from the sale of Invia Flights Germany and a PLN 66.8 million CIT tax relief.

• Cash flow from operating activities increased to PLN 241.5 million in Q2 2026 and PLN 387.0 million in H1 2026, mainly due to higher working capital changes.

• Major events included the sale of Invia Flights Germany, a share buyback of 3.8 million shares for PLN 225.9 million, and recognition of PLN 66.8 million tax gain from IP Box relief.

Financial highlights

• Q2 2026 total revenue was PLN 579.4 million, up 7% year-over-year; H1 2026 total revenue was PLN 1,163.9 million, up 27.5%; adjusted EBITDA margin for Q2 2026 declined to 18% from 23%.

• Operating profit for H1 2026 was PLN 25.8 million, down 57.7% year-over-year; net profit for H1 2026 was PLN 51.9 million, up from PLN 3.2 million in H1 2025.

• Q2 2026 segment revenue: Advertising & Subscriptions PLN 173.9 million (+4%), Travel PLN 335.5 million (+13%), Consumer Finance PLN 55.3 million (-8%).

• Dividend of PLN 33.7 million paid in July 2026; share buyback of 3.8 million shares for PLN 225.9 million.

Outlook and guidance

• Advertising & Subscriptions revenue in Q3 2026 expected to follow H1 2026 trends, with continued investment-driven margin pressure but no significant further cost increases in 2027.

• Travel segment expects low-teens revenue growth and low single-digit pro forma adjusted EBITDA growth in Q3 2026, with recovery in outbound travel but continued weakness in domestic travel.

• Recovery in travel bookings observed since June 2026, especially for last-minute packages.