Professional Polish Investment Research - Expert Analysis for Foreign Investors

Madkom S.A.

MAD.WA Technology
public-sector-software govtech document-management
32.3M LTM Revenue (PLN)
+16.0% Revenue Growth (YoY)

Company Overview

Madkom S.A. is a Polish provider and integrator of proprietary software for document management, electronic archives, budgeting, and digital office processes in local government and public institutions.

Business Segments

  • SIDAS software products – electronic document management, digital office, BIP, budgeting, and public administration workflows
  • Implementation and training services – deployment of proprietary systems for public-sector clients
  • Maintenance and service revenues – recurring support and software maintenance for existing customers

Key Drivers

  • Ongoing digitization of Polish public administration
  • Growth in recurring maintenance and service revenues
  • Adaptation of SIDAS products to e-Delivery and KSeF requirements
  • Modernization of product interfaces and AI-supported functionality
  • New cybersecurity-related product development, including SIDAS Compliance for NIS2 needs

Key Risks

  • High exposure to Polish local government and public-sector procurement
  • Dependence on public tenders and contract timing
  • Regulatory changes requiring continuous product adaptation
  • Execution risk in R&D and product modernization
  • Small scale and limited liquidity typical of NewConnect companies

What to Watch

  • Growth of recurring service and maintenance invoices
  • New contracts with local government units
  • Progress of SIDAS Cyfrowy Urząd adaptation to e-Delivery
  • Commercialization of AI-supported functions and SIDAS Compliance
  • Cash generation versus continued R&D spending

Foundational Analysis

Foundational Analysis v1.0 Last updated: 2026-04-25

Business Model

Madkom generates revenue from proprietary software licenses, implementation projects, training, and recurring maintenance services. Its core customer base consists of Polish local government units and public institutions.

Competitive Positioning

Madkom has a specialized niche position in Polish public-sector software, supported by long operating history, proprietary SIDAS products, and domain expertise in administrative workflows. Its competitive edge comes from specialization rather than scale.

Economics & Capital Allocation

The business is software-led but still project and implementation-driven. Recurring service revenues are strategically important because they improve revenue stability. In 2025 the group reported PLN 32.3m of consolidated revenue and PLN 3.2m net profit, with strong improvement versus 2024.

Capital is mainly allocated to product development, interface modernization, compliance with changing regulation, and cybersecurity-related functionality. The group also continues to service bank debt and leasing liabilities.

Long-term Risks

Key long-term risks include dependence on public-sector budgets, tender cycles, regulatory-driven development needs, competition from larger IT vendors, and the need to maintain technological relevance in document management and digital administration systems.

What Would Break the Thesis

  • Material slowdown in Polish public-sector digitization spending
  • Loss of relevance of SIDAS products versus competing public-sector platforms
  • Failure to convert R&D and regulatory adaptation into commercial sales
  • Persistent decline in recurring maintenance revenue
  • Major execution failure in large public-sector implementations

Contracts Intelligence

No contract data available for this company.

