Near term (2026)

The company does not publish a market consensus, but one can be inferred from broker recommendations:

• Mean target price: PLN 4,850 (range PLN 3,700–5,300).
• Implied 2026E P/E: ~22× (assuming consensus net profit of about PLN 700 m).

Management's plans, set out in the 25 November 2025 IR chat (IR director Maria Mickiewicz) and the 11 September 2025 chat (CFO Marcin Fojudzki):

• Polish MultiSport cards: +130k new cards in 2026 (from 1.8 m to 1.93 m).
• Turkish MultiSport cards: materially above the +30k added in 2025.
• ARPU Poland: growth in the low single digits (broadly inflation-tracking).
• New fitness clubs: at least 70 openings across 6 markets (about 20 Poland, 30 Turkey, 20 other).
• Organic CapEx: further growth in 2026.
• MultiLife: continues to weigh on results (investment phase).

Potential positive surprises:

• Non-cash hyperinflation gains in Turkey (IAS 29) - Q3 2025 net profit was materially boosted.
• Faster card growth in Turkey than current plans.
• Return to dividends from FY2025 profit (~PLN 104 per share at a 60% payout).
• Synergies from the Fit Meet + Core Fitness merger.

Risks:

• A slowdown in Polish corporate hiring.
• Withdrawal of Turkey's hyperinflation classification.
• Eurozone recession in H2 2026.
• MAC Fitness integration setbacks.

Medium term (2027–2028)

The 2026–2028 dividend policy: minimum 60% of adjusted consolidated net profit. This window coincides with delivery of the "ESG 2.0 Strategy through 2027" and international club expansion (Turkey, Czechia, Slovakia).

Management's main targets (declared or implied by documents):

• Expand the club network from 546 (end-2025) to roughly 700–800 (end-2028).
• Grow Polish MultiSport cards to about 2.3 m (from 1.8 m).
• Grow Turkish penetration to roughly 200–300k MultiSport cards (from a ~30k starting base).
• MultiLife reaches break-even / positive EBITDA contribution.

Long term (2028+)

Key strategic questions:

1. Polish-market saturation - what after the 2.5–2.8 m card potential is reached?
2. Geographic expansion strategy - will the Group enter new European markets (Germany, Austria, Italy) after Turkey?
3. MultiLife and wellbeing - can it become the second revenue pillar on par with MultiSport?
4. International M&A - further MAC-style acquisitions?
5. Through-cycle dividend policy - can the company hold a 60% payout while in investment mode?

Valuation

Analyst consensus (April 2026): target price PLN 4,850 (median PLN 4,750). All 10 latest recommendations = Buy.

At a current share price of ~PLN 4,000:

• 2025 P/E: ~23× (PLN 572.9 m net profit / PLN 13.4 bn market cap).
• Forward 2026E P/E: ~22×.
• 2025 EV/EBITDA: ~12× (assuming ~PLN 2 bn net debt).
• 2025 P/BV: 5.67× (PLN 13.4 bn / PLN 2.36 bn equity).
• 2026E dividend yield: ~2.6% (PLN 104 per share at a 60% payout from FY2025 profit).

The premium to Polish banks (P/E ~10–13×) is supported by higher revenue growth and a structural ROE above 24%.

2026 investor calendar

Event	Timing
Q1 2026 report	May 2026
AGM (Ordinary General Meeting)	June 2026
H1 2026 report	August 2026
Q3 2026 report	November 2026
FY2026 report	March 2027

Conclusions

Benefit Systems enters 2026 with strong momentum (revenue +33% in 2025, net profit +26%), an attractive dividend policy (resumption after the 2024 pause) and a concrete operational plan (130k Polish cards, 70 new clubs across 6 markets). Key risks are the premium valuation and the non-cash Turkish hyperinflation effects. The median target price across 10 brokers points to 20%+ upside from current levels (~PLN 4,000).