VEA DATA · POLISH IT MARKET
Polish IT company valuation multiples
A dataset computed from primary registry filings: margins, growth and implied valuation multiples from full statutory P&Ls filed with the Polish company register (KRS), not from surveys or expert guesses. Aggregates only - no company is identifiable from these tables.
Data: KRS e-filings, fiscal year 2024 · Dataset as of 2026-07-22 · Updated: 2026-07-22 · Next edition: January 2027
VEA INDEX · H1 2026
What a profitable Polish IT company is worth
INDEKS VEA · H1 2026
median
Profitable Polish IT company, EUR 10-50M revenue · n=449 · KRS registry data 2024 · model-implied, not transaction prices
Vision East Advisory · Indeks VEA
YOUR EBIT ON THE INDEX
Indicative EV (EBIT × 4.2-5.3x)
12,600,000 PLN - 15,900,000 PLN
at market median (× 4.8x): 14,400,000 PLN
This is an orientation at the market median, not a valuation of your company - your growth, margin and revenue recurrence move the multiple. Compute your own range in the calculator.
VEA Index H1 2026: the median implied valuation multiple of a profitable Polish IT company with EUR 10-50M revenue is 4.8x EV/EBIT (n=449, registry financials for 2024, model-implied per vea-model-2.2.1 - not transaction prices).
| Measure | EV/EBIT | Reading |
|---|---|---|
| Median (VEA Index) | 4.8x | the middle of the cohort: half the model valuations below, half above |
| Interquartile range (Q1-Q3) | 4.2x - 5.3x | the middle 50% of model valuations |
| 10th-90th percentile | 3.7x - 6x | the model-valuation range ex-outliers |
What the index is: each of the 449 companies (profitable, EUR 10-50M revenue, full P&L for 2024 and a known 2023 revenue base so growth is computable) is priced with the same published model that powers our valuation calculator (vea-model-2.2.1) on its actual registry financials. The index is the median of those valuations. What it is not: observed transaction prices - Polish private deal terms are almost never disclosed. It is a consistent, repeatable model-implied measure; its movement between editions is the signal.
Why 4.8x - and not the multiples in US headlines
A lower multiple for a Polish IT company than the numbers in US headlines is not a worse valuation - it is a different measurement.
Headline Silicon Valley multiples are usually EV/revenue for listed companies; the VEA Index is the median EV/EBIT of private Polish businesses. Comparing the two directly is like comparing the price per square metre in Warsaw with the price per acre in Texas: the lower figure is not a discount to fear, just a different yardstick. This index is the market baseline for a profitable Polish IT company; exceptional scale, growth, recurring revenue or strategic value to a specific buyer push a valuation above that line - and are always a matter of the individual transaction.
CALIBRATION BANDS
The multiples Polish tech companies are discussed in
| Company profile | Band | Basis |
|---|---|---|
| B2B SaaS (profitable, EBITDA-based) | 8x - 15x | EBITDA |
| B2B SaaS (fast-growing) | 2.5x - 5x | ARR (growth-dependent curve) |
| IT services / integration | 3.5x - 7x | EBITDA |
| Tech-enabled business | 3x - 5.5x | EBITDA |
Valuation conversations about a profitable Polish B2B SaaS company run in the 8-15x EBITDA band, and about an IT services company in the 3.5-7x EBITDA band (VEA calibration, H1 2026); exceptional profiles can price above the band, which the model reports explicitly.
PROFITABILITY · 2024
What Polish IT companies actually earn
The median EBIT margin of Polish IT companies with EUR 10-50M revenue and full KRS filings collected by VEA (a cohort that skews profitable; n=463) was 11.7% in 2024; the middle 50% of companies sit between 8.6% and 17.9%.
| Revenue (EUR M) | n | Median EBIT margin | Q1 | Q3 |
|---|---|---|---|---|
| 10 - 15 | 165 | 11.8% | 8.9% | 19.0% |
| 15 - 20 | 102 | 13.1% | 9.4% | 19.9% |
| 20 - 30 | 97 | 11.0% | 7.8% | 16.3% |
| 30 - 50 | 99 | 11.5% | 8.3% | 16.7% |
| EBIT margin band | Share of companies |
|---|---|
| below 10% | 38.2% |
| 10% - 20% | 41.5% |
| 20% and above | 20.3% |
One fifth of the cohort (20.3% of companies with full filings) runs at a 20%+ margin - mostly specialised vertical software, not general integration. That is the segment international buyers are acquiring.
