1. Poland Stocks

  2. •

    Technology services

  3. •

    Information technology services
Passus SA

Passus SA

GGPW:PAS
169.80
PLN
-10.00
(-5.56%)
10.40EPS
12.75P/E
192.42MMarket Cap
Dec 02Next Earn
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
14.05
12.81
20.18
22.42
32.89
37.24
42.31
52.37
65.35
98.88
Basic EPS, GAAP
1.09
0.14
0.41
1.03
3.12
2.11
0.79
6.47
5.38
9.35
Free Cash Flow per Basic Share
-0.6
-1.1
4.12
-0.87
4.34
10.91
-6.42
1.97
1.46
5.84
Dividend per Share
- -
0.11
0.05
0.05
0.07
- -
- -
2.92
1.86
2.08
Book Value per Share
3.9
3.86
4.13
5.2
7.22
8.93
10.72
13.76
15.35
11.36
Tangible Book Value per Share
3.62
2.66
3.96
0.58
3.83
3.86
5.74
12.45
12.75
8.9
Basic Weighted Avg Shares
2
2
2
2
2
2
2
2
2
2
Sales/Revenue/Turnover
27
25
39
43
63
76
87
107
123
166
Operating Margin (%)
9.89
3.36
5.31
7.99
57.68
54.96
61.38
61.29
67.72
62.64
Depreciation Expense
1
- -
1
2
3
3
2
2
2
1
Net Income, GAAP
2
- -
1
2
6
4
2
13
10
16
Effective Tax Rate (%)
18.07
31.16
49.37
22.13
21.31
14.15
21.55
15.34
12.59
16.23
Profit Margin (%)
7.73
1.07
2.03
4.59
9.49
5.65
1.87
12.35
8.24
9.45
Working Capital
6
4
9
6
4
5
9
23
21
14
LT Debt
- -
- -
- -
- -
1
1
1
- -
- -
- -
Total Equity
7
7
8
10
15
20
24
30
29
22
Return on Invested Capital (%)
- -
6.19
7.11
17.67
45.03
23.46
32.53
34.41
37.2
88.8
Return on Capital (%)
- -
1.74
6.86
14.63
37.89
21.22
4.01
47.86
29.82
69.5
Return on Common Equity (%)
- -
3.53
10.27
22.07
50.25
26.88
8.04
52.84
37.63
96.11

Capital Structure

PLN

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
1
4
- -
LT Borrowings
- -
- -
- -
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
2
2
2
Market Capitalization
158
207
192

Working Capital

PLN

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
76
50
52
Cash, Cash Equivalents & STI
15
7
12
Accounts Receivable, Net
35
28
31
Inventories
2
5
- -
Total Current Liabilities
55
28
38
Payables & Accruals
- -
- -
- -
ST Debt
1
4
- -
Deferred Revenue
- -
- -
- -

Growth Rates

PLN

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
- -
24.16%
-4.51%
Free Cash Flow
- -
-149.8%
-31.89%
Net Income, GAAP
- -
161.61%
-23.45%
Sales/Revenue/Turnover
- -
24.03%
14.73%
Total Cash Common Dividend
- -
- -
-41.56%

Quarterly Revenue

PLN

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
9
15
25
59
107
2025
11
15
37
61
123
2026
24
45
- -
- -
- -

Quarterly Earnings Per Share

PLN

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
-1.26
-0.62
0.71
7.63
6.47
2025
-0.31
-0.1
3.19
3.55
5.38
2026
0.32
2.62
- -
- -
- -

Quarterly Dividends Per Share

PLN

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
2.92
- -
2.92
2025
- -
- -
2.26
- -
1.86
2026
- -
- -
- -
- -
- -

Company Description

Company Profile APIChatGPT
CEO
Tadeusz Dudek
Full Time Employees
48
Sector
Technology services
Industry
Information technology services
Address
ul. Goraszewska 19 Warsaw MZ Poland 02-910
IPO Date
Jul 17, 2018
Website
passus.com
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Business
Passus S.A. (PAS.WA) provides specialized IT systems integration services focused on cybersecurity, network and application performance monitoring, and public cloud solutions for large enterprises, public institutions, and government entities primarily in Poland. The company offers proprietary products including Sycope for real-time network performance monitoring and infrastructure protection, Passus Ambience for analyzing network data streams, and Passus nDiagram for visualizing network device connections and parameters; it also delivers partner solutions such as Riverbed and NetScout for network optimization, ManageEngine for IT operations management, Splunk Enterprise for big data analysis, Tenable Nessus and SecurityCenter for vulnerability detection and network monitoring, FireEye and Fidelis Cybersecurity for threat defense, Cisco for comprehensive attack protection, Broadcom Symantec for data and infrastructure security, FUDO for remote access monitoring, and technologies from Google Mandiant, Recorded Future, IBM, Gigamon, Digi, and Fortra. Passus S.A. provides end-to-end services encompassing planning, customized implementation, employee training, maintenance, and after-sales support, serving over 400 clients including ministries, uniformed services, top Polish banks, telecommunications operators, energy firms, and international manufacturers, with capabilities for projects involving classified data up to NATO SECRET and EU SECRET levels following renewal of Level III industrial security certificates in 2024 valid until 2031. Founded in 2014 on the basis of a team active since 2000 and headquartered at ul. Goraszewska 19 in Warsaw, Poland, the company operates through segments including IT Integration, Own Products, AWS Services via subsidiary Chaos Gears, and Holding; it debuted on NewConnect in 2018 before transferring to the Warsaw Stock Exchange main market in January 2023. Recent developments encompass multiple significant contracts in 2025, a series BB share subscription completed in September 2025, statute amendments registered in October 2025, major shareholding changes and related party transactions throughout 2025, renewed AWS cloud and generative AI expansion emphasis targeting Premier Partner status by 2026, sustained revenue growth including 34% year-on-year in Q1 2025 amid cybersecurity and cloud demand, and strategic partnerships reinforced as Splunk Elite Partner, Cisco Premier Partner, Tenable Assure Gold Partner, and ManageEngine Gold Partner.