Skarbiec Holding (SKH) Q4 2025 earnings summary

Executive summary

• Consolidated revenue reached PLN 229.4 million for the 18 months ending 31 Dec 2025, with net profit at PLN 107.2 million, driven by strong investment results and the acquisition of Noble Securities S.A.

• Key strategic initiatives included the acquisition of Noble Securities S.A. and the launch of the Skarbiec24 transaction platform.

• Assets under management (AUM) totaled PLN 5,865.8 million, and market capitalization rose to PLN 231.8 million by year-end 2025.

• The group streamlined its product offering, reducing the number of managed funds from 33 to 14.

Financial highlights

• Consolidated revenue for the period was PLN 229.4 million, up from PLN 142.6 million in the previous comparable period.

• Net profit increased to PLN 107.2 million from PLN 29.6 million, with normalized net profit at PLN 79.2 million (excluding a one-time gain from the Noble Securities acquisition).

• EBITDA reached PLN 102.2 million, and operating profit was PLN 93.6 million.

• Variable management fee income surged to PLN 111.8 million from PLN 54.1 million year-over-year.

• Brokerage revenue from Noble Securities (from April to December 2025) was PLN 30.7 million.

Outlook and guidance

• The global economy is forecast to grow by 3.3% in 2026, with Poland expected to see 3.5% GDP growth, supported by EU funds and investment.

• Key risks include geopolitical tensions, inflation, and fiscal deficits, but the domestic market outlook remains moderately positive.

• The group plans further expansion of distribution channels and continued optimization of its product portfolio.