Comp publishes the Security First 2026-2028 strategy: EBITDA target PLN 180 m and PLN 240 m of shareholder transfers via share buybacks

Comp 2026: EBITDA targets PLN 150 → 180 m and PLN 240 m of shareholder transfers via share buybacks

Comp S.A. - headquartered at ul. Jutrzenki 116 in Warsaw (postcode 02-230, Mazowieckie voivodeship), registered in the KRS under number 0000037706 - published in current report 8/2025 the „Comp 2028 Security First" strategy. Growth EBITDA targets for the 2026–2028 cycle: PLN 150 m in 2026, PLN 165 m in 2027 and PLN 180 m in 2028 - versus PLN 135 m delivered in 2025 (reported). These are management targets, not delivered results; their materialisation depends on operating discipline and the realisation of demand assumptions in key segments.

The strongest capital signal of the strategy: a PLN 240 m transfer to shareholders in three tranches - PLN 70 m (2026) + PLN 79 m (2027) + PLN 91 m (2028) - implemented mainly via share buybacks and cancellation, not cash dividend. The end target: at least PLN 25 per share of transfer in 2028. The 2025 buyback is to reach at least PLN 42 m, half of which was already executed in Q1. This is a meaningful departure from classical dividend policy (Comp paid PLN 3.00 per share out of 2020 and 2021, then switched to a buyback-only model). From a capital perspective, tax-efficient buybacks with cancellation are more efficient than cash dividends but eliminate a predictable cash stream for shareholders.

In the background of the valuation: Comp's share price rose around +560% over the past 3 years (with a doubling in 2025 alone). Market cap reaches around PLN 1.2 bn, placing the company among the strongest performers in the Polish sWIG80. Consolidated 2025 results: revenue PLN 846.5 m, net profit PLN 73.4 m.

COMP

WARSZAWA · KRS 0000037706 · SPÓŁKA AKCYJNA

Revenue

846.5 M PLN

Jutrzenki 116: Tomaszewski's 4-member board, Novitus and Elzab under one holding, two business legs

The address ul. Jutrzenki 116, 02-230 Warsaw places Comp's seat in the office-and-industrial strip of Warsaw's Włochy district - among 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 dynamic 2025 share-price growth it is a candidate for mWIG40 at upcoming reviews.

Governance: a four-member management board (CEO Robert Tomaszewski plus three vice-presidents). The shareholder structure is dispersed: Tomaszewski as CEO and historical shareholder directly holds 5.61% of shares (1,150,559 shares). Other shareholders are pension funds, TFI investment funds and individual retail investors. The family and management together increase control by cancelling shares acquired through the buyback - a mechanism that structurally consolidates founder presence even without large family blocks.

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

1. Cybersecurity and enterprise IT - services for the state, banks, energy; beneficiary of rising public spending on cybersecurity (the Polish market reached EUR 0.6–1 bn in 2024, growth trends continue).
2. Cash registers and retail equipment - through subsidiaries Novitus (Nowy Sącz) + Elzab (Zabrze), Comp holds about 50% of the Polish cash-register market. The 5-year device-replacement cycle drives demand in 2025–2027, additionally supported by regulations: the deposit-return system (from 2025), payment functions integrated into cash registers, KSeF (National e-Invoice System) - each regulatory change forces device replacement or upgrade.

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

Polish IT-cybersecurity sector on the WSE: Comp as the only pure cybersecurity + retail-fiscal player

The Polish IT sector listed on the Warsaw exchange has clear segmentation in 2026, in which Comp occupies a cybersecurity + retail-fiscal niche:

• Asseco Poland (Rzeszów, mWIG40) - IT services leader, global expansion through Asseco International.
• Asseco Business Solutions (Lublin, sWIG80) - ERP/HR for SMEs, ~28% net margin.
• Comarch (Kraków, mWIG40) - direct competitor in enterprise ERP and banking.
• Ailleron (Kraków, sWIG80) - software-house outsourcing + LiveBank fintech.
• Comp (Warsaw, sWIG80) - pure cybersecurity + retail-fiscal (cash registers).
• Sygnity, Wasko - smaller IT-services players.

Three structural features of the Comp model that explain the +560% 3-year share-price gain:

• Low competition in the cash-register segment - Novitus + Elzab make up about 50% of the Polish market; the next two (Posnet, Optimus IC) are unlisted or smaller. The 5-year replacement cycle plus regulatory changes (deposit-return system, KSeF) create stable, predictable demand with high entry barriers (Ministry of Finance homologation).
• Cybersecurity as structural growth in state spending - Polish public cybersecurity spending rose from about EUR 0.3 bn in 2020 to EUR 0.6–1 bn in 2024. This is roughly 3x expansion in four years. Comp has multi-year contracts with MON, NASK, KNF, ZUS and the major banks - a position of trusted strategic supplier.
• Buyback-first as a deep-undervaluation signal - management considers the share price undervalued and prefers buying back shares over dividends. Mathematically this lifts EPS for remaining shareholders by about 5–7% per year (at the planned buyback pace) and structurally supports the share price. Different from typical dividend mid-caps (e.g. Asseco BS).

Implication for the investment profile: growth + buyback, no cash dividend, EBITDA target PLN 180 m by 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 investment profile in 2026:

• Delivering the 2026 EBITDA target of PLN 150 m = an organic path, not M&A - growth from PLN 135 m (2025) to PLN 150 m (2026) implies a ~11% CAGR, achievable via (a) Polish retail cash-register replacements (deposit-return system), (b) growing state cybersecurity contracts, (c) export expansion of the SDE (Electronic Surveillance System). The target is realistic if current market trends hold but is not guaranteed - a fall in public spending or a slowdown in cash-register replacements could compress momentum.
• PLN 240 m of transfer via buybacks = significant but unpredictable for minority shareholders - buybacks are tax-efficient and lift EPS, but their pace depends on the share price (management does not buy at high prices) and on operating cash flow. A dividend investor expecting a stable cash stream will be disappointed; a growth-and-value investor should be satisfied with the tax-efficient policy.
• Share price +560% in 3 years = a possible mean reversion - after such strong growth the valuation is elevated; at a P/E of about 16x and a market cap of PLN 1.2 bn, another step-change in 2026 looks unlikely. A more probable scenario is valuation consolidation with EBITDA delivery, or a moderate further rise supported by the buyback.

Main company-specific risks across the 2026–2027 cycle:

• Strategy delivery - 2026-2028 EBITDA targets are projections, not delivered results; any annual-result disappointment may hit the valuation.
• State-customer concentration - a large portion of cybersecurity and SDE revenue comes from MON, NASK, ZUS; changes in government policy or public budget may compress contracts.
• KSeF and deposit-return regulations - positive catalysts for Novitus + Elzab; implementation delays may shift revenue between years.
• Low founder control (Tomaszewski 5.61%) - in case of takeover offers the company is exposed to fund pressure.
• No cash dividend - not ideal for some Polish pension investors who prefer dividend over buyback.

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

The Comp S.A. profile in our database carries the full picture of the company: composition of the four-member management board (with CEO Robert Tomaszewski), the KRS registration history from 24 August 2001, the registered address at ul. Jutrzenki 116 in Warsaw, 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 - important for international IT-cybersecurity fund investors, since Comp is the only Polish sWIG80 holding combining enterprise cybersecurity with retail-fiscal (Novitus + Elzab with ~50% of the Polish cash-register market).

This material is informational 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); 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 2026-05-02.