Cyber_Folks (CBF) Q2 2025 earnings summary

Executive summary

• Achieved record financial results in Q2 and H1 2025, with revenue up 37% in Q2 and 35% in H1, and adjusted EBITDA up 70% in Q2 and 63% in H1, driven by organic growth and major acquisitions (Shoper, Hosterion).

• All business segments (cyber_Folks, Vercom, Shoper) contributed to growth, with cyber_Folks showing the highest profit growth rates and notable synergies with Shoper.

• Maintained strong operating cash flow and increased dividend payments, supported by high organic growth, successful M&A, and robust cash generation.

• Strategic focus on building a leading e-commerce technology ecosystem in CEE, expanding cross-border capabilities, and AI-driven product innovation.

• Comfortable debt levels post-acquisitions, with strong cash flow supporting dividends and buybacks.

Financial highlights

• Q2 2025 revenue: PLN 212m (+37% yoy); H1 2025 revenue: PLN 402.6m (+35% yoy).

• Adjusted EBITDA Q2 2025: PLN 72m (+70% yoy); H1 2025: PLN 133.7m (+63% yoy).

• Net profit Q2 2025: PLN 27.9m (+3% yoy); H1 2025: PLN 55.7m (+8% yoy); net profit attributable to shareholders H1 2025: PLN 25.5m (-24% yoy), impacted by non-operating costs.

• Operating cash flow (LTM): PLN 214.3m (+35% yoy); free cash flow: PLN 56.6m (+1504% yoy).

• EBITDA margin Q2 2025: 33.9% (+6.5 p.p. yoy); H1 2025: 33.2% (+5.7 p.p. yoy).

Outlook and guidance

• Positive EPS impact from Shoper acquisition expected from 2026, with >20% annual net profit growth rate projected.

• Continued investment in R&D, AI, and scalable API development to support cross-border trade and integration with global marketplaces.

• Further decline in interest costs anticipated as WIBOR rates decrease.

• Ongoing international expansion, with further M&A opportunities under review, especially in CEE e-commerce tools.

• Ambitious plans to maintain high dividend growth and invest nearly PLN 40m annually in R&D, especially in e-commerce tools.