Cloud Technologies (CLD) Q4 2025 earnings summary

Executive summary

• 2025 marked a record year for data sales, with a 15.1% year-over-year increase to 48.9 mln PLN, and EBITDA at 22.5 mln PLN, despite a 9.8% decline in EBITDA and a 50% drop in net profit compared to 2024.

• Q4 2025 was the strongest quarter, with data sales up 34.1% and EBITDA up 12.8% year-over-year; net profit rose 3% versus Q4 2024.

• The business is highly scalable and profitable, with 96% of revenue from data sales and a 45% margin in 2025.

Financial highlights

• Data sales grew 7x since 2019 (CAGR 38%), reaching 48.9 mln PLN in 2025.

• EBITDA reached 22.5 mln PLN in 2025 (CAGR 32% since 2020), with EBITDA margin exceeding 40-50%.

• Net profit for 2025 was 6.2 mln PLN, down 50% year-over-year, impacted by FX and increased cost base.

• Operating cash flow was strongly positive at 14.8 mln PLN, funding M&A, R&D, dividends, and share buybacks.

• The balance sheet remains safe, with equity at 79.1 mln PLN and low net debt.

Outlook and guidance

• Strategic focus for 2026+ is on scaling sales, expanding channels, and maintaining high margins.

• Sales targets for 2026-2027 are set at 20-25 mln USD, driven by new channels and margin retention.

• Capital allocation prioritizes reinvestment (80% of EBITDA), with 20% for dividends and share buybacks.