Grupa Pracuj (GPP) Q2 2026 earnings summary

Executive summary

• Achieved strong Q2 and H1 2026 results with Q2 revenue of PLN 216m (+6% y/y) and H1 revenue of PLN 425.5m, driven by high-margin Job Classifieds and robust pricing in Poland and Ukraine.

• Adjusted EBITDA reached a record PLN 103m (+12% y/y) in Q2, with a 48% margin, and net profit grew 20% y/y to PLN 67m in Q2; H1 net profit was PLN 130.8m.

• Market leadership maintained across Poland, Ukraine, and Germany, with scalable SaaS and recurring revenue streams.

• The Group maintained a robust cash position and low leverage, supporting ongoing investments and dividend payments.

Financial highlights

• Group net revenue (excl. costs of job offers sold) up 7% y/y to PLN 212m in Q2 2026; H1 operating profit was PLN 162.5m.

• Adjusted EBITDA margin at 48% in Q2 2026 (+2.7 p.p. y/y); basic and diluted EPS at PLN 1.86, up from PLN 1.73 y/y.

• Dividend of PLN 3.00 per share paid from 2025 profit (+43% y/y), totaling PLN 206.7m, with an 85% payout ratio.

• Cash and cash equivalents increased to PLN 341.0m from PLN 171.2m at year-end 2025.

• H1 2026 net operating cash flow at PLN 194m; CAPEX at 4% of revenue.

Outlook and guidance

• Low double-digit revenue growth expected in Job Classifieds, driven by price optimization and mix shift.

• Mid single-digit MRR growth anticipated in HR Software, reflecting ongoing softness in the German market.

• Group aims to maintain a 45% full-year adjusted EBITDA margin.

• PLN 400m+ adjusted EBITDA target for 2027 remains achievable.

• Management expects continued revenue growth, supported by investments in HR technology and SaaS offerings.