Consolidated financial statements
of the DataWalk Group
for the year ended 31 December 2025
March 2026
Consolidated financial statements of the DataWalk Group
for the year ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 2
Table of contents
CONSOLIDATED FINANCIAL STATEMENTS OF THE DATAWALK CAPITAL GROUP ........................................................ 4
Consolidated statement of financial position of the DataWalk Capital Group....................................................... 5
Consolidated statement of profit or loss and other comprehensive income of the DataWalk Group ..................... 7
Consolidated statement of changes in equity of the DataWalk Group ................................................................... 9
Consolidated statement of cash flows of the DataWalk Group ............................................................................ 11
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS OF THE DATAWALK GROUP .............................................. 12
General information ............................................................................................................................................. 13
General information on the Group ....................................................................................................................... 14
Composition of the governing bodies of the parent entity as at 31 December 2025 ............................................ 15
Basis of preparation of the financial statements ................................................................................................... 16
Statement of compliance ...................................................................................................................................... 17
Impact of the geopolitical and macroeconomic situation (the war in Ukraine and the situation in the Middle
East) ..................................................................................................................................................................... 17
Approval of the consolidated financial statements ............................................................................................... 18
Functional and presentation currency .................................................................................................................. 18
Estimates and professional judgement ................................................................................................................. 18
Summary of significant accounting policies ........................................................................................................ 19
Changes in accounting policies ............................................................................................................................ 32
New standards, interpretations, and amendments to published standards ............................................................ 34
Information on the correction of prior period errors ............................................................................................ 35
During the reporting period, no events occurred that would require the correction of prior period errors. ......... 35
SELECTED NOTES AND EXPLANATIONS TO THE CONSOLIDATED FINANCIAL STATEMENTS OF THE DATAWALK GROUP
................................................................................................................................................................................. 36
Note 1.1 Property, plant and equipment ............................................................................................................... 37
Note 1.2 Changes in property, plant and equipment by category ......................................................................... 38
Note 2.1 Intangible assets .................................................................................................................................... 40
Note 2.2 Changes in intangible assets by category .............................................................................................. 41
Note 2.3 Costs of development work in progress ................................................................................................ 43
Note 2.4 Costs of completed development work ................................................................................................. 43
Note 3 Right-of-use assets ................................................................................................................................... 44
Note 4 Deferred tax assets and liabilities ............................................................................................................. 45
Note 5 Contract assets and contract liabilities ...................................................................................................... 47
Note 6.1 Trade receivables (current) and non-current receivables ....................................................................... 49
Note 6.2 Expected credit loss allowances for trade receivables ........................................................................... 49
Note 6.3 Ageing structure of trade receivables .................................................................................................... 50
Note 6.4 Maturity structure of trade receivables .................................................................................................. 50
Note 6.5 Currency structure of trade receivables ................................................................................................. 50
Note 7.1 Other receivables (current) .................................................................................................................... 51
Note 7.2 Expected credit loss allowances for other financial receivables ............................................................ 51
Note 8 Financial assets (current) .......................................................................................................................... 51
Note 9 Prepayments and accruals (non-current and current) ............................................................................... 51
Note 10.1 Cash and cash equivalents ................................................................................................................... 52
Note 10.2 Currency breakdown of cash and cash equivalents ............................................................................. 52
Note 11 Share capital ........................................................................................................................................... 53
Note 12.1 Share premium (excess over nominal value) ....................................................................................... 54
Note 12.2 Changes in share premium .................................................................................................................. 55
Note 13 Other equity reserves .............................................................................................................................. 56
Note 14 Retained earnings ................................................................................................................................... 56
Note 15 Reserve capital ....................................................................................................................................... 56
Note 16 Lease liabilities (non-current and current) .............................................................................................. 64
Note 17 Loans and borrowings (non-current and current) ................................................................................... 66
Consolidated financial statements of the DataWalk Group
for the year ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 3
Note 18 Liabilities related to the incentive program ............................................................................................ 67
Note 19 Trade payables ........................................................................................................................................ 73
Note 19.1 Maturity structure of trade payables .................................................................................................... 73
Note 19.2 Currency structure of trade payables ................................................................................................... 73
Note 20 Other liabilities (current) ........................................................................................................................ 73
Note 21.1 Other provisions (current) ................................................................................................................... 74
Note 21.2 Changes in other provisions (current) ................................................................................................. 75
Note 22.1 Sales revenue – by type ....................................................................................................................... 76
Note 22.2 Sales revenue – by geography ............................................................................................................. 76
Note 22.3 Sales revenue – by customer groups .................................................................................................... 76
Note 22.4 Sales revenue by recognition in the income statement ........................................................................ 77
Note 23 Costs by nature ....................................................................................................................................... 77
Note 24 Other operating income .......................................................................................................................... 78
Nota 25 Other operating expenses ....................................................................................................................... 78
Note 26 Financial income .................................................................................................................................... 78
Note 27 Financial costs ........................................................................................................................................ 78
Note 28 Income tax .............................................................................................................................................. 79
Note 29 Impairment tests of assets ....................................................................................................................... 80
Note 30 Operating segment information .............................................................................................................. 82
Note 31 Proposal for the distribution of profit / coverage of loss for the financial year ...................................... 85
Note 32 Information on joint ventures ................................................................................................................. 86
Note 33 Objectives and principles of financial risk management ........................................................................ 86
Note 34 Related party transactions....................................................................................................................... 91
OTHER NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS OF THE DATAWALK GROUP .................................. 92
Off-balance sheet liabilities .................................................................................................................................. 93
Information on settlements related to court proceedings ..................................................................................... 93
Employment ......................................................................................................................................................... 93
Capital risk management ...................................................................................................................................... 93
Entity authorised to audit financial statements ..................................................................................................... 95
Remuneration of the Management Board and the Supervisory Board ................................................................. 95
Loans granted by the Group to members of the management and supervisory bodies ........................................ 99
Explanatory note on the seasonality or cyclicality of operations ......................................................................... 99
Information on events relating to prior years ....................................................................................................... 99
Information on events after the reporting date ................................................................................................... 100
Consolidated financial statements
of the DataWalk Capital Group
Consolidated financial statements of the DataWalk Group
for the year ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 5
Consolidated statement of financial position of the DataWalk Capital Group
Assets
Note
no.
31.12.2025
31.12.2024
A
Fixed assets
40,021
29,826
I
Property plant & equipment
1
97
95
II
Intangible assets
2
15,696
19,033
III
Right-of-use assets
3
320
796
IV
Long-term receivables
6
5,889
172
V
Long-term accruals
10
145
0
VI
Deferred tax assets
4
17,874
9,730
B
Current assets
67,752
28,656
I
Contract assets
5
625
888
II
Trade receivables
6
7,748
8,872
III
Income tax receivables
13
13
IV
Other receivables
7
494
1,192
V
Financial assets
8
18,117
93
VI
Prepayments
9
1,132
1,099
VII
Cash and cash equivalents
10
39,623
16,499
Total assets
107,773
58,482
Consolidated financial statements of the DataWalk Group
for the year ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 6
Liabilities and equity
Note
no.
31.12.2025
31.12.2024
A
Equity
-5,683
-5,558
Equity attributable to shareholders of the
parent company
-5,683
-5,558
I
Share capital
11
638
563
II
Share premium (excess over nominal value)
12
255,849
199,351
III
Other equity reserves
13
9,965
9,965
IV
Retained earnings
14
-262,824
-213,863
V
Reserve capital
15
54,565
46,915
VI
Profit (loss) for the current year
-64,397
-48,961
VII
Exchange differences on translation
521
472
Non-controlling interests
0
0
B
Long-term liabilities
520
1,032
I
Lease liabilities
16
0
427
II
Loans and borrowings
17
520
605
C
Short-term liabilities
112,936
63,008
I
Trade payables
19
2,312
2,263
II
Lease liabilities
16
427
422
III
Loans and borrowings
17
32
35
IV
Incentive program liabilities
18
93,645
50,459
V
Other liabilities
20
832
929
VI
Other provisions
21
3,188
1,716
VII
Contract liabilities
5
12,500
7,184
Equity and liabilities
107,773
58,482
Net asset value per share
31.12.2025
31.12.2024
Net asset value
-5,683
-5,558
Number of shares (units)
6,382,988
5,632,988
Net asset value per share (PLN)
-0.89
-0.99
Diluted number of shares (units)
6,877,290
6,044,362
Diluted net asset value per share (PLN)
-0.83
-0.92
The net asset value per share was calculated with reference to the number of shares of Data Walk S.A. as at the
reporting date.
The diluted number of shares reflects the estimated number of conditional rights to subscribe for and/or acquire
the Company’s shares under the incentive program.
Consolidated financial statements of the DataWalk Group
for the year ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 7
Consolidated statement of profit or loss and other comprehensive income of
the DataWalk Group
Income statement
Note
no.
01.01.2025 –
31.12.2025
01.01.2024 –
31.12.2024
A
Sales revenue
22
37,783
24,632
License revenue
21,010
8,323
Technical support services revenue
13,104
10,018
Professional services revenue
3,669
6,291
B
Cost of sales
23
7,810
8,672
Cost of sales - license
556
923
Cost of sales - technical support services
4,046
4,336
Cost of sales - professional services
3,208
3,413
C
Gross profit (loss)
29,973
15,960
Sales and marketing
16,022
14,363
Research and development
22,626
14,634
General and administrative expenses
11,927
10,763
Incentive program
50,837
24,238
Other operating income
24
332
359
Other operating expenses
25
1,213
3,307
Expected credit loss (expense/reversal)
6,2
217
1,731
D
Operating profit (loss)
-72,537
-52,717
Financial income
26
866
268
Financial costs
27
871
191
E
Profit before tax
-72,542
-52,640
Income tax
28
-8,145
-3,679
F
Net profit (loss)
-64,397
-48,961
Net profit (loss) attributable to:
01.01.2025 –
31.12.2025
01.01.2024 –
31.12.2024
- shareholders of the parent company
-64,397
-48,961
- non-controlling interests
0
0
Statement of comprehensive income
01.01.2025 –
31.12.2025
01.01.2024 –
31.12.2024
Net profit (loss)
-64,397
-48,961
Other comprehensive income
50
219
1. Items that will not be reclassified to profit or loss
0
0
2. Items that may be reclassified to profit or loss, including:
50
219
Exchange differences on translation of foreign operations
50
219
Comprehensive income
-64,347
-48,742
Total comprehensive income attributable to:
01.01.2025 –
31.12.2025
01.01.2024 –
31.12.2024
- shareholders of the parent company
-64,347
-48,742
- non-controlling interests
0
0
Consolidated financial statements of the DataWalk Group
for the year ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 8
Earnings (loss) per share
Earnings (loss) per share
01.01.2025 –
31.12.2025
01.01.2024 –
31.12.2024
From continuing operations
Number of shares (units)
6,105,591
5,407,578
Earnings (loss) per share (PLN)
-10.55
-9.05
Diluted number of shares (units)
6,597,228
5,802,957
Diluted earnings (loss) per share (PLN)
-9.76
-8.44
Earnings (loss) per share were calculated with reference to the weighted average number of shares of DataWalk
S.A. for the period.
The weighted average number of diluted shares reflects the estimated number of conditional rights to subscribe
for and/or acquire the Company’s shares under the incentive program.
Consolidated financial statements of the DataWalk Group
for the year ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 9
Consolidated statement of changes in equity of the DataWalk Group
Statement of changes in
equity
Share capital
Share
premium
(excess over
nominal
value)
Other equity
reserves
Exchange
differences
on
translation
Reserve
capital
Retained
earnings
Profit or loss
Equity
attributable
to
shareholders
of the parent
company
Non-
controlling
interests
Total equity
Opening balance
(01.01.2025)
563
199,351
9,965
472
46,915
-213,863
-48,961
-5,558
0
-5,558
Increase (decrease) in
equity
75
56,497
0
50
7,650
-48,961
-15,436
-125
0
-125
Total comprehensive
income for the reporting
period, including:
0
0
0
50
0
0
-64,397
-64,347
0
-64,347
- Profit (loss) for the
period
0
0
0
0
0
0
-64,397
-64,397
0
-64,397
- Translation of foreign
entities
0
0
0
50
0
0
0
50
0
50
Increase in share capital
75
56,497
0
0
0
0
0
56,572
0
56,572
Allocation of prior year
profit to equity
0
0
0
0
0
-48,961
48,961
0
0
0
Changes in equity in
accordance with IFRS 2
0
0
0
0
7,650
0
0
7,650
0
7,650
Closing balance
(31.12.2025)
638
255,849
9,965
521
54,565
-262,824
-64,397
-5,683
0
-5,683
Consolidated financial statements of the DataWalk Group
for the year ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 10
Statement of changes in
equity
Share capital
Share
premium
(excess over
nominal
value)
Other equity
reserves
Exchange
differences
on
translation
Reserve
capital
Retained
earnings
Profit or loss
Equity
attributable
to
shareholders
of the parent
company
Non-
controlling
interests
Total equity
Opening balance
(01.01.2024)
513
171,968
9,965
253
43,576
-185,714
-28,149
12,412
0
12,412
Increase (decrease) in
equity
50
27,383
0
219
3,338
-28,149
-20,812
-17,970
0
-17,970
Total comprehensive
income for the reporting
period, including:
0
0
0
219
0
0
-48,961
-48,742
0
-48,742
- Profit (loss) for the
period
0
0
0
0
0
0
-48,961
-48,961
0
-48,961
- Translation of foreign
entities
0
0
0
219
0
0
0
219
0
219
Increase in share capital
50
27,383
0
0
0
0
0
27,433
0
27,433
Allocation of prior year
profit to equity
0
0
0
0
0
-28,149
28,149
0
0
0
Changes in equity in
accordance with IFRS 2
0
0
0
0
3,338
0
0
3,338
0
3,339
Closing balance
(31.12.2024)
563
199,351
9,965
472
46,915
-213,863
-48,961
-5,558
0
-5,558
Page | 11
Consolidated statement of cash flows of the DataWalk Group
Statement of cash flows
01.01.2025 -
31.12.2025
01.01.2024 -
31.12.2024
Cash flows from operating activities
Net profit (loss)
-64,397
-48,961
Adjustments for:
49,952
32,104
- Depreciation and amortisation
4,219
3,664
- Foreign exchange gains (losses)
-391
350
- Interest expense
55
65
- Interest and dividend income
-717
-188
- Profit (loss) from investing activities
-27
-27
- Impairment loss on intangible assets
1,189
3,260
- Equity-settled share-based payment expense
7,650
3,338
- Cash-settled share-based payment expense
43,186
20,899
- Increase (decrease) in receivables
-3,894
1,276
- Increase (decrease) in provisions
1,472
283
- Increase (decrease) in liabilities other than those related to the incentive
program
-47
-273
- Increase (decrease) in prepayments and accruals
-8,322
-2,869
- Increase (decrease) in assets and contract liabilities
5,579
2,670
- Other adjustments
0
-344
Net cash flows from operating activities
-14,445
-16,857
Cash flows from investing activities
Expenditure on intangible assets
1,505
6,038
Expenditure on property, plant and equipment
92
23
Proceeds from sale of property, plant and equipment
0
63
Proceeds from bank deposits with a maturity of over 3 months
90
12,090
Cash outflows for bank deposits with a maturity of over 3 months
18,090
12,090
Proceeds from government grants
0
345
Interest received
719
193
Net cash flows from investing activities
-18,878
-5,460
Cash flows from financing activities
Net proceeds from issue of shares
56,572
27,433
Repayment of lease liabilities and bank loans
434
659
Interest paid on lease liabilities and bank loans
54
63
Other proceeds
0
0
Net cash flows from financial activities
56,084
26,711
Net change in cash and cash equivalents
22,761
4,394
Cash and cash equivalents at the beginning of the period
16,499
12,210
- Foreign exchange gains (losses)
363
-105
Net change in cash and cash equivalents
23,124
4,289
Cash and cash equivalents at the beginning of the period
39,623
16,499
Notes to the consolidated financial
statements of the DataWalk Group
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 13
General information
The DataWalk Group (the “Group” or the “DataWalk Group”), headed by DataWalk S.A. (the “Company” or the
“Issuer”), specialises in developing and delivering the DataWalk analytical platform, enabling the analysis of
complex relationships and patterns in large data sets. The Group also comprises DataWalk Inc., which focuses on
sales and implementations in North America.
The platform transforms fragmented and siloed data into a coherent analytical context, enabling users and AI
systems to identify hidden relationships and make decisions based on a more comprehensive understanding of the
data. The platform uses an ontology-based approach, enabling the modelling of real-world relationships between
entities and their analysis within a knowledge graph.
