Vercom S.A (VRC) Q3 2025 earnings summary

Executive summary

• Celebrated 20th anniversary with record-breaking Q3 2025 results, surpassing Q2, and achieving profitable growth in line with guidance through organic expansion and value-accretive acquisitions.

• Over 111,500 paying customers globally, up 20% year-over-year, with 11,000+ new clients added in Q3 and strong presence in 180 markets.

• AI integration across products, especially MailerLite, improved onboarding, support, campaign automation, and operational efficiency.

• Strategic focus on scalable, high-margin services and a long-term goal of reaching over one million paying customers.

• Revenue for the nine months ended 30 September 2025 was PLN 341,361 thousand, down 6.6% year-over-year, but net profit rose 20.7% to PLN 65,802 thousand.

Financial highlights

• Gross margin/gross profit grew 18% year-over-year to PLN 65 million in Q3 2025, with gross profit for nine months at PLN 184,096 thousand.

• Adjusted EBITDA rose 23% year-over-year to PLN 35 million in Q3, with a 40% CAGR since Q3 2021; operating EBITDA for nine months at PLN 92,983 thousand (27.2% margin).

• Adjusted net profit up 29% year-over-year to PLN 25 million in Q3; net profit for nine months at PLN 65,802 thousand, up 20.7%.

• Free cash flow margin at 20%, with 74–75% EBITDA to FCF conversion rate and 100 million PLN in free cash flow.

• Currency headwinds (USD/PLN) reduced margin by 3.5 million PLN YTD.

Outlook and guidance

• Optimistic Q4 outlook, historically the strongest quarter due to seasonality, with potential to reach 120,000 clients by year-end.

• Targeting PLN 135 million adjusted EBITDA for 2025, with new incentive scheme aiming for PLN 230 million by 2028.

• Dividend policy to distribute at least 50% of net profit, with expectations for a higher payout in 2025.

• Continued focus on international expansion and scaling customer base.