Slides
Page 1
Grupa Pracuj S.A. Leading HR technology platform in Europe Presentation of results for Q2 2026
Page 2
Our vision To become Europe’s leading HR technology platform Job Classifieds HR Software Proven, highly profitable and scalable revenue streams. Strong market position with continuous demand. Recurring revenue & high customer retention. Less cyclical, providing stability in volatile markets. Scalable SaaS business model. Two strong pillars for sustainable growth
Page 3
Grupa Pracuj – Investment thesis at a glance Market leader. Best-in-class margins. Accelerating growth Market leadership – three geographies Pracuj.pl #1 in Poland; Robota.ua and Work.ua are clear co-leaders in Ukraine; eRecruiter #1 ATS in Poland; softgarden top-tier DACH SME — two-sided network effects compounding across all markets Proven pricing power Pracuj.pl avg. Price +4.6% y/y; Robota.ua +41% y/y in UAH — pricing headroom confirmed across markets by price-to-wage ratio: UA ~0.06, ~PL 0.11, ~DE 0.22 Best-in-class profitability 47,6% adj. EBITDA margin in Q2 2026 (+2.7 p.p. y/y) with cash conversion consistently at approx. 90%; PLN 3.00 dividend paid from 2025 profit (+43% y/y) AI-powered business mix Blue & Pink Collars share growing from 31% towards 38% by 2027 — expanding addressable market into AI-resilient segments; Job Classifieds revenue/FTE +25% target on track Improved near-term outlook: low double-digit growth in Job Classifieds revenue Pricing momentum sustained in Poland and Ukraine; HR Software MRR +7% y/y GP 2030 Strategy on track: PLN 400m+ adj. EBITDA 2027 target achievable with PLN 103m adj. EBITDA in Q2 2026
Page 4
Presentation of results for Q2 2026
Page 5
Q2 2026 Highlights 10% y/y revenue growth in high-margin Job Classifieds PLN 216m revenue from contracts with customers +6% y/y PLN 103m adjusted EBITDA +12% y/y 48% adjusted EBITDA margin PLN 67m net profit +20% y/y Revenue growth regained momentum, supported by 10% y/y growth in high-margin job classifieds, where pricing momentum was reinforced by volume recovery in Poland. Record-high adjusted EBITDA reflected operating leverage, disciplined cost management and cost-efficient AI deployment. Strong 48% adjusted EBITDA margin confirms scalability of the model, with revenue growth translating efficiently into profitability. Net profit growth by 20% y/y supported by net finance income.
Page 6
145 158 38 36 16 18 198 212 Q2 2025 Q2 2026 High-margin Job Classifieds driving revenue rebound Revenue split by business 75% 25% Job Classifieds HR Software HR Software includes eRecruiter, HRlink, Kadromierz and softgarden revenue from subscriptions (SaaS) and softgarden revenue from multiposting which is recognised in full on a net basis (i.e. less the cost of job offers sold). - Total Group (net) 212198 +7% Revenue split by geography - Germany - Ukraine - Poland Group net revenue (excl. costs of job offers sold) increased by 7% y/y to PLN 212m. Poland revenue growth accelerated to 9% y/y, driven by price growth (+4.6%) and volume recovery (+5.5%) in Job Classifieds, with continued support from HR Software. Ukraine revenue grew by 19% y/y, reflecting resilient demand and pricing catch-up versus Western Europe (+41% y/y in UAH). Germany remained pressured by weak macro, with net revenue down 4% y/y as lower multiposting activity weighed on revenue and profitability, while MRR continued to grow modestly at +4% y/y in EUR. Net of costs of job offers sold; PLN million
Page 7
