H1 2026 report
Grupa Pracuj to lider polskiego rynku rekrutacji online (Pracuj.pl) z bardzo wysoką rentownością operacyjną (marża EBIT 38,2%) i konwersją zysku na gotówkę powyżej 90%.
Sentiment
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GPP
H1 2026 report
Revenue
425.51 m PLN
— YoY
Net income
130.82 m PLN
— YoY
EBITDA
185.42 m PLN
— YoY
FCF
176.51 m PLN
— YoY
Summary
Investment thesis
- Wzrost przychodów +3,9% r/r w I półroczu 2026 napędzany głównie segmentem Ukraina (+17,2%, w całości efekt cen) i Polską (+6,7%), podczas gdy segment Niemcy (softgarden) kurczy się (-9,4% przychodów, -66,6% EBIT).
- Bilans praktycznie bez długu netto po standardowej metodyce (dług brutto 155,5 mln PLN w pełni pokryty gotówką 341,0 mln PLN), kowenanty kredytowe niezagrożone.
- Zarząd kontynuuje regularną, hojną dywidendę (payout 85% zysku netto za 2025 rok, 3,00 PLN/akcję) oraz akwizycje uzupełniające (Kadromierz, No Fluff Jobs po dniu bilansowym) w ramach strategii Grupa Pracuj 2030, bez sięgania po dodatkowy dług.
- Rosnący koszt programu motywacyjnego w akcjach (14,8 mln PLN vs 2,6 mln PLN rok wcześniej) zjada część dźwigni operacyjnej, a spadająca wycena akcji użyta do jego rozliczenia (72 PLN -> 44 PLN -> 41,67 PLN) sygnalizuje osłabienie sentymentu rynkowego wobec spółki.
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Financials
BETA
GPP · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 216.15 | — | — | 425.51 | — | reported | — | 1.00 |
| EBITDA | 94.87 | — | — | 185.42 | — | reported | — | 1.00 |
| EBIT | 82.79 | — | — | 162.54 | — | reported | — | 1.00 |
| Net income | 66.96 | — | — | 130.82 | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 1.86 | — | — | 1.86 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 1.86 | — | — | 1.86 | — | reported | — | 1.00 |
| D&A | 22.88 | — | — | 22.88 | — | reported | — | 1.00 |
| Income tax | 36.96 | — | — | 36.96 | — | reported | — | 1.00 |
| Shares (basic) (m units) | 68.9 | — | — | — | — | reported | — | 1.00 |
| EBITDA margin | 43.9% | — | — | 43.6% | — | derived | — | 1.00 |
| EBIT margin | 38.2% | — | — | 38.2% | — | derived | — | 1.00 |
| Net margin | 30.75% | — | — | 30.75% | — | derived | — | 1.00 |
| Cash | 341.02 | — | — | — | — | reported | — | 1.00 |
| Total debt | 155.5 | — | — | — | — | reported | — | 1.00 |
| Net debt | -185.52 | — | — | — | — | derived | — | 0.90 |
| Equity | 460.42 | — | — | — | — | reported | — | 1.00 |
| Total assets | 1,217.11 | — | — | — | — | reported | — | 1.00 |
| Current assets | 460.79 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 714.19 | — | — | — | — | reported | — | 1.00 |
| Non-current liabilities | 42.51 | — | — | — | — | reported | — | 1.00 |
| Inventory | 1.75 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 78.11 | — | — | — | — | reported | — | 1.00 |
| Trade payables | 30.82 | — | — | — | — | reported | — | 1.00 |
| Goodwill | 558 | — | — | — | — | reported | — | 0.90 |
| Tangible equity | -97.59 | — | — | — | — | derived | — | 0.85 |
| CFO | 194.18 | — | — | 194.18 | — | reported | — | 1.00 |
| CapEx | 17.67 | — | — | 17.67 | — | reported | — | 1.00 |
| FCF | 176.51 | — | — | 176.51 | — | derived | — | 0.90 |
| FCF conversion | 95.2% | — | — | 95.2% | — | derived | — | 0.90 |
| CFO conversion | 104.7% | — | — | 104.7% | — | derived | — | 0.90 |
| Dividends paid | 5.5 | — | — | 5.5 | — | reported | — | 0.90 |
| Current ratio | 0.65x | — | — | — | — | derived | — | 0.95 |
| Quick ratio | 0.64x | — | — | — | — | derived | — | 0.95 |
| Cash ratio | 0.48x | — | — | — | — | derived | — | 0.95 |
| Debt / equity | 0.34x | — | — | — | — | derived | — | 0.90 |
| Debt / assets | 0.13x | — | — | — | — | derived | — | 0.90 |
| Net debt / equity | -0.4x | — | — | — | — | derived | — | 0.85 |
| Revenue growth (YoY) | 3.9% | — | — | 3.9% | — | derived | — | 1.00 |
| EBITDA growth (YoY) | 0.1% | — | — | 0.1% | — | derived | — | 1.00 |
| EBIT growth (YoY) | -1.7% | — | — | -1.7% | — | derived | — | 1.00 |
