Vercom S.A (VRC) Q4 2025 earnings summary

Executive summary

• Achieved record financial results in 2025, with strong growth in revenue, EBITDA, and net profit, driven by both new client acquisition and expansion of services to existing clients.

• Number of paying clients increased by nearly 30% year-over-year to over 123,100, with a significant acceleration in new client acquisition (+86% y/y).

• Artificial intelligence (AI) integration enhanced operational efficiency, client onboarding, and customer support, supporting higher retention and lifetime value.

• Maintained high cost discipline and operational leverage, resulting in improved profitability and cash generation.

Financial highlights

• Revenue: 240.9 mln PLN, down 16.4% year-over-year due to normalization after a high base in 2024.

• Gross profit: 116.6 mln PLN, up 21.6% year-over-year, with gross margin improvement driven by higher-margin services and client expansion.

• Adjusted EBITDA: 135 mln PLN, up 23% year-over-year, exceeding ESOP targets.

• Adjusted net profit: 99 mln PLN, up 29% year-over-year (adjusted for ESOP and FX effects).

• Net profit: 80.9 mln PLN, up 28.5% year-over-year.

• Free cash flow margin at ~20%, with EBITDA to FCF conversion at 71%.

• Net cash position at year-end: 25 mln PLN.

Outlook and guidance

• Ambition to reach 300 mln PLN EBITDA by 2028, leveraging AI, new client growth, margin expansion, and M&A.

• 2026 EBITDA target set at 165 mln PLN, with continued focus on international expansion and product innovation.

• Dividend policy maintained, with payout ratio not less than 50% of consolidated net profit.