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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) 5.8M 8.5M 6.0M 7.4M 3.6M 4.1M 3.5M 5.4M 6.3M 7.9M 11.9M 6.3M
Income Statement Gross Profit (Quarterly) -417.4K 849.5K 54.0K 1.5M -857.3K 212.4K -169.2K 453.8K 0 0 0 0
Income Statement EBITDA (Quarterly) 702.5K 1.8M 994.2K 2.0M 112.9K 1.1M 1.1M 1.5M 1.3M 3.3M 5.8M 7.8M
Income Statement EBIT (Quarterly) -294.5K 875.9K 73.2K 1.1M -801.0K 103.9K 84.8K 456.4K 0 0 0 0
Income Statement Net Income (Quarterly) -297.5K 664.4K 22.2K 982.2K -655.9K 123.5K 106.8K 485.7K 224.0K 830.2K 1.2M 950.0K
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 -274.3K 2.0M -18.2K 2.5M 641.5K -116.2K 1.3M 3.0M 1.5M 700.0K 1.5M 0
Cash Flow Capital Expenditure -703.6K -1.6M -827.7K -886.4K 0 -1.1M -1.1M -274.7K -500.0K -200.0K 0 0
Cash Flow Free Cash Flow 429.3K 3.6M 809.5K 3.4M 641.5K 1.0M 2.4M 3.3M 2.0M 900.0K 1.5M -
Cash Flow Depreciation & Amortization 997.0K 936.5K 921.0K 900.5K 913.9K 963.2K 981.0K 1.0M 0 0 0 0
LTM Metrics Revenue (LTM) 5.8M 14.3M 20.3M 27.7M 25.4M 21.0M 18.5M 16.5M 19.2M 23.0M 31.4M 32.3M
LTM Metrics EBITDA (LTM) 702.5K 2.5M 3.5M 5.5M 4.9M 4.2M 4.3M 3.7M 4.9M 7.1M 11.9M 18.2M
LTM Metrics Net Income (LTM) -297.5K 366.9K 389.1K 1.4M 1.0M 472.0K 556.6K 60.1K 939.9K 1.6M 2.8M 3.2M
Profitability Gross Margin -7.2% 10.0% 0.9% 21.0% -24.1% 5.2% -4.9% 8.4% 0.0% 0.0% 0.0% 0.0%
Profitability EBITDA Margin 12.1% 21.4% 16.6% 27.5% 3.2% 26.1% 30.9% 27.3% 20.4% 42.1% 49.0% 124.5%
Profitability EBIT Margin -5.0% 10.3% 1.2% 15.3% -22.5% 2.5% 2.5% 8.4% 0.0% 0.0% 0.0% 0.0%
Profitability Net Margin -5.1% 7.8% 0.4% 13.3% -18.4% 3.0% 3.1% 9.0% 3.6% 10.6% 10.3% 15.1%
Profitability ROIC -3.5% 4.7% 5.2% 15.9% 12.8% 5.6% 5.7% -0.9% 8.1% 12.0% 30.8% 0.0%
Profitability Cash Conversion 92.0% 301.0% -82.0% 259.0% -98.0% -94.0% 1184.0% 617.0% 670.0% 84.0% 123.0% 0.0%
Balance Sheet Current Assets 3.3M 2.9M 2.3M 2.8M 2.5M 3.1M 2.7M 3.2M 4.1M 0 0 0
Balance Sheet Current Liabilities 3.4M 2.6M 2.8M 2.2M 1.4M 2.7M 1.4M 2.9M 0 0 0 0
Balance Sheet Inventories 344.4K 352.5K 752.1K 733.7K 919.4K 952.1K 790.4K 140.8K 0 0 0 0
Balance Sheet Trade Receivables 2.3M 1.5M 917.9K 1.0M 1.3M 1.8M 1.1M 676.4K 1.7M 2.1M 1.9M 1.1M
Balance Sheet Trade Payables 1.2M 1.2M 518.3K 733.0K 542.1K 596.6K 574.1K 1.4M 0 0 0 0
Balance Sheet Total Equity 8.0M 8.6M 8.7M 9.7M 9.0M 8.9M 8.8M 9.1M 0 0 0 0
Balance Sheet Total Debt 1.6M 855.7K 1.7M 980.8K 337.2K 1.9M 1.5M 1.4M 0 1.3M 1.2M 1.1M
Balance Sheet Cash & Equivalents 170.8K 505.7K 457.0K 850.2K 144.5K 131.8K 522.0K 1.9M 2.4M 2.4M 1.4M 2.7M
Balance Sheet Invested Capital 9.4M 9.0M 9.9M 9.8M 9.2M 10.6M 9.7M 8.6M -2.4M -1.1M -230.0K -1.6M
Balance Sheet Net Working Capital 1.5M 614.5K 1.2M 1.0M 1.6M 2.1M 1.3M -552.2K 1.7M 2.1M 1.9M 1.1M
Ratios Current Ratio 0.98 1.10 0.83 1.30 1.80 1.16 1.92 1.11 - - - -
Ratios Net Working Capital to Revenue 0.25 0.07 0.19 0.14 0.46 0.52 0.38 -0.10 0.26 0.27 0.16 0.18

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 100%
Neutral 0%
Negative 0%

Based on 3 articles

2026-04-14
ESPI positive

Madkom S.A. Reports Revenue Growth in March 2026 Amid New Contracts and Ongoing Projects

In March 2026, Madkom S.A., a leading Polish software provider for public administration and municipal services, reported consolidated sales revenue of PLN 1.234 million net. The majority of this revenue, approximately 88.59%, was derived from service agreements for proprietary software maintenance, amounting to PLN 1.093 million. Additionally, PLN 123,370 was generated from the completion of new contracts, including projects for the municipalities of Goworowo and Stęszew.

Compared to the same period in 2025, the company achieved a 10.11% increase in revenue from service agreements during the first quarter of 2026, reflecting the successful onboarding of new clients and the expansion of paid service contracts. The total sales revenue for the year to date also saw a modest growth of 1.08% compared to the previous year.