The DataWalk solution is used by public and private sector organisations worldwide, including for crime detection,
risk management, operational optimisation and strategic decision support.
The Group focuses on serving large organisations (so-called Enterprise Customers) in key markets: North
America, Western Europe, Central Europe and the Nordic countries. DataWalk operates in the rapidly growing
advanced data analytics market, including graph analytics and knowledge graphs, which play a key role in modern
information management and the advancement of artificial intelligence. The platform enables integration with
large language models (LLMs), allowing the use of data context and knowledge graphs in analytical processes.
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 14
General information on the Group
Description of the Issuer’s Group structure
As at 31 December 2025, the Group comprised DataWalk S.A. as the parent company and the following subsidiaries:
Entity
Registered
office address
Nature of operations
Percentage interest
held by the
Company
31.12.2025
Percentage interest
held by the Company
31.12.2024
DataWalk Inc.
Delaware
(USA)
Information technology
consulting activities
100%
100%
During the year ended 31 December 2025, there were no changes in the structure of the Group or in the name of the
parent entity or other identifying information.
Details of the Parent Entity
Name: DataWalk Spółka Akcyjna
Headquarters: ul. Rzeźnicza 32-33, Wrocław (Poland)
Registered office: ul. Rzeźnicza 32-33, Wrocław (Poland)
Principal place of business: ul. Rzeźnicza 32-33, Wrocław (Poland)
Principal activity:
Software development activities
Information technology consulting activities
Data processing activities
Registering authority: The Company is registered in the National Court Register maintained by the District Court
for Wrocław-Fabryczna in Wrocław, 6th Commercial Division of the National Court Register, under KRS number
0000405409.
REGON (statistical identification number): 021737247
NIP (Tax Identification Number) 894-303-43-18
Duration of the Company: Indefinite
DataWalk S.A. is incorporated for an indefinite period. The financial year of DataWalk S.A. is the calendar year.
The Company has no branches.
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 15
DataWalk Inc.
Basic information on the entity related by capital to the Issuer as at 31 December 2025
Name: DataWalk Inc.
Registered office: 1209 Orange Street, Wilmington, Delaware 19801
Correspondence address: 2000 Broadway Street, STE 232 Redwood City, CA 94063
Principal activity: Information technology consulting activities
Duration of the Company: Indefinite
Method of consolidation: Full consolidation
DataWalk Inc. is a company incorporated under U.S. law with its registered office in Wilmington, Delaware, in
which the Issuer holds 100,00% of the share capital and voting rights at the stockholders’ meeting. In accordance
with the Articles of Association of DataWalk Inc., the board of directors manages the affairs of the company and
represents the company.
DataWalk Inc. is incorporated for an indefinite period. The financial year of DataWalk Inc. is the calendar year.
The financial data of DataWalk Inc. are consolidated using the full consolidation method and are included in the
consolidated financial statements of the DataWalk Group.
As at the date of authorisation for issue of these financial statements, there have been no changes in the structure
of the DataWalk Group.
Composition of the governing bodies of the parent entity as at 31 December
2025
Management Board
Paweł Wieczyński, President of the Management Board
Coordinates matters related to the Company’s operational activities, the development and implementation of sales
policy, HR (except for matters reserved to other members of the Management Board), and PR/IR.
Krystian Piećko, Member of the Management Board
Responsible for the development and advancement of the product strategy based on the latest technologies.
Łukasz Socha, Member of the Management Board
Coordinates the Company’s administrative functions, including accounting and finance, legal and tax matters, and
financial reporting.
During the 12-month period ended 31 December 2025, the composition of the Management Board of DataWalk
S.A. was as follows:
Management Board
Period of office during the reporting period
Paweł Wieczyński
01.01.2025 – 31.12.2025
Krystian Piećko
01.01.2025 – 31.12.2025
Łukasz Socha
01.01.2025 – 31.12.2025
Source: Issuer.
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 16
The current Management Board of the Issuer was appointed by resolutions of the Supervisory Board dated 19
December 2024 for a joint three-year term of office commencing on 1 January 2025 and ending on 31 December
2027.
As at the date of preparation of these financial statements, there have been no changes in the composition of the
Management Board of the Company.
Supervisory Board
As at 31 December 2025 and as at the date of authorisation for issue of these financial statements, the composition
of the Supervisory Board of the Issuer is as follows:
• Grzegorz Dymek - Chairman of the Supervisory Board,
• Wojciech Dyszy - Deputy Chairman of the Supervisory Board,
• Piotr Bindas - Member of the Supervisory Board,
• Rafał Wasilewski - Member of the Supervisory Board,
• Ireneusz Wąsowicz - Member of the Supervisory Board.
During the 12-month period ended 31 December 2025, the composition of theSupervisory Board of the Company
was as follows:
During the 12-month period ended 31 December 2025, the
composition of the Supervisory Board of the Company was
as follows:
Period of office during the reporting period
Wojciech Dyszy
01.01.2025 – 31.12.2025
Grzegorz Dymek
01.01.2025 – 31.12.2025
Piotr Bindas
01.01.2025 – 31.12.2025
Rafał Wasilewski
01.01.2025 – 31.12.2025
Ireneusz Wąsowicz
01.01.2025 – 31.12.2025
Source: Issuer.
The current Supervisory Board of the Issuer was appointed for a joint three-year term of office commencing on 1
July 2024 and ending on 30 June 2027.
As at the date of preparation of these financial statements, there have been no changes in the composition of the
Supervisory Board of the Company.
Basis of preparation of the financial statements
This consolidated financial statements have been prepared on the assumption that the DataWalk Group will
continue as a going concern for a period of not less than 12 months from 31 December 2025. As at the date of
authorisation for issue of these consolidated financial statements, no circumstances have been identified that would
indicate a threat to the Group’s ability to continue as a going concern. Cash resources at the Group’s disposal, as
well as the expected level of inflows and outflows included in the cash flow forecast, ensure the continued
implementation of the Group’s adopted strategy. The absence of material uncertainty in this regard results, in
particular, from the successful recapitalization of the Company in the amount of PLN 58 million under the series
S share issue conducted in 2025. At the same time, in order to meet capital requirements for the continued dynamic
development of the Group in the future, the Issuer may seek to raise additional funds through further stock issues.
As at the date of authorisation for issue of these consolidated financial statements, the Management Board of the
Issuer has considered the impact of the armed conflict in Ukraine and the situation in the Middle East region on
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 17
the Group’s ability to continue as a going concern and has not identified any material circumstances indicating a
threat to the continuation of operations.
Statement of compliance
These consolidated financial statements have been prepared in accordance with International Financial Reporting
Standards (“IFRS”) as adopted by the European Union (“EU IFRS”).
IFRS comprise standards and interpretations issued by the International Accounting Standards Board and the IFRS
Interpretations Committee (“IFRIC”).
As at the date of authorisation for issue of these financial statements, taking into account the ongoing process of
IFRS endorsement in the European Union and the nature of the Group’s operations, there are no differences
between the IFRS that have come into effect and the IFRS as adopted by the European Union in terms of the
accounting policies applied by the Group.
The scope of these consolidated financial statements is consistent with the Regulation of the Minister of Finance
of 6 June 2025 on current and periodic information provided by issuers of securities and on conditions for
recognising as equivalent information required by the laws of a non-member state (Journal of Laws of 2025, item
755) (the “Regulation”) and covers the annual reporting period from 1 January to 31 December 2025 and the
comparative period from 1 January to 31 December 2024 for the statement of profit or loss and other
comprehensive income and the statement of cash flows, as well as the statement of financial position as at 31
December 2025 and comparative data as at 31 December 2024.
The subsidiary maintains its accounting records in accordance with accounting policies prescribed by local
regulations. The consolidated financial statements include adjustments not recorded in the accounting records of
the subsidiary, which have been made in order to bring its financial statements into conformity with IFRS.
The Management Board of the Company represents that, to the best of its knowledge, these consolidated financial
statements and the comparative data have been prepared in accordance with the accounting policies applicable to
the DataWalk Group and present a true and fair view of the financial position of the DataWalk Group as at 31
December 2025, as well as its financial performance and cash flows for the year ended 31 December 2025.
Impact of the geopolitical and macroeconomic situation (the war in Ukraine
and the situation in the Middle East)
At present, the Group has not identified any material adverse impact of the ongoing armed conflicts in Ukraine
and the Middle East region on its operations, financial results, or adopted assumptions. In 2025, as in previous
years, the Group did not sell DataWalk software to customers or partners in Russia, Belarus, or Ukraine, nor to
countries in the Middle East region involved in the conflict. The Group does not have a supply chain that could
potentially be exposed to the risk of disruption in connection with these events. Furthermore, the Group does not
have any investments or subsidiaries in the aforementioned regions. There are no employees within the Group’s
personnel for whom there would be a risk related to potential military mobilization.
Due to the dynamic geopolitical situation, however, it cannot be ruled out that the ongoing conflicts may have a
material indirect impact on the global economic situation. Therefore, the Management Board continuously
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 18
monitors available information and assesses the potential impact of macroeconomic factors on the Group’s ability
to implement its plans and its future cash flows, in order to mitigate potential risks as events unfold.
Approval of the consolidated financial statements
These consolidated financial statements for the year ended 31 December 2025 were authorised for issue by the
Management Board of the Company on 30 March 2026.
Functional and presentation currency
These consolidated financial statements are presented in Polish zloty (PLN), which is the functional currency of
the parent entity and the presentation currency of the DataWalk Group’s consolidated financial statements, and all
amounts, unless otherwise indicated, are expressed in thousands of PLN. Any differences of PLN 1 thousand in
totals result from rounding.
The functional currency of foreign subsidiaries is the currency of the country in which they operate. As at the
reporting date, the assets and liabilities of these foreign subsidiaries are translated into the Group’s presentation
currency at the exchange rate prevailing at the reporting date, and their statements of comprehensive income are
translated at the average exchange rate for the reporting period, calculated as the arithmetic mean of exchange
rates announced by the National Bank of Poland on the last day of each month of the given year. Exchange
differences arising from such translations are recognised in equity under “Exchange differences on translation”.
The following average NBP exchange rates were used for the measurement of balance sheet items denominated
in foreign currencies:
Statement of financial position
31.12.2025
31.12.2024
1 EUR
4,2267
4,2730
1 USD
3,6016
4,1012
1 GBP
4,8399
5,1488
Consolidated statement of profit or loss and consolidated
statement of other comprehensive income
31.12.2025
31.12.2024
1 EUR
4,2372
4,3042
1 USD
3,7504
3,9853
1 GBP
4,9476
5,0960
Transactions recognised in the statement of profit or loss and other comprehensive income are translated at the
exchange rate of the National Bank of Poland for the relevant currency prevailing on the day preceding the
transaction date.
Estimates and professional judgement
The preparation of consolidated financial statements in accordance with IFRS requires the use of estimates and
assumptions that affect the amounts presented in the consolidated financial statements. Although these
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 19
assumptions and estimates are based on the Group management’s best knowledge of current events and actions,
actual results may differ from those estimates.
In accordance with IFRS, the amortisation period of intangible assets should reflect the best estimate of the period
over which the entity is expected to derive economic benefits from a given asset. Accordingly, in connection with
the release of a new version of the DataWalk software (5.0.0) during the reporting period, a reassessment of the
useful economic life of this intangible asset was performed. As a consequence, in line with the applicable
accounting policy, the amortisation period of completed development works related to the DataWalk software was
reduced from five years to three years, which constitutes a change in estimates within the meaning of IAS 8.
At the same time, the Management Board exercised significant judgement in recognising version 5.0.0 of the
platform as a mature and fully commercialised product. Due to the specific nature of the software development
process (agile methodologies) and the difficulty in reliably measuring the incremental value of enhancements, the
Management Board decided to cease the capitalisation of development work as at 19 April 2025, as further
expenditure on the development of the platform, although necessary to maintain its competitiveness and quality,
no longer meets the stringent criteria of IAS 38. From that date, all expenditure related to the software is recognised
directly in the statement of profit or loss as expenses of the period, presented by function as research and
development work.
Details of the above change are described in Note 2.1 Intangible assets and Note 2.3 Development work in progress
to these financial statements.
During the 12-month period ended 31 December 2025, there were no other significant changes in the estimation
methods compared to those described in the Group’s consolidated financial statements for the year ended 31
December 2024.
Summary of significant accounting policies
Intangible assets
Intangible assets are measured at historical cost of acquisition or production, less accumulated amortization and
impairment losses. Amortization is calculated using the straight-line method.
Intangible assets may include assets with indefinite useful lives and goodwill. Goodwill and intangible assets with
indefinite useful lives are not amortized but are subject to annual impairment testing.
Goodwill arising on the acquisition of a business represents the excess of the purchase consideration over the fair
value of the identifiable assets acquired, liabilities assumed, and identifiable contingent liabilities. Following initial
recognition, goodwill is measured at cost less accumulated impairment losses. Goodwill is tested for impairment
annually or more frequently if events or changes in circumstances indicate that it might be impaired.
A key element of the Group’s accounting policy regarding the capitalization of information technology
development costs (the “Project”) is the distinction between research phase costs and development phase costs.
For this purpose, the Group distinguishes two stages of project implementation aimed at developing market-ready,
recognizable enterprise-class software, perceived as a complete and unique tool enabling rapid integration,
analysis, and search of large, dynamic, and diverse datasets (“Big Data”). Research and development activities are
carried out by the parent company at the headquarters of DataWalk S.A.
The first stage primarily involves obtaining knowledge about new directions or areas in which a given technology
may be developed in order to maximize its potential. These activities are classified by DataWalk S.A. as the
research phase, and the related costs are expensed as incurred.
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 20
The second stage relates to development activities and involves advancing a specific IT technology across multiple
dimensions with the objective of creating a complete and globally unique IT product.
Once the management of DataWalk S.A. decides to pursue development in a specific direction or area identified
during the first stage, and in accordance with the criteria set out in IAS 38 Intangible Assets, the Company
capitalizes selected development costs and recognizes them as assets in the statement of financial position,
provided that all criteria specified in paragraph 57(a)–(f) of IAS 38 are met.
In accordance with paragraphs 66 and 67 of IAS 38, capitalized costs include expenditures directly attributable to
bringing the asset to the condition necessary for it to be capable of operating as intended. These include, in
particular, employee compensation costs and fees for subcontractors involved in the project at various stages, as
well as other directly attributable overhead costs.
The expected useful lives of major classes of intangible assets are as follows:
Acquired computer software
2 - 5 years
Costs of completed development work
3 years
Other intangible assets
5 - 10 years
The Group reviews, at least at each financial year-end, the useful lives, residual values, and amortization methods
of intangible assets. The effects of any changes in estimates are accounted for prospectively. As at each reporting
date, the Group also assesses whether there are any indications of impairment of intangible assets and recognizes
impairment losses where necessary.
An impairment loss is recognized in the amount by which the carrying amount of an asset exceeds its recoverable
amount.
Impairment losses are recognized in profit or loss under operating expenses consistent with the function of the
intangible assets, in the period in which the impairment is identified, but no later than at the end of the financial
year.
Property, Plant and Equipment
The Group recognizes as property, plant and equipment individual tangible items that are complete and available
for use, and that meet the recognition criteria set out in IAS 16 Property, Plant and Equipment, where the
acquisition cost or cost of production is at least PLN 10,000. Assets with a value below this threshold are fully
depreciated or expensed in the month of acquisition, unless, due to the nature of the Group’s operations, they
constitute a material class of assets in aggregate.
Property, plant and equipment is initially recognized at cost (cost) less depreciation and impairment in subsequent
periods.
Depreciation is calculated for all items of property, plant and equipment, except for land and assets under
construction, over their estimated useful lives using the straight-line method, beginning when the asset is available
for use.
The estimated useful lives of the major classes of property, plant and equipment are as follows:
Buildings and structures
10 - 40 years
Machinery and equipment
3 - 10 years
Other property, plant and equipment
5 - 10 years
The Group reviews, at least at each financial year-end, the useful lives, residual values and depreciation methods
of its property, plant and equipment. The effects of any changes in estimates are accounted for prospectively in
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 21
the current and future reporting periods. As at each reporting date, the Group also assesses whether there are any
indications of impairment of property, plant and equipment and recognizes impairment losses where necessary.
Impairment losses are recognized in profit or loss under operating expenses, consistent with the function of the
underlying assets, in the period in which the impairment is identified, but no later than at the end of the financial
year.
Gains or losses arising from the disposal, derecognition or withdrawal from use of property, plant and equipment
are determined as the difference between the disposal proceeds and the carrying amount of the assets and are
recognized in the statement of profit or loss.