| Net income growth (YoY) | 7.3% | — | — | 7.3% | — | derived | — | 1.00 |
| EPS growth (YoY) | 7.5% | — | — | 7.5% | — | derived | — | 1.00 |
| EBITDA margin Δ (YoY) | -1.7 pp | — | — | -1.7 pp | — | derived | — | 1.00 |
| EBIT margin Δ (YoY) | -2.2 pp | — | — | -2.2 pp | — | derived | — | 1.00 |
| Market cap | 2,871 | — | — | — | — | derived | — | 0.60 |
| Enterprise value | 2,685.5 | — | — | — | — | derived | — | 0.55 |
| P/BV | 6.24x | — | — | — | — | derived | — | 0.60 |
H1 2026 · Δ YoY
Revenue
216.15
—
216.15
—
- H1 2025
- —
- YTD 2026
- 425.51
- Δ YoY
- —
EBITDA
94.87
—
94.87
—
- H1 2025
- —
- YTD 2026
- 185.42
- Δ YoY
- —
EBIT
82.79
—
82.79
—
- H1 2025
- —
- YTD 2026
- 162.54
- Δ YoY
- —
Net income
66.96
—
66.96
—
- H1 2025
- —
- YTD 2026
- 130.82
- Δ YoY
- —
EPS (basic)
(PLN)
1.86
—
1.86
—
- H1 2025
- —
- YTD 2026
- 1.86
- Δ YoY
- —
EPS (diluted)
(PLN)
1.86
—
1.86
—
- H1 2025
- —
- YTD 2026
- 1.86
- Δ YoY
- —
D&A
22.88
—
22.88
—
- H1 2025
- —
- YTD 2026
- 22.88
- Δ YoY
- —
Income tax
36.96
—
36.96
—
- H1 2025
- —
- YTD 2026
- 36.96
- Δ YoY
- —
Shares (basic)
(m units)
68.9
—
68.9
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
EBITDA margin
43.9%
—
43.9%
—
- H1 2025
- —
- YTD 2026
- 43.6%
- Δ YoY
- —
EBIT margin
38.2%
—
38.2%
—
- H1 2025
- —
- YTD 2026
- 38.2%
- Δ YoY
- —
Net margin
30.75%
—
30.75%
—
- H1 2025
- —
- YTD 2026
- 30.75%
- Δ YoY
- —
Cash
341.02
—
341.02
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total debt
155.5
—
155.5
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
-185.52
—
-185.52
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
460.42
—
460.42
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
1,217.11
—
1,217.11
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
460.79
—
460.79
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
714.19
—
714.19
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
42.51
—
42.51
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
1.75
—
1.75
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
78.11
—
78.11
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
30.82
—
30.82
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Goodwill
558
—
558
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
-97.59
—
-97.59
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
194.18
—
194.18
—
- H1 2025
- —
- YTD 2026
- 194.18
- Δ YoY
- —
CapEx
17.67
—
17.67
—
- H1 2025
- —
- YTD 2026
- 17.67
- Δ YoY
- —
FCF
176.51
—
176.51
—
- H1 2025
- —
- YTD 2026
- 176.51
- Δ YoY
- —
FCF conversion
95.2%
—
95.2%
—
- H1 2025
- —
- YTD 2026
- 95.2%
- Δ YoY
- —
CFO conversion
104.7%
—
104.7%
—
- H1 2025
- —
- YTD 2026
- 104.7%
- Δ YoY
- —
Dividends paid
5.5
—
5.5
—
- H1 2025
- —
- YTD 2026
- 5.5
- Δ YoY
- —
Current ratio
0.65x
—
0.65x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
0.64x
—
0.64x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.48x
—
0.48x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / equity
0.34x
—
0.34x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.13x
—
0.13x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
-0.4x
—
-0.4x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
3.9%
—
3.9%
—
- H1 2025
- —
- YTD 2026
- 3.9%
- Δ YoY
- —
EBITDA growth (YoY)
0.1%
—
0.1%
—
- H1 2025
- —
- YTD 2026
- 0.1%
- Δ YoY
- —
EBIT growth (YoY)
-1.7%
—
-1.7%
—
- H1 2025
- —
- YTD 2026
- -1.7%
- Δ YoY
- —
Net income growth (YoY)
7.3%
—
7.3%
—
- H1 2025
- —
- YTD 2026
- 7.3%
- Δ YoY
- —
EPS growth (YoY)
7.5%
—
7.5%
—
- H1 2025
- —
- YTD 2026
- 7.5%
- Δ YoY
- —
EBITDA margin Δ (YoY)
-1.7 pp
—
-1.7 pp
—
- H1 2025
- —
- YTD 2026
- -1.7 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
-2.2 pp
—
-2.2 pp
—
- H1 2025
- —
- YTD 2026
- -2.2 pp
- Δ YoY
- —
Market cap
2,871
—
2,871
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Enterprise value
2,685.5
—
2,685.5
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
P/BV
6.24x
—
6.24x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —