Wirtualna Polska (WPL) Q4 2025 earnings summary

Executive summary

• Q4 2025 cash revenue rose 45% YoY to PLN 567.2m, but adjusted EBITDA fell 5% YoY to PLN 124.9m.

• Completed the largest acquisition in its history with Invia Group, making Travel the largest segment by revenue, now accounting for 60% of total revenues and reaching nearly €3 billion in annual sales.

• Group-wide cash revenues grew 41% YoY to PLN 2.2 billion, with pro forma growth of 7% including new acquisitions.

• Net profit attributable to shareholders was negative at PLN -130.7m, mainly due to goodwill impairment, PPA amortization, and higher financing costs.

• Adjusted net income to shareholders in Q4 2025 was PLN 21.5m.

Financial highlights

• FY 2025 pro forma cash revenue reached PLN 2,463.3m, up 7% YoY; adjusted EBITDA was PLN 630.7m, down 2% YoY.

• Adjusted EBITDA: PLN 574.2m (+23% YoY); EBITDA: PLN 371.0m (-15.4% YoY).

• Operating profit: PLN 126.5m (-54.8% YoY); Net profit: PLN -22.1m (2024: PLN 165.9m).

• Net debt to adjusted pro forma EBITDA at year-end 2025 was 2.3x.

• Cash flow from operating activities: PLN 404.8m (+7% YoY).

Outlook and guidance

• Advertising & Subscriptions segment expects low single-digit YoY revenue growth in Q1 2026, with margin pressure from higher operating costs and continued investment in journalism, video, and AI.

• Travel segment saw high single-digit YoY revenue growth in Jan–Feb 2026, but March bookings declined due to geopolitical conflict; ongoing risks in Türkiye and Egypt may impact future travel demand and sales dynamics.

• Commission-based OTA model mitigates risk of significant losses from short-term demand volatility.