NEUCA (NEU) Q3 2025 earnings summary

Executive summary

• Q3 2025 sales revenues reached PLN 3.49bn, up 9.5% year-on-year; YTD revenues were PLN 10.12bn, up 7.8% year-on-year.

• Net profit for 1-3Q 2025 was PLN 126.3m, down 14.1% year-over-year, with no one-time items affecting net profit.

• Net profit attributable to shareholders in Q3 was PLN 60.2m (+43.9% y/y); YTD net profit was PLN 128.5m (flat y/y).

• All core business segments contributed to revenue growth, with notable performance in pharmaceuticals manufacturing and medical operator segments.

• Market share in pharmacy wholesale held steady at 29.9% in Q3, with a record 39.3% in independent pharmacies.

Financial highlights

• Gross profit on sales in Q3 was PLN 400.6m (+8% y/y); YTD gross profit was PLN 1.17bn (+7% y/y), with gross margin stable at 11.5-11.6%.

• EBIT for 1-3Q 2025 was PLN 294.4m, down 6.8% year-over-year; EBITDA was PLN 387.7m, down 6.8%.

• Q3 2025 EBITDA was PLN 109.2m (+1% y/y); YTD EBITDA was PLN 294.4m (-6.8% y/y).

• Cash flow from operating activities reached PLN 305.3m; net debt/EBITDA at 1.82.

• Q3 net profit margin rose to 1.68% from 1.60% a year earlier.

Outlook and guidance

• Management expects continued growth in the health market, focusing on independent pharmacies and new business segments.

• Ongoing investments in pharmaceutical manufacturing and clinical trials expected to support future growth.

• No financial forecasts were published for 2025.