Synektik (SNTP) Q1 2026 earnings summary

Executive summary

• Achieved consolidated revenue of PLN 228 million in Q1 FY2025, a 12% year-over-year increase, with EBITDA from continuing operations up 18% to PLN 59.8 million and net profit from continuing operations up 18% to PLN 43.1 million.

• Strong growth in recurring revenue, particularly in equipment and IT solutions, with recurring revenue up 34% to PLN 91.2 million, and record sales in radiopharmaceuticals.

• Strategic expansion in robotic surgery and IT, including extension of the da Vinci system distribution agreement to Ukraine and a new partnership with HistoSonics for Edison system distribution.

• Significant business developments include a major R&D spin-off and expansion plans for Ukraine.

Financial highlights

• Equipment and IT solutions segment revenue rose 12% year-over-year to PLN 214.1 million, with recurring revenue up 34% to PLN 91.2 million and segment EBITDA up 20% to PLN 60.6 million.

• Radiopharmaceuticals segment revenue increased 15% to PLN 13.9 million, with EBITDA up 4% to PLN 4.1 million.

• Group EBITDA for the last four quarters reached PLN 187 million, driven by recurring sales and operating leverage.

• Positive operating cash flow of PLN 97.1 million in Q1 FY2025 and a cash surplus over financial liabilities of nearly PLN 134 million as of December 31, 2025.

• Recurring revenue (last 12 months): PLN 334.3 million, up 52% year-over-year.

Outlook and guidance

• Entered Q2 FY2025 with PLN 239 million in backlog and active offers, an 87% year-over-year increase.

• Continued strong demand expected for medical equipment, supported by national healthcare initiatives, EU funds, and digitalization programs.

• Expansion into Ukraine planned for 2026, contingent on political and regulatory developments.

• Ongoing development of the cardiomarker project and clinical research activities.