NEUCA (NEU) H2 2025 earnings summary

Executive summary

• Sales revenues grew 8.2% year-over-year to PLN 13.64 bn in 2025, with stable profitability across core business segments.

• Net profit attributable to shareholders increased 0.9% to PLN 155.6 m, with a 3.2% rise before one-time items.

• Dividends and share buy-backs exceeded PLN 1 bn over 20 years, with a PLN 16/share dividend paid in 2025.

Financial highlights

• Gross profit on sales rose 8.2% to PLN 1,558.3 m, with a margin of 11.4%.

• EBIT for 2025 was PLN 255.2 m (down 7.1% y/y), while EBITDA reached PLN 382.5 m (down 3.1% y/y).

• Net debt/EBITDA stood at 1.56, or 2.53 including reverse factoring.

• Negative exchange rate differences impacted results by PLN -16.25 m in 2025.

Outlook and guidance

• Continued focus on supporting independent pharmacies and expanding medical and insurance services.

• Ongoing investment in digital channels and integrated care models to drive future growth.