Grupa Pracuj S.A.
Company Overview
Grupa Pracuj S.A. is a leading European HR technology company operating online recruitment marketplaces and SaaS HR software. Its portfolio includes Pracuj.pl and the:protocol in Poland, Robota.ua in Ukraine, and HR software solutions such as eRecruiter, HRlink, softgarden, absence.io and Kadromierz. The Group helps employers recruit, manage and develop employees while supporting job seekers through digital platforms and AI-enabled HR solutions.
Business Segments
- Poland: Pracuj.pl, the:protocol, eRecruiter, HRlink and Kadromierz
- Ukraine: Robota.ua recruitment marketplace and related HR services
- Germany (DACH): softgarden and absence.io SaaS HR software
Key Drivers
- Growth in recruitment project volumes and active employer customers
- Expansion of recurring SaaS HR software revenue
- Cross-selling recruitment and HR software solutions
- Growth of e-commerce and self-service sales channels
- AI-powered recruitment, matching and workflow automation
- Expansion into post-hire HR software solutions
Key Risks
- Lower recruitment activity caused by weaker labor market conditions
- Geopolitical risk related to operations in Ukraine
- Competition from global recruitment platforms and HR software providers
- Execution risk in scaling the HR Software segment and acquisitions
- Cybersecurity and data privacy risks
- Currency exposure to EUR and UAH
- Regulatory changes affecting labor markets and digital services
What to Watch
- Revenue growth across Poland, Ukraine and HR Software
- Number of active employer customers and recruitment projects
- Growth in recurring SaaS revenue and customer retention
- Adjusted EBITDA margin and operating leverage
- AI product adoption across recruitment and HR software
- Integration and growth of Kadromierz
- Progress toward the Strategy 2030 revenue target
Foundational Analysis
Business Model
Grupa Pracuj combines online recruitment marketplaces with recurring SaaS HR software. Recruitment platforms generate revenue from employers purchasing recruitment projects, subscriptions, employer branding and additional recruitment services, while HR software products generate recurring subscription revenue. The Group increasingly focuses on AI-enabled HR automation, cross-selling and expanding into post-hire workforce management.
Competitive Positioning
Grupa Pracuj is the market leader in Polish online recruitment through Pracuj.pl, operates one of Ukraine's leading recruitment platforms through Robota.ua, and has built a growing European HR software business through eRecruiter, softgarden, absence.io and Kadromierz. Its competitive advantages include strong brand recognition, a large employer base, leading ATS products, integrated HR software and long-standing customer relationships.
Economics & Capital Allocation
The Group generated PLN 811.2m revenue in FY2025, up 5.4% year over year, while operating profit increased to PLN 309.3m and net profit attributable to shareholders reached PLN 238.7m. Q1 2026 revenue reached PLN 209.4m, implying LTM revenue of approximately PLN 835m. The business benefits from high operating margins, strong cash generation and a growing share of recurring SaaS revenue.
Capital allocation focuses on organic product development, AI capabilities and selective acquisitions expanding the HR software ecosystem. Recent investments include the acquisition of Kadromierz and increasing ownership in Ukrainian operations. The Group maintains conservative leverage while funding investments primarily from internally generated cash flow.
Long-term Risks
Long-term risks include structural weakness in hiring activity, increased competition from global HR technology platforms and AI-native recruiting tools, slower-than-expected SaaS adoption, integration risks from acquisitions, geopolitical uncertainty in Ukraine and regulatory changes affecting employment, data protection and digital services.
What Would Break the Thesis
- Persistent decline in recruitment demand across core markets
- Meaningful slowdown in SaaS revenue growth and customer retention
- Loss of market leadership in Poland due to stronger competitors
- Failure to execute Strategy 2030 and expand the HR Software business
- Material deterioration of the Ukrainian business due to geopolitical events
- AI-driven disruption reducing the value proposition of existing recruitment products
Contracts Intelligence
No contract data available for this company.
