Ailleron in 2026: record PLN 579.7 m revenue, the Tailwind deal for Software Mind collapses, LiveBank moves into Canada

Ailleron 2025: record PLN 579.7 m revenue, 77% exports, in April 2026 Tailwind walks away from Software Mind

Ailleron S.A. - headquartered at Aleja Jana Pawła II 43B in Kraków (postcode 31-864), registered in the KRS under number 0000385276 - closed 2025 with record consolidated revenue of PLN 579.66 m (+4% YoY), net profit attributable to shareholders of PLN 25.7 m (vs PLN 22.8 m in 2024) and a balance-sheet cash buffer of PLN 95.9 m at year-end. The strongest structural feature of the business: 77% of group sales come from exports - generated mainly by the Technology Services segment led by Software Mind, the Polish software house serving customers in North America, Western Europe and Asia.

Against this backdrop the loudest corporate event of recent quarters: in April 2026 Tailwind Capital Partners broke off negotiations to buy 100% of Software Mind. The letter of intent was signed in November 2025, UOKiK clearance arrived in February 2026, but in April the US fund cited an „unfavourable market situation" and pulled out. That formally closes the attempt to spin Software Mind out of the Ailleron structure - which, had it succeeded, would have been one of the largest M&A deals in the Polish IT sector in 2026. Management's response: a return to the standalone-expansion strategy, with the main weight shifted to the second segment - the fintech platform LiveBank, which is now finalising deployment with one of Canada's top-5 banks.

Ailleron

KRAKÓW · KRS 0000385276 · SPÓŁKA AKCYJNA

Revenue

579.7 M PLN

Aleja Jana Pawła II 43B: Kraków IT cluster, two-member board, new CEO since January 2026

The address Al. Jana Pawła II 43B, 31-864 Kraków places Ailleron's seat in the eastern-Kraków IT cluster - along one of the city's main avenues, near the R&D centres of multinational corporations (ABB, Cisco, Motorola Solutions, among others). The company has operated in its current corporate form (Ailleron S.A., KRS 0000385276) since 23 May 2011 and currently belongs to the sWIG80 index (after a fall from mWIG40 in earlier WSE quarterly reviews). Under Polish PKD codes the principal activity is 62.01.Z (computer-programming activities) - the standard code for Polish software houses.

Governance: a two-member management board (CEO plus one board member) - since 8 January 2026 the CEO is Tomasz Król (previously CFO), who replaced Sławomir Soszyński (resigned for personal reasons). Kamil Portka joined the board as Head of Products. Shareholders: a controlling stake is held by major shareholders - together 7,355,195 shares = 59.52% of capital and 69.38% of voting rights. Founder Rafał Styczeń (via IIF sp. z o.o.) remains the principal shareholder and currently chairs the supervisory board.

The business is two-segment:

• Technology Services / TechMakers (Software Mind) - software-house outsourcing, generating the bulk of export revenue. The group's „volume engine".
• FinTech / LiveBank - a proprietary video-banking platform (client-advisor video interaction) deployed in banks in Poland, Italy and Czechia, now scaling into North America. Higher margin, lower volume.

Polish IT-fintech sector on the WSE: Ailleron as a rare „outsourcing + own product" mix

The Polish IT sector listed on the Warsaw exchange has clear segmentation in 2026:

• Software houses / IT services - Asseco Poland (leader, mWIG40, Rzeszów), Comarch (Kraków, mWIG40), Sygnity, Wasko.
• Product SaaS - LiveChat / Text (Wrocław, mWIG40), Shoper, Datawalk.
• Game studios - 11 bit studios, Ten Square Games, CD Projekt, PlayWay.
• Fintech / banking software - Ailleron (LiveBank), Comarch (CBS, Asec).

