Quercus (QRS) Q3 2026 earnings summary

Executive summary

• 9M 2026 revenue rose to PLN 178.5m from PLN 134.9m; operating profit reached PLN 62.7m and net income PLN 54.6m, up from PLN 41.5m and PLN 37.5m, respectively.

• Q3 revenue was PLN 55.8m versus PLN 48.2m YoY; operating profit was PLN 16.7m versus PLN 16.7m, while net income was PLN 14.5m versus PLN 14.8m.

• Q3 fund inflows and assets administered by the distribution business were positive; assets under management and distribution reached PLN 18.2bn, versus PLN 15.0bn a year earlier.

Financial highlights

• 9M service revenue was PLN 177.0m versus PLN 133.0m; operating costs were PLN 115.7m versus PLN 93.4m, including distribution costs of PLN 75.4m versus PLN 52.6m.

• 9M gross profit was PLN 67.7m versus PLN 46.7m; income tax expense was PLN 13.1m versus PLN 9.2m.

• 9M operating cash flow was PLN 114.2m versus PLN 79.6m; investing outflow was PLN 16.8m versus inflow of PLN 15.5m, and financing outflow was PLN 58.9m versus PLN 61.5m.

• Cash and equivalents reached PLN 179.9m at Sep. 30, 2026, from PLN 141.4m at Dec. 31, 2025; total assets were PLN 286.6m and equity PLN 161.7m.

Segment performance

• Fund and portfolio management generated PLN 105.8m total revenue and PLN 49.7m operating profit in 9M; external-customer revenue was PLN 103.5m.

• Investment-product distribution generated PLN 86.4m total revenue and PLN 13.0m operating profit; external-customer revenue was PLN 72.6m.

• Ending assets under management were PLN 9.9bn for fund and portfolio management; distribution assets were PLN 10.5bn, with inter-segment eliminations of PLN 2.2bn.