3Q23 results. 3Q23 revenues amounted to PLN 82 million (up 40% yoy). As one could expect, the main driving factor was the segment of pursuing claims for abusive clauses in loan agreements, where a strong revenue growth was maintained, even if the reported growth rate is naturally decreasing given higher base effect. The EBITDA margin in 3Q23 was at 39.9% compared to 34.3% a year ago. The Group’s EBITDA and operating result in 3Q23 amounted to PLN 32.8 million and PLN 31.9 million, respectively. Margins remained high due to the recognition of ‘success-fee’ revenues in the segment of abusive clauses. The net result in 3Q23 amounted to PLN 26.2 million (77% higher yoy)
4Q23 earnings. In our view, 4Q23 results should be the best historically, as we expect a seasonally strong quarter in terms of the court activity and number of judgments issued, which combined with the growing number of cases in courts, prompts us to anticipate the robust
Financial forecasts. At the moment, we do not see any need to revise our forecasts for the Votum Group
