Quercus (QRS) Q2 2025 earnings summary

Executive summary

• Revenue for H1 2025 reached 86,738k PLN, up 31% year-over-year, driven by higher assets under management and strong market conditions.

• Net profit rose to 22,702k PLN from 16,583k PLN year-over-year, reflecting improved operational efficiency and increased fee income.

• The group completed a major share buyback, reducing the number of shares and increasing the stake of key shareholders.

• A merger agreement was signed with Templeton Asset Management (Poland) TFI, with regulatory approval obtained post-period.

Financial highlights

• Operating profit increased to 24,848k PLN from 13,704k PLN year-over-year.

• Net cash from operating activities surged to 73,728k PLN from 8,135k PLN year-over-year.

• Assets under management grew to 7,592m PLN, up 36% year-over-year.

• Basic and diluted EPS rose to 0.87 PLN from 0.60 PLN year-over-year.

• No dividend was paid; instead, 59m PLN was allocated to a share buyback.

Outlook and guidance

• Management expects continued growth in assets under management, supported by favorable market trends and the strategic merger with Templeton.

• No significant seasonality or cyclicality is expected in the business.