Synektik_presentation_Q3_2024 FY_EN final.pdf

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Q3 FY 2024 Financial results | Investor presentation
SYNEKTIK SA
Investor Presentation
Q3 FY 2024: Financial results
August 2025

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sty 23 kwi 23 lip 23 paź 23 sty 24 kwi 24 lip 24 paź 24 sty 25 kwi 25 lip 25
Synektik stock price (PLN)
2
Indexes
WIG, mWIG40,
WIGTECH, WIG-Poland
ISIN PLSNKTK0001
Number of shares 8 529 129
Capitalisation(1)
PLN 1.86bn
Enterprise value(2)
PLN 1.87bn
P/E(3)
17.1
EV/EBITDA(4)
12.0
Dividend yield 3.5%
Company profile
 Integrator of innovative solutions for medicine
 Largest manufacturer and supplier of radiopharmaceuticals in Poland
 Centre for New Molecule Research focused on developing innovative
molecules and radiopharmaceutical products
 Developer of special medical software and applications
 Leading supplier of advanced medical technologies
 Provider of maintenance and measurement services
Synektik in snapshot
PLN 428m
REVENUE FROM SALES,
Q1-Q3 FY2024
PLN 123m
EBITDA FROM CONTINUING
OPERATIONS Q1-Q3 FY2024
1) Market capitalisation and ratios calculated as of 18 August 2025
2) Enterprise value = market capitalisation as of 18 Augst 2025 + net debt as of 30 June 2025
3) Net profit from continuing operations
4) EBITDA from continuing operations

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Corporate events – spin-off plan adopted
 Adoption and publication of the Synektik S.A. spin-off plan. Business connected with research on new pharmaceutical compounds, including a
cardiotracer will be spun off into the new company Syn2bio.
Radiopharmaceuticals – dynamic growth in revenues & profits
 Record high PLN 14.8 million in revenue (excluding intra-group transactions) in Q3 FY 2024, 50% increase in EBITDA, up to PLN 5.2 million
 Double-digit radiofarmaceutical sales growth; triple-digit growth in complementary assortment sales
Highlights of Q3 FY2024
Sales of equipment and IT solutions – growing profits, exciting business perspectives
 PLN 139.4 million in revenue (excluding intra-group transactions) in Q3 FY 2024, including PLN 82.1 million in recurring revenue (69% YoY
growth); PLN 42.8 million EBITDA, EBITDA margin of 30.7 %
 High sales activity, related among others to investments in the public healthcare service in Poland financed from KPO funds

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Q3 FY 2024 Financial results | Investor presentation 4
 22% increase in total revenue from sales of equipment, IT solutions and
services (excluding intra-group transactions)
 51% increase in revenue of the radiopharmaceuticals segment,
excluding intra-group transactions
Financial performance in Q3 FY2024
124.0
154.2
Q3 FY2023
Q3 FY2024
Consolidated revenue (PLN million)
+24%
31.7
41.6
Q3 FY2023
Q3 FY2024
EBITDA from continuing operations
(PLN million)
22.5
30.5
Q3 FY2023
Q3 FY2024
Net profit from continuing operations
(PLN million)
+31%
+36%
 35% increase in EBITDA of the equipment, IT and services segment,
to PLN 42.8 million
 50% increase in EBITDA of the radiopharmaceuticals segment,
to PLN 5.2 million
 36% increase in net profit from continuing operations; more favorable
balance of revenues and financial costs than the previous year

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Financial performance in Q1-Q3 FY2024
483
482.1
Q1-Q3
FY2023
Q1-Q3
FY2024
Consolidated revenue (PLN million)
0%
94.5
106.1
Q1-Q3
FY2023
Q1-Q3
FY2024
EBITDA from continuing operations
(PLN million)
75.6
85.7
Q1-Q3
FY2023
Q1-Q3
FY2024
Net profit from continuing operations
(PLN million)
+12%
+13%
 PLN 125.6 million EBITDA for the sale of medical equipment, IT, and
services segment, with an increase in EBITDA profitability to 28.3%
 PLN 12.9 million EBITDA for the radiopharmaceuticals segment, EBITDA
margin of 33.6 %
 PLN 85.7 million in net profit from continuing operations, up by 13%
 Increase in net margin by 2.1 percentage points, reaching 17.8%
 PLN 444.7 million in revenue from the sale of equipment, IT solutions and
services, compared to PLN 450.6 million in revenue in Q1-Q3 FY 2023, 66%
increase in recurring revenue, to PLN 227.6 million
 19% increase in revenue from the radiopharmaceuticals segment (excluding
intra-group transactions), reaching PLN 38.3 million

