Grupa Pracuj S.A (GPP) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue reached PLN 209.4 million, up 2.2% year-over-year, with growth in Poland and Ukraine offsetting Germany's slowdown; net profit was PLN 63.9 million, down 3.6% due to higher non-cash share-based payments and negative asset revaluation.

• Adjusted EBITDA reached PLN 98 million (margin 47%), while strong cash generation resulted in net cash flows from operating activities of PLN 113.8 million.

• The Group maintains market leadership in Poland and Ukraine, with best-in-class profitability and strong pricing power across segments.

• Dual-pillar strategy focuses on organic growth in recruitment platforms and HR software, complemented by selective acquisitions.

Financial highlights

• Net revenue (excluding job offer costs) rose 4% year-over-year to PLN 205 million; total revenue increased to PLN 209.4 million from PLN 204.9 million.

• Adjusted EBITDA was PLN 97.8 million (margin 46.7%), with cash conversion above 90%.

• Dividend per share recommended at PLN 3.00, up 43% year-over-year.

• Cash and cash equivalents rose to PLN 272.6 million at quarter-end.

• Operating profit was PLN 79.8 million, down from PLN 83.9 million in Q1 2025.

Outlook and guidance

• Near-term outlook raised to 7-9% growth in Job Classifieds revenue; high single-digit revenue growth expected in Job Classifieds and mid single-digit MRR growth in HR Software.

• Group aims to maintain a 45% adjusted EBITDA margin for FY 2026 and targets PLN 400m+ adjusted EBITDA at 40%+ margin by 2027.

• Long-term goal is to grow consolidated revenue to PLN 1.4 billion by 2030, with adjusted EBITDA margin above 40%.

• No formal profit guidance for 2026 was issued.