Synektik (SNTP) Q2 2025 earnings summary

Executive summary

• H1 FY2024 consolidated revenue reached PLN 327.8 million, down 9% year-over-year, with EBITDA from continuing operations at PLN 80.9 million, up 4%, and net profit from continuing operations at PLN 55.2 million.

• EBITDA margin increased to 24.7% from 21.6% year-over-year, reflecting strong profitability.

• Recurring revenue grew 64% year-over-year, driven by sales of equipment, IT solutions, and services.

• Record dividend of PLN 70.4 million paid; preliminary decision to spin off the Centre for New Molecule Research and cardiotracer project.

• Expansion into the Baltic countries and acquisition of IT4KAN Sp. z o.o. supported growth.

Financial highlights

• Operating profit (EBIT) was PLN 69.8 million, up 2% year-over-year; EBITDA from continuing operations was PLN 80.9 million, up 4%.

• Net cash from operations was PLN 46.3 million, while net cash outflow was PLN 28.8 million, mainly due to the dividend.

• Total assets increased 18% to PLN 380.2 million; equity rose 8% to PLN 167.1 million.

• Q2 FY2024 revenue grew 42% year-over-year to PLN 124.7 million; EBITDA up 22% to PLN 30.4 million.

• Cash surplus over financial liabilities was nearly PLN 21 million as of March 31, 2025.

Outlook and guidance

• Secured orders worth PLN 147 million in H1 FY2024; active offers at PLN 222.4 million as of March 2025.

• Expected increase in demand for medical equipment due to new tenders and healthcare infrastructure investments funded by national programs.

• Management expects further growth in recurring revenues and continued development of the radio-pharmaceutical segment.

• The group is focused on commercializing its innovative cardiac marker and expanding its product portfolio.

• Deferred revenues reached PLN 68.2 million, indicating strong future revenue streams.