View News InsteadFinancial Performance
Quarterly Data
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| Metric | 2023Q2 | 2023Q3 | 2023Q4 | 2024Q1 | 2024Q2 | 2024Q3 | 2024Q4 | 2025Q1 | 2025Q2 | 2025Q3 | 2025Q4 | 2026Q1 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement Revenue (Quarterly) | 184.3M | 181.2M | 173.5M | 196.0M | 193.6M | 193.0M | 187.5M | 204.9M | 204.4M | 205.0M | 197.0M | 209.4M |
| Income Statement Gross Profit (Quarterly) | 171.6M | 170.6M | 169.9M | 186.7M | 185.1M | 186.4M | 180.7M | 196.9M | 198.2M | 196.7M | 193.1M | 204.6M |
| Income Statement EBITDA (Quarterly) | 87.0M | 80.7M | 66.6M | 83.6M | 86.5M | 89.8M | 72.7M | 93.7M | 91.5M | 92.9M | 71.6M | 90.5M |
| Income Statement EBIT (Quarterly) | 75.3M | 72.0M | 58.1M | 75.2M | 78.1M | 81.3M | 62.4M | 84.0M | 81.6M | 82.9M | 60.9M | 79.8M |
| Income Statement Net Income (Quarterly) | 57.1M | 50.3M | 27.6M | 59.7M | 42.7M | 61.9M | 44.5M | 66.3M | 55.7M | 65.6M | 55.3M | 63.9M |
| Costs Selling & Distribution Costs | 8.1M | 11.1M | 20.6M | 18.7M | 11.9M | 12.6M | 15.2M | 12.7M | 16.3M | 14.0M | 18.9M | 15.7M |
| Costs Administrative Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Costs Administrative Expenses (LTM) | - | - | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash Flow Operating Cash Flow | 63.3M | 90.0M | 59.4M | 93.1M | 56.5M | 66.8M | 71.4M | 103.6M | 74.1M | 74.5M | 71.3M | 113.8M |
| Cash Flow Capital Expenditure | -4.5M | -6.8M | -4.7M | -5.5M | -6.4M | -6.8M | -5.8M | -7.0M | -10.1M | -2.7M | -9.0M | -8.0M |
| Cash Flow Free Cash Flow | 58.8M | 83.2M | 54.7M | 87.7M | 50.1M | 60.0M | 65.6M | 96.6M | 64.0M | 71.8M | 62.3M | 105.8M |
| Cash Flow Depreciation & Amortization | 11.8M | 8.7M | 8.5M | 8.4M | 8.4M | 8.5M | 10.2M | 9.7M | 9.9M | 10.0M | 10.7M | 10.8M |
| LTM Metrics Revenue (LTM) | - | - | 724.4M | 735.0M | 744.3M | 756.1M | 770.0M | 778.9M | 789.7M | 801.7M | 811.2M | 815.7M |
| LTM Metrics EBITDA (LTM) | - | - | 316.2M | 318.0M | 317.4M | 326.5M | 332.6M | 342.7M | 347.6M | 350.7M | 349.6M | 346.5M |
| LTM Metrics Net Income (LTM) | - | - | 187.7M | 194.7M | 180.3M | 191.9M | 208.8M | 215.4M | 228.4M | 232.1M | 242.9M | 240.5M |
| LTM Metrics Net Profit Attributable (LTM) | - | - | 185.0M | 191.4M | 176.8M | 187.8M | 204.3M | 210.9M | 224.2M | 228.3M | 238.7M | 236.6M |
| LTM Metrics Operating Cash Flow (LTM) | - | - | 322.9M | 305.8M | 299.0M | 275.8M | 287.8M | 298.3M | 315.9M | 323.6M | 323.5M | 333.7M |
| Profitability Gross Margin | 93.1% | 94.2% | 97.9% | 95.2% | 95.6% | 96.6% | 96.4% | 96.1% | 97.0% | 96.0% | 98.0% | 97.7% |
| Profitability EBITDA Margin | 47.2% | 44.5% | 38.4% | 42.7% | 44.7% | 46.5% | 38.8% | 45.7% | 44.8% | 45.3% | 36.3% | 43.2% |
| Profitability EBIT Margin | 40.8% | 39.8% | 33.5% | 38.4% | 40.4% | 42.1% | 33.3% | 41.0% | 39.9% | 40.5% | 30.9% | 38.1% |
| Profitability Net Margin | 31.0% | 27.8% | 15.9% | 30.4% | 22.1% | 32.1% | 23.7% | 32.4% | 27.2% | 32.0% | 28.1% | 30.5% |
| Profitability ROIC | 23.7% | 29.8% | 33.1% | 33.8% | 34.6% | 34.8% | 33.1% | 34.9% | 35.3% | 34.6% | 31.2% | 30.6% |
| Profitability Cash Conversion | 111.0% | 179.0% | 216.0% | 156.0% | 132.0% | 108.0% | 160.0% | 156.0% | 133.0% | 114.0% | 129.0% | 178.0% |
