SWM NewConnect Periodic report · PAP Biznes
Software Mansion SA (SWM) · Q3 2026 results and valuation
Share price: 19.50 zł · 2026-11-10
SOFTWARE MANSION SA provides software development services and creates tools to support programmers, such as frameworks and libraries. The company serves international clients, including large technology corporations and niche entities, primarily in the United States market. Source: company report
Results Q3 2026 vs Q3 2025 · year over year · published 10 Nov 2026 and 4 Nov 2025
Net income up 97.6% year on year. The report's language is unchanged.
1 · Numbers
+97.6%
Net income vs Q3 2025
Net income 5.5M vs 2.8M
Revenue +37.5%
Why Net income rose mainly because sales grew 36.7% year on year, helped by the final settlement of major fixed-price contract milestones and a stronger US dollar (at last year's exchange rates sales would have been 4.03% lower), despite a PLN 1.3 million non-cash incentive-programme charge.
2 · How the report reads
Unchanged
Language tone vs last period
Report language: restrained for a company report — about as upbeat as in Q3 2025.
Weak signal: formal report language, not a call.
3 · What stood out
Net profit excluding the non-cash incentive program cost rose to 6.751 million PLN from 2.915 million PLN year over year, representing a 131.58% increase.
Valuation
Is Software Mansion 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 20.0% growth a year (3-year revenue growth), the model's fair value is 111.36 zł a share — the stock trades 82% below it. Today's price assumes −5.6% growth a year.
Current price
19.50 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.
-5.6% for 10 yrs
Fair value / share
111.36 zł
Buy below
83.52 zł
Price vs fair value
Undervalued 82%
Price vs buy-below price
Undervalued 77%
Read between the lines
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Figure
In terms of the entire portfolio, 50% were entities with which the Company did not cooperate in Q3 2025 (newly acquired and returning customers), which significantly expands the revenue base and limits concentration…
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Figure
SWM launched the Velonos application on November 3 to provide a local AI model that anonymizes confidential data before it is sent to cloud models like ChatGPT.
Source quote
“Velonos is an easy-to-deploy application with a local AI model that anonymizes sensitive data before passing it to cloud-based language models, such as ChatGPT, Claude, or Gemini (…) The commercial launch of Velonos took place on November 3.”
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Figure
SWM received Select Partner status in the Claude Partner Network on October 7 due to the company's expertise.
Source quote
“Thanks to this expertise, the Company received Select Partner status in the Claude Partner Network, Anthropic's partner program, on October 7.”
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Figure
Argent was publicly released in Q2 2026 and was downloaded over 850,000 times in Q3 2026.
Source quote
“Argent was publicly released in Q2 2026, and in Q3 2026 alone, it was downloaded over 850k times.”
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Figure
Compared to the second quarter, the number of paying Fishjam customers rose by 30% and the total number of broadcast minutes rose by 45%.
Source quote
“Compared to the second quarter, the number of paying Fishjama customers increased by 30%, and the total number of broadcast minutes by 45%.”
3 more
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Figure
All customers in the top 10 list for Q3 2025 continued their cooperation with the Company in the reported period, confirming long-term stability of business relations.
Source quote
“All customers included in the TOP 10 in Q3 2025 continued their cooperation with the Company in the reporting period, confirming the long-term stability of business relationships.”
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Figure
SWM signed a contract worth approximately 2.3 million USD with a Canadian media conglomerate to continue cooperation started in September 2025 through 2027.
Source quote
“September 2, 2026 - conclusion of an agreement valued at approximately 2.3 million USD (approx. 8.7 million PLN) with an international media conglomerate headquartered in Canada, representing an extension of the cooperation initiated in September 2025; the works are to be carried out until the end of 2027”
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Figure
SWM announced a dividend payment of 1.67 PLN per share for the year 2025, totaling 18,054,067.73 PLN, to be paid on August 17, 2026.
Source quote
“August 17, 2026 - dividend payment for 2025 in the amount of 1.67 PLN per share (totaling 18,054,067.73 PLN).”
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: Q3 2026. Ring: Q3 2025.
Restrained 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.
Full figures
PLN · PAP Biznes report (2026-11-10); both columns from the report's consolidated statement (comparison restated)
| Metric | Q3 2026 | Q3 2025 | Change |
|---|---|---|---|
| Revenue | 39.1M | 28.4M | +37.5% |
| Operating income | 5.9M | 3.5M | +70.6% |
| Net income | 5.5M | 2.8M | +97.6% |
| EPS | 0.51 | 0.26 | +96.2% |
| P/E today 14.3 | 13.1 | 22.1 | −9.0 |
Topics
Topics are drawn from the full report text, not management commentary.
Most discussed now
- New Remuneration of members of management, supervisory or administrative bodies (paid and due or made available
- New Liabilities are present obligations of the Company arising from past events, having an reliably measurable value, the fulfillment of which
- New Transactions (loans and benefits of a similar nature, including the purchase and sale of services) with persons belonging to the…
- New Other income and operating expenses include the total income and expenses not directly related to ordinary operating activities
Faded since Q3 2025
- Fading Profit (loss) on sales – this is the difference between the sum of revenues adjusted for the increase or decrease in inventory changes and…
Latest announcements
Official filings, newest first. Summaries are generated from each filing and its attachment; every figure is checked against the source.
- Raport kwartalny za III kwartał · EBI 18/2026 · routine
- Zawarcie znaczącej umowy z klientem · ESPI 10/2026
The Company signed an agreement worth approx. 1.7 million PLN, increasing the total cooperation value with this client since 2020 to approx. 13.1 million PLN.
- Zawarcie istotnej umowy i rozwój współpracy ze znaczącym klientem · ESPI 9/2026
On September 2, 2026, the Company entered into an agreement worth approximately 2.3 million USD (approximately 8.7 million PLN) for the support and modernization of a media conglomerate's web applications.
- Skonsolidowany raport kwartalny za II kwartał · EBI 17/2026 · routine
- Wykaz akcjonariuszy posiadających co najmniej 5% głosów na Zwyczajnym Walnym Zgromadzeniu Software Mansion S.A. z dnia 26 czerwca 2026 r. · ESPI 8/2026 · routine
- Decyzja o wypłacie dywidendy oraz informacje dotyczące dywidendy · EBI 16/2026
The Management Board announced a dividend of PLN 18,054,067.73 from a net profit of PLN 20,686,558.43, amounting to PLN 1.67 per share.
- Informacje o walnym zgromadzeniu - treść uchwał podjętych przez WZ (w tym informacje o ogłoszeniu przerwy w obradach) · EBI 15/2026 · routine
- Rejestracja przez sąd zmiany statutu emitenta lub odmowie takiej rejestracji, z podaniem przyczyn odmowy · EBI 14/2026 · routine