Passus S.A.
Company Overview
Passus S.A. is a Polish IT solutions integrator focused on cybersecurity, IT infrastructure and application monitoring, and cloud services. The group delivers and integrates technologies securing enterprise networks and ensuring continuity of critical IT systems. Through its subsidiary Chaos Gears, Passus provides AWS migration and maintenance services.
Business Segments
- Cybersecurity Solutions – SIEM and security platforms (primarily Splunk)
- IT Infrastructure & Application Monitoring – Riverbed and ManageEngine solutions
- AWS Cloud Services – Migration, operations, and maintenance via Chaos Gears
Key Drivers
- Rising number of cybersecurity incidents in Poland
- Public sector digitization and cybersecurity requirements
- Growing demand for monitoring and SIEM solutions
- Recovery and growth in AWS-related revenues
- Expansion of managed and subscription-based services
Key Risks
- High exposure to public sector customers
- Strong seasonality with revenue concentration in Q4
- Wage pressure in the IT and cybersecurity labor market
- Dependence on success in public tenders
- Vendor concentration, particularly Splunk
What to Watch
- ESPI-reported contract wins and pipeline visibility
- Q4 financial results due to seasonality
- Growth trajectory of AWS / Chaos Gears segment
- Margin evolution amid wage pressure
- Capital allocation actions (buybacks, share cancellations)
Foundational Analysis
Business Model
Passus generates revenue mainly from project-based IT integration and implementation of cybersecurity and monitoring solutions, complemented by recurring subscriptions and maintenance contracts. The company relies on strategic vendor partnerships, with Splunk being the largest revenue contributor.
Competitive Positioning
Niche but strong position in the Polish cybersecurity integration market. One of only three Splunk partners in Poland and a key Riverbed partner. Competes primarily on technical expertise and delivery quality rather than price.
Economics & Capital Allocation
Asset-light, people-driven business model with minimal capex requirements. Investments are focused on human capital, certifications, and competencies. Management considers a 10% EBITDA margin conservative; the group has demonstrated the ability to achieve margins around the low-teens in strong years. Results are highly seasonal with Q4 dominating.
Low leverage and conservative balance sheet. Capital is allocated mainly toward talent development and certifications. The group favors share buybacks and cancellations over equity issuance following incentive programs.
Long-term Risks
Dependence on public sector spending cycles, competitive pressure from larger IT integrators, continued wage inflation, and project concentration risk in individual quarters.
What Would Break the Thesis
- Sustained reduction in public sector IT spending
- Loss of key vendor partnerships, especially Splunk
- Material deterioration in project execution quality
- Failure to rebuild and grow the AWS services segment
Contracts Intelligence
Currency Note: All amounts in PLN. Foreign currency contracts converted at announcement date rates.
| Contract | 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | 2026 Q3 | 2026 Q4 | 2027 Q1 | 2027 Q2 | 2027 Q3 | 2027 Q4 | 2028 Q1 | 2028 Q2 | 2028 Q3 | 2028 Q4 | 2029 Q1 | 2029 Q2 | 2029 Q3 | 2029 Q4 | 2030 Q1 | 2030 Q2 | 2030 Q3 | 2030 Q4 | Total |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Revenue per Quarter | 25,529,893.35 | 41,741,161.79 | 17,464,028.28 | 13,986,084.31 | 11,355,130.08 | 11,596,615.08 | 10,126,544.58 | 10,046,033.51 | 9,908,914.83 | 9,966,112.08 | 9,567,753.12 | 9,567,753.03 | 3,621,799.94 | 1,129,795.30 | 755,587.15 | 713,283.77 | 713,283.77 | 713,283.77 | 667,839.31 | 628,718.19 | 628,718.19 | 628,718.42 | 191,057,051.85 |
