Vercom S.A (VRC) Q3 2025 earnings summary

Executive summary

• Achieved profitable growth in Q3 2025, in line with 2025 guidance, driven by organic expansion, value-accretive acquisitions, and a fast-growing SaaS business serving over 111,500 clients in 180 markets.

• AI integration in MailerLite improved onboarding, customer support, and campaign automation.

• Revenue for the nine months ended 30 September 2025 was PLN 341,361 thousand, down 6.6% year-over-year.

• Net profit for the period was PLN 65,802 thousand, up 20.7% year-over-year.

• Operating EBITDA increased to PLN 92,983 thousand (27.2% margin) from PLN 78,762 thousand (21.5% margin) year-over-year.

Financial highlights

• Adjusted gross profit reached PLN 65m in Q3 2025, up 18% year-over-year.

• Adjusted EBITDA grew 23% YoY to PLN 35m in Q3 2025, with a 40% CAGR from Q3 2021 to Q3 2025.

• Adjusted net income rose 29% YoY to PLN 25m in Q3 2025, excluding PLN 3.7m non-cash ESOP costs and FX impact.

• Gross profit for the nine months ended 30 September 2025 was PLN 184,096 thousand, up from PLN 160,014 thousand.

• Free cash flow margin at 20%, with a 74% EBITDA to FCF conversion rate.

Outlook and guidance

• On track to achieve ambitious 2025 EBITDA target of PLN 135m.

• Q4 expected to contribute significantly to annual EBITDA, based on historical seasonality.

• New incentive scheme targets consolidated EBITDA of PLN 135,000 thousand in 2025, rising to PLN 230,000 thousand by 2028.

• Continued focus on international expansion and scaling customer base, with a long-term target of over 1 million paying customers.