Three structural features of the Ailleron model that explain its sWIG80 position and the logic of the Tailwind deal collapse:

• Hybrid „outsourcing + product" model - a rarity in the Polish IT market - most Polish software houses (Comarch, Asseco) are either heavily product-focused or pure outsourcing. Ailleron is one of the few combining both strategies: Software Mind generates volume and a cash cushion, LiveBank invests in IP and margin. Tailwind wanted to buy only Software Mind - which explains the strategic weight of the deal collapse: without Software Mind the rest of the group would essentially be a pure fintech issuer.
• High export share as a natural zloty hedge - 77% of sales in foreign currencies (mainly USD, EUR, GBP) is a structural hedge against weakness in the Polish IT market, but at the same time creates exposure to the strengthening zloty (the 2025 effect - Ailleron reported FX pressure on margins).
• LiveBank as the ticket to the Americas - the contract with one of Canada's top-5 banks plus a deal with Bank Millennium on the Polish market position LiveBank in a specific niche of global video-banking. That niche stems from post-COVID changes in client behaviour (video meetings instead of branch visits) and from EU/US regulatory pressure on digital inclusion.

Implication for the investment profile: irregular dividend, capital for standalone growth, M&A risk has materialised

“Tailwind walking away in April 2026 forces Ailleron to return to a long-term standalone-expansion strategy. Positively: the company has the means - PLN 95.9 m of cash, equity above 50% of total assets, current liquidity above 1.9. Negatively: the one-off capital premium that Tailwind would have brought to shareholders did not materialise. The company's valuation now depends on two parallel projects: the pace of Software Mind growth in the AI/Cloud area and the success of LiveBank in North America - and the two cannot be separated, the way Tailwind wanted.”

Three expected consequences of the 2025 results and the deal collapse for Ailleron's investment profile in 2026:

• Irregular dividend policy remains in force - the last dividend was paid out of 2022 (PLN 1.00 per share, ~5.25% DY); for 2023, 2024 and 2025 the board has not so far recommended payouts, channelling capital into reinvestment in Software Mind and LiveBank. Dividend investors should treat Ailleron as a growth company with optional dividend, not as a stable dividend payer.
• LiveBank's growing role as the anchor product - after the Tailwind collapse, LiveBank becomes the main strategic project drawing investor attention. Successful North American deployment (the Canadian top-5 bank contract) is a leading indicator of valuation across the 2026–2028 cycle. Each subsequent large bank contract may be a trigger for higher valuation.
• M&A optionality remains open - the fact that Tailwind cited the „market situation" rather than fundamental asset weaknesses means Software Mind remains an attractive M&A target for other private-equity funds. In the 2026–2027 cycle we expect a return to M&A discussions - possibly with a different buyer or in a different format (e.g. a partial Software Mind IPO).

For the Małopolskie voivodeship itself, Ailleron is one of the three main Kraków-listed IT companies on the WSE (alongside Comarch and Asseco BS) - with a strong export package and an international R&D presence in Kraków, Tarnów, Wrocław and Lublin.

What you'll find in the Ailleron S.A. profile

The Ailleron S.A. profile in our database carries the full picture of the company: composition of the two-member management board (with CEO Tomasz Król since January 2026), the KRS registration history from 23 May 2011, the registered address at Al. Jana Pawła II 43B in Kraków, e-delivery status (AE:PL-29182-24210-CVGUR-09), the website ailleron.com/pl, and the assigned PKD code 62.01.Z (computer-programming activities). The profile is also available in English - important for international IT/fintech-fund investors, since Ailleron is a rare combination of a Polish outsourcing software house (Software Mind) and a proprietary fintech product (LiveBank) exported to the Americas.

Data: Polish KRS Court Register (KRS 0000385276); Ailleron S.A. current report - 2025 financial results (February/March 2026); CRN - analysis of Ailleron's 2025 results; Bankier - Ailleron 2025 financial statement; Stockwatch - communication on LiveBank expansion in North America; Strefa Inwestorów - Ailleron board changes (8 January 2026); PKD 62.01.Z classification (computer-programming activities); company history - incorporated 23 May 2011, as of 2026-05-02.