INC SA, a group specializing in capital market advisory, closed the first half of 2025 with strong financial results, confirming the effectiveness of its development strategy. Consolidated revenues from advisory services exceeded PLN 4.4 million at the end of June, up 71% year-on-year. Operating profit (EBIT) amounted to more than PLN 3.1 million, while net profit reached over PLN 2.1 million. A year earlier, the company had reported a net loss of PLN 4.6 million. Group equity as of June 30, 2025, stood at nearly PLN 21 million.
Activity on the Capital Market
In H1 2025, INC SA carried out diverse projects on both the NewConnect market and the regulated WSE market. For example, INC SA, as an Authorized Adviser, supported Mazop Group in its NewConnect debut, while INC Brokerage House acted as the investment firm in the PLN 95 million ABB for Answear S.A.
– “We closed the first half with financial results at the expected level, confirming the right direction of our development strategy. Returning to profitability and significantly increasing revenues are the result of consistently building the Group’s position in the domestic capital advisory market. We are confident that maintaining this momentum will allow us to further strengthen our position in the coming months and deliver value to shareholders,” said Paweł Śliwiński, CEO of INC SA.
Focus on SMEs and Innovative Companies
In the first half of the year, the company continued to focus on advisory services for small and medium-sized enterprises, particularly innovative firms. INC SA expanded its role as an Authorized Adviser on NewConnect, supporting both new listings and ongoing services for listed companies, including regulatory compliance.
The Group plans to continue its growth strategy, with a particular emphasis on capital market advisory and expanding its activities. Its strategic objective remains building a strong domestic position in providing comprehensive services for SMEs with capitalizations ranging from a few to several hundred million PLN, seeking financing for growth. The strategy emphasizes advisory and transactional services as well as investments in the SME segment, particularly companies listed or planning to debut on organized trading platforms.
– “Our strategic goal is to build a strong position in serving small and medium-sized enterprises in Poland. We see enormous potential in new economy companies that need capital for growth and professional advisory in market processes. That’s why we are focused on creating comprehensive solutions that not only support financing but also improve the operational efficiency and competitiveness of our clients. We believe this makes our Group the partner of choice for innovative businesses in Poland,” highlighted Wojciech Iwaniuk, Management Board Member of INC SA.
Growth Plans
The Group’s development plan includes several new directions. The company intends to scale up public and bond offerings, moving from its current transaction range of EUR 1–5 million to projects worth EUR 5–15 million, including more complex deals. This will be supported by automation of operational processes, expanding licenses, and strengthening the team with professionals experienced in investment banking. At the same time, INC plans to intensify activity in the private transactions segment, including acquisitions, buyouts, and private debt. This capital-light segment will be developed through hiring experts or strategic partners and expanding services to include M&A advisory.
Another important growth area is depositary and registry services. By the end of 2025, the Group aims to serve around 30 closed-end investment funds, rising to more than 40 a year later. Plans also include expanding its participation status in the National Depository for Securities (KDPW), scaling up services as issue agent and sponsor, and gaining the ability to handle tender offers and delistings.
The strategy also includes developing a new business line in asset management and investment advisory. The offer will target High Net Worth Individuals (HNWI), including family foundations. INC intends to combine conservative investment strategies with access to high-growth SME projects, supported by new licenses and strengthened by experts from investment banking or partnerships with strategic allies.
Diversification and Future Outlook
INC SA continues to strengthen its position in capital market advisory, expand into new business lines, and diversify revenue sources, focusing on servicing dynamically growing companies seeking financing in both public and private markets.
Source: CEO.com.pl