Investments in subsidiaries
Subsidiaries are entities over which the Group exercises control, either directly or indirectly.
In the separate financial statements, investments in subsidiaries and associates that are not classified as held for
sale are measured at cost less any accumulated impairment losses.
The carrying amount of investments is subject to impairment testing. Any impairment loss identified is recognized
in profit or loss within finance costs. A reversal of an impairment loss is recognized in profit or loss within finance
income if there has been a change in the estimates used to determine the recoverable amount of the investment.
Other financial assets (excluding investments in subsidiaries)
Financial assets may include foreign exchange forward contracts, investments in equity instruments quoted in
active markets, and derivative instruments. The fair value of forward contracts is determined at each reporting
date using valuation models with inputs that are directly observable in active markets. The fair value of a portfolio
of financial assets is determined based on quoted market prices in active markets. The Company does not enter
into such transactions or hold such investments.
Financial assets measured at amortized cost include loans granted, term deposits, promissory notes and other debt
instruments.
The Company enters into transactions involving term deposits. The balance of term deposits includes deposits
with an original maturity of more than three months.
Where interest income is not material, the Company does not present it as a separate line item but includes it
within finance income. Other gains and losses on financial assets, including foreign exchange differences, are
recognized in profit or loss and presented within finance income or finance costs.
Contract assets and contract liabilities
Contract assets arising from the measurement of implementation contracts represent the excess of the stage of
completion of implementation projects or technical support services over amounts invoiced. For such assets, the
Group has satisfied its performance obligations; however, the right to consideration is conditional on factors other
than the passage of time, which distinguishes these assets from trade receivables.
Contract liabilities comprise::
a) deferred revenue from licenses granting a right to use, arising from the Group’s obligation to transfer
goods or services to a customer for which consideration has been received or is due.
b) deferred revenue from maintenance services, arising from the Group’s obligation to transfer goods or
services to a customer for which consideration has been received or is due.
c) deferred revenue from professional services, arising from the Group’s obligation to transfer goods or
services to a customer for which consideration has been received or is due.
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 22
Impairment of financial assets
In respect of trade receivables, the Group applies, in accordance with the option permitted by the standard, the
simplified approach and measures the loss allowance at an amount equal to lifetime expected credit losses. This
approach results from the fact that the Group’s receivables do not contain a significant financing component within
the meaning of IFRS 15. To calculate the loss allowance, the Group applies a provision matrix under which
impairment allowances are determined for receivables classified into different past-due intervals. This method
takes into account historical credit loss data as well as the impact of significant and identifiable future factors, such
as market or macroeconomic factors.
The probability of default is estimated based on historical data relating to unpaid receivables. For the purpose of
estimating the default parameter, the Group distinguishes five aging categories:
• Not past due,
• Past due from 1 to 30 days,
• Past due from 31 to 60 days,
• Past due from 61 to 90 days,,
• Past due from 91 to 180 days,
• Past due more than 180 days.
For each of the above ranges, the Group estimates the default parameter, which takes into account the historical
lack of payment for sales invoices by contractors during the minimum two years preceding the previous year in
relation to the year for which the financial statements are prepared. The value of the expected credit loss is
calculated as a result of multiplying the value of receivables in a given overdue period by the calculated default
parameter.
With regard to trade receivables, the Group also allows individual possibility of determining expected credit losses.
In particular, this applies to:
• receivables from debtors in liquidation or bankruptcy, receivables contested by debtors and from which
the debtor is in arrears,
• other overdue receivables, as well as outstanding receivables, whose risk of irrecoverability is significant
according to the individual assessment of the Management Board (in particular, when the anticipated
litigation and enforcement costs related to the recovery of receivables are equal to or higher than the
amount claimed).
In the above situations, a write-off for receivables may be created in the amount of 100% of their value.
As a result of an individual analysis, if despite the overdue receivables exceeding 180 days, the Group has a reliable
and document-backed payment declaration of the counterparty, the write-off may not be created.
Financial assets are written off in full when the Group has exhausted virtually all possibilities of action in the field
of collection of receivables and considers that there are no longer reasonable grounds to expect that the receivables
will be recovered.
Trade and other receivables
The Group measures financial assets at amortized cost using the effective interest rate method. Long-term
receivables falling within the scope of IFRS 9 are discounted at the reporting date.
Trade receivables and other receivables with a maturity of less than 12 months shall be measured at nominal value
after deduction of expected credit losses. For the calculation of the write-off, the Group uses the reserve matrix
method, under which the write-downs are determined for receivables included in different overdue intervals.
The impairment loss is updated at each reporting date.
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 23
In the case of applying a VAT adjustment due to the relief for bad debts, the company shall recognize in the books
the amount due from the tax office in correspondence with the account of write downs of receivables.
The amount due to excess input VAT over VAT due for settlement in the future period is shown under the heading
„Other receivables”.
Uninvoiced trade receivables
These represent receivables for services that have been rendered during the reporting period (i.e. the Group has
satisfied its performance obligations) but for which no sales invoice has been issued as at the reporting date. As
at the reporting date, the Group considers that it has an unconditional right to consideration and therefore
classifies these assets as trade receivables.
If a contract contains a significant financing component, the Company adjusts the promised consideration to reflect
the time value of money.
Prepayments and accrued expenses
The Group recognizes in prepayments expenses that have been paid in advance but relate in whole or in part to
future reporting periods. In particular, prepayments include: (i) prepaid subscriptions and license fees, (ii)
prepaid insurance, subscriptions, rents, etc., and (iii) other expenses incurred in the current period that relate to
future periods. The Group recognizes in this line item expenses with a value of at least PLN 40,000. Expenses
below this threshold are expensed in full in the month in which they are incurred.
The Group classifies prepayments as current and non-current.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand, demand deposits and short-term bank deposits with an original
maturity of less than three months. Short-term investments that are readily convertible into known amounts of
cash, are subject to insignificant risk of changes in value, and form part of the Group’s cash management policy
are classified as cash and cash equivalents for the purposes of the statement of cash flows.
As at the reporting date, foreign currency balances held in bank accounts and foreign currency cash on hand are
translated at the closing exchange rate, being the average exchange rate for a given currency published by the
National Bank of Poland (NBP).
For cash and cash equivalents for which no indicators of impairment due to credit risk have been identified, the
loss allowance is estimated using individual parameters based on benchmark data (including information on banks’
credit ratings), adjusted to the time horizon of expected credit losses. For cash and cash equivalents for which
indicators of impairment due to credit risk have been identified, the Group performs a recovery analysis using
probability-weighted scenarios.
Leasing
The Group applies the accounting policies in accordance with IFRS 16 Leases.
In accordance with IFRS 16, a contract is, or contains, a lease if it conveys the right to control the use of an
identified asset for a period of time in exchange for consideration.
Control is considered to exist if the Group:
• has the right to obtain substantially all of the economic benefits from the use of the identified asset; and
• has the right to direct the use of the identified asset.
For contracts identified as leases, the Group recognizes right-of-use assets and corresponding lease liabilities.
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 24
Right-of-use assets
Initial recognition and measurement
For contracts identified as leases, the Group recognizes right-of-use assets in its statement of financial position at
the commencement date (i.e. the date on which the underlying asset is available for use by the Group).
Right-of-use assets are initially measured at cost. The cost of a right-of-use asset comprises: the amount of the
initial measurement of the lease liability, any lease payments made at or before the commencement date less any
lease incentives received, any initial direct costs incurred by the lessee, and an estimate of costs to be incurred by
the lessee in dismantling and removing the underlying asset.
Subsequent measurement
The Group measures right-of-use assets using the cost model, i.e. at cost less accumulated depreciation and any
accumulated impairment losses, adjusted for any remeasurement of the lease liability (i.e. modifications that do
not result in a separate lease). Depreciation of right-of-use assets is generally calculated on a straight-line basis.
If ownership of the underlying asset is transferred to the Group at the end of the lease term, or if the cost of the
right-of-use asset reflects that the Group will exercise a purchase option, the Group depreciates the right-of-use
asset from the commencement date to the end of the useful life of the underlying asset. Otherwise, the Group
depreciates the right-of-use asset from the commencement date to the earlier of the end of the useful life of the
asset and the end of the lease term. To assess whether right-of-use assets are impaired, the Group applies IAS 36
„Impairment of assets”.
Lease liabilities
At the commencement date of the lease, the Group measures the lease liability at the present value of the lease
payments remaining due at that date. The Group discounts lease payments using the incremental borrowing rate.
Lease payments include fixed payments (including, generally, fixed lease payments) net of any lease incentives
due, variable lease payments that depend on an index or rate, the amount of the guaranteed residual value, and the
exercise price of a purchase option (if it can be determined with sufficient certainty that the Group will exercise
this option), as well as penalties for terminating the contract (if there is sufficient certainty that the Group will
exercise this option). Variable lease payments that do not depend on an index or rate are recognized immediately
as an expense in the period in which the event or condition giving rise to the payment occurred.
Subsequent measurement
In subsequent periods, the lease liability is reduced by payments made and increased by accrued interest. To
calculate interest, the Group uses the lessee’s incremental rate of capital, which is the sum of the risk-free rate
and the Group’s credit risk premium. If a lease agreement is modified, the term or amount of the generally fixed
lease payments changes, or there is a change in the assessment regarding the exercise of the option to purchase
the leased asset, then the lease liability is recalculated to reflect these changes. The revaluation of the liability also
necessitates a corresponding revaluation of the right-of-use asset.
Short-term contracts and low-value assets
The Group applies a practical expedient for leases with a term of less than 12 months from the commencement
date or for leases where the leased asset has a low initial value. In accordance with IAS guidelines, assets with a
low initial value are those whose value does not exceed the equivalent of USD 5,000.00. Lease payments for both
of the aforementioned exceptions are recognized as expenses in the period to which they relate. Neither a right-
of-use asset nor a corresponding financial liability is recognized in this case.
Fees under agreements not identified as leases in accordance with IFRS 16 are recognized as expenses in the
statement of comprehensive income on a straight-line basis over the term of the agreement.
The Group is not a party to any agreements under which it would act as a lessor.
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 25
Equity
The Group’s equity consists of:
a) Equity attributable to the shareholders of the parent company, including:
• Share capital,
• Share premium,
• Other capital,
• Retained earnings,
• Reserve capital,
• Profit (loss) for the current period
• Foreign exchange differences on translation.
b) Non-controlling interests .
Share capital is reported in the amount specified in the Articles of Association and the National Court Register.
Share premium consists of the excess of the issue price of shares over their par value, less the costs of such
issuance. Share issuance costs incurred upon the formation of a joint-stock company or an increase in share capital
reduce the reserve capital up to the amount of the excess of the issue price over the par value of the shares.
Other reserves are created from:
• revaluations of assets,
• the settlement of an incentive program in accordance with IFRS 2 “Share-based Payment”
and the transfer of any share premium upon an increase in share capital in connection with a share issue
directed at its participants.
• write-offs from profit from subsequent fiscal years.
Retained earnings from prior years represent profits and losses generated in previous fiscal years that have not
been transferred, by resolution of the approving body, to another equity item or for dividend payment.
Reserve capital – in accordance with IFRS 2 “Share-based Payment,” the entity discloses in this item the increase
in equity related to the approved incentive program for key personnel. In cases where the vesting of rights to a
specific pool of equity instruments does not occur until the expiration of the specified period for the achievement
of certain objectives by participants in the incentive program, the Group assumes that the objectives to be achieved
(a necessary condition) in exchange for the equity instruments will be received in the future during the vesting
period. The Group treats the specified objectives as services rendered by the incentive program participants during
the vesting period, along with the corresponding increase in equity.
To account for the incentive program, the Group recognizes a proportionate share of its fair value as an expense
in each period of the program’s duration, while simultaneously increasing the reserve capital. Upon fulfillment of
the specific conditions necessary for the acquisition of shares under the incentive program, the reserve capital will
be settled by increasing the share capital and transferring any share premium to other capital at the time of the
share capital increase in connection with the issuance of shares directed to the program participants.
Foreign exchange differences on translation – this is equity resulting from the translation of the equity of a
subsidiary with its registered office outside the country.
Provisions for liabilities
Provisions for liabilities are recognized when the Group has a present obligation (legal or constructive) arising
from past events, it is probable that the settlement of the obligation will result in an outflow of resources embodying
economic benefits from the Group, and a reliable estimate of the amount of the obligation can be made.
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 26
The amount of provisions established is reviewed and updated at the end of the reporting period to adjust estimates
to reflect the Group’s current knowledge as of that date.
In the financial statements, provisions are presented as long-term and short-term, respectively.
Liabilities
Liabilities are the Group’s present obligations arising from past events, the settlement of which will result in an
outflow from the Group of resources embodying economic benefits.
Long-term liabilities include liabilities whose maturity date, counting from the end of the reporting period, falls
more than 12 months in the future.
Current liabilities include liabilities whose maturity date, counting from the end of the reporting period, falls within
a period of less than 12 months.
Trade payables are recognized on the balance sheet at amortized cost using the effective interest rate method.
Short-term liabilities are measured at the amount due for payment due to the immaterial effects of discounting.
Liabilities arising from the excess of output VAT over input VAT to be settled in a future period are recognized
under “Other liabilities.”
Financial liabilities
A financial liability is any liability that is:
• an obligation under a contract to deliver cash or another financial asset to another entity or to exchange
financial assets or financial liabilities with another entity on potentially unfavorable terms,
• a contract that will be settled or may be settled in the entity’s own equity instruments and is a non-
derivative instrument, in exchange for which the entity is or may be required to deliver a variable number
of its own equity instruments, or a derivative that will be settled or may be settled in a manner other than
by exchanging a fixed amount of cash or another financial asset for a fixed number of the entity’s own
equity instruments.
As of the acquisition date, the Group measures financial liabilities at fair value, which is most often the fair value
of the amount received. The Group includes transaction costs in the initial measurement of all financial liabilities,
except for the category of liabilities measured at fair value through profit or loss.
After initial recognition, financial liabilities are measured at amortized cost using the effective interest rate method,
except for financial liabilities held for trading (applies to derivative instruments that are liabilities and are not
recognized as hedging instruments) or designated as measured at fair value through profit or loss. The Group
classifies derivatives other than hedging instruments as financial liabilities measured at fair value through profit
or loss. Short-term trade payables are measured at the amount payable due to the insignificant effects of
discounting .
Gains and losses from the measurement of financial liabilities are recognized in net income under financial
activities.
Liabilities under the Incentive Program
The Group, whose parent company is DataWalk S.A., operates an incentive program using cash-settled share-
based payment transactions. The program is based on derivative financial instruments entitling participants to
receive a cash payment in the amount and under the terms specified in the Regulations and the Participation
Agreement (so-called Restricted Stock Units, hereinafter referred to as the “RSU Units”). This program is
recognized in the consolidated financial statements in accordance with IFRS 2 and paragraph 69(d) of IAS 1,
pursuant to which an entity classifies the liability arising from the Program as current when it does not
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 27
it has an unconditional right to defer the settlement of the liability by at least 12 months from the end of the
reporting period.
Details regarding the operation of the aforementioned incentive program, information regarding estimates, the
method of valuing the program, and the method of recognizing costs and liabilities are provided in Note 18
“Liabilities under the incentive program.”
To comply with the provisions of IFRS 2, the Group recognizes the amount for services received during the vesting
period using the best available estimates regarding the number of equity instruments for which vesting will occur.
The entity adjusts these estimates, if necessary, if subsequent information indicates that the number of equity
instruments for which vesting will occur differs from earlier estimates. As of the vesting date, the entity adjusts
the estimate to the number of equity instruments for which vesting has ultimately occurred.
The recognition of an incentive plan requires an analysis that involves making certain assumptions and exercising
professional judgment, particularly regarding the number of equity instruments for which vesting will occur during
the reporting period and the measurement of the RSU Unit. As of each reporting date, the Group estimates the
number of financial instruments for which vesting will occur and their fair value during the reporting period in
order to recognize in the financial statements the corresponding liabilities and costs of the Group arising from the
implementation of the incentive program.
Employee benefits received in the form of cash-settled share-based payments are measured indirectly at the fair
value of the liability. The initial measurement of the liability is based on the fair value of the underlying instruments
as of the grant date and the measurement of the extent to which services have been rendered.
The entity determines the fair value of the cash-settled liability by considering only market conditions and
conditions other than vesting conditions (non-vesting condition), which means that service conditions (vesting
condition) and non-market conditions affect the measurement of the liability by adjusting the number of cash
settlement rights based on estimates of the performance targets to be met.