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5.5
29.8
52.7
6.2
10.9
24.9
7.1
24.9
31.7
13.3
31.7 33.8
Q1 2021 Q1 2022 Q1 2023 Q1 2024 Q2 2021 Q2 2022 Q2 2023 Q2 2024 Q3 2021 Q3 2022 Q3 2023 Q3 2024 Q4 2021 Q4 2022 Q4 2023 Q4 2024
Adjusted* EBITDA
(PLNm)
50.5
Group’s adjusted* EBITDA in FY 2021-2024
21.7 22.4 26.3 32.2
56.4 61.1
78.9
97.3
120.2
134.2 141.0 143.0 140.9 146.4
156.3
31.12.
2021
31.03.
2022
30.06.
2022
30.09.
2022
31.12.
2022
31.03.
2023
30.06.
2023
30.09.
2023
31.12.
2023
31.03.
2024
30.06.
2024
30.09.
2024
31.12.
2024
31.03.
2025
30.06.
2025
Adjusted* EBITDA for past 4 quarters (PLNm)
*For the financial results of 2023 and 2024 – EBITDA from continuing operations. For earlier periods – EBITDA adjusted for development work costs
30.4
EBITDA growth driven by:
 Growing scale of recurring sales in both
segments, characterized by attractive
margins
 Increase in sales of equipment used in
therapy
 Impact of operating leverage achieved
thanks to a significant increase in the scale
of the Group's activities
41.6

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Group’s recurring sales in FY 2021-2024
18.2 25.0
41.6
59.8
75.4
92.4 100.3
112.9
133.6
151.6
170.1
193.9
219.8
250.4
284.0
21.8
22.0
21.5
22.0
21.8
23.5
25.3
26.5
28.5
29.5
30.2
31.5
31.9
33.2
35.0
31.12.
2021
31.03.
2022
30.06.
2022
30.09.
2022
31.12.
2022
31.03.
2023
30.06.
2023
30.09.
2023
31.12.
2023
31.03.
2024
30.06.
2024
30.09.
2024
31.12.
2024
31.03.
2025
30.06.
2025
Recurring revenue for past 4 quarters
(PLNm)
Revenue from sales of radiopharmaceuticals
Revenue from sales of services and supplies of
instruments and accessories
Dynamic growth of recurring revenue
Drivers:
 Dynamically increasing demand for consumable
parts and accessories for therapy equipment sold
by the Synektik Group
 Increase in the value of post-warranty support
services for the offered medical equipment
 Increase in the value of IT and measurement
services provided
 Increase in demand for radiopharmaceuticals
used in PET/CT examinations

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Selected financial data
tys. PLN 30.06.2025 30.09.2024
Non-current assets, including: 155 828 162 973
Property, plant and equipment 63 566 59 518
Other intangible assets 38 185 42 215
Current assets, including: 243 485 212 286
Inventories 48 345 12 689
Trade receivables 127 667 111 731
Cash 45 383 84 332
Assets classified as held for spin-off 17 159 -
Equity 191 219 190 024
Non-current liabilities 54 441 50 583
Liabilities under bank loans, borrowings and leases 21 297 19 169
Trade and other liabilities 376 5 648
Deferred revenue 26 629 19 362
Current liabilities, including: 153 653 134 651
Liabilities under bank loans, borrowings and leases 7 874 5 321
Trade and other liabilities 109 350 90 812
Deferred revenue 24 298 30 069
Liabilities classified as held for spin-off 5 433 -
Net debt (15 921) (59 832)
PLN 000s Q3 FY 2024 Q3 FY 2023 Q1-Q3 FY 2024 Q1-Q3 FY 2023
Sales revenue 154 238 123 979 482 060 482 978
EBIT* 36 435 27 806 107 496 97 568
EBIT margin* 23.6% 22.4% 22.3% 20.2%
EBITDA* 41 603 31 667 122 540 109 249
EBITDA margin* 27.0% 25.5% 25.4% 22.6%
Net profit* 30 542 22 461 85 705 75 631
Total income 23 712 16 745 71 272 63 648
Total cash flow, including: (10 141) 5 036 (38 949) 14 002
Operating cash flow (5 030) 16 234 41 268 65 023
* from continuing operations
 Cash surplus over financial liabilities amounting to
nearly PLN 16 million as of June 30, 2025
 PLN 38 million cash surplus and trade receivables over
trade and financial liabilities.
 Increase in inventories related, among other things, to
the purchase of equipment necessary for the
implementation of projects in the next reporting
period
 PLN 50.9 million of deferred revenues, mainly related
to the settlement of service contracts and the supply
of consumables for therapeutic equipment
 PLN 41.3 million in positive operating cash flows in Q1-
Q3 FY 2024
 PLN 17.2 million of net assets designated for spin-off