|
Expansion of SIEM system with implementation and development services
|
- | - | - | 951,072.42 | 22,303.42 | 22,303.42 | 22,303.42 | 22,303.42 | 22,303.42 | 22,303.42 | 22,303.42 | 22,303.42 | 22,303.42 | 22,303.42 | 22,303.38 | - | - | - | - | - | - | - | 1,196,410.00 |
|
Delivery and implementation of vulnerability scanning solution with technical support
|
- | - | 3,145,886.99 | 20,000.00 | 20,000.00 | 20,000.00 | 20,000.00 | 20,000.00 | 20,000.00 | 20,000.00 | 20,000.00 | 20,000.00 | 20,000.00 | 20,000.00 | 20,000.00 | - | - | - | - | - | - | - | 3,385,886.99 |
|
Supply of PAM licenses with warranty and technical support
|
- | - | 940,235.00 | 39,935.00 | 39,935.00 | 39,935.00 | 39,935.00 | 39,935.00 | 39,935.00 | 39,935.00 | 39,935.00 | 39,935.00 | 39,935.00 | 39,935.00 | 39,935.00 | 39,935.00 | 39,935.00 | 39,935.00 | 39,935.00 | 39,935.00 | 39,935.00 | 39,935.00 | 1,699,000.00 |
|
Delivery and Implementation of Vulnerability Management System with Additional Services
|
- | - | 580,891.05 | 79,785.41 | 36,553.48 | 36,553.48 | 36,553.48 | 36,553.48 | 36,553.48 | 36,553.48 | 36,553.48 | 36,553.48 | 36,553.48 | 36,553.48 | 36,553.48 | 36,553.48 | 36,553.48 | 36,553.48 | 36,553.48 | 36,553.48 | 36,553.48 | 36,553.38 | 1,318,639.00 |
|
Service agreement for maintenance of network traffic probe devices and software
|
- | - | 225,751.02 | 225,751.02 | 225,751.02 | 225,751.02 | 225,751.02 | 225,751.01 | 225,751.01 | 225,751.01 | - | - | - | - | - | - | - | - | - | - | - | - | 1,806,008.13 |
|
Delivery and implementation of a database monitoring system, trainings and technical support (Passus S.A.)
|
- | 2,591,155.22 | 118,997.12 | 118,997.12 | 118,997.12 | 118,997.12 | 118,997.12 | 118,997.12 | 118,997.12 | 118,997.12 | 118,997.12 | 118,997.12 | 118,997.12 | 118,997.12 | 84,522.37 | 84,522.37 | 84,522.37 | 84,522.37 | 84,522.37 | 84,522.37 | 84,522.37 | 84,522.37 | 4,695,299.62 |
|
Network Traffic Recorder with Three-Year Support
|
- | 955,657.93 | 79,638.16 | 79,638.16 | 79,638.16 | 79,638.16 | 79,638.16 | 79,638.16 | 79,638.16 | 79,638.16 | 79,638.16 | 79,638.16 | 79,638.16 | 79,638.16 | - | - | - | - | - | - | - | - | 1,911,315.85 |
|
Three-year license for cloud environment security monitoring solution
|
- | 1,453,869.00 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 1,453,869.00 |
|
Software License Order for IT Security Systems (framework agreement)
|
- | 1,631,405.88 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 1,631,405.88 |
|
Delivery of ManageEngine (or equivalent) software with accompanying services to courts and Ministry of Justice
|
- | 7,555,800.62 | 1,228,585.47 | 1,228,585.47 | 1,228,585.47 | 1,412,873.27 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 12,654,430.30 |
|
Delivery and implementation of a cybersecurity detection and response solution with 5-year technical support and deployment training
|
- | 9,354,147.13 | 467,707.34 | 732,090.44 | 467,707.34 | 467,707.34 | 467,707.34 | 604,826.02 | 467,707.34 | 467,707.34 | 467,707.34 | 467,707.34 | 467,707.34 | 467,707.34 | 467,707.34 | 467,707.34 | 467,707.34 | 467,707.34 | 467,707.34 | 467,707.34 | 467,707.34 | 467,707.67 | 19,109,796.04 |
|
Delivery and implementation of a security information and event management system supported by behavioral analysis
|
- | 93,511.85 | 81,314.65 | 81,314.65 | 81,314.65 | 93,511.85 | 81,314.65 | 81,314.65 | 81,314.65 | 93,511.85 | 81,314.65 | 81,314.65 | 81,314.65 | 93,511.87 | - | - | - | - | - | - | - | - | 1,105,879.27 |
|
Delivery of implementation and configuration services for the Cloud Analytics Platform environment, FinOps services, training, support, and purchase of cloud credits.
