Wirtualna Polska Holding SA · GPW:WPL
Wirtualna Polska Holding SA — Q1 2025 Earnings Presentation
34 slides from Wirtualna Polska Holding SA's earnings presentation, May 27, 2025
Slide 1: Financial Results Q1 2025
27/05/2025 Warszawa FINANCIAL RESULTS Q1 2025 WIRTUALNA POLSKA HOLDING SA
Slide 2: Pro forma figures for 2024 to ensure data comparability
Total Group Pro forma figures for 2024 to ensure data comparability Change in revenue recognition in Audioteka Group: Due to the update of contractual terms between Audioteka Group and its B2B partner, effective from January 1, 2025, there has been a change in the revenue recognition method for the
Slide 3: Executive summary
Total Group Executive summary • In 1Q 2025 cash revenue increase by 7% y/y, to PLN 368.2m, while adj. EBITDA grew by 2% YoY, to PLN 85.8m. Cash revenues [mPLN] • Pro forma, including financial results of Creative Eye as well as change in +9% * 500 revenue recognition in Audioteka Group in 1Q 2024, r
Slide 4: Reporting segments
Total Group Reporting segments ADVERTISING CONSUMER TRAVEL OTHER & SUBSCRIPTION FINANCE MAIN REVE ADVERTISING: CPM, COMMISSION ON COMMISSION ON BLUEPRINT GREEN ENERGY CPC, PERFORMANCE- SUBSCRIPTIONS FINANCIAL SERVICES, SALES, LEADS OF SOURCE COMMISSION SUBSCRIPTIONS, CAR SALES FINANCIAL SALES PRODUC
Slide 5: Summary 1Q 2025 vs 1Q 2024 Pro forma
Total Group Summary 1Q 2025 vs 1Q 2024 Pro forma mPLN Q1 2024 Q1 2024 PF * Q1 2025 YoY reported vs PF Total revenue 349.8 342.8 372.0 6% 9% Cash revenue 344.7 337.7 368.2 7% 9% Advertising & Subscriptions 161.3 154.1 155.0 -4% 1% Travel 126.0 126.1 147.8 17% 17% Consumer Finance 47.5 47.5 56.2 18% 1
Slide 6: Summary 1Q 2025 as per IFRS Financial Report
Total Group Summary 1Q 2025 as per IFRS Financial Report mPLN Q1 2025 Q1 2024 YoY YoY % Total Group Total revenues 372.0 349.8 +22.2 +6% Cash revenues 368.2 344.7 +23.4 +7% Adjusted EBITDA IFRS16 85.8 84.3 +1.5 +2% % Adj. EBITDA margin 23.3% 24.5% -1.1pp EBITDA IFRS16 79.3 81.1 -1.8 -2% Depreciation
Slide 7: Quarterly Revenues & EBITDA
Total Group Quarterly Revenues & EBITDA, (PLN million) Cash revenues EBITDA Adj. 1 800 500 +7% 468 +9% YoY 1 541 4Q 4Q 1 600 1 409 +18% 439 YoY 3Q 450 3Q YoY 1 400 +34% 371 +8% 392.4 2Q 400 +17% 131.9 2Q YoY 113.0 YoY 354.0 YoY 1 200 1Q 350 +3% 1Q 1 048 YoY +12% 110.2 1 000 YoY 300 316.5 +8% 429.7 +
Slide 8: Quarterly EBITDA & % margin
Total Group Quarterly EBITDA & % margin, (PLN million) EBITDA per segment (abs) EBITDA per segment (% share) 180 120% 160 100% 7 8% 9% 4% 7% 7% 140 9 80% 17% 120 27% 32% 35% 23 56% 100 85 8 60% 80 6 31 60 23 40% 75% 100 65% 59% 58% 40 20% 54 58 61 40% 20 0 0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY Share of qrt
