Vercom S.A (VRC) Q4 2025 TU earnings summary

Executive summary

• Achieved record financial results in 2025, with EBITDA reaching PLN 136M, up 23% year-over-year, surpassing targets for the fifth consecutive year since IPO.

• Celebrated 20th anniversary, reflecting on transformation from PLN 10M to nearly PLN 140M EBITDA since 2018.

• Net customer adds reached 28,400 in 2025, an 86% increase year-over-year, with over 120,000 clients globally and two-thirds of margin generated outside the domestic market.

• Strategic focus on AI integration, product development, and client acquisition across SME and Enterprise segments, driving LTV growth of 38% year-over-year.

• Ambitious long-term goals: over PLN 230M EBITDA by 2028 (base plan), with a stretch target of PLN 300M, driven by organic growth, AI, and selective M&A.

Financial highlights

• Gross profit reached PLN 255M in 2025, up 15% year-over-year.

• EBITDA grew to PLN 136M, a 23% increase year-over-year.

• Adjusted net profit (excluding non-cash items) was PLN 99M, up nearly 30% year-over-year.

• Net paying customer adds doubled year-over-year, reaching 28,400 in 2025.

• Gross margin expanded by 9 percentage points, supported by high-margin services and lower low-margin traffic.

Outlook and guidance

• Full financial impact of new clients, especially those on annual subscriptions, will be visible in 2026.

• Targeting over 1 million paying clients globally and continued expansion into new markets, with PLN 300M EBITDA by 2028.

• Focus on scaling through organic growth, new partnerships, selective M&A, and AI adoption to boost efficiency and scalability.

• Expects further acceleration in conversational messaging and adoption of modern channels like RCS and OTT.