Wirtualna Polska (WPL) Q4 2024 earnings summary

Executive summary

• Cash revenue from sales in Q4 2024 rose 11% year-over-year to PLN 392.4m; adjusted EBITDA increased 17% to PLN 131.9m, with adjustments mainly for transaction costs related to the planned Invia Group acquisition.

• Net profit attributable to equity holders reached PLN 44.9m in Q4 2024, up from PLN 39.3m in Q4 2023.

• Full-year 2024 revenue was PLN 1,568.3m (+9% YoY); adjusted EBITDA was PLN 468.2m (+7% YoY); net income attributable to equity holders was PLN 155.9m, flat year-over-year.

Financial highlights

• Q4 2024 total revenues: PLN 400.2m (+11% YoY); adjusted EBITDA margin: 33.6% (up 1.7pp YoY).

• Q4 2024 net profit: PLN 47.9m (+13% YoY); cash flow from operating activities: PLN 67.0m (+1% YoY).

• FY 2024 adjusted EBITDA margin: 30.4% (down 0.8pp YoY); net debt to adjusted EBITDA at year-end: 1.0x (pro forma 2.5x including planned Invia acquisition).

• CAPEX in Q4 2024: PLN 38.5m.

Outlook and guidance

• Online advertising market share expected to keep expanding, but remains sensitive to macroeconomic factors; 2025 GDP rebound forecast at 3.6%, though early-year retail sales were below expectations.

• Dividend policy: recommendation of at least PLN 1 per share, up to 70% of consolidated net income, considering financial situation, investment, and acquisition plans.