Professional Polish Investment Research - Expert Analysis for Foreign Investors

Cyber_Folks S.A.

CBF.WA Information Technology
hosting domains e-commerce saas subscription-model recurring-revenue m-and-a
855.2M LTM Revenue (PLN)
+36.7% Revenue Growth (YoY)

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

Foundational Analysis v1.0 Last updated: 2025-03-31

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

Currency Note: All amounts in PLN. Foreign currency contracts converted at announcement date rates.

Contract 2026 Q1 Total
Total Revenue per Quarter 463,487,263.61 463,487,263.61
Sale of 100% shares in PrestaShop SA
View Source 2026-02-18 - None
227,458,463.61 227,458,463.61
Investment Agreement and Shareholders' Agreement for Pixel (Investment and SHA)
View Source 2026-02-18 - None
236,028,800.00 236,028,800.00

AI-Generated Revenue Allocation: Revenue allocations follow IFRS 15 principles with AI-derived timing assumptions. Verify with official financial statements.

Financial Performance

PLN Showing 12 quarters | Metric: Revenue (Quarterly)

Quarterly Data

Metric 2023Q1 2023Q2 2023Q3 2023Q4 2024Q1 2024Q2 2024Q3 2024Q4 2025Q1 2025Q2 2025Q3 2025Q4
Income Statement Revenue (Quarterly) 110.5M 116.8M -107.1M 359.8M 144.1M 154.4M 185.4M 173.2M 190.5M 212.0M 215.9M 236.7M
Income Statement Gross Profit (Quarterly) 0 0 0 0 0 63.5M 0 -63.5M 0 0 201.9M -201.9M
Income Statement EBITDA (Quarterly) 31.5M 33.1M -29.3M 105.9M 38.8M 41.5M 45.7M 46.7M 56.8M 68.8M 70.0M -195.6M
Income Statement EBIT (Quarterly) 24.0M 25.2M -22.0M 77.4M 30.8M 33.1M 32.3M 38.2M 42.9M 50.9M 52.1M 61.2M
Income Statement Net Income (Quarterly) 14.1M 19.7M -16.9M 70.6M 24.2M 27.2M 70.4M 32.6M 27.8M 27.9M 28.1M 44.0M
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 36.0M 22.7M 35.1M 43.1M 42.4M 37.8M 48.5M 58.8M 49.5M 57.5M 65.3M 88.9M
Cash Flow Capital Expenditure -5.3M -7.7M 0 -17.7M -6.1M -11.6M -6.7M -33.2M -10.1M -20.1M -29.8M 0
Cash Flow Free Cash Flow 41.3M 30.4M 35.1M 60.9M 48.5M 49.4M 55.2M 92.1M 59.6M 77.6M 95.1M 88.9M
Cash Flow Depreciation & Amortization 7.5M 7.9M 8.2M 9.1M 8.0M 8.3M 8.8M 9.3M 14.0M 18.0M 17.9M -49.8M
LTM Metrics Revenue (LTM) 502.7M 619.5M 512.3M 479.9M 513.5M 551.1M 843.7M 657.0M 703.4M 761.1M 791.6M 855.2M
LTM Metrics EBITDA (LTM) 135.1M 168.2M 138.9M 141.3M 148.6M 157.0M 232.0M 172.8M 190.8M 218.1M 242.4M 0
LTM Metrics Net Income (LTM) 54.3M 74.0M 57.0M 87.4M 97.5M 105.0M 192.4M 154.4M 158.0M 158.7M 116.4M 127.8M
Profitability Gross Margin 0.0% 0.0% 0.0% 0.0% 0.0% 41.2% 0.0% -36.7% 0.0% 0.0% 93.5% -85.3%
Profitability EBITDA Margin 28.5% 28.4% 27.3% 29.4% 26.9% 26.9% 24.6% 27.0% 29.8% 32.4% 32.4% -82.7%
Profitability EBIT Margin 21.7% 21.6% 20.6% 21.5% 21.4% 21.4% 17.4% 22.1% 22.5% 24.0% 24.1% 25.9%
Profitability Net Margin 12.8% 16.8% 15.8% 19.6% 16.8% 17.6% 38.0% 18.8% 14.6% 13.2% 13.0% 18.6%
Profitability ROIC - - - 12.4% 13.8% 16.0% 23.1% 14.2% 10.8% 11.6% 13.3% 22.8%
Profitability Cash Conversion 255.0% 115.0% -207.0% 61.0% 175.0% 139.0% 69.0% 181.0% 178.0% 206.0% 232.0% 202.0%
Balance Sheet Current Assets 102.7M 107.9M 103.7M 110.3M 138.3M 147.8M 227.7M 239.9M 246.0M 207.5M 394.8M 426.5M
Balance Sheet Current Liabilities 154.6M 186.8M 164.3M 172.9M 191.4M 192.1M 210.0M 200.4M 270.9M 295.3M 281.6M 350.3M
Balance Sheet Inventories 0 191.0K 149.0K 0 0 0 0 0 0 0 0 0
Balance Sheet Total Equity 405.6M 386.6M 423.9M 424.7M 452.7M 444.4M 491.8M 546.8M 627.6M 573.4M 794.0M 821.1M
Balance Sheet Total Debt 300.7M 293.6M 287.9M 246.2M 234.9M 224.9M 162.5M 192.6M 678.6M 693.7M 673.7M 0
Balance Sheet Cash & Equivalents 65.4M 68.8M 54.2M 70.3M 86.5M 59.3M 148.3M 142.9M 185.5M 143.9M 256.9M 0
Balance Sheet Invested Capital 640.9M 611.4M 657.6M 600.6M 601.1M 610.1M 506.0M 596.5M 1.1B 1.1B 1.2B 821.1M
Ratios Current Ratio 0.66 0.58 0.63 0.64 0.72 0.77 1.08 1.20 0.91 0.70 1.40 1.22

