Text (TXT) Q2 2026 earnings summary

Executive summary

• H1 2025/26 revenues declined by 4.9% year-over-year to 167.6 mn PLN, with nearly 95% generated by the US subsidiary, primarily from B2B software licenses.

• Operating profit dropped 29.5% to 65.5 mn PLN; net profit fell 30.9% to 59.7 mn PLN, with comprehensive income of 60.4 mn PLN.

• EBITDA decreased by 25.1% year-over-year to 78.3 mn PLN, with a margin of 46.7%.

• MRR grew 0.3% year-over-year to USD 7.06 mn, but declined 1.5% quarter-over-quarter.

• Dividend payout of PLN 74.4 mn for 2024/25 and PLN 113.3 mn at the end of September impacted liquidity.

Financial highlights

• Revenue in Q2 2025/26 in USD was $22.1 mn, nearly flat year-over-year, but impacted by a 7.6% weaker USD/PLN exchange rate.

• Net cash flows from operating activities were PLN 59 mn, with total net cash outflows of PLN 61 mn due to dividend payments.

• Total assets as of 30 September 2025 were PLN 178.8 mn, with equity of PLN 82.5 mn.

• Infrastructure costs rose due to expanded cloud services and increased headcount by 24 year-over-year.

• At the end of Q2, a PLN 20 mn working capital loan was taken, with PLN 10 mn drawn.

Outlook and guidance

• Management intends to request an advance dividend of 1.15 PLN per share.

• SOC-2 Type I certification expected by year-end, Type II by mid-next year.

• The Group is focused on developing AI-based functionalities to address enterprise customer needs and support ongoing growth.

• MRR expected to remain stable, but potential decline anticipated in the current quarter due to seasonality.