Wirtualna Polska (WPL) investor relations material

Executive summary

• Q1 2026 revenue rose 49.3%–50% YoY to PLN 555.2–551.5 million, driven by the Invia Group acquisition in the Travel segment.

• Adjusted EBITDA increased 14.6%–15% YoY to PLN 98.3 million, but net profit from continued operations turned negative at PLN -18.6 million to PLN -13.7 million due to weaker operating results, higher amortization, and increased finance costs.

• Pro forma (including Invia Group, excluding Invia Flights), cash revenues were flat YoY, and adjusted EBITDA declined 22%–33%.

• Operating cash flow reached PLN 145.5 million, with CAPEX at PLN 60.7 million.

• Invia Flights results classified as discontinued due to divestiture finalized in May 2026.

Financial highlights

• Reported total revenue: PLN 555.2 million (+49% YoY); cash revenue: PLN 551.5 million (+50% YoY).

• Adjusted EBITDA: PLN 98.3 million (+15% YoY); margin at 18% (down from 23%).

• Net income from continued operations: PLN -18.6 million to PLN -13.7 million (vs. PLN 10.0 million in Q1 2025).

• Amortization and depreciation rose to PLN 71.5 million, mainly due to the Invia Group acquisition.

• Finance costs increased 92% YoY to PLN 28.2 million, reflecting higher debt from acquisitions.

Outlook and guidance

• Revenue and adjusted EBITDA in Q2 2026 are expected to remain at levels similar to Q1 2026.

• Travel segment faces uncertainty due to Middle East conflict, especially for Turkey and Egypt; some recovery in sales observed since mid-April 2026.

• Advertising & Subscriptions segment expected to maintain similar revenue trends in Q2 2026, with ongoing investments increasing costs and impacting margins.