Comp unveils Security First 2026–2028 strategy: PLN 180m EBITDA target and PLN 240m for shareholders via buybacks

Comp 2026: EBITDA targets of PLN 150m rising to 180m, and PLN 240m returned to shareholders via buybacks

Comp S.A. – headquartered at ul. Jutrzenki 116 in Warsaw (postcode 02-230, Mazowieckie voivodeship) and registered in the KRS under number 0000037706 – unveiled its "Comp 2028 Security First" strategy in current report 8/2025. The EBITDA targets for the 2026–2028 cycle step up: PLN 150m in 2026, PLN 165m in 2027 and PLN 180m in 2028 – against PLN 135m delivered in 2025 (as reported). These are management targets, not delivered results; hitting them depends on operating discipline and on demand assumptions in the key segments playing out.

The strategy's strongest capital-allocation signal: a PLN 240m transfer to shareholders in three tranches – PLN 70m (2026), PLN 79m (2027) and PLN 91m (2028) – executed mainly through share buybacks and cancellations rather than a cash dividend. The end goal: at least PLN 25 per share of transfers in 2028. The 2025 buyback is to total at least PLN 42m, half of which was executed in the first quarter. This marks a clear departure from a classical dividend policy (Comp paid PLN 3.00 per share for 2020 and 2021, then switched to a buyback-only model). From a capital standpoint, a tax-efficient buyback with cancellation beats a cash dividend, but it removes a predictable cash stream for shareholders.

The valuation backdrop: Comp's share price has risen roughly 560% over the past three years, doubling in 2025 alone. Its market capitalisation stands at around PLN 1.2bn, making the company one of the strongest performers in Poland's sWIG80 index. According to the company's 2025 financial statements, consolidated revenue came in at PLN 846.5m (down 6% from PLN 903.3m a year earlier), while net profit nearly doubled to PLN 73.4m from PLN 38.1m in 2024.

COMP

WARSZAWA · KRS 0000037706 · SPÓŁKA AKCYJNA

Revenue

846.5 M PLN

Jutrzenki 116: Tomaszewski's four-member board, Novitus and Elzab under one holding, two business legs

The address ul. Jutrzenki 116, 02-230 Warsaw places Comp's registered office in the office-and-industrial strip of Warsaw's Włochy district – surrounded by many Polish and international IT firms. The company has operated in its current corporate form (Comp S.A., KRS 0000037706) since 24 August 2001 and has been listed on the Warsaw Stock Exchange since 2005. It belongs to the sWIG80, but after the sharp 2025 share-price rally it is a candidate for the mWIG40 at upcoming index reviews.

Governance: a four-member management board (CEO Robert Tomaszewski plus three vice-presidents). The shareholder base is dispersed: Tomaszewski, as CEO and a long-standing shareholder, directly holds 5.61% of the shares (1,150,559 shares). The remaining shareholders are pension funds, Polish investment funds (TFI) and retail investors. The family and management together increase their effective control by cancelling shares acquired through the buyback – a mechanism that structurally entrenches the founder's position even in the absence of large family stakes.

Under Polish PKD codes, the principal activity is 62.20.B (other IT-consultancy activities). The Comp Group rests on two business pillars:

1. Cybersecurity and enterprise IT – services for the state, banks and the energy sector; a beneficiary of rising public spending on cybersecurity (the Polish market reached EUR 0.6–1bn in 2024, and the growth trend continues).
2. Cash registers and retail devices – through its subsidiaries Novitus (Nowy Sącz) and Elzab (Zabrze), Comp holds about 50% of the Polish fiscal cash-register market. The five-year device-replacement cycle drives demand in 2025–2027, further supported by regulation: the deposit-return system (from 2025), payment functions integrated into registers, and KSeF (the National e-Invoice System) – every regulatory change forces device replacement or upgrades.

The company has a registered electronic-delivery address (AE:PL-38113-46493-USFWJ-21) and the website comp.com.pl.

Poland's listed IT-cybersecurity sector: Comp as the only pure cybersecurity-plus-fiscal player

Poland's listed IT sector shows clear segmentation in 2026, with Comp occupying the cybersecurity-plus-fiscal-devices niche:

• Asseco Poland (Rzeszów, mWIG40) – the IT-services leader, expanding globally through Asseco International.
• Asseco Business Solutions (Lublin, sWIG80) – ERP/HR for SMEs, with a net margin of around 28%.
• Comarch (Kraków, mWIG40) – a direct competitor in enterprise ERP and banking systems.
• Ailleron (Kraków, sWIG80) – software-development outsourcing plus the LiveBank fintech.
• Comp (Warsaw, sWIG80) – pure cybersecurity plus fiscal devices (cash registers).
• Sygnity, Wasko – smaller IT-services players.

