WP Holding wants to continue with its acquisition strategy

"We think our balance sheet is healthy all the time and our strategy is to continue with acquisitions all the time," Zelazko said.

In April 2025, WP Holding finalised the acquisition of 100 percent stake of Invia Group. As a result of its finalisation, WP acquired 100 percent of Invia's share capital, paid the share price of EUR 190.3 million, and repaid all loans granted to Invia by EBT in the amount of EUR 52.5 million.

The Czech group Invia, through its subsidiaries, operates in the markets of Germany, Austria, Switzerland, the Czech Republic, Slovakia, Hungary and Poland in the area of travel agency booking services.

At the end of 2024, WP Holding's net debt to adjusted EBITDA was 1.0x. According to the newest presentation, after taking into account the purchase of Invia Group, the pro forma ratio was more than 2x.

When asked about the expected results for the first quarter of this year, Malgorzata Zelazko pointed to the market consensus, which predicts a flat EBITDA result year on year. As she explained, this is also a result of the acquisition in Romania made last year.

"The company in Romania realises all the revenue and all the EBITDA actually in the third quarter. That's how they recognise their revenues, so they have a negative effect on EBITDA, and this is the first time we have consolidated them since the fourth quarter," Zelazko pointed out.

"Without this effect there would be a slight increase, but indeed - there is no denying it - analysts' expectations are below some of our medium-term ambitions, so we definitely believe that increases are possible," she added.

The analysts surveyed by PAP Biznes expect WP Holding to have an adjusted EBITDA of around PLN 84.5 million (EUR 19.9 mln) in the first quarter of 2025. In the prior year period, the group's adjusted EBITDA was PLN 84.3 million (EUR 19.8 mln).

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