Cyber_Folks S.A.
Company Overview
Cyber_Folks S.A. is a Polish-listed technology group specializing in hosting services, internet domains, SaaS e-commerce platforms and digital communication tools. The Group serves primarily SMEs and online merchants, generating highly recurring subscription revenues. Cyber_Folks follows a roll-up strategy in digital services, combining strong organic growth with disciplined M&A. Key assets include hosting and domain services, Vercom (CPaaS and messaging), SaaS e-commerce tools, and strategic control of Shoper S.A.
Business Segments
- Hosting & Domains – shared hosting, cloud hosting, managed services and domain registration for SMEs
- E-commerce SaaS – website and online store builders (_Stores, _Now), integrations and supporting tools
- CPaaS & Messaging – Vercom segment including email, SMS and RCS communication platforms
- E-commerce Platforms – strategic control and consolidation of Shoper S.A.
Key Drivers
- Highly recurring subscription revenues with low churn
- ARPU expansion via upselling of higher-value hosting and SaaS services
- Cross-selling synergies across hosting, e-commerce and messaging platforms
- Active M&A strategy in hosting and e-commerce software
- Growing digitalization of SMEs in Central & Eastern Europe
Key Risks
- Integration risk from multiple concurrent acquisitions
- Higher leverage following large-scale acquisitions such as Shoper
- Competitive pressure from global hosting and SaaS platforms
- Temporary margin pressure from increased interest costs
- Execution risk in international expansion
What to Watch
- Realization of synergies from the Shoper acquisition
- Net debt / EBITDA trajectory post-acquisition
- Growth of SaaS e-commerce products (_Stores, _Now)
- Further M&A announcements in hosting or e-commerce
- Dividend policy balance versus acquisition financing
Foundational Analysis
Business Model
Cyber_Folks operates a subscription-based model focused on hosting, domains and SaaS services for online businesses. Revenues are largely recurring, with high customer lifetime value and predictable cash flows. The Group complements organic growth with acquisitions that can be efficiently integrated into its platform.
Competitive Positioning
Market leader in Poland in hosting and a rapidly expanding player in CEE e-commerce infrastructure. Competitive advantages include scale, pricing power in SME segments, strong brand recognition, and an experienced M&A-driven management team.
Economics & Capital Allocation
Strong EBITDA generation and cash conversion driven by recurring revenues. IFRS net profit is volatile due to acquisition-related amortization, goodwill impairments and one-off transaction effects. Underlying operating profitability remains robust.
Capital allocation prioritizes acquisitions and organic product development, while maintaining shareholder returns through dividends and selective share buybacks. Debt financing is the primary tool for large acquisitions, with equity issuance treated as optional.
Long-term Risks
Overextension through acquisitions, sustained increase in financing costs, slower SME formation in economic downturns, and rising competition from global SaaS platforms.
What Would Break the Thesis
- Failure to extract synergies from Shoper and future acquisitions
- Structural decline in SME demand for hosting and e-commerce tools
- Loss of pricing power in core hosting services
- Excessive leverage limiting strategic flexibility
Contracts Intelligence
No contract data available for this company.
