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PAS GPW Periodic report · PAP Biznes

Passus SA (PAS) · Q1 2026 results and valuation

Share price: 154.20 zł · 2026-11-10

Results Q1 2026 vs Q1 2025 · year over year · published 7 May 2026 and 27 May 2025

Net income turned to a profit from a loss a year earlier. The report's language is unchanged.

Only a basic analysis is available for this company at the moment.

1 · Numbers

Turned profit

Net income vs Q1 2025

Net income 1.0M vs -658.0K

Revenue +106.8%

2 · How the report reads

Unchanged

Language tone vs last period

Report language: typical for a company report — about as upbeat as in Q1 2025.

Weak signal: formal report language, not a call.

3 · What stood out

Fading

The value of non-controlling interests decreased by 103 thousand during the period covered by the interim condensed consolidated financial statements.

Valuation

Is Passus SA undervalued?

Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.

At 17.3% growth a year (3-year revenue growth), the model's fair value is 69.74 zł a share — the stock trades 121% above it. Today's price assumes 29.3% growth a year.

Current price

154.20 zł

close of 2026-11-10

Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.

+29.3% for 10 yrs

Fair value / share

69.74 zł

Buy below

52.31 zł

Price vs fair value

Overvalued 121%

Price vs buy-below price

Overvalued 195%

Official channels

The company's own website and social media accounts.

Read between the lines

No major shifts flagged this period.

Tone

How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q1 2026. Ring: Q1 2025.

Report language Typical (was restrained)

Typical for a company report — about as upbeat as in Q1 2025. Periodic reports carry legally required risk wording, so their tone moves little and is a weak signal.

Sentences that drove the tone
“When calculating both basic and diluted earnings (loss) per share, the Group uses the amount of net profit (loss) attributable to the shareholders of the parent entity in the numerator, i.e., there is no dilutive effect affecting...”
“It cannot be ruled out that the above factor may have a temporary negative impact on the financial liquidity of individual companies belonging to the Capital Group.”
“The growth prospects of the Passus Group depend on the macroeconomic situation and the trends of change in the IT market, including the development of cloud computing, artificial intelligence (GenAI), cybersecurity, and regulations concerning data and critical infrastructure.”

Full figures

EUR · PAP Biznes report (2026-05-07)

Metric Q1 2026 Q1 2025 Change
Revenue 23.7M 11.4M +106.8%
Gross profit 1.2M -860.0K Turned profit
Operating income 1.2M -698.0K Turned profit
Net income 1.0M -658.0K Turned profit
EPS 0.34 -0.31 Turned profit
P/E today 34.1 23.0 7.8 +15.2

Topics

Topics are drawn from the full report text, not management commentary.

Most discussed now

  • Liabilities under the agreement arise when the Group issues a sales invoice in a period earlier than the fulfillment of the performance…
  • Changes to IFRS 9 and IFRS 7 concern the accounting of financial liabilities using electronic payment systems and the assessment of the…
  • Fluctuations in exchange rates, particularly the relationship between the zloty and the US dollar, remain a significant factor, affecting…
  • The subject of the Agreement is the delivery and implementation of a vulnerability management system along with additional services.
  • The growth in revenue from abroad was primarily influenced by sales in the AWS Services Segment.

Faded since Q1 2025

  • Fading The above situation will prevent the Issuer from independently executing orders for a specific group of clients, will result in the loss of…
  • Fading These disclosures relate to the fair value of financial instruments by category and by fair value hierarchy levels.
  • Fading Another issue is the problem related to the impact of cash from the execution of project orders in which it was necessary to apply a…
  • Fading The AWS Services segment primarily includes projects implemented using the cloud platform.

Latest announcements

Official filings, newest first.

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