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 innovation, automation, and successful integration of acquisitions.

• Customer base grew to over 420,000 globally, with significant investments in AI-driven products and international expansion, including the acquisitions of Shoper and Hosterion.

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

• Consolidated position as a leading technology and e-commerce group in Central and Eastern Europe.

• 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.

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

• Free cash flow for Q3 2025 was PLN 54 million, up 7% year-over-year.

Outlook and guidance

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

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

• Focus on ARPU growth, product development (especially AI-driven solutions), and international expansion.

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

• Ongoing investments in AI and e-commerce technology, with a robust R&D budget of over PLN 40 million planned annually.