Grupa Pracuj S.A (GPP) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue reached PLN 204m (+6% y/y), with net profit up 31% to PLN 56m; H1 2025 revenue totaled PLN 409m (+5% y/y), and net profit for H1 2025 rose 37% to PLN 125.4m.

• Maintained strong performance across Poland, Ukraine, and Germany, with all segments growing year-over-year.

• Strong cash flow from operations (PLN 137.3m) and significant cash position (PLN 166.1m) as of 30 June 2025.

• Dividend of PLN 2.10 per share (PLN 144.7m total) paid in July 2025, reflecting robust profitability.

Financial highlights

• Adjusted EBITDA reached PLN 92m (+3% y/y) in Q2 2025, with a 45% margin; H1 2025 operating profit was PLN 136.8m, up from PLN 128.3m y/y.

• Basic EPS at PLN 1.82 for H1 2025, up from PLN 1.34 in H1 2024.

• Cash and cash equivalents increased by PLN 120.9m during H1 2025.

• Effective tax rate decreased to 16.7% from 22.1% y/y.

• Cash conversion remained high at 89-93% in Q2 and H1 2025.

Outlook and guidance

• Guidance for mid single-digit revenue growth in Job Classifieds and mid-teen MRR growth in HR Software remains intact.

• Management expects continued growth, supported by strong market positioning and ongoing investments.

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

• No events or conditions identified that could cast significant doubt on the company's ability to continue as a going concern.