Madkom S.A. continues to actively pursue new business opportunities, particularly in the local government sector. In March, the company secured a new contract with the Municipality of Serniki and is participating in additional public tenders. The company is also progressing with ongoing implementation projects across various municipalities as per agreed timelines.

To support its operations, Madkom S.A. maintains a credit line of PLN 1.5 million, with an outstanding balance of PLN 1.03 million as of the report's publication date. The company also utilizes financial leasing for transportation assets, with repayments being made on schedule.

Madkom S.A.'s focus on delivering integrated IT solutions for public administration and municipal services aligns with its strategy to drive digital transformation and operational efficiency in the public sector. The reported growth in service revenue and new contracts underscores the company's strong market position and its ability to meet the evolving needs of its clients.

View source
2025-11-24
ESPI positive

Madkom S.A. Reports Record Revenue Growth in Q3 2025 Amid Strategic Expansion

Polish software company Madkom S.A. has announced a significant financial milestone, achieving consolidated revenues of PLN 11.89 million in Q3 2025, marking a remarkable 245% increase compared to the same period in 2024. This growth was primarily driven by the successful execution of contracts, which contributed PLN 7.18 million in sales, and a 22% year-over-year increase in revenues from service agreements, totaling PLN 2.43 million.

The company has also made strides in product development, completing the integration of its SIDAS EZD system with electronic delivery systems and introducing AI-supported functionalities. Additionally, Madkom launched a revamped user interface for its administrative systems and continued to enhance its SIDAS Budget platform, aiming to provide clients with cutting-edge tools for digital transformation.

Madkom's strategic focus on expanding its service offerings and maintaining long-term client relationships has resulted in new contracts with several municipalities, including Gmina Stanin, Gmina Kamieniec, and Gmina Skawina, among others. The company also reported a positive EBITDA of PLN 5.82 million for the quarter, reflecting improved operational efficiency and cost management.

Despite these achievements, the company faced challenges in maintaining liquidity ratios, which showed a slight decline compared to the previous year. However, Madkom remains financially stable, with over PLN 1.42 million in cash reserves and ongoing efforts to reduce debt, including the repayment of PLN 1.19 million in outstanding loans.

Looking ahead, Madkom plans to further enhance its product portfolio, focusing on AI-driven functionalities and modernized interfaces, while continuing to support clients in adapting to digitalization trends. The company remains optimistic about sustaining its growth trajectory through its commitment to innovation and customer-centric solutions.

Relevance to Madkom S.A. Business Profile

This article highlights Madkom S.A.'s core business activities, including its focus on IT solutions for public administration and municipal services, as well as its strategic emphasis on digital transformation and long-term client relationships, which align with its business profile and growth objectives.

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2026-02-16
ESPI positive

Madkom S.A. Reports Strong Financial Growth and Strategic Developments in Q4 2025

Madkom S.A., a leading Polish software company specializing in IT solutions for public administration and municipal services, has reported a significant financial growth in its Q4 2025 report. The company achieved consolidated revenues of PLN 6.28 million, marking a 24% increase compared to the same period in 2024. Notably, revenues from service contracts reached PLN 3.06 million, reflecting a 46% year-on-year growth. This surge is attributed to the company's strategic focus on expanding its service offerings and securing new contracts with multiple municipalities, including Poznań, Toruń, and Warsaw West County.

Madkom continues to prioritize innovation and development, with ongoing modernization of its SIDAS systems. Key initiatives include integrating AI functionalities, adapting systems to comply with the National e-Delivery System, and developing new solutions like SIDAS Compliance to address cybersecurity challenges under the NIS2 directive. The company also reported stable cash flow and a positive EBITDA of PLN 7.82 million for the quarter, demonstrating its financial resilience and commitment to long-term growth.

Madkom's strategic investments in product development and its focus on expanding recurring revenue streams through service contracts position the company as a key player in the digital transformation of public administration and municipal services.

View source

2026 EPS Estimates

Last updated: 2026-04-25
Bear Case
2026 EPS: PLN None
Assumptions:
  • Weaker tender activity, slower public-sector IT spending, R&D cost pressure, and delayed monetization of new product functionality
Base Case
2026 EPS: PLN None
Assumptions:
  • No independent EPS valuation prepared
  • Base case depends on continued growth in maintenance revenues, steady public-sector contract flow, and successful modernization of SIDAS products
Bull Case
2026 EPS: PLN None
Assumptions:
  • Stronger adoption of SIDAS Compliance, AI-supported functionality, e-Delivery-related upgrades, and higher recurring service revenue mix

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 Madkom S.A.'s business model.

Value of issued sales invoices in a month (PLN)

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

Periodic Report Publication Calendar

No report publication schedule available yet for this company.