| Balance Sheet Current Assets | 344.6M | 285.8M | 274.1M | 345.0M | 380.0M | 277.3M | 322.6M | 390.0M | 400.0M | 302.8M | 276.6M | 406.1M |
| Balance Sheet Current Liabilities | 517.7M | 421.2M | 380.0M | 425.4M | 547.2M | 394.5M | 395.5M | 426.6M | 561.6M | 408.0M | 367.4M | 418.1M |
| Balance Sheet Inventories | 14.7M | 7.4M | 1.9M | 1.5M | 2.7M | 2.4M | 7.2M | 1.8M | 2.8M | 2.2M | 3.0M | 1.5M |
| Balance Sheet Trade Receivables | 66.7M | 63.4M | 68.3M | 67.8M | 63.7M | 57.8M | 76.4M | 73.3M | 59.3M | 61.0M | 73.6M | 77.0M |
| Balance Sheet Trade Payables | 41.4M | 34.1M | 35.6M | 36.8M | 36.0M | 31.8M | 36.8M | 32.5M | 33.2M | 28.4M | 34.4M | 27.5M |
| Balance Sheet Total Equity | 292.9M | 370.3M | 363.2M | 419.1M | 327.1M | 390.3M | 431.4M | 480.3M | 401.7M | 474.4M | 517.8M | 591.3M |
| Balance Sheet Total Debt | 334.6M | 318.6M | 262.8M | 263.0M | 263.1M | 255.2M | 215.3M | 215.5M | 207.3M | 191.3M | 111.0M | 111.1M |
| Balance Sheet Cash & Equivalents | 219.4M | 174.6M | 163.8M | 227.0M | 269.3M | 176.3M | 194.3M | 270.4M | 303.3M | 208.1M | 171.2M | 272.6M |
| Balance Sheet Invested Capital | 408.1M | 514.3M | 462.3M | 455.1M | 321.0M | 469.1M | 452.4M | 425.5M | 305.6M | 457.6M | 457.6M | 429.8M |
| Balance Sheet Net Working Capital | 40.0M | 36.7M | 34.6M | 32.5M | 30.4M | 28.4M | 46.7M | 42.6M | 28.9M | 34.8M | 42.3M | 51.1M |
| Ratios Current Ratio | 0.67 | 0.68 | 0.72 | 0.81 | 0.69 | 0.70 | 0.82 | 0.91 | 0.71 | 0.74 | 0.75 | 0.97 |
| Ratios Net Working Capital to Revenue | 0.22 | 0.20 | 0.20 | 0.17 | 0.16 | 0.15 | 0.25 | 0.21 | 0.14 | 0.17 | 0.21 | 0.24 |
| Ratios Administrative Expenses as % of Revenue | - | - | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Ratios Days Inventory Outstanding (DIO) | 14 | 4.90 | 1.00 | 0.70 | 1.30 | 1.20 | 3.40 | 0.90 | 1.30 | 1.00 | 1.40 | 0.70 |
| Ratios Days Sales Outstanding (DSO) | 66 | 42 | 34 | 34 | 31 | 28 | 36 | 34 | 27 | 28 | 33 | 34 |
| Ratios Days Payables Outstanding (DPO) | 41 | 23 | 18 | 18 | 18 | 15 | 18 | 15 | 15 | 13 | 16 | 12 |
| Ratios Cash Conversion Cycle (days) | 40 | 24 | 17 | 16 | 15 | 14 | 22 | 20 | 13 | 16 | 19 | 23 |
Revenue (Quarterly) - Visual Analysis
Revenue (Quarterly) (PLN)
Growth Rates (QoQ% and YoY%)
Data Source: Financial data sourced from company filings and periodic reports. Values in PLN. Margins and ratios stored as decimals converted to percentages for display.
Recent News & Developments
No news articles available for this company yet.
2026 EPS Estimates
- Not provided in the PDFs
- The provided reports include historical FY2025 results, Strategy 2030 objectives and Q1 2026 financial performance, but do not contain management EPS forecasts or a forward valuation model
- Not provided in the PDFs
Note: EPS estimates are for informational purposes only and represent our analytical framework, not investment recommendations. These financial results estimates are based on stated assumptions and may change as new information becomes available.
Key Metrics
Company-specific performance indicators tailored to Grupa Pracuj S.A.'s business model.
Pracuj.pl Average Monthly Job Offers
Robota.ua Average Monthly Job Offers
Data Source: Key metrics are extracted from company disclosures, periodic reports, and management commentary.
Periodic Report Publication Calendar
No report publication schedule available yet for this company.