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SYNEKTIK SA
Medical equipment and IT solutions

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Key information
Synektik is a leading provider of medical equipment and IT
solutions used in radiology, oncology, cardiology and
neurology
Core areas:
 Sale of medical equipment from several leading
manufacturers, used in radiology, therapy and nuclear
medicine
 Preparation and equipment for operating rooms (OR) and
diagnostic or radiology centres
 Development of medical software and sale of licenses in
the field of archiving and distribution of radiological
images, teleradiology and administrative data
 Supply of specialist diagnostic and maintenance stations
 Maintenance and measurement services for medical
equipment
 Innovative project: platform Zbadani.pl

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Growing business profitabiity
450.6 443.7
104.5 125.6
Q1-Q3 2023FY Q1-Q3 2024FY
Financial results (PLN million)
Revenues EBITDA
100.3
112.9
133.6
151.6
170.1
193.9
219.8
250.4
284.0
30.06.2023 30.09.2023 31.12.2023 31.03.2024 30.06.202430.09.2024 31.12.2024 31.03.2025 30.06.2025
Recurring revenue from the sale of services and
supply of instruments and accessories
(over the last 12 months, million PLN)
+68%
CAGR
 22% increase in sales (year-over-year) in Q3 FY 2024, up to PLN 139.4 million
 35% increase in EBITDA in Q3 FY 2024, up to PLN 42.8 million
 PLN 444.7 million in revenue in Q1-Q3 FY 2024, compared to PLN 450.6 million the
year before
 PLN 125.6 million EBITDA in Q1-Q3 FY 2024 (up 16%); increase in EBITDA segment
profitability by 4.3 percentage points, up to 28.3%
 66% growth in recurring revenue from the sale of services (service, warranty, IT) and
the supply of consumable instruments and accessories in Q1-Q3 FY 2024,
reaching PLN 227.6 million; PLN 82.1 million in recurring revenue in Q3 FY 2024
 68% CAGR of recurring revenue (over the last 12 months ) in the last two years

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Promising prospects for the coming quarters
 Secured orders worth PLN 246 million in Q1-Q3 FY 2024
 The value of active offers as of the end of June 2025 is PLN 137 million, compared to PLN 97
million as of June 30, 2024
 A significant portion of active offers from the end of Q3 2024 were converted into
secured orders, including, among others, contracts for the supply of:
 5 da Vinci systems
 An angiograph (together with room equipment)
 APOTECAchemo and BD Rowa Vmax systems
 Expected continued increased demand for medical equipment in the coming quarters,
due to, among others:
 Continuation of tenders organized by hospitals within the National Oncology Network,
financed from KPO funds
 Expected launch of dedicated investment support from KPO funds for hospitals within
the National Cardiology Network (budget: PLN 2.7 billion)
 Completion of the application process for the hospital digitization program financed from
KPO funds, worth PLN 3.1 billion (nearly 500 applications, decision expected by the end of
the quarter)
313.2
216.1
277.3
246.0
20.5
32.8
97.0
137.0
1.10.2023-30.06.2024 1.10.2024-30.06.2025
Sales of medical equipment, orders for implementation
and active offers (in PLN million)
Sales revenue during the order period
Orders received for execution during the period
Orders to be executed (backlog) at the end of the period
Orders obtained for execution - the value of contracts, agreements concluded during the period; for execution in the given
period or after its conclusion.
Active offers - submitted offers; being the subject of tender proceedings; negotiations or technological dialogue with
a potential buyer.