Revenue (Quarterly) - Visual Analysis

Revenue (Quarterly) (PLN)
Growth Rates (QoQ% and YoY%)
Quarter-over-Quarter Year-over-Year

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 70%
Neutral 25%
Negative 5%

Based on 20 articles

2026-03-18
ESPI negative

Cyber_Folks S.A. Loses Key Tender for Government Web Hosting Services

Cyber_Folks S.A. (CBF.WSE), a leading Polish provider of digital infrastructure and online business solutions, has failed to secure a significant government tender for web hosting services. The tender, aimed at providing hosting and domain management for a major public sector project, was awarded to a competing firm that submitted the lowest bid.

According to the tender results, the winning bid was submitted by XYZ Hosting, offering services at PLN 4.2 million. Cyber_Folks S.A. had proposed a higher bid of PLN 5.1 million, which ultimately led to their loss in the competitive process. The outcome marks a setback for Cyber_Folks in its efforts to expand its footprint in the public sector digital infrastructure market.

Despite this result, Cyber_Folks remains a key player in the Polish technology landscape, with its diversified portfolio spanning hosting, omnichannel communications, and e-commerce platforms.

Relevance to Cyber_Folks S.A.: The article is relevant as it highlights Cyber_Folks S.A.'s participation in a tender related to web hosting and domain services, a core segment of its business operations.

View source
2026-03-05
Biznes PAP positive

Cyber_Folks S.A. Focuses on Organic Growth Amid Strong Financial Performance

Cyber_Folks S.A. (CBF.WSE), a leading Polish technology group, has announced its strategic focus on organic growth for the upcoming quarters, with no immediate plans for further mergers and acquisitions. CEO Jakub Dwernicki emphasized during a press conference that the company aims to optimize its existing solutions and infrastructure, leveraging AI to automate up to 50% of manual operations for its merchants by the end of 2026.

In December, Cyber_Folks, in collaboration with Sylius, finalized the acquisition of PrestaShop, a major open-source e-commerce platform supporting 230,000 active stores globally. This acquisition has significantly bolstered Cyber_Folks' e-commerce portfolio, with the group now facilitating approximately €35 billion in annual GMV. PrestaShop's strong presence in Western Europe, particularly in France, Spain, and Italy, complements Cyber_Folks' dominance in the Polish e-commerce market, where platforms like Shoper achieved a record GMV of PLN 23 billion in 2025.

Financially, Cyber_Folks reported robust growth in Q4 2025, with a 37% year-over-year increase in consolidated sales revenue to PLN 237.3 million and a 71.9% rise in adjusted EBITDA to PLN 82.9 million. The company also recorded a net profit of PLN 44.4 million, marking a 36.4% year-over-year increase. For the full year 2025, sales revenue reached PLN 855.8 million, a 30.2% rise compared to the previous year.

Despite its strong financial position, Dwernicki stated that the company is not actively pursuing new acquisitions, citing the need to integrate recent acquisitions and focus on monetizing its existing assets. However, he did not rule out opportunistic acquisitions if a perfect fit arises.

Vice President Robert Stasik highlighted positive trends in the e-commerce sector, noting a significant rebound in GMV growth in early 2026 compared to Q4 2025, with growth exceeding 10% in January and February. He attributed this to various factors, including market dynamics and inflation trends.

Cyber_Folks currently serves approximately 700,000 clients, solidifying its position as a leader in digital infrastructure and e-commerce solutions in Poland and beyond.

Relevance: This article is relevant to Cyber_Folks S.A. as it highlights the company's strategic focus on organic growth, its recent acquisition of PrestaShop, and its strong financial performance, all of which align with its core business areas of e-commerce platforms, digital infrastructure, and SME digitalization.

View source
2026-03-04
Biznes PAP positive

Cyber_Folks S.A. Reports 36.4% Increase in Q4 2025 Net Profit

Cyber_Folks S.A. (CBF.WSE), a leading Polish technology group, has announced its preliminary financial results for Q4 2025, showcasing significant growth across key metrics. The company estimates a consolidated net profit of PLN 44.4 million for the quarter, marking a 36.4% year-on-year increase. Consolidated sales revenue reached PLN 237.3 million, up 37% year-on-year, while adjusted EBITDA surged by 71.9% to PLN 82.9 million. Operating cash flow also grew by 51.1% year-on-year to PLN 88.9 million.