Selected financial results (PLN ’000) H1 2026 H1 2025 Change y/y 2Q 2026 2Q 2025 Change y/y Revenue from contracts with customers 425 510 409 396 3.9% 216 149 204 509 5.7% Costs of job offers sold (1) (8 679) (14 135) (38.6%) (3 924) (6 227) (37.0%) Revenue from contracts with customers (net) 416 831 395 261 5.5% 212 225 198 282 7.0% Operating expenses (excl. cost of job offers sold): (254 290) (229 858) 10.6% (129 435) (116 823) 10.8% Depreciation (22 878) (19 883) 15.1% (12 083) (10 092) 19.7% Employee benefits (excl. share-based payments costs) (143 496) (135 909) 5.6% (70 455) (68 428) 3.0% Share-based payments costs (non-cash) (14 846) (2 624) 465.8% (8 044) 0 n/a Marketing expenses (33 081) (29 074) 13.8% (17 415) (16 346) 6.5% IT services expense (16 594) (13 354) 24.3% (8 964) (6 730) 33.2% Other external services (17 972) (23 111) (22.2%) (9 170) (12 190) (24.8%) Other operating income / (costs) (5 423) (5 903) (8.1%) (3 304) (3 037) 8.8% Operating profit 162 541 165 403 (1.7%) 82 790 81 459 1.6% Adjusted EBITDA (2) 200 737 188 610 6.4% 102 917 91 892 12.0% Net finance income / (costs) (8 845) (18 164) (51.3%) 42 (14 200) n/a Share of profit of equity-accounted investees 14 087 10 434 35,0% 3 466 4 450 (22.1%) Profit before tax 167 783 157 673 6,4% 86 298 71 709 20.3% Income tax (36 960) (35 783) 3.3% (19 340) (16 069) 20.4% Net profit 130 823 121 890 7.3% 66 958 55 640 20.3% H1 consolidated financial results (1) Costs of acquisition of recruitment postings by softgarden for resale via the multiposting service (2) Adjusted EBITDA is defined as operating profit adjusted for depreciation, share-based payment costs and acquisition-related expenses Revenue growth accelerated through the half - net revenue up 5% y/y in H1 and 7% in Q2, on stronger monetisation, recovering volume dynamics and a wider client base Operating profit before share-based payments up 6% y/y to PLN 177m. Reported operating profit was 2% lower, entirely on PLN 14.8m of non-cash share-based payment costs versus PLN 2.6m a year earlier Cost discipline held: employee benefits up proportionally to net revenue growth, other external services down 22% y/y IT services expense up 24% from a low base - targeted investment in core systems, cloud infrastructure and AI tools Net finance income due to a lower negative impact of fair value remeasurement of unlisted shares Work.ua contributed PLN 14.1m, up 35% y/y. The Q2 contribution of PLN 3.5m was 22% lower, reflecting increased investment in marketing
Page 8
(PLN ’000) H1 2026 H1 2025 Change Q2 2026 Q2 2025 Change Adjusted EBITDA (1) 200 736 188 611 6.4% 102 916 91 892 12.0% Poland 175 955 158 647 10.9% 89 179 78 510 13.6% Ukraine 11 119 8 579 29.6% 5 447 3 627 50.2% Germany 13 664 21 384 (36.1%) 8 291 9 754 (15.0%) Adj. EBITDA margin 47.2% 46.1% 1.1 p.p. 47.6% 44.9% 2.7 p.p. Poland 56.9% 54.7% 2.2 p.p. 56.5% 54.1% 2.4 p.p. Ukraine 31.8% 28.8% 3.0 p.p. 29.5% 23.3% 6.2 p.p. Germany 16.8% 23.8% (7.0) p.p. 20.9% 22.3% (1.4) p.p. Adjusted EBITDA High-margin model with strong cash conversion Adjusted EBITDA is defined as operating profit adjusted for depreciation, share-based payment costs and acquisition-related expenses. Operating leverage and disciplined capex support the path to PLN 400m+ adjusted EBITDA in 2027 Adjusted EBITDA of PLN 201m in H1, up 6.4% y/y, at a 47.2% margin (+1.1 p.p.), with a record-high PLN 103m in Q2. Operating leverage strengthened through the first half of the year. Poland remained the Group’s profit engine: adj. EBITDA +11% y/y, with margin up 2.2 p.p. to 56.9%, driven by volume recovery, pricing and operating leverage. Ukraine delivered the fastest growth: adj. EBITDA up 30% y/y at 31.8% margin, - pricing-led monetisation and cost discipline more than offset lower paid volumes. Germany delivered PLN 14m adjusted EBITDA in H1, below last year due to lower multiposting activity. Margin improved to 20.9% in Q2 from 12.9% in Q1, narrowing the y/y gap to 1.4 p.p.
