Vercom S.A (VRC) Q1 2026 earnings summary

Executive summary

• Entered 2026 with strong momentum: gross profit up 19% YoY to PLN 70m, adj. EBITDA up 21% YoY to PLN 35m, and adj. net income up 23% YoY to PLN 26m.

• Revenue for Q1 2026 reached PLN 122,928 thousand, up 11% YoY from PLN 110,759 thousand.

• Customer base grew 34% YoY to 131,200, with 33,200 new customers added, driven by organic expansion and AI-powered acquisition.

• Direct agreements with Meta (WhatsApp) and Rakuten (Viber), plus RCS API launch, expanded high-engagement messaging channels.

• AI-driven workflows and automation increased product adoption, with MailerLite signups up 34% YoY and email API users more than doubled YoY.

Financial highlights

• Gross profit reached PLN 70m in Q1 2026, up 19% YoY; gross margin expanded by 3.9 p.p. YoY.

• Adjusted EBITDA was PLN 35m, up 21% YoY, with a c. 2 p.p. increase in EBITDA margin.

• Net profit for Q1 2026 was PLN 24,177 thousand, compared to PLN 22,708 thousand in Q1 2025.

• Free cash flow margin at 23%, with a 77% EBITDA to FCF conversion rate.

• Net cash position improved to PLN 49m, with net debt/EBITDA at -0.4x.

Outlook and guidance

• Targeting PLN 165m EBITDA in 2026 and PLN 300m total EBITDA by 2028.

• Ambitious growth dynamics of 20%+ expected for 2026–2028, driven by new clients, margin expansion, new markets, M&A, and AI leverage.

• Over PLN 600m headroom for potential acquisitions, supporting scalable growth.

• Expected decrease in financing costs of c. PLN 0.2m per quarter from Q3 2026.

• Moderate seasonality, with higher revenue and profits expected in the second half of the year.