Three structural features of the Comp model explain the 560% three-year share-price gain:

• Low competition in the cash-register segment – Novitus and Elzab account for about 50% of the Polish market; the next two players (Posnet, Optimus IC) are unlisted or smaller. The five-year replacement cycle plus regulatory changes (the deposit-return system, KSeF) create stable, predictable demand behind high entry barriers (Ministry of Finance homologation).
• Cybersecurity as structural growth in state spending – Poland's public cybersecurity spending rose from about EUR 0.3bn in 2020 to EUR 0.6–1bn in 2024, roughly a threefold expansion in four years. Comp holds multi-year contracts with the Defence Ministry (MON), NASK, the financial regulator KNF, the social-security institution ZUS and the major banks – the position of a trusted strategic supplier.
• Buyback-first as a deep-undervaluation signal – management considers the shares undervalued and prefers buying them back to paying dividends. Mathematically, this lifts earnings per share for remaining shareholders by roughly 5–7% a year at the planned buyback pace and structurally supports the share price. It sets Comp apart from typical dividend-paying mid-caps (e.g. Asseco BS).

Implications for the investment profile: growth plus buybacks, no cash dividend, a PLN 180m EBITDA target for 2028

The interpretation is speculative – the conclusions below are scenarios, not certainties:

“Comp has found a way to monetise its existing fiscal-device customer base via additional functions.”

Three possible consequences of the "Security First" strategy for Comp's 2026 investment profile:

• Delivering the 2026 EBITDA target of PLN 150m = an organic path, not M&A – growth from PLN 135m (2025) to PLN 150m (2026) implies roughly 11% growth, achievable through (a) cash-register replacements in Polish retail (the deposit-return system), (b) growing state cybersecurity contracts, and (c) export expansion of the SDE electronic-monitoring system. The target is realistic if current market trends hold, but not guaranteed – a drop in public spending or a slower register-replacement cycle could sap momentum.
• PLN 240m returned via buybacks = significant but unpredictable for minority shareholders – buybacks are tax-efficient and lift earnings per share, but their pace depends on the share price (management will not buy at excessive prices) and on operating cash flow. A dividend investor expecting a steady cash stream will be disappointed; a growth-and-value investor should welcome the tax-efficient policy.
• A 560% three-year rally = possible mean reversion – after such strong gains the valuation is elevated; at a P/E of about 16x and a PLN 1.2bn market cap, another step-change in 2026 looks unlikely. The more probable scenario is a consolidation of the valuation as EBITDA targets are delivered, or a moderate further rise supported by the buyback.

The main company-specific risks across the 2026–2027 cycle:

• Strategy delivery – the 2026–2028 EBITDA targets are projections, not delivered results; any full-year disappointment could hit the valuation.
• State-customer concentration – a large share of cybersecurity and SDE revenue comes from MON, NASK and ZUS; shifts in government policy or the public budget could shrink contracts.
• KSeF and deposit-return regulation – positive catalysts for Novitus and Elzab, though implementation delays could shift revenue between years.
• Limited founder control (Tomaszewski at 5.61%) – in the event of takeover bids, the company is exposed to fund pressure.
• No cash dividend – unattractive to some Polish pension investors who prefer dividends over buybacks.

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

The Comp S.A. profile in our database gives the full picture of the company: the composition of the four-member management board (led by CEO Robert Tomaszewski), the KRS registration history since 24 August 2001, the registered address at ul. Jutrzenki 116 in Warsaw, its e-Delivery status (AE:PL-38113-46493-USFWJ-21), the website comp.com.pl, and the assigned PKD code 62.20.B (IT-consultancy activities). The profile is also available in English – relevant for international IT-cybersecurity fund investors, since Comp is the only Polish sWIG80 holding combining enterprise cybersecurity with fiscal retail devices (Novitus and Elzab, with about 50% of Poland's cash-register market).

This material is for information purposes only and does not constitute investment advice.

Data: Polish KRS Court Register (KRS 0000037706); Comp S.A. - current report 8/2025 with the Security First 2026-2028 strategy; Comp S.A. - SRR/2025 report (consolidated financial results); financial statements filed with KRS; Stockwatch - Comp as a quiet WSE star analysis 2025; Bankier ESPI - communication on Security First EBITDA targets; biznes.pap.pl - current report 5/2025 on share buyback; biznesradar.pl - Security First strategy analysis; Stockwatch - Comp shareholder structure; PKD 62.20.B classification (IT consultancy); company history - incorporated 24 August 2001, WSE IPO 2005, as of 2026-07-27.