Grupa Pracuj’s consolidated revenue in the first quarter of 2026 reached PLN 209.4 million, up 2% year on year. Rising revenue from recruitment services translated into growth in Poland and Ukraine of 5% and 15%, respectively. Revenue also increased in the HR Software area, with monthly recurring revenue (MRR) growing by 9% year on year in both Poland’s eRecruiter and Germany’s softgarden. However, the results of the German segment remained affected by a weak macroeconomic environment, which led to a 20% decline in revenue from so-called multiposting — the automated publication of job advertisements across multiple job sites.
Grupa Pracuj’s adjusted EBITDA in the quarter reached PLN 97.8 million, up 1% year on year. The stable adjusted EBITDA margin, maintained at around 47%, confirms the resilience of the Group’s business model in a changing environment.
The Management Board also referred to the strategy announced a year ago, indicating that achieving the adjusted EBITDA target of at least PLN 400 million in 2027 remains within the Group’s reach, despite the impact of a more demanding environment on revenue levels.
“Exactly one year has passed since the announcement of Grupa Pracuj 2030 strategy. Despite market challenges, we are consistently implementing it by developing our two pillars of sustainable growth. In recruitment services, we are maintaining our leadership position in the Polish and Ukrainian markets. We are increasing Pracuj.pl’s market share in the Pink and Blue Collar segments and successfully developing the eCommerce channel and pricing models tailored to different segments. We are expanding our market reach and have built a record base of active clients — this creates leverage which, when the market rebounds, should strengthen its positive impact on our results. Our actions are compensating for moderate demand in the White Collar segment — the volume growth of 10% in this category by 2027 assumed in the strategy now appears to be a major challenge. In HR Software, we are growing organically, both in terms of the number of clients and revenue from subscription-based solutions. Selective acquisitions are an important element of our strategy. However, the decline in stock market valuations of SaaS companies has not translated into lower expectations among sellers in the private market, which is why we did not decide on any new transactions over the past year. As a result, we are growing in the post-hire area somewhat more slowly than assumed,” says Przemysław Gacek, CEO of Grupa Pracuj.
“Artificial intelligence is an important accelerator of our strategy implementation. AI is now an integral part of our innovation — both in products and in the way the organisation operates. We are developing our own AI solutions in Pracuj.pl, eRecruiter and softgarden — from job offer personalisation and candidate support, through matching and preselection, to onboarding and customer service automation. This allows us to increase user engagement, strengthen customer loyalty and improve operational efficiency. As an organisation, we are implementing AI on a large scale and training all employees in this area. In recruitment services, we are well on track to achieve the target of a 25% increase in revenue per employee by 2027,” Przemysław Gacek adds.
The Grupa Pracuj 2030 strategy, announced in May 2025, assumes organic revenue growth to PLN 1 billion in 2027 and PLN 1.4 billion in 2030, while maintaining an adjusted EBITDA margin of at least 40%. This implies adjusted EBITDA of at least PLN 400 million in 2027 and PLN 560 million in 2030.
“Although achieving PLN 1 billion in revenue in 2027 may be challenging under current market conditions, EBITDA above PLN 400 million is fully achievable and we are determined to deliver this target,” declares the CEO of Grupa Pracuj. “In other words, even with revenue growth below the planned level, we maintain the EBITDA target set out in the strategy. This is possible thanks to growing operational efficiency and cost discipline, which allow us to maintain high profitability,” adds Przemysław Gacek.
Poland: consistent revenue and profit growth
Geographically, Poland remains Grupa Pracuj’s main market, generating the largest share of its revenue and profit. In Poland, the Group develops the recruitment services Pracuj.pl and the:protocol.it, the eRecruiter recruitment management system offered in a subscription-based SaaS model, and Kadromierz, a workforce planning and working time management tool also offered on a subscription basis.
In the first quarter of 2026, Grupa Pracuj’s revenue from the Polish market increased to PLN 151.4 million, up 5% year on year, while adjusted EBITDA in the Poland segment reached PLN 86.8 million, up 8% year on year.
