VRC GPW mWIG40 Periodic report · PAP Biznes
Vercom SA (VRC) · H1 2026 results and valuation
Share price: 119.00 zł · 2026-11-10
Vercom SA provides SaaS communication services that integrate multiple channels, including SMS, email, push, and voice, to automate business processes in sales, marketing, and customer service. The company's tools are used by businesses and private entities to manage transactional and marketing communications. Sources: Half-year report (2026-09-02) · Wikipedia
Results H1 2026 vs H1 2025 · year over year · published 2 Sep 2026 and 2 Sep 2025
Net income up 13.0% year on year. The language turned more cautious.
1 · Numbers
+13.0%
Net income vs H1 2025
Net income 51.4M vs 45.5M
Revenue +13.8%
Why Net income rose due to operating leverage and lower financing costs.
2 · How the report reads
More cautious
Language tone vs last period
Report language: upbeat for a company report — more cautious than in H1 2025.
Weak signal: formal report language, not a call.
3 · What stood out
Vercom paid shareholders over 60 million PLN in dividends on June 16, 2026.
Valuation
Is Vercom 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 20.0% growth a year (3-year revenue growth), the model's fair value is 217.58 zł a share — the stock trades 45% below it. Today's price assumes 11.7% growth a year.
Current price
119.00 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.
+11.7% for 10 yrs
Fair value / share
217.58 zł
Buy below
163.19 zł
Price vs fair value
Undervalued 45%
Price vs buy-below price
Undervalued 27%
Read between the lines
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Figure
Revenue is expected to increase by approximately $0.5 million USD in Q3 and $1.2 million USD after the implementation is completed.
Source quote
“As a result, the expected revenue growth is approx. +0.5 million USD in Q3 and approx. +1.2 million USD after the completion of the implementation.”
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Figure
Gross margin rose 18% year-over-year to 73 million PLN, adjusted EBITDA rose 18% to nearly 39 million PLN, and net profit increased 20% to 27.2 million PLN.
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Figure
Net profit reached 27.2 million PLN in Q2 2026, which is a 20% increase compared to the same period in the previous year.
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Figure
Revenue from communication platforms from any single client did not exceed 10% of total Group revenue in both the current and comparative periods.
Source quote
“During the period covered by these condensed interim consolidated financial statements and in the comparative period, revenue from communication platforms from any single client did not exceed 10% of the Group's total revenue.”
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Figure
Vercom paid out over 60 million PLN in dividends to shareholders on June 16, 2026, following a General Meeting resolution.
Source quote
“On June 16, 2026, in accordance with the GMS resolution, Vercom paid shareholders over 60 million PLN in the form of a dividend.”
1 more
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Figure
The number of clients increased by 9.2 thousand entities in Q2 2026, which is nearly three times the historical average.
Source quote
“In Q2 2026 alone, the number of clients increased by 9.2 thousand entities, nearly three times the historical average.”
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: H1 2026. Ring: H1 2025.
Upbeat for a company report — more cautious than in H1 2025. Periodic reports carry legally required risk wording, so their tone moves little and is a weak signal.
Sentences that drove the tone
“The period for offsetting a tax loss is 5 years starting from the year following the year in which the tax loss was incurred.”
“In accordance with the amended IAS 7, the starting point in the cash flow statement prepared using the indirect method will be the profit from operating activities, replacing the net profit previously used in the Company's calculation.”
Full figures
PLN · PAP Biznes report (2026-09-02), consolidated statement; H1 vs the same period a year earlier (restated); net income to parent shareholders
| Metric | H1 2026 | H1 2025 | Change |
|---|---|---|---|
| Revenue | 255.8M | 224.8M | +13.8% |
| Gross profit | 142.4M | 120.1M | +18.5% |
| Operating income | 63.4M | 53.8M | +17.8% |
| Net income | 51.4M | 45.5M | +13.0% |
| EPS | 2.32 | 2.03 | +14.3% |
| P/E today 26.8 | 27.9 | 35.2 | −7.3 |
Topics
Topics are drawn from the full report text, not management commentary.
Most discussed now
- The Company includes primarily employee salary costs and subcontractor services supporting activities in the sales and marketing area in…
- The Company allocates primarily employee salaries and costs of subcontractors involved in service maintenance, including programmers, to…
- During the period covered by these condensed interim financial statements, the Company made the following investments in intangible assets…
- The rules for booking financial assets and liabilities have been standardized, with a particular focus on electronic payments.
- The project involves creating a modern platform with an intuitive graphical interface and an advanced automation engine, enabling the…
Faded since H1 2025
- Fading Below is a comparison of the carrying amount of assets and financial liabilities with their fair value (the statement includes all assets…
- Fading Financial income from dividends consists of: - dividends received from domestic subsidiaries in the amount of 5,220 thousand.
- Fading The Management Board of the Parent Entity evaluates the Group's activities and makes decisions regarding the allocation of its resources…
- Fading The increasing share of high-margin services influenced by currency exchange rates, combined with the decline in low-margin traffic sales…
Latest announcements
Official filings, newest first. Summaries are generated from each filing and its attachment; every figure is checked against the source.
- Rejestracja zmian statutu Spółki · ESPI 18/2026 · routine
- Half-year report · ESPI periodic · routine
- Zawiadomienie akcjonariuszy o zmianie stanu posiadania akcji · ESPI 17/2026
Shareholders of Vercom S.A. entered into a corporate governance agreement involving shareholdings of cyber_Folks S.A. (31.14%), Patrimonium Fundacja Rodzinna (5.48%), Adam Lewkowicz (0.26%), and Cone Fundacja Rodzinna.
- Zawiadomienie o transakcjach nabycia w trybie art. 19 MAR · ESPI 16/2026
Entities closely related to Vercom S.A. management purchased 252,526 shares at a price of 118.8 PLN each.
- Zawiadomienie o transakcjach nabycia w trybie art. 19 MAR · ESPI 15/2026
Nimbus Fundacja Rodzinna, an entity closely related to a Member of the Supervisory Board, acquired 8500 shares at an average price of 123.67 PLN and 1978 shares at 120.46 PLN.
- Zawiadomienie akcjonariusza o zmianie stanu posiadania akcji Spółki · ESPI 14/2026
Cyber_Folks S.A. sold 4,340,305 shares of Vercom S.A., reducing its share in the share capital from 49.53% to 30%.
- Powiadomienie o transakcji w trybie art. 19 MAR · ESPI 13/2026
Cyber_Folks S.A., an entity closely related to the Chairman of the Supervisory Board, sold 4,340,305 shares of Vercom S.A. at a price of 120 PLN.
- Powiadomienie o transakcji w trybie art. 19 MAR · ESPI 12/2026
A pledge was released on 4,340,305 shares of Vercom S.A. held by cyber_Folks S.A., an entity closely related to the Chairman of the Supervisory Board.