At each reporting date, and ultimately on the settlement date, the fair value of the recognized liability is
remeasured. The remeasurement applies to the recognized portion of the liability up to the vesting date. The full
amount is remeasured from the vesting date to the settlement date. The cumulative net cost and the amounts
recognized in the income statement that will ultimately be recognized in connection with the transaction will equal
the amount paid to settle the liability.
The effects of remeasurement during the vesting period are recognized immediately in the income statement (under
the appropriate expense item) to the extent they relate to past service, and to the extent they relate to future service,
the effect of remeasurement is spread over the remaining vesting period.
This means that during the revaluation period, a supplementary adjustment is made for prior periods so that the
liability recognized as of each reporting date equals the total fair value of the liability.
The fair value of RSU Units as of the reporting date is determined based on the market price of DataWalk S.A.
shares. In accordance with the provisions of the Regulations, the value of an RSU Unit will be determined based
on the share price from the Sale Transaction. The grant of RSU Unit will occur without incurring additional costs
for the Eligible Persons. RSUs do not confer dividend rights; therefore, the expected dividend yield is 0. No other
market conditions apply to the valuation of RSUs under the Program. In such a situation, the valuation of an RSU
as of a given reporting date should be equal to the fair value of the Company’s shares on that date. However, the
total cost of the program should be determined as of each reporting date, taking into account other non-market
factors.
Off-balance-sheet liabilities
Off-balance-sheet liabilities primarily consist of contingent liabilities, which the Group defines as: a possible
obligation arising from past events, the existence of which will be confirmed only upon the occurrence or non-
occurrence of one or more uncertain future events that are not wholly within the entity’s control, or a present
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 28
obligation arising from past events but not recognized in the financial statements because: (i) it is not probable that
the settlement of the obligation will result in an outflow of resources embodying economic benefits, or (ii) the
amount of the obligation cannot be measured with sufficient reliability.
Contingent liabilities are not recognized in the statement of financial position; however, information about the
contingent liability is disclosed unless the probability of an outflow of resources embodying economic benefits is
remote.
Income Tax
Income tax comprises: current tax payable and deferred tax.
Current tax
The current tax expense is determined based on the taxable income (tax base) for the given fiscal year.
Taxable income (loss) differs from balance sheet income (loss) due to the exclusion of taxable revenue and
expenses that will be deductible in future years, as well as revenue and expenses that will never be subject to
taxation. The current tax expense is calculated based on the tax rates in effect for the given fiscal year.
Deferred tax
A deferred income tax liability is tax payable in the future, recognized in full using the balance sheet method,
arising from temporary differences between the tax basis of assets and liabilities and their carrying amounts in the
financial statements.
A deferred income tax asset is a tax refund due in the future, calculated using the balance sheet method, arising
from temporary differences between the tax basis of assets and liabilities and their carrying amounts in the financial
statements. Deferred tax assets are recognized if it is probable that taxable income will be generated in the future
that will allow for the utilization of temporary differences. Deferred tax assets and deferred tax liabilities are
presented in the balance sheet at their net amounts.
Deferred income tax is calculated using tax rates that have been enacted or substantively enacted by the reporting
date and are expected to apply when the related items are settled.
Deferred tax is recognized in the income statement, and if it relates to transactions settled with equity, it is
recognized in equity.
Deferred income tax assets are recognized if it is probable that taxable income will be generated in the future that
will allow for the utilization of temporary differences.
Depending on when the income tax is expected to be realized, a deferred income tax liability or asset may be
classified as current if it is expected to be realized within 12 months, but generally they are treated as non-current.
Revenue
Revenue represents consideration to which the Group expects to be entitled in exchange for transferring goods or
services to customers in the ordinary course of business.
Revenue is recognized at an amount that reflects the consideration to which the Group expects to be entitled, net
of discounts, value added tax (VAT) and other sales-related taxes.
Revenue from proprietary software licenses
The Group’s key product is the proprietary DataWalk software. DataWalk is a complete, integrated, open, and
user-friendly platform for analyzing networks of connections, offered as a ready-to-use product (a so-called
commercial off-the-shelf, COTS, solution) that does not require the construction of a final solution from various
components.
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 29
Proprietary licenses sold by the Group separately, i.e., constituting a separate obligation to perform, are licenses
granting the right to use intellectual property, which means that revenue from the sale of such licenses is recognized
at the time the right to use the Company’s intellectual property is transferred to the customer.
If, as a result of settling a given sales transaction, there is an excess of invoiced amounts over recognized revenue,
the value of the difference is recorded as contract liabilities. Conversely, if recognized revenue exceeds invoiced
amounts, the difference is recorded as uninvoiced receivables or contract assets.
Technical support services (maintenance)
Revenue from services related to the provision of technical assistance constitutes a separate obligation to perform
a service, in which the customer uses the goods/services provided as they are delivered to the customer.
Consequently, this results in the recognition of revenue by the Group during the period in which the service is
provided. The Group recognizes items with a value of at least PLN 40,000 in contract assets and liabilities. Items
below this value, on the other hand, are recognized as revenue in a single installment in the month of their
recognition.
If, as a result of settling a given sales transaction, there is a surplus of invoiced amounts over recognized revenue,
the difference is recorded as contract liabilities. Conversely, if recognized revenue exceeds invoiced amounts, the
difference is recorded as uninvoiced receivables or contract assets.
Professional services
The Company classifies implementation services and other types of professional services provided by the
Company that are not typical technical support or implementation services as professional services. In the case of
the sale of professional services, when the outcome of the contract can be reliably estimated, revenue is recognized
based on the percentage of completion of the contract as of the reporting date. The percentage of completion is
typically measured based on documented progress on the contract, except where such a method would not reflect
the actual percentage of completion. If the contract amount cannot be reliably estimated, revenue is recognized to
the extent that it is probable that the costs incurred on the contract will be covered by revenue.
The stage of completion of a contract may be determined in two ways:
• based on documented progress on the contract (possible documents: acceptance reports for subsequent
stages of work, time sheets for the contract),
• if it is not possible to assess the stage of completion, it is permissible to assume that the stage of
completion is proportional to the costs incurred during the period.
At each stage of contract settlement, if a loss on the contract is recognized, it is immediately recognized in earnings.
Contract-related costs are recognized as expenses in the period in which they were incurred. If it is probable that
contract costs will exceed revenue, the expected loss on the contract is immediately recognized and recorded as an
expense for the period.
The reporting periods (quarters) are used as the contract settlement periods.
The Company recognizes revenue over time only for items with a unit value of at least PLN 40,000. Items below
this value, on the other hand, are recognized as revenue in a single installment in the month they are recognized
(this applies to both technical support services and implementation services).
If, as a result of settling a given sales transaction, there is an excess of invoiced amounts over recognized revenue,
the difference is recorded as contract liabilities. Conversely, if recognized revenue exceeds invoiced amounts, the
difference is recorded as uninvoiced receivables or contract assets.
Multi-element contracts
In the case of multi-element contracts, the Group conducts a detailed analysis to ensure their proper recognition in
the financial statements. The proper recognition of revenue from multi-element contracts involves assessing
whether the products and services provided should be accounted for as separate elements, for which revenue is
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 30
recognized independently, or whether the contract should be recognized as an indivisible whole. If independent
components are identified within a sales contract, the contract price is allocated to its individual components based
on their relative fair value or projected cost plus a margin.
Variable consideration
If the consideration specified in the contract includes a variable amount, the Group estimates the amount of
consideration to which it will be entitled in exchange for transferring the promised goods or services to the
customer and includes part or all of the variable consideration in the transaction price only to the extent to the
extent that it is highly probable that a significant portion of the previously recognized cumulative revenue will not
be reversed when the uncertainty regarding the amount of variable consideration ceases.
In the case of contracts that provide for contractual penalties for non-performance or improper performance of
contractual obligations, the expected contractual penalties may result in the consideration, which was specified in
the contract as a fixed amount, being subject to change. When estimating the amount of remuneration to which the
Group is entitled under a contract, the Group estimates the expected value of the payment, taking into account the
probability of such contractual penalties being paid and other factors that could potentially alter the remuneration.
Significant financing component
When determining the transaction price, the Group adjusts the promised amount of consideration for the time value
of money if the timing of payments agreed upon by the parties to the contract (either explicitly or implicitly)
provides the customer or the Group with significant financing benefits related to the transfer of goods or services
to the customer. In such circumstances, the contract is deemed to contain a significant financing component.
The Group does not adjust the promised amount of consideration for the impact of a significant financing
component if, at the time the contract is concluded, it expects that the period from the transfer of the promised
good or service to the customer until payment for the good or service by the customer will be no more than one
year. This means that the consideration is not discounted if the financing period is twelve months or less.
If it is determined that the contract contains a significant financing component, the Group applies the discount rate
that would have been applied if a separate financing transaction had been entered into between the entity and its
customer at the time the contract was concluded. After the contract is concluded, the Group does not update this
discount rate to reflect changes in interest rates or other circumstances.
Interest income arising from discounting, calculated using the effective interest rate method, is recognized as
revenue from financial activities.
Customer contract costs
Contract acquisition costs (costs incurred to secure a contract) are the additional (incremental) costs incurred by
the Group to secure a contract with a customer, which the Group would not have incurred had the contract not
been concluded. The Group recognizes these costs as an asset if it expects to recover them. The amortization period
for capitalized contract acquisition costs is the period during which the Group fulfills its performance obligations
under the contract.
From a practical standpoint, the Group recognizes additional costs incurred to secure a contract as expenses when
incurred only if the amortization period of the asset that would otherwise have been recognized by the Company
is one year or less.
Contract performance costs are costs incurred in connection with the performance of a contract with a customer.
The Group recognizes these costs as an asset when they are not within the scope of another standard (e.g., IAS 2
Inventories, IAS 16 Property, Plant and Equipment, or IAS 38 Intangible Assets), and when they meet all of the
following criteria:
• these costs are directly attributable to the contract or to a prospective contract with a customer,
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 31
• these costs result in the creation or improvement of the Group’s resources that will be used to meet (or
continue to meet) obligations to deliver future performance; and
• the Group expects to recover these costs.
Operating costs
The Group records costs using both a nature-of-expense classification and a cost-of-sales classification.
The nature-of-cost classification includes the basic types of costs incurred by the Group, regardless of where
they arise. Costs in the nature-of-cost classification include, among others: depreciation, consumption of materials
and energy, external services, taxes and fees, salaries (including incentive program costs), social security and other
benefits, and other nature-of-cost expenses.
The functional cost classification groups costs according to the functions they perform in the Group’s operations,
which enables the calculation of gross profit on sales and operating profit. In this classification, costs allocated to
individual cost centres (MPK) include both their direct costs and the allocated portion of the Company’s total
indirect costs. For the allocation of indirect costs, such as office space rent, energy consumption, or services,
allocation keys are used that best reflect resource consumption. The primary allocation key for these costs is the
ratio of the number of employees in a given MPK to the total number of Company employees. After allocation,
all costs of a given MPK are treated as costs of the function to which the MPK belongs.
Revenues and costs of financial activities
Financial income consists mainly of interest on deposits of available funds in bank accounts, commissions and
interest on loans granted, and interest on late payments. Financial income also includes the amount of provisions
related to financial activities that have been released, as well as interest recognized as a result of adjusting the
promised amount of contractual remuneration for the impact of a significant financing component.
Financial expenses consist mainly of interest on loans and borrowings, interest on late payment of liabilities,
provisions established for certain or probable losses from financial operations, the acquisition cost of sold shares,
stocks and securities, commissions and handling fees, the value of short-term investments, discount, and foreign
exchange differences.
Reporting of transactions in foreign currencies
As at each reporting date, assets and liabilities denominated in foreign currencies are translated at the closing
exchange rate, being the average exchange rate published by the National Bank of Poland (“NBP”).
As of the date of the economic transaction, assets and liabilities denominated in foreign currencies are recognized
at the exchange rate:
• The buying or selling rate applied by the bank used by the company—in the case of currency sales or
purchases and the settlement of receivables or liabilities,
• Liabilities in the case of imports of goods undergoing customs clearance – the exchange rate adopted in
the customs clearance document (SAD) or another binding document,
• Economic transactions involving intra-Community acquisition or intra-Community supply of goods (ICA
or ICS) – the exchange rate applicable for income tax and VAT purposes,
• Other transactions – exchange rate applicable for income tax purposes.
Pursuant to Article 12(2) of the Act of February 15, 1992, on Corporate Income Tax (consolidated text: Journal of
Laws of 2025, item 278, as amended) – hereinafter the CIT Act – revenue expressed in foreign currencies is
converted into PLN at the average exchange rate of the National Bank of Poland (NBP) on the last business day
preceding the date of revenue recognition.
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 32
Pursuant to Article 15(1) of the CIT Act, tax-deductible costs denominated in foreign currencies are converted into
PLN at the average exchange rate of the National Bank of Poland (NBP) on the last business day preceding the
date on which they were incurred.
As of the reporting date, assets and liabilities denominated in foreign currencies are valued at the NBP average
exchange rate for the given currency in effect on the reporting date.
Exchange rate differences relating to assets and liabilities denominated in foreign currencies, arising on the date
of their valuation and upon payment of receivables and liabilities, as well as the sale or purchase of currencies, are
recognized as financial income or expenses, respectively, and, in justified cases, to the cost of production of
products or the purchase price of goods, as well as the purchase price or cost of production of fixed assets, fixed
assets under construction, or intangible assets.
Segment reporting
Pursuant to IFRS 8, an operating segment is a distinguishable component of the Group’s operations for which
separate financial information is available and subject to regular review by the chief operating decision-maker
regarding resource allocation and the assessment of operating performance.
The DataWalk Group identifies the following operating segments:
• The segment comprising DataWalk S.A., generating revenue from the sale and implementation of the
platform, particularly in the EMEA region (Europe, the Middle East, and Africa) and Asia, whose results
are regularly analyzed by the Issuer’s Management Board as the primary decision-making body.
• The segment comprising DataWalk Inc., which generates revenue from sales and implementation
activities related to the DataWalk platform, primarily in the United States and other countries in North
and South America, whose results are regularly analyzed by the entity’s Management Board as the
primary decision-making body. The results of the subsidiary included in this segment are subject to
periodic review by the subsidiary’s Management Board and are also subject to regular review by the
Management Board of DataWalk S.A.
Earnings per share
Earnings per share is the quotient of net income for the reporting period and the weighted average number of shares
as of the reporting date.
Diluted net earnings per share is the quotient of net profit for the reporting period and the sum of the weighted
average number of shares during the reporting period and all potential new shares.
Changes in accounting policies
The accounting principles (policies) applied in the preparation of these annual consolidated financial statements
are consistent with those applied in the preparation of the Group’s annual consolidated financial statements for the
year ended 31 December 2024, except for the change described below.
During the reporting period, changes were made to the DataWalk Group’s existing accounting principles (policies)
regarding the method of accounting, the presentation of operating costs, and the format of the Income Statement
in the financial statements as follows:
• the existing method of recording operating costs for presentation in the Income Statement in a comparative
format is supplemented accordingly with a method of recording costs that enables their presentation in the
Income Statement in a calculation-based format,
• the basic format for presenting the Income Statement in a comparative format is changed to the presentation
of the Income Statement in a calculation format.
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 33
The new accounting policies for the recognition and presentation of operating expenses, as well as the presentation
of the statement of profit or loss, are applied in the consolidated financial statements of the DataWalk Group from
1 January 2025.
The change in the Group’s (policies) regarding the introduction of a calculation-based format for the recognition
and presentation of operating costs is driven by the Management Board’s strategic objectives, the information
needs of the Group’s key stakeholders, as well as the need to align the presentation of financial data with standards
commonly used by technology companies and the expectations of the capital market.
The main objectives and benefits resulting from the implemented change are:
• Better assessment of the business’s profitability by the market and investors, which is crucial for
understanding the value created by the DataWalk Group.
• Facilitating the assessment and valuation of the business for transactional purposes.
• Increased transparency of financial reporting and comparability with other entities operating in the industry.
• Support for internal management and operational decision-making.
The change in accounting policy in this regard is consistent with the applicable provisions of the Accounting Act
and International Financial Reporting Standards (IFRS).
Cost allocation resulting from the adopted change
Functional classification of expenses
Under the functional classification of expenses, costs are grouped according to the functions they perform in the
Group’s operations.
The main items include:
Cost of sales: Includes costs directly related to the acquisition or production of sold products or services, including:
• License sales costs: The DataWalk license is the result of prior research and development, and its production
does not generate costs upon sale and delivery to the customer. Due to the marginal unit costs associated
with the sale of the license, the Group recognizes in the cost of its sale only the costs directly related to the
purchase of external licenses constituting components of the DataWalk system.