|
- | 450,000.00 | 450,000.00 | 450,000.00 | 450,000.00 | 495,000.00 | 450,000.00 | 450,000.00 | 450,000.00 | 495,000.00 | 450,000.00 | 450,000.00 | 450,000.00 | - | - | - | - | - | - | - | - | - | 5,490,000.00 |
|
Delivery of a SIEM/SOAR solution and provision of expert support services.
|
- | 3,799,980.12 | 79,191.02 | 79,191.02 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 3,958,362.16 |
|
Implementation of architecture, configuration, development and optimization on Amazon Web Services (AWS)
|
- | 787,733.96 | 684,986.04 | 543,879.18 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 2,016,599.18 |
|
Framework agreement for delivery of software licenses
|
- | 2,000,000.00 | 2,000,000.00 | 2,000,000.00 | 2,000,000.00 | 2,000,000.00 | 2,000,000.00 | 2,000,000.00 | 2,000,000.00 | 2,000,000.00 | 2,000,000.00 | 2,000,000.00 | 2,000,000.00 | - | - | - | - | - | - | - | - | - | 24,000,000.00 |
|
Supply of antivirus software with producer technical support and development services
|
- | 615,262.20 | 58,771.85 | 58,771.85 | 58,771.85 | 58,771.85 | 58,771.85 | 58,771.85 | 58,771.85 | 58,771.85 | - | - | - | - | - | - | - | - | - | - | - | - | 1,085,437.00 |
|
Licenses for Network Traffic Analysis System and SSL/TLS Decryption Solution
|
- | 1,046,000.00 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 1,046,000.00 |
|
Software license renewal and expansion
|
1,489,933.02 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 1,489,933.02 |
|
Extension of Riverbed software license with technical support and training
|
940,457.12 | 81,778.88 | 106,778.88 | 81,778.88 | 81,778.88 | 81,778.88 | 81,778.88 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 1,456,130.40 |
|
Delivery of ManageEngine (or equivalent) software with accompanying services
|
12,292,682.93 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 12,292,682.93 |
|
Framework agreement for enterprise software licenses supporting security and operational data analysis
|
5,522,700.00 | 5,522,700.00 | 5,522,700.00 | 5,522,700.00 | 5,522,700.00 | 5,522,700.00 | 5,522,700.00 | 5,522,700.00 | 5,522,700.00 | 5,522,700.00 | 5,522,700.00 | 5,522,700.00 | - | - | - | - | - | - | - | - | - | - | 66,272,400.00 |
|
Extension of technical support and consulting for Splunk
|
212,388.25 | 212,388.25 | 212,388.25 | 212,388.25 | 212,388.25 | 212,388.25 | 212,388.25 | 212,388.25 | 212,388.25 | 212,388.25 | 212,388.25 | 212,388.25 | - | - | - | - | - | - | - | - | - | - | 2,548,659.00 |
|
Delivery of SOAR-class system (SOAR system implementation)
|
1,478,794.40 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 1,478,794.40 |
|
Extension of post-warranty service for network and application monitoring system
|
771,500.00 | 771,500.00 | 771,500.00 | 771,500.00 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 3,086,000.00 |
|
Renewal of technical support and provision of service for network monitoring software
|
77,301.86 | 77,301.86 | 77,301.86 | 77,301.86 | 77,301.86 | 77,301.86 | 77,301.86 | 77,301.86 | 77,301.86 | 77,301.86 | 77,301.86 | 77,301.86 | 54,201.86 | - | - | - | - | - | - | - | - | - | 981,824.18 |
|
Delivery of licenses and renewal of technical support for network security and application performance monitoring software
|
56,638.85 | 56,638.85 | 56,638.85 | 56,638.85 | 56,638.85 | 56,638.85 | 56,638.85 | 56,638.85 | 56,638.85 | 56,638.90 | - | - | - | - | - | - | - | - | - | - | - | - | 566,388.55 |
|
Subcontract for delivery and implementation of Riverbed WAN optimization software with 60-month manufacturer support
|
