In Q2 2026, Wirtualna Polska Holding S.A. generated over PLN 576 million in cash revenue. This is nearly 8% more than in the same period last year. Over the first half of the year, the Group's cash revenue increased by 28% to more than PLN 1.15 billion. After a weaker March, sales in the travel segment rebounded from month to month and returned to growth since June. The Group's adjusted EBITDA amounted to PLN 103.4 million in Q2, down 15% year-over-year.
The travel segment generated revenues of PLN 335.5 million and adjusted EBITDA of PLN 44.0 million. The segment's revenues remained broadly unchanged compared to last year, while adjusted EBITDA was 25% lower. The main reason was a decline in sales of international package holidays, most visible in March, following the escalation of the conflict in the Middle East. From mid-April, sales began to grow steadily; they returned to the previous year's level in May and exceeded it in June. In Q3, the Management Board expects revenues to increase by a low-double-digit percentage.
The advertising and subscriptions segment increased its cash revenues by 4% year-over-year to nearly PLN 174 million. This was driven by stronger growth in advertising revenues and the continued development of subscription services. The segment's adjusted EBITDA stood at PLN 49.3 million, down 15% year-over-year. This decline is a result of ongoing investments in quality journalism, video production, and the use of AI in publishing products and advertising tools: WP Booster, WP ADS, WPartner and WKreator.
"Today we are talking about how much we are investing in improving our publishing product. This is a good time to remind everyone that we have long been troubled by fraudulent ads that big tech companies display on our pages. The hypocrisy is that while they publicly declare their intent to fight scams, for years we have unsuccessfully asked them for basic information about the products advertised on our pages, which we need in order to block these ads more effectively. For us, protecting our users against fraud is more important than revenue, and we expect the same from our partners", says Jacek Świderski, CEO of Wirtualna Polska Holding S.A.
The table below presents the highlights of the profit and loss account for the period of 3 months ended 30 June 2026 and 2025.