Wirtualna Polska (WPL) Q3 2025 earnings summary

Executive summary

• Q3 2025 cash revenue rose 67% YoY to PLN 716.2m; adjusted EBITDA up 57% YoY to PLN 241.6m, driven by acquisitions and strong travel segment growth.

• Q3 2025 pro forma revenue increased 8% YoY to PLN 722.2m; adjusted EBITDA up 4% YoY.

• Net profit attributable to equity holders reached PLN 97.7m, up from PLN 77.4m in Q3 2024.

• For the first nine months of 2025, revenue increased 40% YoY to PLN 1,635.0m, and adjusted EBITDA grew 34% to PLN 449.3m.

• Acquisitions of Invia Group (April 2025) and Creative Eye (September 2024) significantly expanded the travel segment and contributed to consolidated results.

Financial highlights

• Q3 2025 pro forma total revenue: PLN 722.2m (+8% YoY); adjusted EBITDA: PLN 241.6m (+4% YoY); net income: PLN 101.9m (+16% YoY).

• 9M 2025 pro forma revenue: PLN 1,911.3m (+6% YoY); adjusted EBITDA: PLN 505.9m (+1% YoY).

• Q3 2025 net profit attributable to equity holders was PLN 97.7m, up 26% YoY.

• Q3 2025 cash flows from operating activities were negative at PLN -6.3m, reflecting travel segment seasonality.

• Net debt at September 2025 was PLN 1,486.1m, with a net debt to adjusted pro forma EBITDA ratio of 2.3x.

Outlook and guidance

• Advertising & Subscriptions revenue expected to remain flat YoY in Q4 2025; cost base from H1 2024 restructuring will no longer impact results.

• Travel segment revenue expected to grow in the teens percentage range in Q4 2025.