VER MPL VERBUM NewConnect · Quarterly · publ. June 11, 2026

Q4 2026 report

Niszowy dostawca programów lojalnościowych B2B z 20+ letnią historią i wysoką powtarzalnością przychodów (długoterminowe kontrakty)

Sentiment

Cautious No guidance change

Website

VER Q4 2026 report

Revenue

10.37 m PLN

— YoY

Net income

0.21 m PLN

— YoY

EBITDA

-0.01 m PLN

— YoY

CFO

2.12 m PLN

— YoY

Summary

Investment thesis

Przychody rosną dwucyfrowo (+21,5% r/r FY), ale marża operacyjna i netto się kurczą pod presją kosztów płac i usług IT
Bardzo mocny bilans — praktycznie zerowe zadłużenie odsetkowe, current ratio 7,25x
Jakość zysku budzi wątpliwości — ujemny OCF za cały rok mimo dodatniego zysku netto
Dywersyfikacja produktowa w toku (Level.Up, Buy&Play z AI, Scorebusters B2C) — na razie bez ujawnionego wkładu do przychodów

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Financials

BETA

Q4 2026

VER · Q4 2026

Metric	Q4 2026	Q4 2025	Δ YoY	Value type	Segment	Conf.

Revenue	37.55	—	—	reported	—	1.00
EBITDA	1.49	—	—	reported	—	0.90
EBIT	1.37	—	—	reported	—	1.00
EBT	1.34	—	—	reported	—	1.00
Net income	0.21	—	—	reported	—	1.00
EPS (basic)	0.44	—	—	reported	—	0.85
D&A	0.11	—	—	reported	—	1.00
Shares (basic) (m units)	2.44	—	—	reported	—	1.00

EBITDA margin	3.96%	—	—	reported	—	0.90
EBIT margin	3.65%	—	—	reported	—	0.95
Net margin	2.86%	—	—	reported	—	0.95

Cash	3.39	—	—	reported	—	1.00
Equity	7.63	—	—	reported	—	1.00
Total assets	11.84	—	—	reported	—	1.00
Current assets	9.84	—	—	reported	—	1.00
Current liabilities	3.88	—	—	reported	—	1.00

CFO	2.12	—	—	reported	—	1.00
CapEx	0	—	—	reported	—	1.00
FCF	0.04	—	—	derived	—	0.90
FCF conversion	-24.61%	—	—	reported	—	0.85
CFO conversion	2.39%	—	—	reported	—	0.85

ROE	14.71%	—	—	reported	—	0.85

Current ratio	2.54x	—	—	reported	—	0.95
Quick ratio	6.97x	—	—	reported	—	0.90
Cash ratio	2.47x	—	—	reported	—	0.90

Revenue growth (YoY)	21.51%	—	—	reported	—	0.95
EBITDA growth (YoY)	-19.77%	—	—	reported	—	0.85
EBIT growth (YoY)	-20.28%	—	—	reported	—	0.95
Net income growth (YoY)	-19.82%	—	—	reported	—	0.95
EBITDA margin Δ (YoY)	-1.35 pp	—	—	reported	—	0.85
EBIT margin Δ (YoY)	-1.26 pp	—	—	reported	—	0.95
Net margin Δ (YoY)	-0.97 pp	—	—	reported	—	0.95

Q4 2026 · Δ YoY

Revenue

37.55 —

Q4 2025: —

EBITDA

1.49 —

Q4 2025: —

EBIT

1.37 —

Q4 2025: —

EBT

1.34 —

Q4 2025: —

Net income

0.21 —

Q4 2025: —

EPS (basic)

0.44 —

Q4 2025: —

D&A

0.11 —

Q4 2025: —

Shares (basic) (m units)

2.44 —

Q4 2025: —

EBITDA margin

3.96% —

Q4 2025: —

EBIT margin

3.65% —

Q4 2025: —

Net margin

2.86% —

Q4 2025: —

Cash

3.39 —

Q4 2025: —

Equity

7.63 —

Q4 2025: —

Total assets

11.84 —

Q4 2025: —

Current assets

9.84 —

Q4 2025: —

Current liabilities

3.88 —

Q4 2025: —

CFO

2.12 —

Q4 2025: —

CapEx

0 —

Q4 2025: —

FCF

0.04 —

Q4 2025: —

FCF conversion

-24.61% —

Q4 2025: —

CFO conversion

2.39% —

Q4 2025: —

ROE

14.71% —

Q4 2025: —

Current ratio

2.54x —

Q4 2025: —

Quick ratio

6.97x —

Q4 2025: —

Cash ratio

2.47x —

Q4 2025: —

Revenue growth (YoY)

21.51% —

Q4 2025: —

EBITDA growth (YoY)

-19.77% —

Q4 2025: —

EBIT growth (YoY)

-20.28% —

Q4 2025: —

Net income growth (YoY)

-19.82% —

Q4 2025: —

EBITDA margin Δ (YoY)

-1.35 pp —

Q4 2025: —

EBIT margin Δ (YoY)

-1.26 pp —

Q4 2025: —

Net margin Δ (YoY)

-0.97 pp —

Q4 2025: —