144,775.82 | 39,121.12 | 39,121.12 | 39,121.12 | 39,121.12 | 39,121.12 | 39,121.12 | 39,121.12 | 39,121.12 | 39,121.12 | 39,121.12 | 39,121.12 | 39,121.12 | 39,121.12 | 39,121.12 | 39,121.12 | 39,121.12 | 39,121.12 | 39,121.12 | - | - | - | 848,955.98 |
|
Riverbed software delivery and support contract
|
45,444.46 | 45,444.46 | 45,444.46 | 45,444.46 | 45,444.46 | 45,444.46 | 45,444.46 | 45,444.46 | 45,444.46 | 45,444.46 | 45,444.46 | 45,444.46 | 45,444.46 | 45,444.46 | 45,444.46 | 45,444.46 | 45,444.46 | 45,444.46 | - | - | - | - | 818,000.28 |
|
Optional order for additional network traffic analysis device with software and 24-month warranty
|
105,374.89 | 105,374.89 | 105,374.89 | 105,374.89 | 105,374.89 | 105,374.89 | 105,374.86 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 737,624.20 |
|
Development, deployment and 36-month technical support of software in AWS (Medical education and research institution)
|
1,024,878.05 | 1,127,365.86 | 166,583.33 | 166,583.33 | 166,583.33 | 166,583.33 | 166,583.33 | 166,583.33 | 166,583.33 | 166,583.33 | 166,583.33 | 166,583.33 | 166,583.33 | 166,583.33 | - | - | - | - | - | - | - | - | 4,151,243.87 |
|
Extension of technical support for email protection software
|
161,811.80 | 161,811.80 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 323,623.60 |
|
Delivery of ManageEngine (or equivalent) software with accompanying services to Courts and Ministry of Justice
|
986,970.97 | 986,970.98 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 1,973,941.95 |
|
Delivery and implementation of network and application monitoring solution with maintenance and consultancy
|
187,764.93 | 187,764.93 | 187,764.93 | 187,764.93 | 187,764.93 | 187,764.93 | 187,764.93 | 187,764.93 | 187,764.93 | 187,764.93 | 187,764.93 | 187,764.84 | - | - | - | - | - | - | - | - | - | - | 2,253,179.07 |
|
Delivery and implementation of cybersecurity deception solution with manufacturer warranty and technical support
|
30,476.00 | 30,476.00 | 30,476.00 | 30,476.00 | 30,476.00 | 30,476.00 | 30,476.00 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 213,332.00 |
|
Delivery of IT solutions
|
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
|
Optional order for delivery of software (Passus S.A.)
|
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
|
Renewal of support service for endpoint cybersecurity solution
|
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
|
SIEM/SOAR System
|
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
AI-Generated Revenue Allocation: Revenue allocations follow IFRS 15 principles with AI-derived timing assumptions. Verify with official financial statements.
Financial Performance
Quarterly Data
| Metric | 2024Q1 | 2024Q2 | 2024Q3 | 2024Q4 | 2025Q1 | 2025Q2 | 2025Q3 |
|---|---|---|---|---|---|---|---|
| Income Statement Revenue (Quarterly) | 9.0M | 14.9M | 25.2M | 58.5M | 11.4M | 14.7M | 36.6M |
| Income Statement Gross Profit (Quarterly) | -3.2M | -2.9M | 0 | 56.8M | -860.0K | -1.0M | 4.6M |
| Income Statement EBITDA (Quarterly) | -1.8M | -1.3M | 3.9M | 13.3M | -203.0K | 304.0K | 7.0M |
| Income Statement EBIT (Quarterly) | -3.2M | -2.7M | 3.4M | 14.6M | -698.0K | -146.0K | 6.7M |
| Income Statement Net Income (Quarterly) | -2.7M | -1.3M | 1.2M | 15.9M | -658.0K | -183.0K | 5.3M |
| Costs Selling & Distribution Costs | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Costs Administrative Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash Flow Operating Cash Flow | -6.1M | -3.0M | -5.4M | 20.5M | -1.5M | -4.7M | 9.1M |
| Cash Flow Capital Expenditure | -775.0K | -1.8M | -134.0K | -2.0M | 0 | 0 | 0 |
