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
Before you trust these numbers
38,416
active ICT entities in the Polish register - a full census, not a sample
3,016
of them in the VEA dataset
618
with a full P&L filed for FY2024
Where exactly they come from, and what they leave out: sources and method.
VEA INDEX · H1 2026
What a profitable Polish IT company is worth
VEA INDEX · 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 - 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, 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
Base bands, calibrated on the Polish and Central European private market, H1 2026, on the same registry dataset the VEA Index is computed from. A band is the starting point for a company profile, not a valuation of a specific company.
| 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, 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
- Universe: active KRS-registered entities (excluding sole proprietorships) with primary PKD codes 62 / 63.1 / 58.2 / 26.30, as of June 2026; the counts are stated at the top of this page. A full P&L from KRS e-filings (VEA cross-verification) is also held for 624 entities for FY2023 and 141 for FY2025, where filings are still arriving.
- Published cohort: 463 companies with EUR 10-50M revenue (constant 4.3 PLN/EUR). Every margin, growth and multiple median in this report is computed on that cohort.
- 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 the same published model. 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.
- 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.
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.
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