GPP GPW mWIG40 Periodic report · PAP Biznes
Grupa Pracuj SA (GPP) · Q2 2026 results and valuation
Share price: 52.50 zł · 2026-11-10
Grupa Pracuj SA operates a recruitment website that provides job advertisements, career advice, and salary reports. The platform serves job seekers and recruiters in the Polish market. Source: Wikipedia
Results Q2 2026 vs Q2 2025 · year over year · published 25 Aug 2026 and 26 Aug 2025
Net income up 20.2% year on year. The language turned more upbeat.
1 · Numbers
+20.2%
Net income vs Q2 2025
Net income 67.0M vs 55.7M
Revenue +5.7%
Why The Group reported a consolidated net profit of 130.8 million PLN in the first half of 2026, a 7.3% increase over the previous year due to higher revenues in Poland and Ukraine.
2 · How the report reads
More upbeat
Language tone vs last period
Report language: very upbeat for a company report — more upbeat than in Q2 2025.
Weak signal: formal report language, not a call.
3 · What stood out
Grupa Pracuj SA aims to achieve an adjusted EBITDA of at least 560 million PLN by 2030.
Valuation
Is Grupa Pracuj SA undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 10.1% growth a year (3-year revenue growth), the model's fair value is 93.70 zł a share — the stock trades 44% below it. Today's price assumes 2.0% growth a year.
Current price
52.50 zł
close of 2026-11-10
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+2.0% for 10 yrs
Fair value / share
93.70 zł
Buy below
70.27 zł
Price vs fair value
Undervalued 44%
Price vs buy-below price
Undervalued 25%
Read between the lines
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Figure
The company plans regular dividend payments of at least 50% of net profit, though this policy may change temporarily during the implementation of larger investments.
Source quote
“The Company plans regular dividend payments at a level of no less than 50% of net profit, whereby this policy may be temporarily changed in the case of implementing larger investments.”
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Figure
Employee benefit costs increased by 14.3% primarily due to higher costs of share-based incentive programs.
Source quote
“the 14.3% increase in employee benefits costs is mainly due to the higher cost of equity-based incentive programs.”
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Figure
The company aims to achieve an adjusted EBITDA of at least 560 million PLN by 2030.
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Figure
ERecruiter monthly recurring revenue reached 4,675 thousand PLN, increasing by 9.8% year-over-year.
Source quote
“eRecruiter's monthly recurring revenue amounted to 4,675 thousand PLN and increased by 9.8% y/y.”
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Figure
Revenue grew by 7.0% year-over-year to 281.0 million PLN in the first half of 2026.
3 more
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Figure
Following the acquisition price allocation of Ukrainian companies on May 13, 2025, a firm value of 21,959 thousand PLN was assigned to the company Work Ukraine TOV.
Source quote
“As a result of the allocation of the acquisition price of the Ukrainian companies dated May 13, 2025, an enterprise value of 21,959 thousand PLN was assigned to the company Work Ukraine TOV.”
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Figure
The average price of a paid recruitment project rose by 45.2% year-over-year to 1,692 UAH in the first half of 2026.
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Key theme
Growth resulted from more recruitment projects, higher average prices on Pracuj.pl and Robota.ua, and a systematic increase in eRecruiter and softgarden SaaS subscriptions.
Source quote
“This growth resulted primarily from an increase in the number of recruitment projects and the increase in the average price of recruitment projects on the Pracuj.pl portal, the increase in the average price of recruitment projects on the Robota.ua portal, as well as the steady growth in the number of subscriptions to the eRecruiter and softgarden systems operating on a SaaS model.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q2 2025.
Very upbeat for a company report — more upbeat than in Q2 2025. Periodic reports carry legally required risk wording, so their tone moves little and is a weak signal.
Sentences that drove the tone
“Inflation in June 2026 fell to 7.2% y/y from 8.2% in May, while on a monthly basis, prices fell by 0.1%.”
“At the same time, core inflation, excluding food and energy prices, rose to 8.1%, and service prices increased by 13.7% y/y, reflecting ongoing cost pressures related to energy and fuel prices...”
“Its goal is to focus product development on a single platform, increase service efficiency, and provide customers with access to a wider range of functionalities.”
Full figures
PLN · PAP Biznes report (2026-08-25)
| Metric | Q2 2026 | Q2 2025 | Change |
|---|---|---|---|
| Revenue | 216.1M | 204.4M | +5.7% |
| Operating income | 82.8M | 81.6M | +1.5% |
| Net income | 67.0M | 55.7M | +20.2% |
| EPS | 0.95 | 0.80 | +18.7% |
| P/E today 15.1 | 15.9 | 23.1 | −7.2 |
Topics
Topics are drawn from the full report text, not management commentary.
Most discussed now
- The increase in the value of current assets by 161.8 million PLN compared to the status as of December 31, 2025, resulted primarily from an…
Faded since Q2 2025
- Fading The Company committed to acquiring an additional 19.5% of the shares in Kadromierz sp.
- Fading The growth in revenue from the sale of services in the SaaS model from the sale of subscriptions resulted, among other things, from an…
- Fading The Management Board analyzes risks primarily in the context of the challenges facing the organization, and such an approach enables the…
- Fading The transaction does not result in a change of control in Work.ua (despite the indirect increase in shares).
Latest announcements
Official filings, newest first. Summaries are generated from each filing and its attachment; every figure is checked against the source.
- Częściowe rozwiązanie umowy wykonania usługi atestacji sprawozdawczości zrównoważonego rozwoju · ESPI 14/2026
- Half-year report · ESPI periodic · routine
- Zmiana terminu publikacji raportu okresowego za I półrocze 2026 r. · ESPI 13/2026
- Wykaz akcjonariuszy posiadających co najmniej 5% liczby głosów na Zwyczajnym Walnym Zgromadzeniu w dniu 17 czerwca 2026 r. · ESPI 12/2026 · routine
- Podjęcie uchwały w sprawie powołania członka Rady Nadzorczej Spółki · ESPI 11/2026
The General Meeting adopted a resolution to appoint Grzegorz Andrzej Róg as a member of the Management Board from August 1, 2026.
- Podjęcie przez Zwyczajne Walne Zgromadzenie w dniu 17 czerwca 2026 r. uchwały w sprawie wypłaty dywidendy · ESPI 10/2026 · routine
- Treść uchwał podjętych przez Zwyczajne Walne Zgromadzenie w dniu 17 czerwca 2026 r. · ESPI 9/2026 · routine
- Otrzymanie zawiadomienia o odwołaniu i powołaniu członka Rady Nadzorczej od TCV Luxco Perogie S.. r.l. · ESPI 8/2026
John Doran was dismissed as a Member of the Supervisory Board on May 31, 2026, and Muz Ashraf was appointed to the position on June 1, 2026.