| Cash Flow Free Cash Flow | -5.4M | -1.1M | -5.3M | 22.4M | -1.5M | -4.7M | 9.1M |
| Cash Flow Depreciation & Amortization | 1.4M | 1.4M | 491.0K | -1.3M | 495.0K | 450.0K | 327.0K |
| LTM Metrics Revenue (LTM) | 9.0M | 23.8M | 49.0M | 107.5M | 110.0M | 109.8M | 121.2M |
| LTM Metrics EBITDA (LTM) | -1.8M | -3.1M | 789.0K | 14.1M | 15.6M | 17.2M | 20.4M |
| LTM Metrics Net Income (LTM) | -2.7M | -4.0M | -2.8M | 13.1M | 15.2M | 16.3M | 20.4M |
| Profitability Gross Margin | -35.5% | -19.4% | 0.0% | 97.2% | -7.5% | -7.0% | 12.6% |
| Profitability EBITDA Margin | -19.9% | -8.7% | 15.3% | 22.7% | -1.8% | 2.1% | 19.2% |
| Profitability EBIT Margin | -35.7% | -18.3% | 13.4% | 25.0% | -6.1% | -1.0% | 18.3% |
| Profitability Net Margin | -30.3% | -8.7% | 4.8% | 27.2% | -5.8% | -1.2% | 14.5% |
| Profitability ROIC | - | - | - | - | 162.5% | 247.3% | 176.9% |
| Profitability Cash Conversion | 226.0% | 230.0% | -449.0% | 129.0% | 230.0% | 2578.0% | 171.0% |
| Balance Sheet Current Assets | 29.8M | 27.4M | 60.6M | 59.1M | 32.2M | 32.3M | 45.4M |
| Balance Sheet Current Liabilities | 26.0M | 32.1M | 56.5M | 37.1M | 19.6M | 22.4M | 29.4M |
| Balance Sheet Inventories | 394.0K | 45.0K | 1.8M | 1.4M | 232.0K | 134.0K | 1.2M |
| Balance Sheet Total Equity | 19.6M | 10.8M | 12.0M | 29.9M | 20.2M | 16.4M | 21.8M |
| Balance Sheet Total Debt | 2.5M | 2.9M | 4.4M | 1.0M | 0 | 0 | 0 |
| Balance Sheet Cash & Equivalents | 11.8M | 8.0M | 3.1M | 16.4M | 14.8M | 10.0M | 15.4M |
| Balance Sheet Invested Capital | 10.3M | 5.7M | 13.3M | 14.5M | 5.3M | 6.5M | 6.3M |
| Ratios Current Ratio | 1.15 | 0.85 | 1.07 | 1.59 | 1.64 | 1.44 | 1.54 |
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 | 100% |
| Neutral | 0% |
| Negative | 0% |
Based on 20 articles
Passus S.A. Secures State Contract for Privileged Access Management System
Warsaw-based IT integrator Passus S.A. has signed a significant contract with a state-owned entity for the delivery of a Privileged Access Management (PAM) system, including licenses, technical support, and a five-year warranty. The agreement, valued at PLN 2,089,770 gross, allocates PLN 1,107,369 for system licenses and PLN 982,401 for technical support services. Passus is committed to delivering the licenses and support documentation within 10 days of the contract signing, with payments to be made within 21 days of invoice submission following acceptance protocols. The contract includes standard market penalty clauses and is expected to positively impact the company’s financial standing.
This development aligns with Passus S.A.’s expertise in cybersecurity and IT infrastructure continuity, reinforcing its role as a trusted partner for government and defense projects.
Passus S.A. Secures Major Government Contract for IT Vulnerability Scanning Solution
Warsaw-based IT integrator Passus S.A. has signed a significant agreement with a Polish State Treasury institution to deliver and implement an advanced IT vulnerability scanning solution. The contract, valued at PLN 4,164,641.00 gross, includes the provision of software licenses, system implementation, documentation, and a 36-month technical support service.
Under the terms of the agreement, Passus will complete project documentation within 15 business days and deliver and implement the system within 45 business days. Technical support services will be provided in three equal installments over the 36-month period following the system's acceptance. The contract also includes standard market penalty clauses, capped at 20% of the total contract value.
