Vercom S.A (VRC) Q2 2025 earnings summary

Executive summary

• Achieved over 100,000 paying customers, up 15% year-over-year, reflecting global expansion and business diversification.

• Net profit for H1 2025 reached PLN 48.9 million, up from PLN 37.2 million year-over-year.

• Strategic partnership with Microsoft led to first enterprise clients via Azure Marketplace, supporting international growth.

• Dividend of PLN 45 million (PLN 2.03 per share) paid in May 2025, with up to PLN 30 million share buyback at a 25% premium.

• Product development advances include nearing completion of RCS Flow Studio and launching a digital product sales platform for SMEs.

Financial highlights

• Q2 2025 revenue: PLN 114.1 million (down 2% year-over-year); H1 2025 revenue: PLN 224.8 million (up 2% year-over-year).

• Gross profit: PLN 61.6 million in Q2 2025 (+14% year-over-year); H1 2025: PLN 120.1 million (+15%).

• Net profit: PLN 22.8 million in Q2 2025 (+24% year-over-year); H1 2025: PLN 45.5 million (+31%).

• Basic EPS for H1 2025 was PLN 2.21, up from PLN 1.68 year-over-year.

• Cash and equivalents at June 30, 2025: PLN 81.3 million.

Outlook and guidance

• Growth trajectory for EBITDA in line with 2025 targets, with H2 expected to contribute ~55% of annual EBITDA due to seasonality.

• New incentive program for 2025–2028 ties share awards to ambitious EBITDA targets, aiming for PLN 230 million by 2028.

• Management expects further acceleration in customer growth and financial results in the upcoming sales season.