Pracuj.pl: stable volumes and higher prices
In the first three months of the year, the number of recruitment projects on Pracuj.pl remained stable at around 130,000, despite moderate demand in the labour market, especially in the category of job advertisements for managers and specialists, known as White Collars. Volume stability was supported by the expansion of market reach, further development of the eCommerce channel and the growing share of advertisements for manual workers, or Blue Collars.
The average price of recruitment projects on Pracuj.pl increased by 4% year on year in the first quarter of 2026. The White Collar category remains the main source of revenue, with prices in this segment increasing by around 10% year on year. At the same time, the share of Blue Collar advertisements is growing, while price dynamics in this segment are also improving.
“The increase in the average price of recruitment projects was the result of consistently reflecting in the price list the value delivered to clients. AI-based solutions implemented in Pracuj.pl are bringing measurable business effects. On the one hand, they increase the accuracy of matching job offers to candidates, strengthening the value of the service for employers; on the other, they translate into growing candidate engagement, confirmed by a record 13.5 million ‘apply’ clicks,” says Rafał Nachyna, Management Board Member and Chief Operating Officer of Grupa Pracuj.
eRecruiter and Kadromierz: more clients and rising recurring revenue
eRecruiter is also recording steady growth. In the first quarter of this year, the number of system clients increased by 12% year on year. This growth was supported by an attractive entry-level offer and the successful migration of clients from HRlink, following the simplification of Grupa Pracuj’s offer and the decision to maintain a single applicant tracking system (ATS) on the Polish market. This should increase service efficiency and allow the Group to make fuller use of the platform’s SaaS potential. eRecruiter’s monthly recurring revenue rose by 9% year on year, reaching PLN 4.55 million in March 2026.
“The main driver of eRecruiter’s recurring revenue growth is the existing client base, which confirms the effectiveness of upselling. Clients acquired at a lower entry price have strong potential to increase their use of the system’s functionalities and, as a result, the value of their subscription in subsequent periods. In the first quarter of this year, 44% of eRecruiter clients were already using the HR Workflows recruitment process automation module, and 18% were integrated with partners within the Marketplace — a digital services hub for HR. The development of these functionalities strengthens customer loyalty to the platform and helps keep the churn rate clearly below the market average,” Rafał Nachyna emphasises.
Kadromierz, a work schedule management system that joined the Group in March 2025, recorded a 25% year-on-year increase in the number of clients. Kadromierz’s monthly recurring revenue rose by 40% year on year, reaching PLN 779,000 in March.
“The dynamic development of Kadromierz goes hand in hand with the progressing diversification of revenue. The HoReCa sector currently accounts for around 55% of revenue. It remains a promising area for us, but we also see strong growth potential in retail, healthcare and manufacturing. We expect that, as we acquire clients from other sectors, the dominance of HoReCa in our client portfolio will decrease to around 50%,” says Grupa Pracuj’s Chief Operating Officer.
softgarden: subscription revenue grows despite weak business conditions
The DACH region, presented in the financial statements as the Germany segment and covering the results of softgarden, is Grupa Pracuj’s second-largest market by revenue. softgarden offers a comprehensive SaaS system supporting recruitment processes.
In the first quarter of 2026, softgarden recorded a 9% year-on-year increase in monthly recurring revenue, to PLN 8.6 million. In euro terms, the growth rate was 6% year on year. This was achieved despite a challenging macroeconomic environment and continued stagnation in the German economy. The increase was mainly due to the effective growth in subscription value among existing clients.
The number of softgarden clients at the end of March increased slightly, by 1% year on year. The slowdown in new user growth reflects weaker recruitment activity among employers and deteriorating business sentiment in the German market, caused by geopolitical tensions and rising energy prices. At the same time, the persistently low churn rate confirms high retention and strong customer loyalty to the platform.
Lower recruitment activity in the German market is more clearly visible in the 20% year-on-year decline in softgarden’s net revenue from multiposting, a service that enables automated publication of job offers across multiple recruitment platforms.
As a result, total revenue in the Germany segment amounted to PLN 41.5 million in the first quarter of 2026, down 9% year on year, while the segment’s adjusted EBITDA stood at PLN 5.7 million, compared with PLN 11.6 million a year earlier.