• Costs of selling technical support services: Direct costs associated with the provision of technical support
(maintenance) services, which the Group includes in full as the operating costs of the Support department,
as well as the appropriate portion of the costs of the departments responsible for providing professional
services directly related to their involvement in the provision of technical support and customer support
(support services).
• Costs of selling professional services: Direct costs associated with DataWalk system implementations and
other professional services (other than technical support), which the Company includes as the appropriate
portion of the costs of the departments responsible for providing professional services.
Other operating costs of the Company:
Sales and marketing: These include direct costs of the sales department, including sales commissions, direct costs
of the marketing department, as well as a proportionate share of the costs of departments responsible for providing
professional services directly related to sales and marketing activities.
Research and Development: These include all direct costs of the Software Development department, as well as a
proportionate share of the costs of departments responsible for providing professional services directly related to
software development (R&D) tasks. The main cost categories for research and development include, in particular:
a) depreciation, including that of the intangible asset in the form of the DataWalk software, created as a
result of capitalizing the costs of completed development work,
b) the cost of programmers’ salaries and the purchase of programming services from third parties,
c) cloud services,
d) other costs directly attributable to this function (e.g., costs of purchasing software development licenses).
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 34
Administration and general expenses: These include costs related to the management of the Company and
administrative expenses.
Incentive program: Includes costs related to both the Company’s equity-based program and the RSU-based
program.
The costs of incentive programs are presented as a separate line item in the income statement. This separate
presentation is justified due to:
a) variability and materiality: The amount and variability of incentive program costs are material to the
financial statements, particularly in the case of RSUs, where liabilities are remeasured to fair value at
each reporting date in accordance with IFRS 2.
b) widespread nature: The programs cover a broad group of employees from various departments. Since the
conditions for the implementation of incentive programs are not directly linked to the operational
objectives of individual functions, their precise allocation to specific functions is impractical or
impossible without arbitrary assumptions.
Thus, identifying the costs of incentive programs as a separate item in the Income Statement ensures greater
transparency, prevents distortions of the gross margin and other ratios, and is consistent with the overarching
principles of IAS/IFRS, particularly the principle of materiality and the requirement for a fair presentation of
results, as indicated in IAS 1.
Classification by nature
The nature-based classification of fixed costs includes the basic types of costs incurred by the Group, regardless
of where they arise. Costs in the nature-of-cost classification include, among others: depreciation and amortization,
consumption of materials and energy, external services, taxes and fees, salaries and wages (including incentive
program costs), social security and other benefits, and other costs by nature.
In accordance with the requirements of IAS 1, the Group disclosed additional information on costs by nature in
Note 23, “Costs by Nature,” to the Group’s consolidated financial statements, ensuring compliance with applicable
financial reporting standards.
New standards, interpretations, and amendments to published standards
Published Standards and Interpretations that were issued and are effective for the first time in the period
covered by this report
Amendments to IAS 21 "The Effects of Changes in Foreign Exchange Rates"
Amendments to IAS 21 introduce a requirement to disclose information that enables users of financial statements
to understand the effects of non-convertible currencies and explain how currency convertibility should be assessed.
The amendment will not have a material impact on the Group’s consolidated financial statements
Published Standards and Interpretations that have been issued but are not yet effective
Amendments to IFRS 7 and IFRS 9 Financial instruments: Amendments to the classification and measurement of
financial instruments
The amendments regarding the classification and measurement of financial instruments clarify the derecognition
of a financial liability settled by electronic transfer, provide examples of contractual terms that are consistent with
the host loan agreement, explain the characteristics of non-recourse features and contractually linked instruments,
and specify new disclosures. These amendments will not have a material impact on the Group’s consolidated
financial statements.
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 35
Amendments to IFRS 9 and IFRS 7: Contracts for energy derived from natural resources
The amendments include guidance on which PPAs may be eligible for hedge accounting and what specific terms
are permitted in such hedging relationships.
The amendments introduce new disclosure requirements for PPAs as defined in the amendments to IFRS 9. These
amendments will not have a material impact on the Group’s consolidated financial statements.
Annual amendments to IFRS
The “Annual Amendments to IFRS” introduce changes to the following standards: IFRS 1 “First-time Adoption
of International Financial Reporting Standards,” IFRS 7 “Financial Instruments: Disclosures,” IFRS 9 “Financial
Instruments,” IFRS 10 “Consolidated Financial Statements,” and IAS 7 “Statement of Cash Flows.” The
amendments provide clarifications and refine the standards’ guidance on recognition and measurement. These
amendments will not have a material impact on the Group’s consolidated financial statements.
IFRS 18 Presentation and disclosure of information in financial statements
IFRS 18 sets out requirements for all entities applying IFRS regarding the presentation and disclosure of
information in financial statements. IFRS 18 replaces IAS 1. This amendment may affect certain disclosures in the
Group’s consolidated financial statements.
Standards and Interpretations not yet endorsed by the European Union
IFRS 19 Subsidiaries without public accountability: disclosure
IFRS 19 sets out limited disclosure requirements for subsidiaries that are not public-interest entities. These changes
will not affect the Group’s consolidated financial statements.
Information on the correction of prior period errors
During the reporting period, no events occurred that would require the correction of prior period errors.
Selected notes and explanations to the
consolidated financial statements of the
DataWalk Group
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 37
Note 1.1 Property, plant and equipment
Information on estimates
At each reporting date, the Group assesses whether there are any objective indications that an item of property,
plant and equipment may be impaired. The Company performs the above tests using the discounted cash flow
method. The most recent impairment tests were performed during the preparation of the financial statements for
2025, for the year ended 31 December 2025.
In 2025, property, plant and equipment were subject to an impairment loss of PLN 1 thousand Details of the
impairment loss are presented in Note 29 – “Impairment testing of assets” to these financial statements.
The carrying amount of property, plant and equipment corresponds to their recoverable amount, which as at 31
December 2025 amounted to PLN 97 thousand
During the preparation of the financial statements for 2025, the Company reviewed the useful lives, residual values
and depreciation methods of property, plant and equipment based on current estimates.
Property plant and equipment
31.12.2025
31.12.2024
Non-current assets, including:
97
96
- buildings and structures
0
0
- plant and machinery
97
96
- other property, plant and equipment
0
0
Total
97
96
As at 31 December 2025
The Group did not hold any land under perpetual usufruct.
The Group did not hold any property, plant and equipment subject to restricted ownership or usage rights.
The Group had a bank loan secured on non-current assets. Information on the loans and borrowings held by the
Group is presented in Note 17 No “Loans and borrowings (non-current and current)".
There were no liabilities to the state budget or local government units arising from the acquisition of ownership
rights to buildings and structures.
As at 31 December 2024
The Group did not hold any land under perpetual usufruct.
The Group did not hold any property, plant and equipment subject to restricted ownership or usage rights.
The Group had a bank loan secured on non-current assets. Information on the loans and borrowings held by the
Group is presented in Note 17 No. “Loans and borrowings (non-current and current)".
There were no liabilities to the state budget or local government units arising from the acquisition of ownership
rights to buildings and structures.
Page | 38
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Note 1.2 Changes in property, plant and equipment by category
Data for the period from 01.01.2025 to 31.12.2025
No.
Specification
Buildings and
structures
Plant and
machinery
Transport
equipment
Other property,
plant and
equipment
Total
1
Gross value at the beginning of the period
10
667
0
19
695
Increases, including:
0
91
0
0
91
– acquisition
0
91
0
0
91
Decreases, including:
0
24
0
0
24
– disposals and sales
0
24
0
0
24
2
Gross value at the end of the period
10
734
0
19
762
3
Accumulated depreciation at the beginning
of the period
0
11
0
0
11
Increases
0
1
0
0
1
Decreases
0
0
0
0
0
4
Accumulated depreciation at the end of the
period
0
12
0
0
12
5
Depreciation at the beginning of the period
10
561
0
18
589
Increases
0
89
0
0
89
Decreases, including:
0
24
0
0
24
– disposals and sales
0
24
0
0
24
6
Depreciation at the end of the period
10
626
0
19
654
7
Net value at the beginning of the period
0
95
0
0
96
8
Net value at the end of the period
0
97
0
0
97
Page | 39
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Data for the period from 01.01.2024 to 31.12.2024
No.
Specification
Buildings and
structures
Plant and machinery
Transport
equipment
Other property,
plant and equipment
Total
1
Gross value at the beginning of the period
10
854
81
19
964
Increases, including:
0
22
0
0
22
– acquisition
0
22
0
0
22
Decreases, including:
0
210
81
0
291
– disposals and sales
0
210
81
0
291
2
Gross value at the end of the period
10
667
0
19
695
3
Impairment at the beginning of the period
0
5
0
0
5
Increases
0
4
0
0
4
Decreases
0
0
0
0
0
4
Impairment at the end of the period
0
10
0
0
10
5
Depreciation at the beginning of the period
7
566
81
17
672
Increases
3
166
0
1
169
Decreases, including:
0
170
81
0
252
– disposals and sales
0
170
81
0
252
6
Depreciation at the end of the period
9
562
0
18
590
7
Net value at the beginning of the period
3
283
0
1
287
8
Net value at the end of the period
0
95
0
0
96
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 40
Note 2.1 Intangible assets
Information on estimates
DataWalk S.A. conducts in-house development work related to the development of the DataWalk platform, aimed
at expanding this technology across multiple areas in order to create a comprehensive, globally unique IT product.
Development work is carried out based on:
• knowledge developed in the course of research activities,
• information obtained from prospective customers through market research and marketing activities
conducted domestically and internationally,
• requirements reported by existing customers at the stage of software testing or implementation.
At least once a year and at each reporting date for which an indication exists, assets with indefinite useful lives,
including development work in progress and goodwill, are subject to impairment tests, the preparation of which
requires estimating the recoverable amount of cash-generating units. Intangible assets with finite useful lives are
tested for impairment whenever there is an indication of impairment.
The most recent impairment tests were performed by the Group during the preparation of the financial statements
for the year ended 31 December 2025.
In 2025, intangible assets were subject to an impairment loss of PLN 1,178 thousand. Details of the impairment
loss are presented in Note 29 – “Impairment tests of assets” to these financial statements.
The carrying amount of intangible assets corresponds to their recoverable amount, which as at 31 December 2025
amounted to PLN 15,696 thousand.
Change in the estimated useful life of the DataWalk software
In connection with the release of a new version of the DataWalk software (5.0.0, details described in Note 2.3
below), the Company reassessed the useful life of the DataWalk platform. In accordance with IFRS, the
amortisation period of intangible assets should reflect the best estimate of the period over which the entity is
expected to derive economic benefits from the asset. Therefore, due to the dynamic nature of the industry and the
rapid pace of technological change, it was concluded that the original five-year amortisation period no longer
faithfully reflects the economic useful life of the DataWalk system. In the opinion of management, the greatest
economic benefits from this asset will be realised over the next three years.
Consequently, in accordance with the accounting policy, the amortisation period of the DataWalk software was
reduced from five years to three years, which constitutes a change in estimate within the meaning of IAS 8. This
change was applied from 19 April 2025, i.e. from the date the version 5.0.0 of the software was brought into use,
and thus from the moment when the DataWalk platform developed as part of prior development work was
recognised as a commercialised and fully mature product.
Intangible assets
31.12.2025
31.12.2024
Costs of development work in progress
0
2.188
Impairment losses on development work in progress
0
-88
Costs of completed development work
33,926
33,897
Impairment losses on completed development development work
-18,230
-16,963
Total
15,696
19,033
Page | 41
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Note 2.2 Changes in intangible assets by category
Data for the period from 01.01.2025 to 31.12.2025
No
.
Specification
Costs of development
work in progress
Costs of completed
development work
Other intangible assets
Total
1
Gross value at the beginning of the period
2,188
45,924
332
48,444
Increases, including:
1,505
3,693
0
5,198
– acquisition
1,505
0
0
1,505
– internal transfers
0
3,693
0
3,693
Decreases, including:
3,693
0
0
3,693
– internal transfers
3,693
0
0
3,693
– impairment loss
0
0
0
0
2
Gross value at the end of the period
0
49,617
332
49,949
3
Impairment at the beginning of the period
88
16,963
0
17,052
Increases, including:
0
1,266
0
1,266
– impairment loss
0
1,178
0
1,178
– internal transfers
0
88
0
88
Decreases, including:
88
0
0
88
– impairment loss
0
0
0
0
– internal transfers
88
0
0
88
4
Impairment at the end of the period
0
18,230
0
18,230
5
Depreciation at the beginning of the period
0
12,027
332
12,359
Increases, including:
0
3,665
0
3,655
– depreciation and amortisation
0
3,665
0
3,665
Decreases
0
0
0
0
6
Depreciation at the end of the period
0
15,692
332
16,024
7
Net value at the beginning of the period
2,099
16,934
0
19,033
8
Net value at the end of the period
0
15,696
0
15,696
Page | 42
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Data for the period from 01.01.2024 to 31.12.2024
No.
Specification
Development costs in
progress
Costs of completed
development work
Other intangible assets
Total
1
Gross value at the beginning of the period
3,945
38,129
332
42,406
Increases, including:
6,038
7,795
0
13,833
– acquisition
6,038
0
0
6,038
– internal transfers
0
7,795
0
7,795
Decreases, including:
7,795
0
0
7,795
– internal transfers
7,795
0
0
7,795
2
Gross value at the end of the period
2,188
45,924
332
48,444
3
Impairment at the beginning of the period
371
13,457
0
13,828
Increases, including:
414
3,507
0
3,921
– impairment loss
414
2,809
0
3,223
– internal transfers
0
697
0
697
Decreases, including:
697
0
0
697
– impairment loss
0
0
0
0
– internal transfers
697
0
0
697
4
Impairment at the end of the period
88
16,963
0
17,052
5
Depreciation at the beginning of the period
0
9,134
332
9,466
Increases, including:
0
2,893
0
2,893
– depreciation and amortisation
0
2,893
0
2,893
Decreases
0
0
0
0
6
Depreciation at the end of the period
0
12,027
332
12,359
7
Net value at the beginning of the period
3,573
15,538
0
19,111
8
Net value at the end of the period
2,099
16,934
0
19,033
As at 31 December 2025 and as at 31 December 2024, the Group did not hold any intangible assets used under lease agreements.
As at 31 December 2025 and as at 31 December 2024, the Group did not hold any intangible assets with restricted usage rights.
As at 31 December 2025 and as at 31 December 2024, the Group did not have any loans and borrowings secured on intangible assets.
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 43
Note 2.3 Costs of development work in progress
Intangible assets
31.12.2025
31.12.2024
Development costs in progress
0
2,188
Impairment losses on development costs in progress from prior years
-88
-371
Impairment losses on development costs in progress recognised during
the period
0
-414
Reclassification of impairment losses on development costs in progress
88
697
Total
0
2,099
On 19 April 2025, following the successful release of version 5.0.0, the Management Board decided to discontinue
the capitalisation of development costs related to the DataWalk software. This decision reflects the recognition of
the platform as a mature, fully commercialised product capable of generating future economic benefits in the
foreseeable future.
For a mature product, the application of the six criteria set out in IAS 38.57 for the capitalisation of development
costs shifts significantly towards demonstrating the incremental value of enhancements. This means that only those
expenditures that can be demonstrably linked to new or significantly enhanced functionality, a substantial increase
in performance, or a measurable extension of the software’s useful life beyond its original expectations may be
capitalised. Error corrections, performance improvements or routine compliance updates, although necessary for
the product’s continued viability, generally do not meet this “novelty” threshold and should be recognised as
expenses in the period in which they are incurred.
Given the nature of the software development process, based on agile methodologies and continuous delivery of
updates, the application of the traditional cost capitalisation approach, based on the separation of distinct phases
(preliminary phase, development phase, post-implementation phase), encounters significant practical challenges.
Consequently, at this stage of the product lifecycle, clearly delineating the boundaries between stages, such as the
commencement and completion of the development phase or the maintenance phase, is impracticable and requires
a significant degree of judgement.
In view of the above, the Management Board concluded that further expenditure on the development of the
platform, although necessary to maintain its competitiveness and quality, no longer meets the stringent criteria of
IAS 38, particularly with respect to new or significantly enhanced functionality, a substantial increase in
performance, or a measurable extension of the software’s useful life beyond its original expectations. Accordingly,
from 19 April 2025, all expenditures related to the DataWalk software are recognised in profit or loss as expenses
in the period in which they are incurred and presented by function as research and development expenses.