View News InsteadFinancial Performance
Quarterly Data
| Metric | 2022Q4 | 2023Q1 | 2023Q2 | 2023Q3 | 2023Q4 | 2024Q1 | 2024Q2 | 2024Q3 | 2024Q4 | 2025Q1 | 2025Q2 | 2025Q3 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement Revenue (Quarterly) | 392.2M | 110.5M | 116.8M | -107.1M | 359.8M | 144.1M | 154.4M | 185.4M | 173.2M | 190.5M | 212.0M | 215.9M |
| Income Statement Gross Profit (Quarterly) | 153.8M | 0 | 0 | 0 | 0 | 0 | 63.5M | 0 | -63.5M | 0 | 0 | 201.9M |
| Income Statement EBITDA (Quarterly) | 103.6M | 31.5M | 33.1M | -29.3M | 105.9M | 38.8M | 41.5M | 45.7M | 46.7M | 56.8M | 68.8M | 70.0M |
| Income Statement EBIT (Quarterly) | 74.3M | 24.0M | 25.2M | -22.0M | 77.4M | 30.8M | 33.1M | 32.3M | 38.2M | 42.9M | 50.9M | 52.1M |
| Income Statement Net Income (Quarterly) | 40.2M | 14.1M | 19.7M | -16.9M | 70.6M | 24.2M | 27.2M | 70.4M | 32.6M | 27.8M | 27.9M | 28.1M |
| Costs Selling & Distribution Costs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Costs Administrative Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash Flow Operating Cash Flow | 97.2M | 36.0M | 22.7M | 35.1M | 43.1M | 42.4M | 37.8M | 48.5M | 58.8M | 49.5M | 57.5M | 65.3M |
| Cash Flow Capital Expenditure | -13.4M | -5.3M | -7.7M | 0 | -17.7M | -6.1M | -11.6M | -6.7M | -33.2M | -10.1M | -20.1M | -29.8M |
| Cash Flow Free Cash Flow | 110.7M | 41.3M | 30.4M | 35.1M | 60.9M | 48.5M | 49.4M | 55.2M | 92.1M | 59.6M | 77.6M | 95.1M |
| Cash Flow Depreciation & Amortization | 26.6M | 7.5M | 7.9M | 8.2M | 9.1M | 8.0M | 8.3M | 8.8M | 9.3M | 14.0M | 18.0M | 17.9M |
| LTM Metrics Revenue (LTM) | 392.2M | 502.7M | 619.5M | 512.3M | 479.9M | 513.5M | 551.1M | 843.7M | 657.0M | 703.4M | 761.1M | 791.6M |
| LTM Metrics EBITDA (LTM) | 103.6M | 135.1M | 168.2M | 138.9M | 141.3M | 148.6M | 157.0M | 232.0M | 172.8M | 190.8M | 218.1M | 242.4M |
| LTM Metrics Net Income (LTM) | 40.2M | 54.3M | 74.0M | 57.0M | 87.4M | 97.5M | 105.0M | 192.4M | 154.4M | 158.0M | 158.7M | 116.4M |
| Profitability Gross Margin | 39.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 41.2% | 0.0% | -36.7% | 0.0% | 0.0% | 93.5% |
| Profitability EBITDA Margin | 26.4% | 28.5% | 28.4% | 27.3% | 29.4% | 26.9% | 26.9% | 24.6% | 27.0% | 29.8% | 32.4% | 32.4% |
| Profitability EBIT Margin | 19.0% | 21.7% | 21.6% | 20.6% | 21.5% | 21.4% | 21.4% | 17.4% | 22.1% | 22.5% | 24.0% | 24.1% |
| Profitability Net Margin | 10.3% | 12.8% | 16.8% | 15.8% | 19.6% | 16.8% | 17.6% | 38.0% | 18.8% | 14.6% | 13.2% | 13.0% |
| Profitability ROIC | - | - | - | - | 12.4% | 13.8% | 16.0% | 23.1% | 14.2% | 10.8% | 11.6% | 13.3% |
| Profitability Cash Conversion | 242.0% | 255.0% | 115.0% | -207.0% | 61.0% | 175.0% | 139.0% | 69.0% | 181.0% | 178.0% | 206.0% | 232.0% |
| Balance Sheet Current Assets | 91.9M | 102.7M | 107.9M | 103.7M | 110.3M | 138.3M | 147.8M | 227.7M | 239.9M | 246.0M | 207.5M | 394.8M |
| Balance Sheet Current Liabilities | 145.0M | 154.6M | 186.8M | 164.3M | 172.9M | 191.4M | 192.1M | 210.0M | 200.4M | 270.9M | 295.3M | 281.6M |
| Balance Sheet Inventories | 0 | 0 | 191.0K | 149.0K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet Total Equity | 398.2M | 405.6M | 386.6M | 423.9M | 424.7M | 452.7M | 444.4M | 491.8M | 546.8M | 627.6M | 573.4M | 794.0M |
| Balance Sheet Total Debt | 311.4M | 300.7M | 293.6M | 287.9M | 246.2M | 234.9M | 224.9M | 162.5M | 192.6M | 678.6M | 693.7M | 673.7M |
| Balance Sheet Cash & Equivalents | 54.1M | 65.4M | 68.8M | 54.2M | 70.3M | 86.5M | 59.3M | 148.3M | 142.9M | 185.5M | 143.9M | 256.9M |
| Balance Sheet Invested Capital | 655.5M | 640.9M | 611.4M | 657.6M | 600.6M | 601.1M | 610.1M | 506.0M | 596.5M | 1.1B | 1.1B | 1.2B |
| Ratios Current Ratio | 0.63 | 0.66 | 0.58 | 0.63 | 0.64 | 0.72 | 0.77 | 1.08 | 1.20 | 0.91 | 0.70 | 1.40 |
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
Sentiment Analysis (Last 6 Months)
| Positive | 67% |
| Neutral | 33% |
| Negative | 0% |
Based on 15 articles
Cyber_Folks S.A. to Merge with Parent Company R22 S.A.
