Wirtualna Polska (WPL) Q2 2025 earnings summary

Executive summary

• Q2 2025 cash revenue rose 43% YoY to PLN 535.4m; adjusted EBITDA up 24% YoY to PLN 121.9m.

• Pro forma (Invia Group & Creative Eye as if acquired Jan 1, 2024): revenue up 5% YoY to PLN 591.3m, adjusted EBITDA down 2% YoY to PLN 132.4m.

• Net profit attributable to equity holders was negative at PLN -11.1m in Q2 2025, impacted by one-off M&A and restructuring costs, higher amortization, and increased financial costs.

• Major acquisitions included Invia Group (April 2025) and Creative Eye (September 2024), significantly expanding the Travel segment.

• Operating cash flow increased 26% YoY to PLN 166.1m in Q2 2025, reflecting travel business seasonality.

Financial highlights

• Q2 2025 reported revenue: PLN 540.8m (+42% YoY); pro forma: PLN 596.7m (+4% YoY).

• Adjusted EBITDA: PLN 121.9m (+24% YoY); pro forma: PLN 132.4m (-2% YoY).

• Net income attributable to equity holders: PLN -11.1m (reported), PLN -15.5m (pro forma).

• H1 2025 pro forma revenue: PLN 1,179.9m (+5% YoY); adjusted EBITDA: PLN 264.3m (-1% YoY).

• Operating cash flow in H1 2025 increased 21% YoY to PLN 297.0m.

Outlook and guidance

• Advertising & Subscriptions: revenues expected to remain flat YoY in H2 2025; subscription growth offsets weak display ad market.

• Travel: high single-digit revenue growth expected, driven by strong CEE outbound travel; DACH region to remain subdued.

• Consumer Finance: expects a rebound in EBITDA after temporary cost structure adjustments.