Atende S.A.
Company Overview
Atende S.A. is a Polish IT systems integrator listed on the Warsaw Stock Exchange. The group builds and integrates telecommunications networks, data centers, cybersecurity systems, cloud and outsourcing services, and proprietary software solutions including SMaCS, Smart Monitoring, and Atende Security Suite.
Business Segments
- Atende IT Systems Integration – telecom networks, corporate networks, data centers, cybersecurity, cloud, outsourcing, and proprietary IT platforms
- Subsidiary IT Systems Integration – smart metering, IoT operating systems, electronic chip design, IT outsourcing, ERP and customer-care systems
- Proprietary Software and Specialist Solutions – SMaCS, Smart Monitoring, Phoenix-RTOS, Atende Security Suite, and blockchain-related solutions
Key Drivers
- Demand for cybersecurity and secure IT infrastructure
- Telecommunications and public-sector IT spending
- Data center, cloud, and outsourcing demand
- Growth of proprietary software and recurring service revenues
- Industrial IoT, smart metering, and energy-sector digitalization
Key Risks
- Dependence on large customers in public sector and telecommunications
- Project-based revenue volatility and working-capital swings
- Supplier concentration, especially Cisco-related procurement
- Losses or slow recovery in selected subsidiaries
- Wage pressure and scarcity of skilled IT specialists
What to Watch
- Signing contracts under the SAFE programme
- Large contract wins in public sector, telecom, and energy
- Gross margin and EBITDA margin development
- Working-capital movements and operating cash flow seasonality
- Progress of proprietary products such as Atende Security Suite and Phoenix-RTOS
Foundational Analysis
Business Model
Atende generates revenue mainly from IT systems integration projects, hardware delivery, implementation services, maintenance, outsourcing, cloud services, and proprietary software solutions. Revenue is largely project-based, supplemented by recurring service and maintenance contracts.
Competitive Positioning
Established Polish IT integrator with more than three decades of experience and a strong position in telecom, public-sector, data-center, cybersecurity, and infrastructure projects. The group differentiates through technical integration capabilities, long-standing vendor relationships, and proprietary software assets.
Economics & Capital Allocation
Mixed project-and-services model. Hardware deliveries create high revenue but lower margin, while specialist services, maintenance, outsourcing, cybersecurity, and proprietary software should support better margins. 2025 results showed revenue decline but improved gross profit and EBITDA versus 2024, while several subsidiaries still weighed on profitability.
Capital allocation is focused on maintaining technical competencies, R&D, proprietary software development, and selective investment in subsidiaries. The group did not pay a dividend for 2025 as of the annual report approval date; it paid PLN 0.14 per share from 2023 profit in 2024.
Long-term Risks
Long-term risks include competitive pressure from larger IT integrators, dependence on public and telecom-sector capex cycles, execution risk on complex projects, supplier concentration, wage inflation, and uncertainty around commercialization of proprietary technologies.
What Would Break the Thesis
- Sustained losses in subsidiaries without visible turnaround
- Material decline in telecom or public-sector IT spending
- Loss of key vendor relationships or delivery capabilities
- Failure to convert proprietary technology investments into profitable growth
Contracts Intelligence
No contract data available for this company.
View News InsteadFinancial Performance
Quarterly Data
| Metric | 2024Q1 | 2024Q2 | 2024Q3 | 2024Q4 | 2025Q1 | 2025Q2 | 2025Q3 | 2025Q4 | 2026Q1 |
|---|---|---|---|---|---|---|---|---|---|
| Income Statement Revenue (Quarterly) | 62.2M | 64.8M | 93.8M | 131.5M | 77.7M | 63.6M | 63.9M | 116.2M | 69.4M |
| Income Statement Gross Profit (Quarterly) | 13.6M | 14.2M | 18.3M | 3.1M | 17.8M | 17.1M | 14.4M | -49.3M | 17.6M |
| Income Statement EBITDA (Quarterly) | 2.1M | 4.2M | 4.7M | -11.8M | 5.9M | 5.2M | 2.5M | -13.6M | 5.1M |
| Income Statement EBIT (Quarterly) | -776.0K | 1.3M | 2.0M | -14.6M | 2.9M | 2.1M | -641.0K | -4.4M | 1.8M |
| Income Statement Net Income (Quarterly) | -1.2M | 560.0K | 1.3M | -12.7M | 2.0M | 942.0K | -1.1M | -1.8M | 212.0K |