Page 9
Disciplined capital allocation Balancing growth investments and shareholder returns Cash conversion durably at ~90% - the nearly 1:1 conversion of adj. EBITDA into cash through the cycle, funding growth and shareholder returns CAPEX at 4% of revenue – AI transformation led without raise in capital intensity thanks to strong in-house capabilities Record dividend of PLN 3.00 per share paid on 2 July - an 85% payout ratio No Fluff Jobs acquired in July - selective bolt-on M&A at disciplined valuation Net cash as of 30 June is stated before both July outflows, which together are broadly covered by one half year of operating cash flow (PLN ’000) H1 2026 Net operating cash flow 194 177 CAPEX (17 665) Cash as of 30.06.2026 341 018 Debt (bank loan) as of 30.06.2026 111 309 Net cash as of 30.06.2026 229 709 Dividends paid (July 2026) (206 688) Acquisitions (July 2026) (10 387) Capital allocationCash conversion % - AFCF = Adjusted EBITDA – CAPEX (PLN million) - Cash conversion (%) 172 183 82 93 H1 2025 H1 2026 Q2 2025 Q2 2026 91% 89%91% 90% Cash conversion ratio for the given period defined as the ratio of the difference between adjusted EBITDA and CAPEX (cash outflows for acquisition of tangible non-current assets and intangible assets) to adjusted EBITDA .
Page 10
Q2 2026 – Business Summary Years of focus and innovation, now driving market outperformance
Page 11
Job Classifieds
Page 12
Job Classifieds drivers of sustainable leadership Steadily growing number of recruitment projects Innovative pricing strategies Operational efficiency Leading two-sided jobs marketplace platforms in PL and UA Extracting value from different market segments Well-established economic engine
Page 13
5.5% y/y volume growth in Q2 with rebound across all key segments: Blue Collars along with IT as main growth drivers Strong pricing momentum (+4.6% y/y): tangible effect of AI-powered dynamic pricing despite mix shift towards lower-priced Blue Collars Blue Collars monetization accelerated with average prices up by 12% y/y, showing further growth potential Scalable, cost-efficient eCommerce expansion drove 13% y/y revenue growth, supported by AI-powered dynamic pricing; the channel now serves 67% of Pracuj.pl clients Job Classifieds: Pracuj.pl business update Rebound powered by volume recovery and AI-driven pricing Pracuj.pl - No. of recruitment projects (’000) - avg. price of recruitment projects (PLN) 128 135 258 265 Q2 2025 Q2 2026 H1 2025 H1 2026 986943 990950
Page 14
Job Classifieds: IT jobs After the post-pandemic correction, IT hiring is recovering Sources: US data: Indeed Hiring Lab, July 2026; Q3 2026 outlook from Poland: ManpowerGroup Employment Outlook Survey As AI improves software-development productivity, demand may broaden rather than decline. AI is shifting IT hiring toward senior, high-value talent. +15% US software-dev job postings since the launch of agentic AI coding tools in February 2025 +28% Tech & IT services net employment outlook for Q3’26 in Poland – the strongest sector reading +19% IT offers growth y/y in H1 2026 in Pracuj.pl and theprotocol.it
Page 15
Job Classifieds: IT segment in Poland NFJ acquisition: reinforcement in senior IT segment Transaction value: PLN 10.4m 2025 financial results: PLN15.6m revenue PLN (0.4)m EBIT Full-funnel IT coverage: No Fluff Jobs is a responsiveness leader for senior roles among Polish job boards, Pracuj.pl and the:protocol.it lead among mid and junior candidates - reinforcing the flywheel as the market rebounds. Based on external research commissioned by Grupa Pracuj S.A. 19k Recruitment projects in H1 2026 58% Senior-level share in IT job offers
Page 16