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4
8
13
32
41
69
96
0
1000
2000
3000
4000
5000
6000
7000
8000
9000
Q4
2018
Q1
2019
Q2
2019
Q3
2019
Q4
2019
Q1
2020
Q2
2020
Q3
2020
Q4
2020
Q1
2021
Q2
2021
Q3
2021
Q4
2021
Q1
2022
Q2
2022
Q3
2022
Q4
2022
Q1
2023
Q2
2023
Q3
2023
Q4
2023
Q1
2024
Q2
2024
Q3
2024
Q4
2024
Q1
2025
Q2
2025
Da Vinci assisted surgical procedures in Poland, Czech Republic and
Slovakia (number)
da Vinci-assisted surgical procedures in the Czech Republic and Slovakia (number)
da Vinci-assisted surgical procedures in Poland (number)
Installed and authorized da Vinci systems by the Synektik Group, at the end of the period (number)
Commercialization of da Vinci system
 Approximately 5.1 k surgeries with the assistance of da Vinci in Q3 FY 2024 in
Poland (up 57% y/y), 17.6 k in the last 4 quarters (up 78% y/y)
 Approximately 3.4 k surgeries with the assistance of da Vinci in Q3 FY 2024 in
the Czech Republic and Slovakia (up 28% y/y), 11.8 k in the last 4 quarters (+35%
y/y)
 18 installations in the first 9 months of 2024 FY (12 in Poland, 4 in Czech
Republic, 2 in Slovakia systems bought), including 6 installations in Q3 2024 FY
 7 systems made available to lessees in Poland
 7 contracts for the sale of systems (concluded in Q3 and Q4) to be executed by
the end of the current financial year

14
36
Q2 2025
69
Q2 2025
Da Vinci serviced by GK Synektik
*Being serviced by Synektik, including systems leased
from Synektik
da Vinci systems in Czech
Republic and Slovakia*
da Vinci systems
in Poland* Warszawa
Wrocław
Białystok
Poznań
Kraków
Siedlce
Wieliszew
Szczecin
Gdańsk
Gorzów Wlkp.
Lublin
Gdynia
Katowice
Bydgoszcz
Rzeszów
Łódź
Toruń
Usti
nad Labem
Pilzno
Ceske
Budejovice
Hradec
Kralove
Velke
Meziricí
Brno
Novy Jicin
Ołomuniec
Banska Bystrica
Ostrava
Praga
Martin
Jihlawa
Liberec
Bratysława
Koszyce
Kielce
Leszno
Zlin
Częstochowa
Słupsk
Zielona
Góra
Olsztyn
Pardubice
Havirov
Piaseczno
Nowa Sól
105
Da Vinci systems serviced
by GK Synektik
Zabrze Radom
Biała
Podlaska
Grodzisk
Maz.
Bełchatów
Horovice

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BD Rowa Vmax APOTECAchemo
MedStock 1260 SenVisio
Comprehensive offer of GK Synektik for hospital pharmacies
▪ APOTECAchemo – robotic system for the automated preparation of intravenous
chemotherapeutic compounds
▪ BD Rowa robotic pharmacy systems automating the processes of receiving
deliveries, storage, and dispensing
▪ Irmatic (Medstock, Medrawer) electronic pharmacy cabinets
▪ SenVisio – system for monitoring temperature in pharmacie
Key Benefits of GK Synektik Solutions:
▪ Optimized workforce efficiency – reduced need for highly qualified personnel in routine
tasks
▪ Uninterrupted operations – ensuring seamless workflow and service continuity
▪ Enhanced accuracy – minimizing the risk of human error in the production of cytostatics
and drug distribution
▪ Maximum safety – protecting both patients and medical staff
▪ Cost efficiency – lower operational expenses and greater process effectiveness
▪ Proven reliability – mature solutions, successfully implemented and validated worldwide
▪ Expert integration – extensive GK Synektik experience in connecting with HIS systems
Hospital pharmacy automation

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Hospital pharmacy– Sales prospects
The hospital pharmacy sector is ready for accelerated technological transformation
based on automation:
▪ Increased availability of funding for investments (including resources from the
National Recovery Plan – KPO) in the area of hospital pharmacy creates opportunities
for the wider adoption of innovative robotic solutions
▪ Labor market changes (including rising labor costs) are a key driver for process
automation
PLN 1,9 bn
Market potential for the modernization of
hospital pharmacies in the field of drug
logistics automation and cytostatics
production
~240
Number of hospitals in Poland
constituting the target group for BD
ROWA systems
~140
Number of hospitals in Poland
constituting the target group for
APOTECAchemo systems
Short- and Medium-Term Sales Potential: :
 Won, as the consortium leader, the tender for the automation of the pharmacy at the
County Hospital in Radomsko:
 The contract includes the supply and installation of robotic systems
APOTECAchemo and BD Rowa Vmax, as well as equipment, software, and staff
training
 The contract value is PLN 12.7 million
▪ Several dozen sales projects at various stages of advancement, including projects with
potential funding from the National Recovery Plan (KPO)