On May 23, 2023, the management boards of Cyber_Folks S.A. and its parent company, R22 S.A., announced the signing of a merger plan. The merger will involve the transfer of all assets and liabilities of Cyber_Folks S.A. to R22 S.A., which is the sole shareholder of Cyber_Folks. The process will result in the dissolution of Cyber_Folks S.A. without liquidation, and R22 S.A. will assume all rights and obligations of the acquired entity. Notably, the merger will not require an increase in R22 S.A.'s share capital. The merger plan has been made available on R22 S.A.'s investor relations website.
Relevance: This development is significant to Cyber_Folks S.A. as it directly impacts its corporate structure and operational integration within the R22 Group, which could influence its strategic direction in the digital infrastructure and online services market.
Cyber_Folks S.A. Announces 2026 Financial Reporting Schedule
Cyber_Folks S.A., a leading Polish technology group, has released its financial reporting schedule for the fiscal year 2026. The company will publish its consolidated and standalone annual report for 2025 on March 18, 2026. The consolidated quarterly report for Q1 2026 is set for release on May 19, 2026, while the consolidated half-year report will be published on September 2, 2026. The Q3 2026 consolidated report is scheduled for November 16, 2026.
In compliance with regulatory guidelines, Cyber_Folks will not issue separate standalone quarterly or half-year reports, as the consolidated reports will include the required financial details. Additionally, the company will not publish standalone or consolidated reports for Q4 2025 and Q2 2026.
This announcement reflects Cyber_Folks' commitment to transparency and adherence to financial reporting standards.
Relevance: The article is relevant as it highlights Cyber_Folks' corporate updates, including financial reporting, which is crucial for stakeholders and aligns with the company's business profile as a publicly traded entity.
Cyber_Folks to Boost R&D Investments Following PrestaShop Acquisition, Expanding E-commerce Reach
Cyber_Folks S.A., a leading Polish technology group, is set to significantly enhance its research and development (R&D) efforts following its acquisition of PrestaShop. According to Jakub Dwernicki, CEO of Cyber_Folks and Shoper, the transaction will enable the company to expand its e-commerce operations into new international markets. This strategic move aligns with the group's vision of strengthening its position in the digital infrastructure and online business solutions sector.
The acquisition of PrestaShop is expected to complement Cyber_Folks' existing e-commerce platform, Shoper, by broadening its technological capabilities and market reach. The company aims to leverage this development to support small and medium-sized enterprises (SMEs) in their digital transformation journey, particularly in cross-border e-commerce.
Cyber_Folks' focus on innovation and market expansion underscores its commitment to driving growth in the e-commerce and digital infrastructure space.
Relevance: This article is relevant to Cyber_Folks S.A. as it highlights a key acquisition and strategic investment in R&D, which directly impacts its e-commerce platform segment and supports its mission to expand into new markets.
Cyber_Folks S.A. Initiates Negotiations to Acquire PrestaShop SA
Cyber_Folks S.A. (CBF.WSE), a leading Polish technology group, has announced the commencement of negotiations to acquire 100% of shares in PrestaShop SA, a Paris-based e-commerce platform provider. The company signed a term sheet with MBE Worldwide S.p.A., the current owner of PrestaShop, on September 22, 2025, and has now disclosed the details following the conclusion of confidentiality requirements.
According to the agreement, the enterprise value of PrestaShop has been set at €55 million, subject to adjustments based on net debt and working capital. Cyber_Folks will conduct due diligence on PrestaShop until October 20, 2025, and submit a binding offer by the same date. The seller has granted Cyber_Folks a four-week exclusivity period for negotiations following the submission of the binding offer. The parties aim to finalize the legally binding transaction documentation by November 20, 2025.
This acquisition aligns with Cyber_Folks' strategic focus on expanding its e-commerce platform segment, which includes its existing stake in Shoper S.A., and reinforces its position in the European digital infrastructure and online business solutions market.