Slide 9: Advertising & Subscriptions
ADVERTISING & SUBSCRIPTIONS
Slide 10: Advertising & Subscriptions Market update
Advertising & Subscriptions Market update • In the coming quarters, the Group expects the online advertising Online Advertising in Poland share within the broader advertising market to continue expanding. 33% (y/y dynamic) However, the advertising market remains highly sensitive to 35% Online advert
Slide 11: Advertising & Subscriptions Quarterly Revenues & EBITDA
Advertising & Subscriptions Quarterly Revenues & EBITDA, (PLN million) Cash revenues EBITDA Adj. 800 +5% 719 300 282 -2% YoY 278 -2% YoY 273 +15% 687 YoY 4Q 700 YoY 4Q 595 +6% 3Q 250 600 215.7 92.1 3Q 203.7 YoY -2% YoY 89.9 +11% +0% 2Q YoY 99.5 500 203.2 YoY 200 2Q 1Q 400 156.3 +7% 167.4 1Q +21% YoY
Slide 12: Travel
TRAVEL
Slide 13: Travel Market update
Travel Market update International Travel Domestic Travel Volume of package tours bookings of travel agencies in Nights spent at tourist accomodation Poland (with airfare, in thousand) establishments (million) 350 2019 2023 2024 2025 25 Poland Czechia Hungary Romania 300 250 20 200 15 150 100 10 50
Slide 14: Travel Quarterly Revenues & EBITDA
Travel Quarterly Revenues & EBITDA, (PLN million) Cash revenues EBITDA Adj. +20% 595 180 600 4Q 162 4Q YoY 160 +38% YoY 495 116.6 3Q 22.8 500 133 3Q +104% +24% YoY 140 +49% YoY 94.0 2Q YoY 15.3 2Q 400 120 +117% YoY 1Q 208.4 1Q +54% 100 85.3 300 243 YoY 185.8 +12% YoY +44% YoY +2% YoY 80 83.4 +144% 6
Slide 15: Consumer Finance
CONSUMER FINANCE
Slide 16: Consumer Finance Market update
Consumer Finance Market update Cars Financials First registration of cars LTM (in thousand) Cash loan sales in Poland (bnPLN) 12 650 10 600 8 550 6 4 500 2 2019 2024 2025 450 0 IV IV IV IV IV IV IV VII VII VII VII VII VII X X X X X X I I I I I I I I II III IV V VI VII VIII IX X XI XII 2019 2020 2021
Slide 17: Consumer Finance Quarterly Revenues & EBITDA
Consumer Finance Quarterly Revenues & EBITDA, (PLN million) Cash revenues EBITDA Adj. 250 4Q 35 -2% 3Q 30 -12% +15% 31 +17% 199 YoY 195 30 YoY YoY 200 YoY 2Q 27 171 25 8.6 8.8 46.6 +6% -24% +34% +1% 49.4 1Q YoY 6.5 YoY YoY YoY 150 46.1 20 47.6 +2% -22% +21% 6.9 -6% 48.3 7.3 5.7 YoY YoY YoY 100 YoY 1
Slide 18: Total Group
TOTAL GROUP
Slide 19: Quarterly operating costs (PLN million)
Total Group Quarterly operating costs (PLN million) Margin ’24PF 32% PF Margin ’20 = 35% Margin ’21 = 36% Margin ’22 = 35% Margin ’23 = 31% Margin ’24 = 30% 38% 37% 40% 38% 36% 35% 37% 34% 35% 36% 36% 35% 36% 32% 34% 28% 28% 25% 24% 26% 23% 290 275.8 276.1 282.3 260.4 260.5 252.6 247.0 23.4 27.8 28.