Job Classifieds: Robota.ua business update Pricing power supporting revenue and margin growth 143 132 281 256 208 212 403 404 Q2 2025 Q2 2026 H1 2025 H1 2026 Robota.ua - No. of paid recruitment projects (’000) - No. of unpaid recruitment projects (’000) - avg. price of paid recruitment projects (UAH) 1 165 1 692 1 209 1 702 Average price increased by 41% y/y, more than offsetting lower paid recruitment project volumes Revenue grew 29% y/y in UAH and 19% y/y in PLN, confirming pricing-led monetisation and resilience of the Ukrainian online recruitment market. and healthy growth quality, reflected in margin improvement Lower volumes of paid projects reflected pricing elasticity, while Robota.ua maintained its #1 position in Ukraine by number of job ads and active CV database eCommerce expanded market reach, building a larger freemium client base with future conversion and monetisation potential AI Assistant and AI verification improved scalability, automating first-line employer support and 30% of customer registrations
Page 17
HR Software
Page 18
Growing number of clients Sustainable growth of MRR SaaS scalability Driving customer acquisition at scale Sustaining profitable revenue growth Balancing growth & profitability Organic growth drivers in HR software
Page 19
HR Software: eRecruiter business update Scaling MRR while deepening client stickiness Active customers increased by 13% y/y to 2,411, supported by HRlink migration and continued SME acquisition MRR grew 10% y/y to PLN 4.7m, reflecting customer base expansion, low churn and growing expansion MRR Low-entry SME offer expands the addressable market, with strong upsell potential as client engagement matures Building moat through deeper platform stickiness, supported by module adoption, AI-enabled features, growing HR Workflows usage (43% of clients) and ecosystem integrations (18% of clients) 4 258 4 675 2137 2411 Q2 2025 Q2 2026 2 411 eRecruiter - MRR (PLN ’000) - No. of customers (EoP) 2 137
Page 20
HR Software: softgarden business update Recurring SaaS growth despite German macro pressure MRR increased to PLN 8.5m, up 5% y/y, while customer base expanded to 1,897 clients, demonstrating resilience of the recurring SaaS layer Growth was driven mainly by monetisation of the existing client base, with churn remaining low despite the challenging German labour market German macro remains the key headwind, with weak business climate and subdued hiring appetite limiting recruitment activity Higher, 77% SaaS share strengthens revenue quality, improving predictability and reducing dependence on lower-visibility multiposting activity 8 143 8 530 1868 1897 Q2 2025 Q2 2026 softgarden 1 897 - MRR (PLN '000) - No. of customers (EoP) 1 868
Page 21
Turning AI into a growth engine Tangible outcomes of Pracuj.pl AI transformation
Page 22
Turning AI into a growth engine AI-powered job discovery driving record candidate engagement AI Search ModeBETA moves job discovery from keywords to natural language, making the candidate journey more intuitive AI CV Creator and Candidate Fit Score help candidates apply faster and with more confidence AI Q&A answers candidates' pre-application questions, delivering clear value for both candidates and employers +1.5m CVs annually
Page 23
Turning AI into a growth engine AI AssistantBETA scaling eCommerce growth New AI job-ad creator – faster publication and higher-quality listings 32% of eCommerce job ads priced with AI support, automating non-standard cases and improving scalability AI fraud detection – over 4,000 listings with violations or fraud attempts flagged with AI support in H1 2026 Support AI Call Agent: 1 month pilot run beyond working hours resulted in acquisition of 63 new customers
Page 24
Turning AI into a growth engine eRecruiter AI tools boosting recruiter’s efficiency AI-generated job-ad content and interview questions tailored to the recruitment context and the candidate’s CV AI Recruiter Assistant - automated CV summaries with candidate strengths and areas to verify against job requirements as well as AI-generated personalised candidate feedback Smart candidate searchBETA – recruiters describe the role in natural language and receive candidates ranked by relevance, each with an AI-generated rationale AI Insights in reports – automated data analysis data with recommended actions for recruiters AI now spans every key stage of recruitment, from job ad to candidate communication – deepening module adoption across the client base.
