Benefit Systems (BFT) Q1 2026 earnings summary

Executive summary

• Revenue grew 45.3% year-over-year to PLN 1,384m, driven by MAC consolidation, organic growth, and major acquisitions.

• Adjusted EBIT rose 66% year-over-year to PLN 248m, with margin up 2.5 percentage points to 18.2%.

• Net profit attributable to parent shareholders increased 307% year-over-year to PLN 230.5m.

• Strong performance across Poland, Foreign EU, and Turkey segments, with significant margin improvements in Turkey due to MAC consolidation.

• MultiSport card base reached 1.87 million in Poland, 0.71 million in Foreign Markets EU, and 61.6 thousand in Turkey.

Financial highlights

• Gross profit increased 55% year-over-year to PLN 445.5m; adjusted gross profit margin up 3.4 percentage points to 33.7%.

• EBITDA ex. IFRS16 up 135% year-over-year to PLN 314.3m; adjusted EBITDA ex. IFRS16 up 61% to PLN 294.9m.

• EBITDA rose 107.8% year-over-year to PLN 413.8m; operating profit increased 131.7% to PLN 232.1m.

• Net cash from operating activities was PLN 403.5m, with investing cash flow at PLN -238.6m and financing cash flow at PLN -165.4m.

• Basic EPS was PLN 69.68, up from PLN 18.98 in Q1 2025.

Outlook and guidance

• Expect further improvement in results for 2026, with projected card volume growth of +130k in Poland, 100k+ in 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 EU and Turkey.

• Long-term growth potential for MultiSport cards estimated at 2.5–2.8 million in Poland and 1.7–2.0 million in Foreign Markets EU.

• Dividend policy adopted for 2026–2028, targeting at least 60% payout of adjusted consolidated net profit.

• Plans for 20+ new openings in Poland, 30+ in Turkey, and 20+ in other markets; ongoing focus on product development, IT, and M&A opportunities.