This deal underscores Passus S.A.'s expertise in cybersecurity and IT infrastructure solutions, aligning with its core business focus on delivering high-end IT systems for threat detection and performance monitoring.
Passus S.A. Secures Major Contract for Vulnerability Management System Implementation
Warsaw-based IT integrator Passus S.A. has signed a significant agreement with a company in the energy sector for the delivery and implementation of a comprehensive vulnerability management system. The contract, valued at PLN 1,318,639 net, includes the provision of software licenses with technical support for 60 months (PLN 922,139 net), implementation services such as technical project design, post-implementation documentation, and workshops (PLN 126,500 net), development services (up to PLN 150,000 net), and technical assistance services (up to PLN 120,000 net).
Passus is committed to delivering the licenses by January 14, 2026, with full system implementation scheduled for completion by May 10, 2026. Payments will be made in installments based on the completion of specific project milestones, with development and technical assistance services billed quarterly. The agreement includes standard market penalty clauses and is expected to positively impact the company’s financial performance.
Relevance: This contract aligns with Passus S.A.'s expertise in cybersecurity and IT infrastructure solutions, showcasing its ability to deliver advanced systems to critical industries like energy, further strengthening its market position.
Passus S.A. Subsidiary Secures $405,000 Cloud Security Monitoring Contract
Passus S.A., a leading Polish IT integrator, has announced that its subsidiary, Chaos Gears S.A., in which it holds a 55.8% stake, has secured a significant contract with a medical industry client. The agreement, valued at $405,000 net, involves the delivery of a three-year license for a cloud security monitoring solution. The project is set to be completed by December 31, 2025, with payment to be made within 30 days of invoice issuance upon successful project acceptance.
The contract is expected to have a substantial impact on the financial performance of both Chaos Gears and the broader Passus Group. Additionally, it provides a valuable reference for future projects in the cloud security domain.
Relevance: This development aligns with Passus S.A.'s expertise in cybersecurity and cloud engineering, reinforcing its position in delivering advanced IT solutions and expanding its footprint in the healthcare sector.
Passus S.A. Secures $455,089 Software Licensing Deal with Energy Sector Client
Warsaw-based IT integrator Passus S.A. has announced the receipt of a significant order from an energy sector client for software licenses aimed at enhancing IT system security. The order, valued at $455,089.79 net, was placed under a framework agreement previously disclosed by the company. Passus will deliver the licenses within seven days, with payment expected within 60 days following the issuance of a VAT invoice. The company’s management has highlighted the financial importance of this deal, emphasizing its positive impact on Passus’s overall financial standing.
Relevance to Passus S.A.: This deal aligns with Passus S.A.'s expertise in cybersecurity solutions and its focus on delivering high-end IT systems to large enterprises, including critical sectors such as energy.
Passus Secures PLN 15.6 Million Contract with Ministry of Justice for ManageEngine Software Deployment
Passus S.A., a leading Polish IT integrator, has signed a contract worth PLN 15.6 million gross with the Ministry of Justice for the delivery of ManageEngine software or equivalent solutions to court systems across Poland. The agreement highlights Passus’s expertise in providing advanced IT systems and solutions tailored to large-scale public-sector projects. The deployment aims to enhance IT infrastructure performance and security within the judicial system, ensuring operational continuity and compliance with national standards.
This development underscores Passus’s strong position in public-sector digitalization initiatives and its strategic partnerships with global technology vendors like ManageEngine.
Passus S.A. Secures $4.12 Million Cybersecurity Contract with Energy Sector Client
Warsaw-based IT integrator Passus S.A. has signed a significant five-year contract worth $4.12 million USD with a major energy sector company. The agreement involves the delivery and implementation of advanced cybersecurity solutions for threat detection and response, alongside technical support services and training programs. The breakdown of the contract includes:
- $4,033,437.73 USD: Licensing, hardware delivery, and technical support services.
- $57,000 USD: Implementation and activation of the solution.
- $29,562.27 USD: Training services.
Key milestones include the delivery of licenses and hardware by December 31, 2025, completion of implementation by June 1, 2026, and training within one year of deployment. Payments will be made in installments upon completion of each project phase, with a 60-day payment term following invoice submission.
