Benefit Systems (BFT) Q4 2025 earnings summary

Executive summary

• Achieved record results in 2025 with dynamic growth in sport cards and revenues, driven by organic expansion and acquisitions, notably the consolidation of MAC investment.

• Adjusted EBIT and net profit saw strong double-digit year-over-year growth, with significant contributions from Poland and the Foreign EU segment.

• Fitness club network expanded through both organic openings and M&A, supporting membership and revenue growth.

Financial highlights

• 2025 revenues reached PLN 4,522 million, up 33% year-over-year; 4Q25 revenues were PLN 1,293 million, up 41% year-over-year.

• Adjusted EBIT for 2025 was PLN 924 million (+29% yoy, margin 20.4%); 4Q25 adjusted EBIT was PLN 254 million (+39% yoy, margin 19.7%).

• Net profit for 2025 was PLN 571 million (+27% yoy); 4Q25 net profit was PLN 159 million (+39% yoy).

• Operating cash flow in 2025 was PLN 1,143 million; net debt at year-end was PLN 795 million (0.8x ND/LTM EBITDA).

Outlook and guidance

• For 2026, expects further improvement in results, with projected card volume growth of +130k in Poland, 100k+ in 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 EU and Turkey.

• Plans for 20+ new club openings in Poland, 30+ in Turkey, and 20+ in other markets; continued focus on product development and M&A opportunities.