Benefit Systems (BFT) Q3 2025 earnings summary

Executive summary

• Achieved double-digit adjusted EBIT growth of 42% year-over-year in 3Q25, driven by the consolidation of MAC investment and strong performance across key segments.

• Revenue for the nine months ended 30 September 2025 reached PLN 3,230.2 million, up 30% year-over-year, with net profit from continuing operations at PLN 412.4 million, a 21.7% increase year-over-year.

• Revenue in 3Q25 reached PLN 1,184 million, up 42% year-over-year, with net profit attributable to shareholders rising 58% to PLN 211.9 million.

• Major expansion included the acquisition of the MAC Group in Turkey, adding 123 fitness clubs, and several acquisitions in Poland and other EU markets.

• The Group issued PLN 1 billion in bonds and raised PLN 742 million through a share issue to finance growth and acquisitions.

Financial highlights

• Adjusted EBIT for 3Q25 was PLN 283 million (23.9% margin), up 42% year-over-year.

• EBITDA ex. IFRS 16 increased 37% year-over-year to PLN 291 million in 3Q25; EBITDA for the nine months rose to PLN 902.3 million, up 25.3%.

• Net cash from operating activities was PLN 709.6 million, with a net increase in cash of PLN 415.8 million.

• Total assets grew to PLN 6,322.1 million from PLN 3,419.9 million at year-end 2024.

• Basic EPS increased to PLN 130.88 from PLN 113.34 year-over-year.

Outlook and guidance

• Expect further improvement in results for 2026, with projected card volume growth of +130,000 in Poland, 100,000+ in the EU, and substantial acceleration in Turkey.

• ARPU growth anticipated at low single-digit levels in Poland and EU; operating profitability in Poland to remain stable, with improvement in the EU and Turkey.

• Long-term growth potential for the MultiSport programme in Poland and foreign markets remains high, with estimated market potential of 2.5–2.8 million cards in Poland and 1.7–2.0 million in EU markets.

• Economic headwinds include inflation, energy costs, and currency depreciation, but forecasts suggest stabilizing conditions in key markets.

• Investment plans include 20+ new openings in Poland, 30+ in Turkey, and 20+ in other markets, with continued focus on product development and M&A.