Slide 20: Quarterly operating costs as % of Revenues
Total Group Quarterly operating costs as % of Revenues Margin ’24PF 32% PF Margin ’20 = 35% Margin ’21 = 36% Margin ’22 = 35% Margin ’23 = 31% Margin ’24 = 30% 38% 37% 40% 38% 36% 35% 37% 34% 35% 36% 36% 35% 36% 32% 34% 28% 28% 25% 24% 26% 23% 8% 9% 8% 6% 6% 9% 8% 6% 4% 10% 10% 8% 7% 6% 12% 10% 8% 7
Slide 21: Adjusted EBITDA to Net Profit Bridge 1Q 2025
Total Group Adjusted EBITDA to Net Profit Bridge 1Q 2025 (PLN million) 100 +2% I-st quarter 2025 YoY -2% -5.9 YoY -0.6 -44.6 50 85.8 79.3 -13.5 +1.9 -35% 10.8 YoY 12.4 0 100 I-st quarter 2024 - 1.6 - 1.5 - 38.3 50 84.3 81.1 - 15.1 - 0.4 - 8.2 19.0 0 Adjusted EBITDA Costs relating to acquisitions Oth
Slide 22: Adjusted EBITDA and cash flows 1Q 2025
Total Group Adjusted EBITDA and cash flows 1Q 2025 (PLN million) 180 I-st quarter 2025 55% - 14.1 160 Adjusted cash - 14.8 140 conversion* - 5.8 Δ NWC +106.9 120 15% 100 - 11.8 YoY - 1.3 80 +40.7 - 25.9 60 - 38.7 138.6 +23.4 40 85.8 - 5.9 92.3 20 47.2 0 Adjusted EBITDA Capital Adjusted cash Acquisit
Slide 23: Balance sheet and financial leverage ratios
Total Group Balance sheet and financial leverage ratios Balance sheet 31 March 3o June 3o September 31 December 31 March mPLN 2024 2024 2024 2024 2025 Non-current assets 1 528.4 1 522.4 1 616.0 1 617.9 1 626.8 including Deferred tax assets 5.7 4.8 2.5 6.1 8.3 Other current assets 13.5 7.2 7.1 11.0 1
Slide 24: Shareholding structure and dividend policy
Wirtualna Polska Holding Shareholding structure and dividend policy Shareholders Dividend policy % share • The Management Board will recommend a dividend of at least Shareholder Shares based Votes based 1 PLN per share, but up to 70% of consolidated net income for Jacek Świderski & OrfeSA 12.7% 18.4
Slide 25: Pro forma figures for 2024 to ensure data comparability
Total Group Pro forma figures for 2024 to ensure data comparability Reported Pro forma* mPLN 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2024 PF 2Q 2024 PF 3Q 2024 PF 4Q 2024 PF 1Q 2025 vs PF Total revenue 349.8 380.8 437.5 400.2 342.8 376.4 461.6 386.2 372.0 9% Cash revenue 344.7 374.3 429.7 392.4 337.7 369
Slide 26: Summary 1Q 2025
SUMMARY 1Q 2025 Revenue EBITDA Adj. Net Income 372mPLN 86mPLN 10mPLN +6% YoY / +22m +2% YoY / +2m -40% YoY / -7m Total revenue; EBITDA Adj. IFRS 16, Net Income attributable to equity holders
Slide 27: Appendices
APPENDICES
Slide 28: Cash revenue: Q1 results
CASH REVENUE: Q1 results YoY Q1 25/24 proforma +9% Q1 2024 proforma * Non-barter revenue +30m PLN 117% 18% +1% a Advertising & Travel Consumer finance other Subscriptions Q1 2025 28
Slide 29: Adjusted EBITDA IFRS16 as per Financial Statement
* Adjusted EBITDA IFRS16 as per Financial Statement 29
Slide 30: 2025 dynamics vs proforma 2024
47% *2025 dynamics vs proforma 2024 30
Slide 31: 2025 dynamics vs proforma 2024
*2025 dynamics vs proforma 2024 31
Slide 32: Consumer finance: Revenue & EBITDA growth yoy
Consumer finance: Revenue & EBITDA growth yoy Share in total revenue (2024) 60% 50% 40% 40% 32% — 394,33% 30% 20% 12% 10% a 2% 0% = 10% -20% -30% qi Q2 Q3 2022 2022 2022 superauco.pt totalmoney.pl 35% li Q4 2022 53% 10% qi 2023 mRevenues MEBITDA 33% 1% 3% = ZZ 6 = 5% 6% -3% 22% 2% Q2 Q3 Q4 qi 2023 ©
Slide 33: IR contact
IR contact Investor Relations contact: Wirtualna Polska Holding Żwirki i Wigury 16, Warsaw, Poland ir@grupawp.pl Małgorzata Żelazko Director of Investor Relations and Financial Analysis Malgorzata.Zelazko@grupawp.pl
Slide 34: Disclaimer
DISCLAIMER This Presentation has been prepared by Wirtualna Polska Holding S.A. with its registered office in Warsaw (the “Company”) in connection with the publication of financial results. Matters discussed in this Presentation may constitute forward-looking statements. Forward-looking statements a
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