Note 2.4 Costs of completed development work
Intangible assets
31.12.2025
31.12.2024
Costs of completed development work
49,617
45,924
Impairment losses on completed development costs from prior years
-16,963
-13,457
Impairment losses on completed development costs recognised in the
current year
-1,178
-2,809
Accumulated depreciation and amortisation
-15,692
-12,027
Reclassification of impairment losses on completed development work
-88
-697
Total
15,696
16,934
Costs of completed development work represent a balance sheet item arising from the recognition, upon being
brought into use, of the technology (the DataWalk platform) as an intangible asset, developed in the course of the
Company’s development work, as described in Note 2.3 "Costs of development work in progress" above.
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 44
On 19 April 2025, a significant increase in costs of completed development work was recognised as a result of
bringing into use the DataWalk software (version 5.0.0), as further described in Note 2.3 “Costs of development
work in progress” above.
Upon the release of the DataWalk platform (version 5.0.0), the Management Board reassessed the useful life of
the asset arising from the development work performed to date, i.e. the DataWalk platform. Consequently, the
amortisation period of the DataWalk software was reduced from five years to three years. Details of the revision
of the amortisation period are presented in Note 2.1 “Intangible assets”, section “Information on estimates” above.
In 2025, costs of completed development work were subject to an impairment loss of PLN 1,178 thousand. Details
of the impairment loss are presented in Note 29 – “Impairment testing of assets” to these financial statements.
The carrying amount of costs of completed development work corresponds to their recoverable amount, which as
at 31 December 2025 amounted to PLN 15,696 thousand.
Note 3 Right-of-use assets
Information on estimates
At each reporting date, the Company assesses whether there are objective indications that a right-of-use asset may
be impaired. The Company performs the above tests using the discounted cash flow method. The most recent
impairment tests were performed during the preparation of the financial statements for the year ended 31 December
2025.
In 2025, these assets were subject to an impairment loss of PLN 11 thousand. Details of the impairment loss are
presented in Note 29 – “Impairment tests of assets” to these financial statements.
The carrying amount of right-of-use assets corresponds to their recoverable amount, which as at 31 December
2025 amounted to PLN 320 thousand.
Data for the period from 01.01.2025 to 31.12.2025
Right-of-use assets
Buildings and
structures
Transport
equipment
Total
Net carrying amount as at 01.01.2025
761
35
796
Increases, arising from:
0
0
0
- modifications of existing contracts (lease extensions, changes
in the interest rate)
0
0
0
Decreases, arising from:
441
35
476
- depreciation and amortisation for the reporting period
430
35
465
- impairment losses for the reporting period
11
0
11
Net carrying amount as at 31.12.2025
320
0
320
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 45
Data for the period from 01.01.2024 to 31.12.2024
Right-of-use assets
Buildings and
structures
Transport
equipment
Total
Net carrying amount as at 01.01.2024
478
93
572
Increases, arising from:
821
38
859
- modifications of existing contracts (lease extensions, changes
in the interest rate)
821
38
859
Decreases, arising from:
538
96
635
- depreciation and amortisation for the reporting period
509
94
603
- impairment losses for the reporting period
30
2
32
Net carrying amount as at 31.12.2024
761
35
796
The amortisation periods adopted for right-of-use assets were determined in accordance with the term of the
respective contracts.
Note 4 Deferred tax assets and liabilities
Information on estimates
At each reporting date, the Group assesses the extent to which deferred tax assets are recoverable.
Deferred tax
31.12.2025
31.12.2024
Opening balance:
Deferred tax assets
10,488
6,438
Deferred tax liability
758
387
Net deferred tax at the beginning of the period
9,730
6,050
Change during the period affecting:
Profit or loss (+/−)
8,145
3,679
Other comprehensive income (+/−)
0
0
Net deferred tax at the end of the period, including:
17,874
9,730
Deferred tax assets
20,697
10,488
Deferred tax liability
2,823
758
The recognition of temporary differences arising from the Group’s share-based incentive program based on RSUs
had a significant impact on the deferred tax balance as at the reporting date. As a result of changes in the carrying
amount of liabilities related to the incentive program, a taxable temporary difference arose in 2025, affecting profit
or loss in the amount of PLN 8,145 thousand. Furthermore, the Group recognised a deferred tax asset in respect of
other balance sheet items only to the extent of the deferred tax liability, i.e. in the amount of PLN 2,823 thousand,
taking into account the principle of recognising deferred tax assets only to the extent that it is probable that they
will be utilised.
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 46
Data for the period from 01.01.2025 to 31.12.2025
Deferred tax assets
01.01.2025
Impact on
profit or loss
31.12.2025
Recognition of provisions
758
825
1,583
Liability under the incentive program
9,730
8,145
17,874
Difference between tax and accounting depreciation
0
1,240
1,240
Utilisation of tax losses of DataWalk S.A.
8,591
0
8,591
Decrease in deferred tax assets
-8,591
0
-8,591
Total
10,488
10,209
20,697
Deferred tax liabilities
01.01.2025
Impact on
profit or loss
31.12.2025
Interest on deposits
47
-42
5
Difference between tax and accounting depreciation
11
-11
0
Contract assets
169
-46
122
Contract liabilities
531
-82
449
Uninvoiced receivables
0
2,246
2,246
Total
758
2,065
2,823
Data for the period from 01.01.2024 to 31.12.2024
Deferred tax assets
01.01.2024
Impact on
profit or loss
31.12.2024
Recognition of provisions
387
371
758
Liability under the incentive program
6,050
3,679
9,730
Utilisation of tax losses of DataWalk S.A.
5,615
2,976
8,591
Decrease in deferred tax assets
-5,615
-2,976
-8,591
Total
6,437
4,050
10,488
Deferred tax liabilities
01.01.2024
Impact on
profit or loss
31.12.2024
foreign exchange gains
12
-12
0
Interest on deposits
1
46
47
Difference between tax and accounting depreciation
45
-34
11
Contract assets
129
40
169
Contract liabilities
200
331
531
Total
387
371
758
For the measurement of deferred tax assets and deferred tax liabilities, the Group applied tax rates enacted or
substantively enacted under applicable tax laws in the jurisdictions in which the Group entities are subject to
income tax. For the parent company, the applicable tax rate is 19%, and for the subsidiary it is 21%
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 47
Note 5 Contract assets and contract liabilities
Information on estimates
Contract assets primarily comprise goods transferred or services performed prior to invoicing the customer and
prior to receipt of consideration, excluding any amounts presented as receivables.
The Group estimates impairment allowances for contract assets in accordance with the requirements of IFRS 9
Financial Instruments. Under the simplified approach, this requires the performance of a statistical analysis
involving certain assumptions and the application of professional judgement.
Contract assets arising from the balance sheet measurement of contracts result from the excess of the stage of
completion of services or delivery of goods over the amounts invoiced. For such assets, the Group has satisfied its
performance obligation; however, the right to consideration is conditional on factors other than the passage of
time, which distinguishes these assets from trade receivables.
Item
31.12.2025
31.12.2024
Contract assets
625
888
Contract liabilities
12,500
7,184
Contract assets
Contract assets presented in the consolidated statement of financial position relate to goods transferred or services
provided to customers before the receipt of consideration or before the amount becomes due.
Data for the period from 01.01.2025 to 31.12.2025
Item
Carrying
amount as at
01.01.2025
Reclassification
upon obtaining an
unconditional right
to consideration
Performance of
new obligations
without
invoicing
Impairment loss
Carrying
amount as
at 31.12.2025
Technical support
services
815
-3,839
3,669
-19
625
Implementation contracts
73
-305
232
0
0
Total
888
-4,144
3,900
-19
625
Revenue has been estimated based on the stage of completion of performance obligations for which, as at 31
December 2025, the Group was not yet entitled to issue invoices.
As at 31 December 2025, the Group recognised impairment allowances for contract assets in the total amount of
PLN 19 thousand using a provision matrix, on the same basis as for trade receivables and other financial assets (in
accordance with IFRS 9).
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 48
Data for the period from 01.01.2024 to 31.12.2024
Item
Carrying
amount as
at 01.01.2024
Reclassification
upon obtaining an
unconditional
right to
consideration
Performance of
new obligations
without invoicing
Impairment loss
Carrying
amount as
at 31.12.2024
Technical support
services
496
-2,285
2,604
0
815
Implementation contracts
0
-323
397
0
73
Total
496
-2,608
3,001
0
888
Contract liabilities
Within contract liabilities, the Group recognises revenue from the granting of licenses, the provision of technical
support (maintenance) services recognised over time, as well as revenue from implementation services, arising
from the Group’s obligation to transfer goods or services to the customer for which consideration has been received
or is due.
Data for the period from 01.01.2025 to 31.12.2025
Contract liabilities
Carrying amount
as at 01.01.2025
Increases
Decreases
Carrying amount
as at 31.12.2025
Revenue from technical support
(maintenance) services
7,184
14,935
10,154
11,964
Revenue from implementation contracts
0
1,338
803
535
Total
7,184
16,273
10,957
12,500
Data for the period from 01.01.2024 to 31.12.2024
Contract liabilities
Carrying
amount as
at 01.01.2024
Increases
Decreases
Carrying
amount as
at 31.12.2024
Revenue from technical support
(maintenance) services
4,121
10,600
7,538
7,184
Revenue from implementation contracts
0
48
48
0
Total
4,121
10,648
7,586
7,184
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 49
Note 6.1 Trade receivables (current) and non-current receivables
Information on estimates
The Group estimates impairment allowances for trade receivables in accordance with the requirements of IFRS 9
Financial Instruments. Under the simplified approach, this requires the performance of a statistical analysis
involving certain assumptions and the application of professional judgement.
Long-term receivables
31.12.2025
31.12.2024
From other entities, including:
5,889
172
- uninvoiced receivables
5,894
0
- deposit
172
172
Loss allowance
-177
0
Total
5,889
172
Trade receivables
31.12.2025
31.12.2024
Gross amounts due from other entities, including:
10,315
11,439
- uninvoiced receivables
3,882
11,439
- uninvoiced receivables
6,433
0
Loss allowance
-2,567
-2,567
Total
7,748
8,872
The increase in uninvoiced receivables, both current and non-current, by a total gross amount of PLN
12,324 thousand reflects the recognition of revenue upon the Group’s satisfaction of a performance obligation
consisting of delivering a license to the DataWalk software, leading to the transfer of control over that asset to the
customer. Accordingly, as at the reporting date, the Group has an unconditional right to consideration, with receipt
dependent solely on the passage of time. Due to the long-term nature of the contract and the payment schedule,
the Group has appropriately classified receivables into current and non-current portions. The amounts recognised
in the statement of financial position reflect both discounting arising from the existence of a significant financing
component and loss allowances recognised in accordance with IFRS 9. As with invoiced receivables, these
allowances have been calculated based on the currently applicable provision matrix.
Note 6.2 Expected credit loss allowances for trade receivables
Data for the period from 01.01.2025 to 31.12.2025
Loss allowances for trade
receivables
Carrying
amount as at
01.01.2025
Increases
Decreases
Other
(translation
differences)
Carrying
amount as
at 31.12.2025
From other entities
2,567
377
194
-7
2,744
Total
2,567
377
194
-7
2,744
In 2025, the Group recognised loss allowances for trade receivables in the total amount of PLN 377 thousand.
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 50
Data for the period from 01.01.2024 to 31.12.2024
Loss allowances for trade
receivables
Carrying
amount as
at 01.01.2024
Increases
Decreases
Other
(translation
differences)
Carrying
amount as
at 31.12.2024
From other entities
388
2,321
584
443
2,567
Total
388
2,321
584
443
2,567
Note 6.3 Ageing structure of trade receivables
Trade receivables
31.12.2025
31.12.2024
Not past due
13,149
7,868
Past due, including:
3,060
3,572
- up to 90 days
733
1,235
- 90 – 180 days
0
9
- 180- 360 dys
0
0
- over 360 days
2,328
2,328
Loss allowances for receivables
-2,744
-2,567
Total
13,466
8,872
Note 6.4 Maturity structure of trade receivables
Trade receivables
31.12.2025
31.12.2024
Not past due, due within:
13,149
7,868
- up to 30 days
5,522
6,369
- 31 – 90 days
1,733
1,499
- over 360 days*
5,895
0
Past due
3,060
3,572
Loss allowances for receivables
-2,744
-2,567
Total
13,466
8,872
* presented within non-current receivables
Note 6.5 Currency structure of trade receivables
Trade receivables
31.12.2025
31.12.2024
Denominated in PLN
6,556
1,004
Denominated in USD
934
5,413
Denominated in EUR
5,975
0
Denominated in CAD
0
918
Denominated in GBP
0
1,537
Total
13,466
8,872
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 51
Note 7.1 Other receivables (current)
Information on estimates
The Group estimates loss allowances for other current receivables in accordance with the requirements of IFRS 9
Financial Instruments. Under the simplified approach, this requires the performance of a statistical analysis
involving certain assumptions and the application of professional judgement.
Other receivables (current)
31.12.2025
31.12.2024
Advances to supplies
127
75
Related to taxes and other public law charges
0
920
Other receivables, including:
367
197
- deposits
71
166
- other
296
31
Total
494
1,192
Receivables related to taxes and other public law charges represent the excess of input VAT over output VAT in
DataWalk S.A. This results from operating costs incurred in connection with business development, as well as the
sales structure, in which sales to foreign entities predominate..
Note 7.2 Expected credit loss allowances for other financial receivables
The Group did not recognise loss allowances for other current receivables.
Note 8 Financial assets (current)
Financial assets (current)
31.12.2025
31.12.2024
In other entities:
18,117
93
- bank deposits with a maturity of over 3 months
18,117
93
Total
18,117
93
As at 31 December 2025 and as at 31 December 2024, the Group classified as current financial assets bank deposits
(including interest accrued as at the reporting date) with maturities exceeding 3 months as at the reporting date.
Note 9 Prepayments and accruals (non-current and current)
Prepayments (non-current)
31.12.2025
31.12.2024
Subscriptions and license fees
145
0
Total
145
0
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 52
Prepayments (current)
31.12.2025
31.12.2024
Subscriptions and license fees
959
827
Insurance policies and premiums
100
50
Rent
44
46
Other
29
176
Total
1,132
1,099
As at 31.12.2025, the balance of “Subscriptions and license fees” within current prepayments primarily arises from
the conclusion by the Group, in July 2024, of a new contract for the purchase of specialised databases necessary
for the operation of the DataWalk software, which constitute an integral part of the DataWalk software. Settlements
under the above contract are made on an annual basis, and the related costs are recognised in profit or loss on a
straight-line basis over the period to which they relate.
Note 10.1 Cash and cash equivalents
Cash and cash equivalents
31.12.2025
31.12.2024
Cash in bank accounts, including:
39,623
16,499
a) cash
31,611
4,253
b) bank deposits with maturities of less than 3 months
8,012
12,246
Total
39,623
16,499
As at 31.12.2025, the Group held restricted cash (cash in the VAT account) amounting to PLN 1,418 thousand,
whereas as at 31.12.2024 the balance of restricted cash (cash in the VAT account) amounted to PLN 448 thousand.
In addition, as at 31.12.2025, the Group held bank deposits with a total value of PLN 18,117 thousand, with
maturities exceeding 3 months as at the reporting date, and therefore classified them as current financial assets
presented in Note 8 “Financial assets (current)".
The Group invests its surplus cash in fixed-rate bank deposits and, accordingly, these are not exposed to interest
rate risk.
Note 10.2 Currency breakdown of cash and cash equivalents
Cash and cash equivalents
31.12.2025
31.12.2024
Denominated in PLN
20,546
14,886
Denominated in EUR
3,164
13
Denominated in USD
15,697
1,600
Denominated in GBP
217
0
Total
39,623
16,499
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 53
Note 11 Share capital
As at 31.12.2025
Item
Amount
Opening balance
563
Nominal value of shares increasing share capital
75
Closing balance
638
On 16 May 2025, the District Court for Wrocław-Fabryczna in Wrocław, 6th Commercial Division of the National
Court Register, registered amendments to the Company’s Articles of Association adopted pursuant to a resolution
of the Management Board of the Issuer dated 14 April 2025 regarding the increase of the Company’s share capital
within the limits of the authorized capital through the issuance of new Series S shares by way of a private
placement, the exclusion of pre-emptive rights of the existing shareholders, and the amendment of the Company’s
Articles of Association, as disclosed by the Issuer in current report ESPI No. 13/2025 dated 16 May 2025.
Following the registration of the aforementioned amendments to the Articles of Association, the Company’s share
capital amounts to PLN 638,298.80 and is divided into 6,382,988 shares with a par value of PLN 0.10 per share.