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SYNEKTIK SA
Radiopharmaceuticals
17

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Key information
50+
Number of
employees
Synektik Group products by diagnostic application
Wide spectrum of tumours
Prostate tumours
Bladder tumours
Parkinson's disease,
neuroendocrine tumours
Brain and extracranial
tumours
Breast and reproductive
organ tumours
Bone tumours
Cholina
FDG FLT
PSMA
Cholina
FES
FET
DOPA
Metaflu
 Synektik is the largest producer and supplier of PET/CT radiopharmaceuticals in Poland
 Major producer of special radiopharmaceuticals
3
Production sites together
with R&D Centre
Location of cyclotrons for the production of
radiopharmaceuticals used in PET studies
Owned by
Synektik
Public Private
Source: Own compilation based on data from the Supreme Audit Office,
https://www.nik.gov.pl/aktualnosci/niecertyfikowane-radiofarmaceutyki.html (30.11.2021)

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Growing revenues, strong margins
 51% increase in sales (year-over-year) in Q3 FY 2024, up to
PLN 14.8 million
 25% increase in sales of basic markers, up to PLN 7.1 million
 20% increase in sales of special markers, up to PLN 2.2 million
 50% increase in EBITDA, up to PLN 5.2 milion
 19% increase in sales (y/y) in the 9-month period of fiscal year 2024,
to PLN 38.3 million; PLN 12.9 million EBITDA, compared to PLN
12.0 million a year earlier
 Conclusion, in the period April–August this year, of contracts for
the supply of radiopharmaceuticals and complementary products
worth nearly PLN 8 million
5.01 5.67 5.12 6.12 5.72 5.76
5.89
6.87
1.70
1.83 1.90 2.17 2.19
2.52
1.94
2.26
Σ 9.99
Σ 12.72
Σ 9.91
Σ 12.05
Σ 12.61
Σ 11.5
Σ 9.81
Σ 14.79
Q4
FY2022
Q4
FY2023
Q1
FY2023
Q1
FY2024
Q2
FY2023
Q2
FY2024
Q3
FY2023
Q3
FY2024
Revenue from sales of radiopharmaceuticals (PLN million)
Basic radiopharmaceuticals Special radiopharmaceuticals Other Σ Total
32.3
38.3
12.0 12.9
Q1-Q3 2023FY Q1-Q3 2024FY
Financial results (PLN million)
Revenues EBITDA

20
SYNEKTIK SA
Cardiotracer
20

21
Synektik S.A. spin-off plan adopted
 On July 23, 2025, the management boards of Synektik S.A. and Syn2bio S.A. (in organization) agreed on and adopted a plan to divide Synektik SA
into two independent publicly listed entities:
 To Syn2bio SA (in organization), in exchange for shares of a new issue, a part of Synektik S.A.’s business will be spun off relating to:
 the search for new innovative pharmaceutical molecules and their further research (preclinical, clinical), registration, and
introduction to the market as a medical product, carried out within the Center for New Molecule Research
 the development of the cardiotracer project
 Shareholders of Synektik S.A. will receive one Syn2bio SA share for each Synektik SA share they hold
 The remaining activities of the Group will remain within Synektik SA, including research and development work on searching for generics
of existing radiopharmaceutical products that do not require long-term clinical trials
 The division will be carried out without reducing the share capital of Synektik S.A
 For the purposes of the division plan, a valuation of the Synektik Group was carried out:
 The Group’s value was estimated at PLN 2.11 billion, i.e., PLN 247.54 per share
 The value of assets to be spun off is PLN 163 million, representing 7.73% of the total value, i.e., PLN 19.14 per share
 Based on the above indicators, reference prices for the shares of both companies will be determined at the time of the division

22
SYNEKTIK SA
Q&A SESSION
22

Thank you!
Cezary Kozanecki
President of the Management Board, CEO
ckozanecki@synektik.com.pl
Dariusz Korecki
Vice-President of the Management Board, CFO
dkorecki@synektik.com.pl

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