Ukraine: Grupa Pracuj’s fastest-growing market
Ukraine remains Grupa Pracuj’s smallest market in terms of revenue, but for some time it has also been the fastest-growing, despite the ongoing war. In the first quarter of 2026, revenue from this market increased by 15% year on year to PLN 16.4 million, while the segment’s adjusted EBITDA also rose by 15% year on year, reaching PLN 5.7 million.
The average price of recruitment projects on Robota.ua increased by 49% year on year in Ukrainian hryvnia and by 23% year on year in Polish zloty, more than offsetting the decline in the number of recruitment projects caused by energy supply disruptions related to the war and the natural price sensitivity of demand. The total number of recruitment projects on the platform in the first quarter of this year amounted to 316,000, down 5% year on year, of which 124,000, down 10% year on year, were paid projects.
“Under the conditions of the ongoing war, Robota.ua continues to publish job offers in a freemium model, under which every client can publish one free job advertisement per month. In this way, we support local employers and state institutions. At the same time, we see strong potential for further revenue growth of our Ukrainian recruitment service as market conditions normalise. The level of advertisement prices in relation to wages remains clearly below the average in other European markets,” says Rafał Nachyna, Management Board Member of Grupa Pracuj.
Grupa Pracuj: solid results in a demanding environment
Grupa Pracuj’s total revenue across all markets in the first quarter of 2026 reached PLN 209.4 million and was 2% higher than in the same period last year. Growth in Poland and Ukraine more than offset lower revenue from the German market.
The Group’s adjusted EBITDA stood at PLN 97.8 million in the period and remained at a similar level to the previous year, up 1% year on year. Operating profit was significantly affected by a PLN 4.2 million year-on-year increase in non-cash costs related to the share-based incentive programme.
“The stable adjusted EBITDA margin, remaining at a high level and reaching almost 47% in the first quarter of this year, confirms the resilience of our business model in a demanding and volatile environment and reinforces our belief that the EBITDA targets set out in the 2030 strategy are achievable. At the same time, consistently strong operating cash flows and a very good liquidity position allow us to regularly share profits with shareholders. Taking into account the limited prospects for a significant acquisition in the near future, as the Management Board we have recommended to the General Meeting the payment of a record dividend from the 2025 profit of PLN 3.00 per share,” says Gracjan Fiedorowicz, Management Board Member and Chief Financial Officer of Grupa Pracuj.
Grupa Pracuj’s consolidated net profit for the first quarter of 2026 amounted to PLN 63.9 million, compared with PLN 66.3 million a year earlier. It was significantly affected by higher finance costs, including the negative impact of the revaluation of the fair value of Grupa Pracuj’s stakes in two private entities: Pracuj Ventures and Beamery Inc. In the past quarter, their valuation was reduced by a total of more than PLN 7.4 million, among other reasons due to a decline in market multiples of comparable companies. This adjustment was non-cash in nature.
A positive impact on Grupa Pracuj’s net profit came from an increase in the share of profit of entities accounted for using the equity method. In the first quarter of 2026, this item amounted to PLN 10.6 million, up 77% year on year. This line includes Grupa Pracuj’s share of the profit of the Ukrainian company operating the Work.ua recruitment service, a co-leader of the Ukrainian market alongside Robota.ua. Last year, Grupa Pracuj increased its indirect stake in this company to 52.7%, meaning that the majority of its profits are attributable to the Group.
Selected consolidated financial results of Grupa Pracuj
| PLN million | Q1 2026 | Q1 2025 | YoY change |
|---|---|---|---|
| Revenue from contracts with customers | 209.4 | 204.9 | 2.2% |
| Adjusted EBITDA | 97.8 | 96.7 | 1.1% |
| Adjusted EBITDA margin | 46.7% | 47.2% | -0.5 pp |
| Net profit | 63.9 | 66.3 | -3.6% |
Adjusted EBITDA means operating profit plus depreciation and amortisation, adjusted for the costs of share-based payment programmes, acquisition-related costs and restructuring costs in acquired companies, as disclosed in the consolidated statement of comprehensive income.
