Synektik SA (SNT) · Q3 2026 results and valuation

At 20.0% growth a year (3-year revenue growth), the model's fair value is 280.31 zł a share — the stock trades 17% above it. Today's price assumes 22.3% growth a year.

1. Figure

   Revenue from medical equipment sales, IT solutions, and services doubled year-over-year to reach 278.9 million PLN in the third quarter of 2025.

   Source quote

   “The Capital Group's revenues from the sale of medical equipment and IT solutions and the provision of service and measurement services in the third quarter of the 2025 financial year doubled year-on-year, reaching 278.9 million PLN (excluding intra-group transactions).”

2. Figure

   Recurring revenues for the last 12 months as of June 30, 2026, rose to 374.7 million PLN from 284.0 million PLN the previous year, representing a 32% increase.

   Source quote

   “Recurring revenues for the last 12 months as of the end of June 2026 amounted to 374.7 million PLN, compared to 284.0 million PLN a year earlier (an increase of 32%).”

3. Figure

   Recurring revenue grew 26% to 103.6 million PLN in the third quarter, while revenue for the first three quarters of 2025 rose 28% to 291.0 million PLN.

4. Figure

   Group total revenue increased by 89% to 292.3 million PLN compared to the previous year.

   Source quote

   “89% increase in total Group revenue, to 292.3 million PLN.”

5. Figure

   Net profit from continuing operations increased by 80% to 55.1 million PLN.

   Source quote

   “80% increase in the Group's net profit from continuing operations, to PLN 55.1 million.”

1 more

1. Key theme

   The Group plans to begin operational activities in the Ukrainian market between the third and fourth quarters of the current calendar year.

Very upbeat for a company report — about as upbeat as in Q3 2025. Periodic reports carry legally required risk wording, so their tone moves little and is a weak signal.

Sentences that drove the tone

“The growth of the medical therapy equipment business, including the increasing number of da Vinci systems under the Group's service care and their higher utilization rates by users, will continue to stimulate the growth of recurring...”

“During the analyzed period, the Capital Group continued to implement the development strategy of the radiopharmaceuticals segment, placing special emphasis on increasing sales with satisfactory profitability and building the market for advanced products offered by the Group...”

“The increase in sales translated into a 78% increase in the segment's EBITDA.”