The contract includes standard market penalty clauses and is deemed significant due to its financial impact on Passus S.A.
Relevance: This contract aligns with Passus S.A.'s expertise in cybersecurity solutions and IT infrastructure continuity, reinforcing its position as a trusted provider for large enterprises in critical sectors like energy.
Passus S.A. Secures Public Sector Contract for Advanced Security Information and Event Management System
On November 18, 2025, Passus S.A., a leading Polish IT integrator specializing in cybersecurity and IT infrastructure solutions, signed a significant agreement with a public institution for the delivery and implementation of a Security Information and Event Management (SIEM) system enhanced by behavioral analysis capabilities. The contract's maximum value is PLN 1,422,130 gross, including a guaranteed order worth PLN 1,298,333 gross and an optional order valued at PLN 123,797 gross. The guaranteed portion of the project is expected to be completed within approximately 160 business days.
This development aligns with Passus S.A.'s expertise in cybersecurity and IT performance analytics, showcasing its ability to deliver cutting-edge solutions to public sector clients and strengthen its position in government and defense IT projects.
Passus S.A. Reports Robust Growth in Q3 2025 Driven by AWS Services and IT Integration
Passus S.A., a leading Polish IT integrator specializing in cybersecurity, cloud services, and IT infrastructure solutions, has reported a strong financial performance for Q3 2025. The company achieved a 30% year-on-year revenue growth, totaling PLN 62.75 million, with significant contributions from IT integration (PLN 46.28 million, +17% YoY) and AWS services (PLN 16.28 million, +89% YoY). Operating profit surged by 884% to PLN 5.85 million, while net profit reached PLN 4.49 million, reversing a loss of PLN 2.80 million in Q3 2024.
Key contracts included AWS-based IT solutions for medical research institutions (PLN 7.88 million) and IT security systems for government entities (PLN 2.22 million). Private sector agreements featured a USD 7.5 million/year SOAR system for the energy sector and database monitoring solutions for financial institutions valued at EUR 1.41 million. International revenue grew by 200% YoY, driven by expansion in Western Europe and CEE regions.
Strategic initiatives focused on expanding cybersecurity services, leveraging Generative AI, and increasing reliance on public sector contracts, which accounted for 41% of Q3 revenue. Despite macroeconomic risks such as inflation and geopolitical instability, Passus remains committed to growth through innovation and international expansion.
Relevance: This article highlights Passus S.A.'s alignment with its core business areas, including cybersecurity, cloud services, and IT integration, while showcasing its strategic focus on public sector contracts and international growth, which are central to its business profile.
Passus S.A. Secures Public Sector Contract for Advanced Security Information and Event Management System
Passus S.A., a leading Polish IT integrator specializing in cybersecurity and IT infrastructure solutions, has signed a significant contract with a public institution for the delivery and implementation of a Security Information and Event Management (SIEM) system enhanced with behavioral analysis capabilities. The total contract value amounts to PLN 1,422,130 gross, with a guaranteed order worth PLN 1,298,333 gross and an optional component valued at PLN 123,797 gross.
The guaranteed scope of the agreement includes the development and delivery of a technical design, implementation of the system with 36 months of technical support, post-implementation documentation, and technical workshops for system operation. The optional component covers additional technical assistance. The project will be executed in three phases—preparation, implementation, and knowledge transfer—over approximately 160 business days. Payments will be made within 14 days of invoice receipt, contingent on the approval of completion protocols for each phase. The contract also includes standard market penalty clauses, capped at 50% of the maximum gross remuneration.
The management of Passus S.A. has deemed this contract significant due to its financial impact on the company’s operations.
Relevance: This contract aligns with Passus S.A.'s expertise in delivering advanced cybersecurity solutions and highlights its role in supporting public-sector digitalization and security initiatives.
2026 EPS Estimates
- Public sector slowdown, weaker contract flow, margin pressure from wages
- 15% revenue CAGR through 2026, ~10–12% EBITDA margin, 11% WACC
- Stronger AWS growth, sustained public sector demand, margin expansion into mid-teens
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.
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