Page 25
In-house capabilities accelerate deployment and protect proprietary know-how R&D initiatives to diversify AI tools and ensure flexibility including variety of LLM providers and SLM internal capabilities Every initiative is tied to a measurable KPI: revenue, cost or candidate response rate Disciplined choices keep AI investment cost-efficient Turning AI into a growth engine Disciplined AI investment with measurable business impact AI strengthens our moats while driving core KPIs.
Page 26
Prospects for 2026+ Market and business outlook
Page 27
40 45 50 55 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun July 40 45 50 55 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun July Poland(1): Solid macro environment Growing industrial production (+7.6% y/y in June 2026) and retail sales (+6.2% y/y) Low unemployment (3.1% in June 2026, acc. to Eurostat) and stable employment level EU funds (KPO) and defense spending support outlook Germany(2): Caution and Middle East conflict pressure ifo recovering since April, but still below the January level; hiring caution persists Stable, relatively low unemployment rate (3,9% in June 2026, acc. to Eurostat); GDP growth forecast for 2026 cut from 1% to 0.5% Ukraine(3): Resilience despite ongoing war Relatively resilient economy (GDP + 0.8% y/y in Q2 2026) despite the ongoing war GDP growth forecast for 2026 returned to 1.8% - Q3 and Q4 are expected to see growth of 2.1% and 4.2% y/y respectively. Sources: (1) GUS, ING, mBank Research, S&P Global, Eurostat (2) Destatis;, ifo Institute, zew.de, Euronews, Eurostat (3) Ukrstat, NBU, Interfax-Ukraine Germany - ifo Business Climate Index Ukraine Business Activity Expectations Index Poland - Manufacturing PMI Market environment: Poland, Germany and Ukraine Resilient Ukraine and Polish-German dichotomy 82 84 86 88 90 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun July
Page 28
Low double-digit revenue growth Growth driven by price optimization across categories White, Pink and Blue Collars mix shift Mid single-digit MRR growth in the HR Software reflecting ongoing softness in the German economy Expectations for the upcoming quarters Maintaining 45% FY adjusted EBITDA margin at Group levelin the Job Classifieds Growth accelerated by Job Classifieds
Page 29
Disclaimer This presentation is provided for informational purposes only and does not constitute an offer, invitation, investment advice or recommendation regarding securities of Grupa Pracuj S.A. The information contained in this presentation is current as of the date of its publication. The Company is under no obligation to amend or update this presentation in connection with events occurring after such date, unless required by applicable law. This presentation contains forward-looking statements based on current expectations and assumptions, which are subject to risks and uncertainties. The Company emphasizes that such forward-looking statements shall not be regarded as guarantees of future results of the Company or the Group. The Company is under no obligation to update or correct such statements. In addition, this presentation also includes alternative performance measures, such as adjusted EBITDA, not defined by IFRS, as well as unaudited operational data and management estimates, provided for illustrative purposes only. Although this presentation has been prepared with due care, the Company makes no representations as to the accuracy or completeness of the information contained herein. Investors should make their own independent assessment of the Company and its securities. The Company shall not be liable for any decisions or actions taken on the basis of this presentation. This presentation should be read together with the Company's current and periodic reports published via the ESPI system in fulfillment of its disclosure obligations under applicable law. Such reports constitute the primary source of information regarding the Company's and the Group's financial results, material events and indicators.