Grupa Pracuj S.A (GPP) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue reached PLN 205m (+5% y/y), with adjusted EBITDA of PLN 97m (+11% y/y) and net profit of PLN 66m (+12% y/y).

• Operational effectiveness and innovation drove profitable growth, with strong results in Ukraine and improved profitability in Germany.

• The company is executing its 2030 strategy to become Europe's leading HR technology platform, focusing on organic growth and targeted M&A.

• Cash flow from operations reached PLN 103.6m, with cash at period end of PLN 270.4m.

• Acquisition of Kadromierz sp. z o.o. (65.5% stake) for PLN 20.2m completed in March 2025.

Financial highlights

• Revenue from contracts with customers increased to PLN 205m (+5% y/y); net revenue in Germany grew 8.5% y/y, and Ukraine saw double-digit growth (+17.1% y/y).

• Adjusted EBITDA margin improved to 47% (from 45%); operating profit rose 12.3% y/y to PLN 84m.

• Operating cash flow: PLN 103.6m (+11.3% y/y); net cash flow: PLN 76.0m.

• Basic EPS: PLN 0.95 (Q1 2025) vs. PLN 0.85 (Q1 2024).

• Total assets: PLN 1,107.2m; equity: PLN 480.3m.

Outlook and guidance

• Expect mid single-digit revenue growth in Job Classifieds, driven by volume with stable pricing.

• HR Software segment projected to deliver mid-teen percentage MRR growth.

• Group aims to maintain a 45%+ adjusted EBITDA margin, supported by pricing and client expansion.

• 2030 goal: nearly double revenue to PLN 1.4bn, with organic revenue CAGR of 11% (2024-2030) and adjusted EBITDA margin above 40%.

• Ongoing digitalisation and SaaS adoption in HR expected to drive recurring revenue and client base expansion.