Relevance: This development is significant to Cyber_Folks S.A. as it directly relates to its e-commerce platform segment and its strategy to strengthen its position in the SaaS and cross-border e-commerce markets.
Cyber_Folks S.A. Expands E-Commerce Portfolio with Strategic Investment in Pixel and PrestaShop
Cyber_Folks S.A. (CBF.WSE) has announced a significant investment agreement to acquire a controlling stake in Pixel, a company set to consolidate key e-commerce assets. Under the agreement, Cyber_Folks will hold 79% of Pixel's shares, with the remaining stakes divided between family foundations FRMK and FRDM, each holding 10.5%. Pixel will subsequently acquire 100% of PrestaShop SA, a leading e-commerce platform based in Paris, as well as full ownership of Sylius and Bitbag, two prominent Polish e-commerce solution providers.
The transaction involves Cyber_Folks contributing €38.3 million for 54% of Pixel's shares and an additional €17.7 million for 25% of shares, which may be structured as a convertible loan depending on regulatory approval. The deal is contingent upon antitrust clearance from Poland's Office of Competition and Consumer Protection. Additionally, a shareholder agreement has been signed to establish corporate governance, operational collaboration, and non-compete obligations for the involved parties.
This strategic move positions Cyber_Folks as a major player in the European e-commerce market, leveraging PrestaShop's international presence and Sylius and Bitbag's technological expertise to enhance its SaaS and digital infrastructure offerings.
Relevance: The article is relevant as it highlights Cyber_Folks' expansion in the e-commerce sector, aligning with its strategic focus on SaaS platforms, cross-border e-commerce, and digital infrastructure growth.
Cyber_Folks S.A. Expands E-Commerce Portfolio with Acquisition of PrestaShop
Cyber_Folks S.A. (CBF.WSE), a leading Polish technology group, has announced a significant step in its e-commerce expansion by signing agreements to acquire PrestaShop, one of the world’s largest open-source e-commerce platforms. The transaction, valued at €53.765 million, is set to strengthen Cyber_Folks' position in the global e-commerce market.
The acquisition will be executed through Cyber_Folks' subsidiary, Cyber_Pixel, which has reached an agreement with MBE Worldwide to finalize the transaction documentation. Under French law, the deal requires prior consultation with PrestaShop employees and approval from the Workers' Council. A PUT option agreement has been signed, allowing the seller to proceed with the sale after completing the consultation process, which is expected to conclude within two months. The PUT option will remain valid for four months from the agreement date.
PrestaShop currently supports 230,000 active online stores globally, generating €22 billion in GMV (Gross Merchandise Value) in 2024. Cyber_Folks also announced a partnership with Sylius, a platform specializing in enterprise and mid-market e-commerce projects, which adds an additional €7 billion in GMV. Combined, the integration of PrestaShop and Sylius into the Cyber_Folks ecosystem will result in a total GMV of approximately €35 billion, a milestone for any technology company in the region.
Jakub Dwernicki, CEO of Cyber_Folks, highlighted the strategic importance of the acquisition, stating, "This synergy opens doors to the enterprise segment and the rapidly growing composable commerce market. Together with Sylius, we aim to develop both platforms further, leveraging their strengths to drive innovation in global e-commerce."
Additionally, Cyber_Folks has entered an investment agreement with key stakeholders, including Sylius, Bitbag, and family foundations MK and DM, to define the governance and collaboration framework for the joint investment. Cyber_Folks will hold a 79% stake in Cyber_Pixel, with the remaining shares distributed among the other stakeholders. The agreement also outlines provisions for corporate governance, non-compete clauses, and operational collaboration between the parties.
The transaction is subject to regulatory approvals, including antitrust clearance, and is expected to be finalized in the coming months.
Relevance: This acquisition aligns with Cyber_Folks S.A.'s strategic focus on expanding its e-commerce platform segment and strengthening its position in the global digital infrastructure market.
Cyber_Folks S.A. Subsidiary Secures Agreement to Acquire PrestaShop
On December 11, 2025, Cyber_Folks S.A., through its subsidiary Cyber_Pixel sp. z o.o., reached an agreement with MBE Worldwide S.p.A. to acquire 100% of shares in PrestaShop SA, a leading e-commerce platform headquartered in Paris. The transaction documentation has been finalized, with the acquisition valued at €55 million, subject to standard adjustments such as net debt. A PUT option agreement has been signed, granting MBE Worldwide the right to sell its shares to Cyber_Pixel following a mandatory consultation process with PrestaShop employees and its Workers' Council, expected to conclude within two months.