Series of shares
Number of shares
(units)
Number of votes
Share in the share
capital
Share of total
voting rights
A
725,000
1,450,000
11.36%
20.40%
B
525,000
525,000
8.22%
7.39%
C
150,000
150,000
2.35%
2.11%
D
70,000
70,000
1.10%
0.98%
E
150,000
150,000
2.35%
2.11%
F
167,000
167,000
2.62%
2.35%
G
220,000
220,000
3.45%
3.10%
H
321,500
321,500
5.04%
4.52%
I
207,000
207,000
3.24%
2.91%
J
470,000
470,000
7.36%
6.61%
K
320,000
320,000
5.01%
4.50%
L
355,000
355,000
5.56%
4.99%
M
457,548
457,548
7.17%
6.44%
N
327,000
327,000
5.12%
4.60%
O
421,000
421,000
6.60%
5.92%
P
246,940
246,940
3.87%
3.47%
R
500,000
500,000
7.83%
7.03%
S
750,000
750,000
11.75%
10.55%
Total
6,382,988
7,107,988
100.00%
100.00%
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 54
As at 31.12.2024
Item
Amount
Opening balance
513
Nominal value of shares increasing share capital
50
Closing balance
563
Series of shares
Number of shares
(units)
Number of votes
Share in the share
capital
Share of total
voting rights
A
725,000
1,450,000
12.87%
22.81%
B
525,000
525,000
9.32%
8.26%
C
150,000
150,000
2.66%
2.36%
D
70,000
70,000
1.24%
1.10%
E
150,000
150,000
2.66%
2.36%
F
167,000
167,000
2.96%
2.63%
G
220,000
220,000
3.91%
3.46%
H
321,500
321,500
5.71%
5.06%
I
207,000
207,000
3.67%
3.26%
J
470,000
470,000
8.34%
7.39%
K
320,000
320,000
5.68%
5.03%
L
355,000
355,000
6.30%
5.58%
M
457,548
457,548
8.12%
7.20%
N
327,000
327,000
5.81%
5.14%
O
421,000
421,000
7.47%
6.62%
P
246,940
246,940
4.38%
3.88%
R
500,000
500,000
8.88%
7.86%
Total
5,632,988
6,357,988
100%
100%
Nominal value per share: PLN 0,10
Note 12.1 Share premium (excess over nominal value)
Item
31.12.2025
31.12.2024
Share premium (excess over nominal value)
255,849
199,351
Total
255,849
199,351
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 55
Note 12.2 Changes in share premium
Data for the period from 01.01.2025 to 31.12.2025
During the reporting period, there were changes in share premium (excess over nominal value).
Item
Share premium (excess over nominal value)
Opening balance
199,351
Valuation of financial instruments
0
Issue of shares above nominal value
56,497
Closing balance
255,849
As a result of the above-mentioned increase in the Company’s share capital through the issuance of new Series S,
the balance sheet item “Share premium (excess over nominal value)”, increased by PLN 56,497 thousand on a net
basis, i.e. after deduction of issuance costs..
The table below presents information on the above-mentioned issuance and how the total amount increasing “Share
premium (excess over nominal value)” was determined.
Item
Share premium (excess over nominal
value)
Issuance of shares
58,320
Nominal value of shares increasing share capital
75
Share issuance costs
1,748
Issue of shares above nominal value
56,497
Data for the period from 01.01.2024 to 31.12.2024
Item
Share premium (excess over nominal value)
Opening balance
171,968
Valuation of financial instruments
0
Issue of shares above nominal value
27,383
Closing balance
199,351
In the second quarter of 2024, the Company carried out an issuance of Series R shares, as a result of which,, after
deduction of share issuance costs, the balance sheet item “Share premium (excess over nominal value)” increased
by PLN 27,383 thousand.
The table below presents information on the above-mentioned issuance and how the total amount increasing “Share
premium (excess over nominal value)” was determined.
Item
Share premium (excess over nominal
value)
Issuance of shares
27,500
Nominal value of shares increasing share capital
50
Share issuance costs
67
Issue of shares above nominal value
27,383
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 56
Note 13 Other equity reserves
Other equity reserves
31.12.2025
31.12.2024
Share premium
9,965
9,965
Total
9,965
9,965
Note 14 Retained earnings
Retained earnings
31.12.2025
31.12.2024
Losses to be covered from future profits
-262,824
-213,863
Note 15 Reserve capital
Information on estimates
The Company operates an incentive program based on share-based payment transactions settled in equity
instruments. The program is based on shares of DataWalk and entitles participants to receive equity instruments
in the number and on the terms specified in the Rules and in the Participation Agreement. This program is
recognized in the financial statements in accordance with IFRS 2.
In order to comply with IFRS 2, during the vesting period the Company recognizes an amount for the services
received, based on the best available estimates of the number of equity instruments expected to vest. The entity
revises these estimates, if necessary, if subsequent information indicates that the number of equity instruments
expected to vest differs from previous estimates. At the vesting date, the entity adjusts the estimate to reflect the
number of equity instruments that ultimately vested.
The recognition of the incentive program requires an analysis that involves making certain assumptions and the
use of professional judgment, in particular with respect to the number of equity instruments expected to vest during
the reporting period and the valuation of share options at the grant date. At each reporting date, the Company
estimates the number of equity instruments expected to vest during the reporting period in order to recognize the
corresponding increases in equity and the costs of the Company and the Group resulting from the implementation
of the incentive program.
Reserve capital
31.12.2025
31.12.2024
Incentive program
54.565
46,914
Total
54,565
46,914
Nature and operating principles of the long-term Incentive Program settled in equity instruments
On 30 June 2022, the General Meeting of DataWalk S.A. adopted a resolution on the introduction of an Incentive
Program (the “Program”) addressed to members of key personnel who are Employees, Contractors or members of
the Management Board (the “Eligible Persons”) of the Company. The Rules of the Program were adopted by the
Management Board of the Company by resolution dated 31 August 2022 and subsequently approved by the
Supervisory Board by resolution dated 9 September 2022 (the “Rules”).
The provisions of the Program apply from the date of adoption of the Rules by the Supervisory Board and remain
in force until its termination by the Management Board with the effects specified in the Rules. The Management
Board may at any time, with the consent of the Supervisory Board, decide to terminate or amend the Program.
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 57
The purpose of the Program is to attract and retain members of the Company’s key personnel over the long term
by creating additional, market-competitive instruments enabling full alignment and identification of key personnel
with the Company and its long-term objectives, motivating them to ensure the Company’s dynamic growth and
aligning their interests with the interests of the Company and, consequently, its shareholders, thereby enabling
participation in the expected development of the Company and strengthening their relationship with the Company.
On 30 December 2024, the Extraordinary General Meeting of DataWalk S.A. adopted a resolution on determining
the maximum pool of Rights under the share-based Program, pursuant to which the previous pool of Rights not
exceeding 430,000 shares of the Company was increased to a maximum of 570,000 shares of the Company.
Subsequently, on 25 June 2025, the General Meeting of DataWalk S.A. adopted another resolution on determining
the maximum pool of RSU units under the RSU Program and the maximum pool of Rights under the share-based
Program, pursuant to which a new combined pool of 485,000 rights for participants of the incentive programs was
established, consisting of RSU units and Rights under the share-based Program (the “Combined Pool”). The
Combined Pool may be allocated, in accordance with the decision of the Management Board (or, where required
by law, the Supervisory Board), among participants of both incentive programs implemented in the Company and
its Subsidiary in the form of RSU Units or Rights under the share-based Program. However, the total Combined
Pool of Rights or RSU Units granted in both programs (in the Company and in the Subsidiary) may not exceed
485,000.
As at 31 December 2025 and as at the date of publication of these financial statements, the Management Board
has not yet adopted resolutions regarding the allocation of the additional pool to specific incentive programs.
In view of the above, as at the reporting date of 31 December 2025, the maximum number of Rights entitling
holders to subscribe for and/or acquire shares of the Company may not exceed 570,000 shares of the Company in
total.
The Incentive Program is implemented through the granting to participants, indicated for participation in the
Program in accordance with the Rules and who have entered into a participation agreement with the Company (the
“Participation Agreement”), of conditional rights to subscribe for and/or acquire shares of the Company (the
“Rights”). The granting of Rights does not constitute their vesting or exercise.
The Rights are not securities and do not confer any civil law claims (including under company law) other than the
right to exercise the Rights in accordance with the Program, and in particular do not grant any shareholder rights,
including voting rights, dividend rights or any other shareholder rights, until the shares of the Company are
acquired or subscribed for. The Rights are non-transferable to third parties and may not be encumbered with any
rights in rem or contractual rights but are subject to inheritance.
The vesting of Rights by participants occurs upon the fulfilment of vesting conditions defined as the achievement
of financial or non-financial criteria, either individual or relating to the Company, specified in the Participation
Agreement, including:
(a) maintaining the Cooperation Relationship for the period specified in the Participation Agreement, and/or
(b) fulfilment of additional criteria, if provided for in the Participation Agreement.
The Rights vest free of charge.
The performance vesting conditions are not dependent on the market price of the Company’s equity instruments
and are therefore classified as non-market conditions.
In accordance with IFRS 2, vesting conditions other than market conditions should not be taken into account when
estimating the fair value of shares or share options at the measurement date. Instead, vesting conditions should be
taken into account by adjusting the number of equity instruments included in the measurement of the transaction
so that the amount recognized for services received reflects the number of instruments that ultimately vest.
The condition for the exercise of the Rights is the simultaneous fulfilment of Vesting Conditions and the
occurrence of a Sale Transaction (a non-vesting condition).
The exercise of the Rights will occur upon the simultaneous fulfilment of the following conditions:
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 58
(a) fulfilment of the vesting conditions specified in the individual Participation Agreement (e.g. length of
cooperation);
(b) occurrence of a “Sale Transaction”, i.e. a situation in which all of the following conditions are met:
(i) an entity or a group of entities acting in concert within the meaning of Article 87(1)(5) of the Public Offering
Act exceeds 50% of the total voting rights in the Company as a result of announcing a tender offer for the sale of
all shares in the Company, in accordance with the Public Offering Act (hereinafter referred to as: the “Tender
Offer”), provided that, for the purposes of calculating the total voting rights in the Company, account shall be
taken of the aggregate number of votes held — irrespective of the legal basis — by all entities forming part of the
same capital group, as well as the number of votes attached to shares, even if the exercise of the voting rights
attached thereto is restricted or excluded pursuant to the Company’s Articles of Association, an agreement or
provisions of law, or a transformation, merger or demerger of the Company occurs which, under the applicable
regulations, does not require the announcement of a tender offer; and
(ii) FGP Venture disposes of at least 587,500 (in words: five hundred and eighty-seven thousand five hundred)
shares in the Company held by it or their equivalent received as a result of a transformation, merger or demerger
of the Company (in response to the Tender Offer or independently of such Tender Offer), or an entity (acting
individually, through a capital group or in concert with other entities), other than the shareholders of FGP Venture
as at 30 June 2022, acquires more than 50% of the interests in FGP Venture,
(iii) irrespective of the above, a given transaction shall not constitute a Sale Transaction if it does not result in a
change of control, i.e.: an entity or a group of entities acting in concert exceeding 50% of the total voting rights in
the Company or ownership of 50% of the Company’s assets, or b) obtaining actual control over the Company,
understood as obtaining at least 30% of the total voting rights, or c) the acquisition of the Company’s assets
representing at least 40% of the gross market value of all of the Company’s assets.
In accordance with IFRS 2, a Sale Transaction is understood as a condition other than a vesting condition (a non-
vesting condition).
In accordance with the Rules, the Rights shall be exercised within 6 months from the occurrence of the Sale
Transaction.
As the occurrence of a Sale Transaction is a probable future event, but one dependent on factors not controlled by
the Company and not dependent on the market price of the Company’s shares, it has not been included in the
estimates used for the valuation of the Right.
The exercise of Rights vested in a Participant consists in subscribing for or acquiring shares at nominal value. One
Right shall entitle the holder to subscribe for or acquire one share, provided that if the nominal value of a share
changes, i.e. is no longer PLN 0.10 (in words: ten groszy) per share, the Participant shall be entitled to subscribe
for or acquire the number of shares determined in accordance with the formula set out in Resolution No. 20 of the
Ordinary General Meeting of the Company dated 30 June 2022 on the establishment of a share-based incentive
program for members of key personnel of DataWalk S.A. (hereinafter referred to as the "ZWZ Resolution"). /the
Ordinary General Meeting (OGM) Resolution/
The Rights shall be exercised either:
(i) directly through an increase in the share capital, the authorization of the Management Board to increase the
Company’s share capital within the limits of the authorized capital, or the acquisition by the Company of treasury
shares for the purpose of offering them to Participants;
(ii) indirectly through a conditional increase in the share capital combined with an issue of registered subscription
warrants addressed to Participants;
(iii) or in another appropriate manner, including through indirect acquisition by a third party, depending on the
decision of the Management Board in this respect, approved by the Supervisory Board.
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 59
If a Sale Transaction does not occur within the period specified in the Rules, then, due to the impossibility of
fulfilling the Exercise Conditions, the Participation Agreement shall be automatically and immediately terminated
with respect to the relevant Rights, without any obligation on the part of the Company to render any performance.
The Participant shall have no claims for payment, including any claims for damages, against the Company, its
shareholders or members of its governing bodies.
If a Sale Transaction occurs before the specified Vesting Conditions are satisfied, the Participation Agreement
shall be terminated with respect to the relevant Rights, and the Participant shall lose the possibility of further
participation in the Program in this respect, including the right to vest and exercise the relevant Rights. The
Participant shall have no claims whatsoever against the Company, its shareholders or members of its governing
bodies, including any claims for payment, delivery of Shares or damages. However, if the Vesting Conditions
applicable to a given Participant included only the maintenance of the Cooperation Relationship on the terms set
out in the Rules for the period specified in the Participation Agreement, excluding the additional criteria referred
to in the Rules, and provided that no Cause has occurred, the Vesting Conditions shall be deemed to have been
satisfied on the date of the Sale Transaction, and the Participant shall be entitled to exercise the vested Rights. The
Participation Agreement may regulate differently the effects of the occurrence of a Sale Transaction prior to the
fulfilment of the Vesting Conditions.
Assumptions adopted for the valuation of the Program
Services received in a share-based payment transaction settled in equity instruments are measured indirectly at fair
value at the grant date. The initial valuation of the Program is based on the fair value of the underlying instruments.
The measurement of the value of goods or services received and the corresponding increase in equity reflects the
extent to which the services have been rendered.
The entity determines the fair value of an equity-settled award taking into account only market conditions and
conditions other than vesting conditions (non-vesting conditions), which means that service conditions (vesting
conditions) and non-market conditions affect the measurement of the increase in equity by adjusting the number
of rights to subscribe for and/or acquire shares of the Company on the basis of estimated performance outcomes
to be achieved.
The value of one right to subscribe for and/or acquire shares of the Company is measured only once, at the grant
date. At each reporting date, and ultimately at the settlement date, the fair value of the recognized increase in
equity may be remeasured as a result of an adjustment to the number of rights to subscribe for and/or acquire
shares of the Company. Such remeasurement applies to the recognized portion of the increase in equity up to the
vesting date. The full amount of the increase in equity is subject to remeasurement from the vesting date until the
settlement date. The cumulative net cost and the amounts recognized in profit or loss that will ultimately be
recognized in connection with the transaction shall be equal to the product of the vested rights to subscribe for
and/or acquire shares of the Company and the value of one right to subscribe for and/or acquire shares of the
Company at the grant date.
The effects of adjustments to the measurement of the increase in equity during the vesting period are recognized
immediately in profit or loss (in the appropriate cost line item) to the extent that they relate to past services, whereas
to the extent that they relate to future services, the effect of the measurement adjustment is spread over the
remaining vesting period.
This means that, during the remeasurement period, a catch-up adjustment may arise with respect to the number of
rights to subscribe for and/or acquire shares of the Company for previous periods, so that the increase in equity
recognized at each reporting date equals the total fair value of the increase in equity.
As at the reporting date of 31 December 2025, the Company adjusted the number of rights to subscribe for and/or
acquire shares of the Company for which, based on the Company’s internal estimates, vesting had occurred, and
accordingly remeasured the corresponding increase in equity. The decision regarding the final number of rights
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 60
vested in participants of the Program will be made upon the occurrence of the events specified in the Rules entitling
Eligible Persons to subscribe for and/or acquire shares of the Company.
The fair value of the right to subscribe for and/or acquire shares of the Company at the grant date is determined
using the Black-Scholes-Merton model, where the underlying instrument is the market price of DataWalk S.A.
shares. The Rights shall vest free of charge. The exercise of Rights vested in a Participant shall consist in
subscribing for or acquiring shares at nominal value, which at the grant date amounted to PLN 0.10 per share.