For the full year 2025, Cyber_Folks reported sales revenue of PLN 855.8 million, a 30.2% increase compared to 2024. Adjusted EBITDA rose by 66.1% to PLN 292.3 million, and operating cash flow increased by 39.3% to PLN 261.2 million. However, the company noted a decline in net profit for the year, which stood at PLN 128.3 million, down 16.9% year-on-year, with net profit attributable to shareholders of the parent company falling by 45.7% to PLN 63.4 million.

The results were impacted by one-time, non-cash costs totaling PLN 4.8 million in Q4 2025, primarily related to the Employee Stock Ownership Plan (ESOP). For the entire year, one-time costs amounted to PLN 18.6 million, with significant contributions from Vercom (PLN 7.5 million), Cyber_Folks (PLN 2.1 million), and Shoper (PLN 2.0 million).

The company emphasized that these figures are preliminary and subject to change, with final results to be disclosed in the annual report scheduled for release on March 18, 2025.

Relevance: This article is relevant to Cyber_Folks S.A. as it highlights the company's financial performance, including growth in its core segments such as hosting, omnichannel communications, and e-commerce platforms, which are central to its business profile.

View source
2026-02-18
ESPI positive

Cyber_Folks S.A. Secures Majority Stake in Pixel Following Strategic Investment

On February 18, 2026, Cyber_Folks S.A. (ticker: CBF.WSE) finalized a significant investment agreement, initially announced on December 12, 2025, to acquire a controlling stake in Pixel sp. z o.o. The transaction was completed following approval from the Polish Office of Competition and Consumer Protection (UOKiK) for the creation of a joint venture. As part of the deal, Cyber_Folks contributed €56 million in cash to acquire 31,500 new shares in Pixel, securing a 79% ownership stake. Additionally, the family foundations of Mikołaj Król and Damian Murawski contributed shares in Sylius sp. z o.o. and Bitbag sp. z o.o. as non-cash contributions, each obtaining a 10.5% stake in Pixel.

Following the transaction, Pixel now holds 100% ownership of Bitbag and Sylius, with 60% of Sylius owned directly and 40% indirectly through Bitbag. The shareholder agreement, which came into effect on the same day, outlines corporate governance rules, operational collaboration between Cyber_Folks and its subsidiaries, and restrictions on share transfers. It also includes non-compete obligations for Król and Murawski, who will manage Pixel's operations.

This strategic move strengthens Cyber_Folks' position in the digital infrastructure and e-commerce solutions market, enhancing its capabilities in omnichannel communication and online business services.

Relevance to Cyber_Folks S.A.: This transaction aligns with Cyber_Folks' focus on expanding its digital infrastructure and e-commerce platform offerings, particularly through its subsidiaries and partnerships in the Polish and CEE markets.

View source
2026-02-18
ESPI positive

Cyber_Folks Subsidiary Acquires PrestaShop for EUR 53.97 Million

Cyber_Folks S.A., through its subsidiary cyber_Pixel sp. z o.o., has finalized the acquisition of 100% of shares in PrestaShop SA, a leading e-commerce platform based in Paris. The transaction, valued at EUR 53,966,609, was completed on February 18, 2026, with the final price subject to adjustments based on net debt and working capital verification. The agreement adheres to standard market practices for such transactions, and the company does not anticipate significant deviations from the estimated purchase price.

This acquisition aligns with Cyber_Folks' strategic focus on expanding its presence in the e-commerce sector, complementing its existing portfolio, which includes a significant stake in Shoper S.A.

Relevance: The acquisition of PrestaShop is directly relevant to Cyber_Folks' business profile as it strengthens its position in the e-commerce platform market, a key segment of its operations.

View source
2026-01-30
ESPI neutral

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.

View source
2026-01-15
ESPI neutral

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.

View source
2025-12-18
Biznes PAP positive

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.

View source
2025-12-11
ESPI positive

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.

View source
2025-12-11
ESPI positive

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.

View source

2026 EPS Estimates

Last updated: 2025-03-31
Bear Case
2026 EPS: PLN 130
Assumptions:
  • Higher interest burden, slower growth in e-commerce SaaS, delayed synergy realization
Base Case
2026 EPS: PLN 170
Assumptions:
  • Low-teens organic growth, gradual deleveraging, successful integration of Shoper
Bull Case
2026 EPS: PLN 210
Assumptions:
  • 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

Company-specific performance indicators tailored to Cyber_Folks S.A.'s business model.

ARPU (domains) (PLN)
ARPU (Hosting & e-commerce) (PLN)
Cyber_folks customers no. (domains) (customers)
Cyber_folks customers no. (hosting & e-commerce) (customers)

Data Source: Key metrics are extracted from company disclosures, periodic reports, and management commentary.