Cyber_Folks (CBF) Q3 2025 earnings summary

Executive summary

• Achieved record Q3 2025 results, with revenues of PLN 216 million and adjusted EBITDA of PLN 76 million, up 65% year-over-year, driven by organic expansion, innovation, automation, and successful integration of acquisitions.

• Consolidated position as a leading technology and e-commerce group in Central and Eastern Europe, with a global customer base exceeding 420,000 clients, supported by significant investments in AI-driven products and international expansion, including the acquisition of Shoper and Hosterion.

• Raised over PLN 200 million from a share issue to fund further acquisitions and business scaling.

• Continued investment in AI-driven automation and product innovation, including the launch and expansion of robo_Folks and advanced analytics for merchants.

Financial highlights

• Q3 2025 revenue reached PLN 216 million, up 17% year-over-year; adjusted EBITDA rose 65% to PLN 76 million, with a margin of 35% (+10.4 p.p. y/y).

• Net profit attributable to shareholders was PLN 13.4 million, down 22% year-over-year, impacted by non-operating and one-off costs.

• Operating cash flow for the last 12 months increased 35% to PLN 231 million; unlevered free cash flow up 26% to PLN 175.7 million; free cash flow for Q3 2025 was PLN 54 million, up 7% year-over-year.

• Pro-forma revenue (excluding Vercom's largest customer, including Shoper) grew 13% year-over-year; pro-forma adjusted EBITDA up 24%.

• Net debt/adjusted EBITDA at 1.5x (pro-forma), reflecting comfortable leverage even after major acquisitions.

Outlook and guidance

• Focus on maintaining high organic growth rates, further M&A activity, ARPU growth, and dividend increases.

• Continued development of AI and automation platforms, with international expansion of robo_Folks and deeper integration across the Group.

• Continued investment in proprietary products and cross-sell/up-sell strategies, with marketing budgets maintained or slightly increased.

• Ongoing analysis of further acquisition opportunities in CEE and beyond.