GROWTH · 2023 → 2024
How fast the Polish IT market grows
Median revenue growth of Polish IT companies (EUR 10-50M, full-filings cohort) was 10.9% year on year (n=452); 25.7% of companies shrank while 32.5% grew 20% or more.
| Measure | Value |
|---|---|
| Median growth YoY | 10.9% |
| Interquartile range (Q1-Q3) | -0.2% - 24.9% |
| Share of shrinking companies | 25.7% |
| Share growing 20%+ YoY | 32.5% |
Questions and answers
What is a profitable Polish IT company worth in 2026?
VEA Index H1 2026: the median implied valuation of a profitable Polish IT company with EUR 10-50M revenue is 4.8x EV/EBIT (n=449, KRS registry financials for FY2024, model-implied per vea-model-2.2.1, not transaction prices).
What EBITDA multiple do Polish SaaS companies sell for?
Valuation conversations about a profitable Polish B2B SaaS company run in the 8-15x EBITDA band, fast-growing SaaS in 2.5-5x ARR, and IT services in 3.5-7x EBITDA (VEA calibration, Polish/CEE private market, H1 2026). Growth, margin and revenue recurrence position a specific company within the band.
What is the typical EBIT margin of a Polish IT company?
The median EBIT margin in the EUR 10-50M revenue cohort is 11.7% for FY2024 (n=463); the middle 50% of companies sit between 8.6% and 17.9%. The cohort requires full filed accounts, so it skews profitable.
SOURCES AND METHOD
Where these numbers come from
Exact P&L data from KRS e-filings covers 618 entities for FY2024 (FY2023: 624; FY2025, filings still arriving: 141).
- Universe: a full census of 38,416 active KRS-registered entities (excludes sole proprietorships) with primary PKD codes 62 / 63.1 / 58.2 / 26.30, as of June 2026; the VEA dataset covers 3,016 of them, including a full P&L from KRS e-filings (VEA cross-verification) for 618 entities for 2024.
- Published cohort: 463 companies with EUR 10-50M revenue (constant 4.3 PLN/EUR). Full-P&L collection for this band applied a roughly 5% net-profitability screening threshold, so low-margin and loss-making companies are underrepresented - margin medians describe the healthier part of the market, not the whole population. The sub-EUR 10M segment was collected with a stricter profitability threshold and is therefore not published.
- EBIT, not EBITDA: Polish e-filings rarely disclose amortization separately, so the report consistently uses EBIT - including as the earnings input the model receives in place of EBITDA. EBITDA is by definition no lower than EBIT, so the earnings base is understated and the implied EV/EBIT multiples are conservative.
- VEA Index: every company priced with model vea-model-2.2.1. Assumptions: IT-services profile for the whole cohort (the conservative choice); growth clamped to 0-80% (declines priced as zero); international revenue share set to 30%, the model's neutral point, because registry data carries no export split; remaining refinements (NRR, concentration, moat) left unset, which the model prices as exactly neutral. Full mechanics: methodology (Polish).
- Privacy:aggregates only; cells with n<5 are never published - enforced by a hard assertion in the data pipeline (smallest published cell in this edition: n=97). All data comes from the public KRS register - the report contains no VEA client data.
- Cadence: updated every six months; next edition January 2027. This URL is permanent - future editions replace the data in place.
- Data download: download the aggregates as CSV - the same numbers as the tables above, in machine-readable form.
Want the full table set - percentile distributions, size cuts, two-year growth dynamics? We send it as an xlsx workbook: write to contact@visioneastadvisory.com with the subject “multiples”. And if you want to see where your company sits in these distributions: the calculator does it in 30 seconds.
Confidential. No company name required.