| Costs Selling & Distribution Costs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Costs Administrative Expenses | 14.6M | 12.8M | 16.3M | 15.1M | 15.3M | 15.2M | 14.9M | -45.4M | 15.8M |
| Cash Flow Operating Cash Flow | -8.4M | -11.8M | 14.5M | 50.6M | -42.4M | -7.5M | -11.1M | 61.0M | -26.3M |
| Cash Flow Capital Expenditure | -1.2M | -798.0K | -3.2M | -703.0K | -1.9M | -710.0K | -3.7M | 6.3M | -2.8M |
| Cash Flow Free Cash Flow | -7.2M | -11.0M | 17.7M | 51.3M | -40.6M | -6.8M | -7.4M | 54.8M | -23.5M |
| Cash Flow Depreciation & Amortization | 2.9M | 2.9M | 2.7M | 2.8M | 3.0M | 3.1M | 3.2M | -9.2M | 3.3M |
| LTM Metrics Revenue (LTM) | 62.2M | 127.0M | 220.8M | 352.3M | 367.8M | 366.6M | 336.8M | 321.4M | 313.1M |
| LTM Metrics EBITDA (LTM) | 2.1M | 6.4M | 11.0M | -740.0K | 3.0M | 4.0M | 1.8M | 0 | -836.0K |
| LTM Metrics Net Income (LTM) | -1.2M | -627.0K | 654.0K | -12.0M | -8.8M | -8.4M | -10.8M | 0 | -1.8M |
| Profitability Gross Margin | 21.8% | 21.9% | 19.5% | 2.3% | 22.9% | 27.0% | 22.5% | -42.4% | 25.3% |
| Profitability EBITDA Margin | 3.4% | 6.5% | 5.0% | -9.0% | 7.6% | 8.1% | 3.9% | -11.7% | 7.3% |
| Profitability EBIT Margin | -1.2% | 2.1% | 2.1% | -11.1% | 3.7% | 3.3% | -1.0% | -3.8% | 2.6% |
| Profitability Net Margin | -1.9% | 0.9% | 1.4% | -9.6% | 2.6% | 1.5% | -1.7% | -1.6% | 0.3% |
| Profitability ROIC | -0.8% | 1.1% | 3.1% | -15.6% | -11.0% | -11.3% | -14.0% | -1.5% | -4.6% |
| Profitability Cash Conversion | 710.0% | -2111.0% | 1128.0% | -400.0% | -2117.0% | -796.0% | 998.0% | -3326.0% | -12391.0% |
| Balance Sheet Current Assets | 113.7M | 143.5M | 138.4M | 180.9M | 139.8M | 128.2M | 159.8M | 0 | 124.2M |
| Balance Sheet Current Liabilities | 74.8M | 110.2M | 105.4M | 156.7M | 121.1M | 107.9M | 139.5M | 0 | 104.9M |
| Balance Sheet Inventories | 4.2M | 4.4M | 7.3M | 2.6M | 6.0M | 4.1M | 3.5M | 0 | 6.7M |
| Balance Sheet Trade Receivables | 24.7M | 64.1M | 57.0M | 61.3M | 52.5M | 43.8M | 104.1M | 0 | 63.0M |
| Balance Sheet Trade Payables | 16.9M | 37.8M | 50.2M | 92.2M | 47.1M | 40.7M | 44.6M | 0 | 30.8M |
| Balance Sheet Total Equity | 81.2M | 76.7M | 78.0M | 65.3M | 67.3M | 68.3M | 67.2M | 0 | 60.7M |
| Balance Sheet Total Debt | 15.3M | 23.2M | 13.9M | 12.7M | 15.2M | 19.9M | 33.6M | 0 | 12.1M |
| Balance Sheet Cash & Equivalents | 24.4M | 18.2M | 13.1M | 61.4M | 18.2M | 13.1M | 10.4M | 0 | 28.7M |
| Balance Sheet Invested Capital | 72.1M | 81.7M | 78.8M | 16.6M | 64.4M | 75.1M | 90.4M | 0 | 44.1M |
| Balance Sheet Net Working Capital | 12.0M | 30.6M | 14.0M | -28.2M | 11.3M | 7.3M | 63.0M | 0 | 39.0M |
| Ratios Current Ratio | 1.52 | 1.30 | 1.31 | 1.15 | 1.15 | 1.19 | 1.15 | - | 1.18 |
| Ratios Net Working Capital to Revenue | 0.19 | 0.47 | 0.15 | -0.21 | 0.15 | 0.11 | 0.99 | 0.00 | 0.56 |
Revenue (Quarterly) - Visual Analysis
Revenue (Quarterly) (PLN)
Growth Rates (QoQ% and YoY%)
Data Source: Financial data sourced from company filings and periodic reports. Values in PLN. Margins and ratios stored as decimals converted to percentages for display.
Recent News & Developments
No news articles available for this company yet.
2026 EPS Estimates
- Weak public-sector or telecom demand, continued subsidiary losses, margin pressure, and adverse working-capital movements
- Stabilization of revenue around PLN 310–330m, gradual EBITDA improvement, continued profitability in the parent company, but only partial recovery in subsidiaries
- Stronger contract flow, better subsidiary performance, higher share of services and proprietary software, and improved operating leverage
Note: EPS estimates are for informational purposes only and represent our analytical framework, not investment recommendations. These financial results estimates are based on stated assumptions and may change as new information becomes available.
Key Metrics
Company-specific performance indicators tailored to Atende S.A.'s business model.
No key metrics available yet
Custom performance indicators for Atende S.A. will appear here once available.
Examples of metrics we track:
Data Source: Key metrics are extracted from company disclosures, periodic reports, and management commentary.
Periodic Report Publication Calendar
| Quarter | Publication date |
|---|---|
| Q1 | 2026-05-27 |
| H1 | 2026-09-16 |
| Q3 | 2026-11-18 |
| Quarter | Publication date |
|---|---|
| FY | 2026-03-31 |
Schedule reflects the most recent ESPI announcement for each fiscal year. Past publication dates are shown in grey.