Benefit Systems (BFT) Q4 2024 earnings summary

Executive summary

• Achieved record results in 2024 with 2.16 million sport cards (+13% yoy) and revenues of PLN 3,397 million (+22% yoy).

• EBIT ex. ESOP costs reached PLN 715 million (+31% yoy), with a margin of 21%.

• 4Q24 revenue was PLN 915 million (+21% yoy), EBIT ex. ESOP at PLN 183 million (+14% yoy), but net cash declined to PLN 153 million from PLN 373 million in 4Q23.

Financial highlights

• 2024 gross profit rose 30% yoy to PLN 1,209 million; gross margin improved by 2 p.p. to 35.6%.

• Net profit for 2024 was PLN 450 million (+2% yoy); 4Q24 net profit was PLN 115 million (-20% yoy).

• EBITDA for 2024 was PLN 981 million (+19% yoy); EBIT ex. ESOP for 4Q24 was PLN 183 million (+14% yoy).

• Operating cash flow in 2024 was PLN 962 million; free cash flow reached PLN 177 million.

Outlook and guidance

• 2025 expects further improvement: +130k cards in Poland, +150k in foreign markets.

• ARPU growth anticipated at low single digits; Poland profitability stable or slightly lower, foreign margin under pressure from investments.

• Planned 20 new openings in Poland and 45+ abroad, with continued focus on product and IT development.