Cyber_Folks (CBF) Q1 2025 earnings summary

Executive summary

• Achieved record Q1 2025 results with revenue of 191 mln PLN, up 32% year-over-year, and adjusted EBITDA of nearly 62 mln PLN, driven by organic growth and the Shoper acquisition.

• Finalized the largest acquisition in company history: 49.9% of Shoper S.A. for 547.5 mln PLN, consolidating results from February 2025.

• All business lines (cyber_Folks, Vercom, Shoper) reported growth, with integration synergies already visible in product, technology, and sales.

• Ordinary General Meeting approved a record dividend of 2.00 PLN per share (28.3 mln PLN total) and a share buyback up to 10 mln PLN.

• Strategic focus on AI-driven product innovation, international expansion, and building a leading CEE e-commerce technology group.

Financial highlights

• Q1 2025 revenue: 190.5 mln PLN (+32% year-over-year); adjusted EBITDA: 61.8 mln PLN (+55% year-over-year); net profit: 27.8 mln PLN (+15% year-over-year).

• Net profit attributable to parent company shareholders: 13.3 mln PLN (-15% year-over-year), impacted by one-off transaction and ESOP costs.

• Pro-forma revenue (including full Shoper, excluding Vercom's largest client): 201 mln PLN (+15% year-over-year); pro-forma adjusted EBITDA: 67 mln PLN (+23% year-over-year).

• Operating cash flow (LTM): 194.4 mln PLN (+36% year-over-year); unlevered FCF: 150 mln PLN (+32% year-over-year).

• Net debt/adjusted EBITDA: 2.1x (pro-forma), reflecting Shoper acquisition financing.

Outlook and guidance

• Continued focus on organic growth, product innovation (especially AI), and international expansion.

• Ongoing integration of Shoper, with further cross-sell and up-sell opportunities.

• Marketing and R&D budgets to remain elevated to support new product launches and market consolidation.

• Actively analyzing further M&A opportunities in CEE e-commerce and communication technology.

• Management sees no threat to liquidity despite short-term liabilities exceeding current assets, citing strong operational cash flow and available credit lines.