Benefit Systems (BFT) Q2 2026 earnings summary

Executive summary

• Revenue for the six months ended 30 June 2026 reached PLN 2,843.6 million, up 39% year-over-year, with net profit at PLN 454.0 million, more than double the prior year period.

• Revenue grew 33% year-over-year in 2Q26 to PLN 1,460 million, with double-digit adjusted EBIT growth and strong performance across all segments.

• Adjusted EBIT reached PLN 320 million, up 36% year-over-year, with margin improvement driven by full-quarter MAC consolidation and higher card volumes.

• Significant expansion in Turkey, now accounting for 16.8% of revenue and 36.3% of assets, with hyperinflationary accounting applied.

• Major acquisitions included 11 Fitness For Life clubs and 100% of Fit Meet Sp. z o.o., supporting strategic growth in Poland.

Financial highlights

• Net profit increased to PLN 454.0 million from PLN 199.4 million year-over-year.

• EBITDA reached PLN 872.9 million, up from PLN 525.0 million year-over-year.

• Adjusted EBIT margin rose by 0.8 percentage points year-over-year to 22.1%.

• Gross profit increased 34% year-over-year, with adjusted gross profit margin up 1.2 percentage points to 38.1%.

• Cash and cash equivalents at period end were PLN 709.7 million, up from PLN 597.9 million at year-end 2025.

Outlook and guidance

• Management expects continued growth, supported by strong cash flows, access to undrawn credit facilities of PLN 465.3 million, and ongoing investments in club infrastructure.

• 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.

• Plans for 20+ new club openings in Poland, 35+ in Turkey, and 20+ in other markets, alongside continued investment in product development and IT.

• The new dividend policy reflects confidence in future profitability and financial flexibility.