Cyber_Folks (CBF) Q4 2024 earnings summary

Executive summary

• Achieved record financial results in 2024, with revenue reaching 657 million PLN and adjusted EBITDA at 176 million PLN, driven by strong organic growth and strategic acquisitions.

• Completed the largest acquisition in company history: 49.9% stake in Shoper for 547.5 million PLN, finalized in February 2025, strengthening e-commerce SaaS leadership in CEE.

• Expanded global client base to ~370,000 across 100+ countries, with a focus on scalable, subscription-based products.

• Maintained a high growth trajectory (CAGR ~40% over 20 years), with market capitalization rising 9x since IPO and consistent dividend increases.

Financial highlights

• Revenue grew 37% year-over-year to 657 million PLN; adjusted EBITDA up 25% to 176 million PLN.

• Normalized net profit attributable to parent shareholders rose 61% year-over-year to 71.6 million PLN; total normalized net profit up 49% to 111.3 million PLN.

• Operating cash flow increased 37% to 187.5 million PLN; unlevered free cash flow up 37% to 148.4 million PLN.

• Net debt/EBITDA at 1.5x at year-end 2024, pro forma 2.3x including Shoper acquisition, remaining at a comfortable historical average.

• Dividend payout for 2024 was 21.2 million PLN, with a proposed increase to 28.3 million PLN for 2025.

Outlook and guidance

• Targeting continued high revenue growth and EBITDA margin improvement, with a focus on dividend growth and further M&A.

• Plans for international expansion and further consolidation in the CEE e-commerce SaaS market through 2026.

• Ongoing investment in R&D, with a combined budget exceeding 30 million PLN annually, to drive innovation in proprietary products.