The agreement includes a 12-month exclusivity period during which MBE Worldwide cannot engage in any other sale activities related to PrestaShop shares. Breach of this exclusivity will result in penalties, including a €5.5 million fee or 200% of the difference between the sale price and €55 million if shares are sold to another party. Upon completion of the consultation process and exercise of the PUT option, the sale agreement will be executed, with the final price estimated at €53.765 million, subject to further adjustments.
This acquisition aligns with Cyber_Folks S.A.'s strategic focus on expanding its e-commerce platform segment, complementing its existing stake in Shoper S.A. and strengthening its position in the European digital infrastructure market.
Relevance: The article is relevant as it highlights Cyber_Folks S.A.'s strategic acquisition of PrestaShop, which directly supports its e-commerce platform segment and aligns with its growth objectives in the digital services sector.
Cyber_Folks S.A. Expands Ecosystem with Acquisition of PrestaShop
Cyber_Folks S.A., a leading Polish technology group, has announced the acquisition of PrestaShop in collaboration with Sylius. The agreed purchase price for 100% of PrestaShop's shares is set at €53.765 million. PrestaShop, a global e-commerce platform, supports 230,000 active online stores, which collectively generated €22 billion in Gross Merchandise Value (GMV) in 2024. Sylius, known for its enterprise and mid-market solutions, contributes an additional €7 billion in annual GMV.
Following the integration of PrestaShop and Sylius into the Cyber_Folks ecosystem, the combined GMV of the group is expected to reach approximately €35 billion, significantly enhancing its position in the global e-commerce market.
Relevance: This acquisition aligns with Cyber_Folks S.A.'s strategic focus on expanding its e-commerce platform segment and strengthening its digital infrastructure offerings, particularly in the SaaS and cross-border e-commerce markets.
Cyber_Folks S.A. Announces Share Buyback Program Worth PLN 10 Million
Cyber_Folks S.A. (CBF.WSE), a leading Polish technology group specializing in digital infrastructure and online business solutions, has announced a share buyback program. The company plans to acquire 50,000 of its own shares at a price of PLN 200 per share, amounting to a total expenditure of PLN 10 million. This move reflects Cyber_Folks' commitment to enhancing shareholder value and optimizing its capital structure.
The buyback program aligns with Cyber_Folks' strategic focus on strengthening its market position across its three core segments: Hosting & Domains, Omnichannel Communications, and E-commerce Platforms. The company continues to demonstrate robust financial management and a proactive approach to shareholder returns.
Relevance to Cyber_Folks S.A.: This development is directly relevant to Cyber_Folks as it highlights the company's financial strategy and commitment to shareholder value, which is a key aspect of its corporate operations and market positioning.
Cyber_Folks S.A. Announces Share Buyback Program Worth PLN 10 Million
Cyber_Folks S.A., a leading Polish technology group, has initiated a share buyback program following resolutions passed by its General Meeting and Management Board. The company plans to repurchase up to 50,000 shares, representing 0.33% of its share capital, at a price of PLN 200 per share. The total budget for the buyback, including transaction costs, is capped at PLN 10 million. The program is set to run until December 31, 2025, or until the allocated budget is exhausted.
The buyback will be conducted through public invitations to shareholders, with mBank S.A. acting as the intermediary. Shareholders can submit offers between November 10 and November 24, 2025, with the settlement date expected on November 27, 2025. The repurchased shares may be used for purposes such as cancellation, resale, financing acquisitions, or employee incentive programs. The company has emphasized that the process will ensure equal treatment of all shareholders.
Cyber_Folks S.A. currently holds 25,916 treasury shares and has allocated funds for the buyback from a reserve capital created specifically for this purpose. The initiative aligns with the company’s strategic goals and commitment to enhancing shareholder value.
For more details, shareholders can visit the company’s official investor relations page.
Relevance: This article is relevant to Cyber_Folks S.A. as it highlights a significant corporate action involving share buybacks, which directly impacts the company’s financial strategy and shareholder relations.
2026 EPS Estimates
- Higher interest burden, slower growth in e-commerce SaaS, delayed synergy realization
- Low-teens organic growth, gradual deleveraging, successful integration of Shoper
- Strong cross-selling synergies, renewed M&A acceleration, faster international expansion
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
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