NEUCA (NEU) H1 2025 earnings summary

Executive summary

• Sales revenues grew 6.9% year-over-year in 1H 2025, reaching PLN 6.63bn, with net profit at PLN 67.9m, down 29.3% year-over-year, impacted by adverse financial items and higher tax.

• Operating profit for 1H 2025 was PLN 122.5m, a 17.4% decrease year-over-year, with stable profitability across core business lines.

• The group expanded through acquisitions in the medical operator segment and renewable energy.

• Maintained leadership in customer satisfaction and trust, with high Net Promoter Scores and growing engagement in strategic pharmacy support programs.

Financial highlights

• Gross profit on sales increased 6.6% year-over-year to PLN 765.5m in 1H 2025, with a margin of 11.5%.

• EBITDA for 1H 2025 was PLN 185.1m, down from PLN 207.5m in H1 2024.

• Net cash from operating activities was PLN 290.2m, up from PLN 143.9m year-over-year.

• Dividend of PLN 16 per share was declared for 2024 profits, with a 14.9% CAGR since 2005.

• Net debt/EBITDA at 1.60 (2.16 including reverse factoring).

Outlook and guidance

• The group expects continued stable sales growth and profitability, with further expansion in medical care, insurance, and clinical trials.

• Anticipates improved efficiency in clinical trials as investments in US expansion and technology begin to yield results.

• Maintains a stable financial position and does not foresee liquidity risks in the next 12 months.

• No significant new risks from the Ukraine conflict; business continuity is not threatened.