NEUCA (NEU) H1 2026 earnings summary

Executive summary

• Sales revenues for H1 2026 reached PLN 7.13 bn, up 7.4–7.5% year-over-year, with net profit attributable to shareholders up 105.6% to PLN 68.2 m and total net profit at PLN 106.7 m, a 57% increase from H1 2025.

• All core business segments contributed to growth, with notable improvements in profitability and operational efficiency, especially in clinical trials and medical operator activities.

• The Group completed several acquisitions, strengthening its position in clinical trials and medical services.

• Maintained leadership in customer satisfaction and market share in the pharmacy wholesale segment.

Financial highlights

• Group sales revenues rose 7.4% year-over-year to PLN 7.13 bn in H1 2026.

• Gross profit on sales increased 12.5% to PLN 849.8 m, with gross margin improving to 11.9%.

• Consolidated EBIT grew 32.7% to PLN 162.5 m; EBITDA up 23% to PLN 227.7 m.

• Net profit attributable to shareholders surged 105.6% to PLN 68.2 m; total net profit reached PLN 106.7 m, up 57%.

• Net cash from operating activities was PLN 141.5 m, down from PLN 290.2 m in H1 2025.

Outlook and guidance

• Continued focus on expanding digital and e-commerce channels, integrated care, and product portfolio.

• Ongoing investments in medical infrastructure and clinical trials expected to support future growth.

• Dividend policy remains attractive, with growing payouts and share buybacks.

• Management sees no threat to business continuity for the next 12 months despite geopolitical tensions.