Rights to subscribe for and/or acquire shares of the Company do not carry dividend rights, and therefore the
expected dividend yield is 0. There are no other market conditions in the valuation of rights to subscribe for and/or
acquire shares under the Program. However, the total cost of the Program and the corresponding increase in equity
should be determined at each reporting date taking into account the remaining non-market factors.
Expected share price volatility was determined on the basis of the annualized standard deviation of share returns
using daily observations. The rate of return was expressed as an annual interest rate with continuous compounding
(annual continuously compounded interest rate). In accordance with IFRS 2, when estimating expected volatility,
the Company considered:
a) the volatility used for exchange-traded options on the Company’s shares, due to their availability;
b) historical volatility of share prices over the most recent possible period, the length of which is generally
commensurate with the expected term of the option;
c) the length of time for which the entity’s shares have been publicly traded, i.e. since 20 July 2012, and therefore
the Company is not treated as a newly listed entity and historical volatility was regarded as relatively stable over
a longer period of time;
d) appropriate and regular time intervals for price observations which, in the Company’s opinion, are consistent
from period to period — the entity uses the closing price from each day of the week. The observed prices are
expressed in the currency in which the exercise price is denominated, i.e. PLN.
The average annual forfeiture rate for rights to subscribe for and/or acquire shares of the Company, based on
expectations regarding, for example, the number of employees and contractors leaving the Company before the
vesting date, was assumed at 0%. The Company periodically reviews these estimates and updates them in the event
of material deviations.
The grant of Rights to the Company’s employees and contractors who joined the Incentive Program from the
beginning of its term until the reporting date of 31 December 2025 took place in seven tranches.
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 61
The table below presents the parameters adopted in the valuation model for the Rights for the individual tranches of the Program.
Parameters used in the
valuation model
Tranche I
Tranche II
Tranche III
Tranche IV
Tranche V
Tranche VI
Tranche VII
Counterparty
DataWalk S.A.
DataWalk S.A.
DataWalk S.A.
DataWalk S.A.
DataWalk S.A.
DataWalk S.A.
DataWalk S.A.
Program valuation date (Grant
Date)
01.10.2022
01.01.2023
01.07.2023
01.02.2024
01.07.2024
15.01.2025
01.07.2025
Valuation model
Black-Scholes-
Merton
Black-Scholes-
Merton
Black-Scholes-
Merton
Black-Scholes-
Merton
Black-Scholes-
Merton
Black-Scholes-
Merton
Black-Scholes-
Merton
Number of Rights granted
under Participation
Agreements (units)
275,518
118,710
12,450
42,300
3,900
124,350
23,400
Number of Rights forfeited as
at the reporting date (units)
9,217
24,875
0
3,400
0
600
0
Share price (PLN)
136.26
91.35
60.00
33.90
63.30
61.00
114.50
Exercise price (PLN)
0.10
0.10
0.10
0.10
0.10
0.10
0.10
Expected exchange rate
volatility
4.16%
4.13%
3.56%
4.64%
4.91%
4.71%
4.36%
Expected life of the option
5 years
5 years
5 years
5 years
5 years
5 years
5 years
Risk-free rate
7.14%
6.05%
5.45%
5.44%
5.04%
5.45%
4.85%
The total number of Rights forfeited from the inception of the Program to 31 December 2025 amounted to 39,092, representing 7% of the maximum number of Rights under
the Program,
At a later stage of the Incentive Program, the authorized bodies may designate additional participants and grant them a specified number of Rights within the limit set out in the
General Meeting resolution, i,e, not exceeding a total of 570,000 shares of the Company, The Company will disclose such events in separate announcements,
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 62
Recognition of the Program in the period from 1 January 2025 to 31 December 2025
The table below presents the number of Rights granted to subscribe for shares of the Company as at 31 December
2025, broken down by vesting conditions and the degree of their fulfilment.
Vesting conditions
Rights
granted
(units)
Degree of
fulfilment of
vesting
conditions
Number of
Rights
vested
(units)
Estimated
number of
rights vested
as at the
reporting
date (units)
Rights in the
vesting
period
(units)
Vested Rights
493,536
100%
493,536
0
0
Service through 30 June 2026
7,350
53%
0
3,886
3,464
Service through 31 December
2026
57,150
47%
0
27,077
30,073
Service through 30 September
2027
3,500
25%
0
881
2,619
Total
561,536
94%
493,536
31,844
36,156
The table below presents the number of Rights for which the vesting conditions are estimated to have been satisfied
and, accordingly, the services are deemed to have been rendered, with the related expense recognized based on the
weighted average fair value.
Specification
Number
Weighted
average fair
value (PLN)
Cost based on
weighted
average fair
value (PLN
thousand)
Estimated number of Rights vested as at 01.01.2025
411,374
114.04
46,915
Estimated number of Rights vested during the period
under Participation Agreements
114,006
67.10
7,650
Number of Rights forfeited during the period
0
0
0
Estimated number of Rights vested as at 31.12.2025
525,380
103.86
54,565
The table below presents the recognition of Program costs in individual line items of the financial statements.
Financial statement element
Item
Weighted average fair value
(PLN thousand)
Income statement / Operating
expenses
Incentive program
7,650
Equity
Profit (loss) for the current year
-7,650
Retained earnings from prior years
-54,565
Reserve capital
54,565
There were no Rights that expired during the reporting period. There were no Rights exercised during the reporting
period, and as at 31 December 2025 no Rights were exercisable.
As at the reporting date and as at the date the financial statements were authorized for issue, the Rights under the
Program were not exercisable, as no Sale Transaction had occurred. Furthermore, the Group’s management has
not taken any actions and has no information indicating a high probability of events that would result, within the
next 12 months, in the occurrence of a Sale Transaction and, consequently, the commencement of the Program
(share issuance).
The table below presents the reconciliation of Rights under the Program by exercise status and their fair value as
at 31 December 2025.
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 63
Specification
Number
of units
% of the
Program
Fair value
(PLN)
Cost at
fair value
(PLN
thousand)
Maximum number of Rights under the Program,
including:
570,000
- Rights granted under Participation Agreements,
comprising:
561,536
99%
97.27
54,620
- Tranche dated 01.10.2022, reflecting agreements entered
into on that date
266,301
47%
136.19
36,268
- Tranche dated 01.01.2023
93,835
16%
91.28
8,565
- Tranche dated 01.07.2023
11,450
2%
59.92
686
- Tranche dated 01.02.2024
38.900
7%
33.82
1,316
- Tranche dated 01.07.2024
3.900
1%
63.22
247
- Tranche dated 15.01.2025
123,750
22%
60.92
7,539
- Tranche dated 01.07.2025
23,400
4%
114.42
2,677
- Maximum number of Rights to be granted in future
periods
8,464
1%
Rights granted under Participation Agreements,
including:
561,536
99%
97.27
54,620
- Rights vested
493,536
87%
105.95
52,292
- Rights in the vesting period, including:
68,000
12%
34.24
2,328
a) for which the vesting conditions are estimated to have
been satisfied
31,844
6%
71.39
2,273
As at 31 December 2025, the Incentive Program remains in progress.
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 64
Note 16 Lease liabilities (non-current and current)
Information on estimates
Lease payments are discounted by the Group using the incremental borrowing rate, the value of which is estimated
based on the risk-free rate and the Group’s credit risk premium. Certain lease agreements include options to extend
or terminate the lease. Management applies judgment in determining the period for which it is reasonably certain
that such agreements will continue.
As at 31 December 2025, the Group was a party to lease agreements for office space and vehicles, in which it acts
as the lessee.
Lease liabilities
31.12.2025
31.12.2024
Non-current
0
427
Current
427
422
Total
427
849
Specification
31.12.2025
31.12.2024
Lease liabilities for office space
422
810
- up to 12 months
422
388
- over 12 months
0
422
Lease liabilities for vehicles
5
39
- up to 12 months
5
34
- over 12 months
0
5
Total
427
849
Office space lease
As at 31 December 2025, future minimum payments for office space leases are as follows:
Specification
31.12.2025
31.12.2024
Future minimum lease payments, including:
439
878
- within less than 1 year
439
439
- within 1-2 years
0
439
Future interest expense
-17
-68
Present value of lease liabilities, including:
422
810
- within less than 1 year
422
388
- within 1-2 years
0
422
The effective interest rate for office space leases as at 31 December 2025 was 8.98%, and as at 31 December 2024
it was 8.98%.
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 65
Vehicle leases
As at 31 December 2025, future minimum lease payments for vehicle leases are as follows:
Specification
31.12.2025
31.12.2024
Future minimum lease payments, including:
5
41
- within less than 1 year
5
36
- within 1-2 years
0
5
Future interest expense
0
-2
Present value of lease liabilities, including:
5
39
- within less than 1 year
5
34
- within 1-2 years
0
5
The effective interest rate for the above vehicle leases as at 31 December 2025 was as follows: 5.69%, 7.85% or
10.03%, depending on the lease agreement.
Lease costs recognized during the reporting period
In the period from 1 January 2025 to 31 December 2025, the amounts of lease-related costs recognized in the
income statement and the statement of comprehensive income were as follows:
Specification
01.01.2025 -
31.12.2025
01.01.2024 –
31.12.2024
Depreciation of right-of-use assets
465
603
Interest expense on lease liabilities
55
64
Short-term lease costs
52
12
Low-value lease costs
0
0
Total
572
678
The total cash outflow related to leases in 2025 amounted to PLN 499 thousand, and in 2024 to PLN 722 thousand.
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 66
Note 17 Loans and borrowings (non-current and current)
Loan and borrowing liabilities are measured at amortized cost using the effective interest rate method. The fair
value of loan and borrowing liabilities does not differ materially from their carrying amount.
The Group’s indebtedness as at 31 December 2025 and 31 December 2024 is presented in the table below.
Borrower:
DataWalk Inc.
Purpose of financing:
Mitigation of economic damage caused by a natural
disaster that occurred on 31 January 2020 and
continued thereafter
Financing institution:
U.S. Small Business Administration (SBA)
Loan amount under the agreement [USD thousand]:
150
Carrying amount as at the reporting date [USD thousand]:
153
Carrying amount as at 31.12.2024 [USD thousand]:
156
Carrying amount as at the reporting date [PLN thousand]:
551
Carrying amount as at 31.12.2024 [PLN thousand]:
641
Effective interest rate:
Fixed interest rate
Maturity date:
01.07.2050
Collateral:
Selected non-current and current assets up to the
amount of the liability
The SBA loan is secured by a lien on the present and future tangible and intangible assets of DataWalk Inc., which
means that, in accordance with the agreement, the Company’s current assets and intangible assets are pledged to
the extent necessary to satisfy the lender’s claims. As at 31 December 2025, the Group’s total indebtedness
amounted to PLN 551 thousand, compared to PLN 641 thousand as at 31 December 2024.
During the reporting period, there were no instances of delayed repayment of principal or interest on loans and
borrowings, nor were any other loan agreement terms breached that would entitle the lender to demand early
repayment.
Due to the fixed interest rate, the above financial liability is not exposed to interest rate risk.
Maturity structure of loans, borrowings and financial liabilities
Maturity structure of non-current loans, borrowings and financial
liabilities
31.12.2025
31.12.2024
Non-current, including:
520
605
- within 1-2 years
32
36
- loans maturing within 1–2 years
488
569
Current
32
36
Currency structure of the carrying amount of loans, borrowings and financial liabilities
Currency structure of the carrying amount of loans, borrowings
and financial liabilities
31.12.2025
31.12.2024
In U.S. dollars (equivalent in PLN)
551
641
Total
551
641
Fair value of financial liabilities
During the 12-month period ended 31 December 2025, there were no transfers between levels of the fair value
hierarchy within the Group’s debt positions. As at 31 December 2025, the fair value of loans and borrowings did
not differ materially from their carrying amount and was determined using valuation models with inputs that are
not directly or indirectly observable in active markets (Level 3).
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 67
Note 18 Liabilities related to the incentive program
Information on estimates
The Group operates an incentive program based on share-based payment transactions settled in cash. The Program
is based on derivative financial instruments that entitle participants to receive a cash payment in the amount and
on the terms specified in the Rules and in the Participation Agreement (so-called Restricted Stock Units, hereinafter
referred to as the “RSU Units”). This Program is recognized in the consolidated financial statements in accordance
with IFRS 2.
In order to comply with IFRS 2, during the vesting period the Group recognizes an amount for the services
received, based on the best available estimates of the number of equity instruments expected to vest. The entity
revises these estimates, if necessary, if subsequent information indicates that the number of equity instruments
expected to vest differs from previous estimates. At the vesting date, the entity adjusts the estimate to reflect the
number of equity instruments that ultimately vested.
The accounting for the incentive program requires analysis involving the use of certain assumptions and the
application of professional judgment, in particular with respect to the number of equity instruments expected to
vest during the reporting period and the valuation of RSU Units. At each reporting date, the Group estimates the
number of financial instruments expected to vest and their fair value during the reporting period in order to
recognize the appropriate liabilities and costs of the Group resulting from the implementation of the incentive
program.
Nature and operating principles of the long-term Incentive Program of the DataWalk Group settled in cash
On 30 June 2020, the General Meeting of DataWalk S.A. adopted a resolution on the introduction of an Incentive
Program (the “Program”) addressed to members of key personnel who are Employees, Contractors or members of
the Management Board (the “Eligible Persons”) of the Group. The Rules of the Program were adopted by the
Management Board of the Company and subsequently approved by the Supervisory Board by resolution dated 18
March 2022.
The provisions of the Program apply from the date of adoption of the Rules by the Supervisory Board and remain
in force until its termination by the Management Board with the effects specified in the Rules. The Management
Board may at any time, with the consent of the Supervisory Board, decide to terminate or amend the Program.
The purpose of the Program is to attract and retain members of key personnel of the Company and/or its
Subsidiaries over the long term by creating additional, market-competitive instruments enabling full alignment
and identification of key personnel with the Group and its long-term objectives, motivating them to focus on the
Group’s long-term performance, maintaining dynamic growth in its value, and aligning their interests with those
of the Group and, consequently, its shareholders, thereby linking the long-term value of the Group with the long-
term objectives of its key personnel.
Under the Program, the entity responsible for settlement is the company that receives the services provided under
the Program and has entered into the relevant Participation Agreement with the participant. Each of the companies,
i.e. DataWalk S.A. and DataWalk Inc., is a party to agreements with Program participants who provide work or
services to DataWalk S.A. or DataWalk Inc., respectively.
On 30 December 2024, the Extraordinary General Meeting of DataWalk S.A. adopted a resolution to determine
the maximum RSU pool under the Program, pursuant to which the previous pool of up to 1,120,000 RSU Units
was reduced to a maximum of 980,000 RSU Units.
Subsequently, on 25 June 2025, the General Meeting of DataWalk S.A. adopted another resolution to determine
the maximum RSU pool under the RSU Program and the maximum pool of Rights under the share-based Program,
pursuant to which it was resolved to establish a new combined pool of 485,000 entitlements for participants in the
incentive programs, consisting of RSUs and Rights under the share-based Program (the “Combined Pool”). The
Combined Pool may be allocated, in accordance with the decision of the Management Board (or, where required
by law, the Supervisory Board), among participants of both incentive programs implemented in the Company and
its Subsidiary in the form of RSU Units or Rights under the share-based Program. However, the total Combined
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 68
Pool of Rights or RSU Units granted in both programs (in the Company and in the Subsidiary) may not exceed
485,000.
As at 31 December 2025 and as at the date of publication of these financial statements, the Management Board
has not yet adopted resolutions regarding the allocation of the additional pool to specific incentive programs.
In light of the above, as at the reporting date of 31 December 2025, the total number of RSU Units that may be
granted under the Program to all Eligible Persons may not exceed 980,000.
The maximum term for the exercise of RSU Units by Eligible Persons is 10 years from the date of entering into
the Participation Agreement, under which the Eligible Person becomes entitled to receive cash upon satisfaction
of specified vesting conditions.
In share-based payment transactions, the Group receives services from Eligible Persons and incurs a liability to
deliver cash, the amount of which is based on the price (or value) of the Company’s shares as remuneration.
Eligible Persons have been offered the opportunity to enter into agreements governing participation in the Program
(the “Participation Agreement”), which set out the vesting conditions for the acquisition by Eligible Persons of
derivative financial instruments, within the meaning of the Act of 29 July 2005 on trading in financial instruments
(Journal of Laws No. 183, item 1538, as amended), entitling them to receive a cash payment in the amount and on
the terms specified in the Rules and the Participation Agreement (so-called Restricted Stock Units, hereinafter
referred to as the “RSU Units”).
The vesting conditions for RSU Units require the achievement of specified individual performance targets, if
provided for in the Participation Agreement, and/or maintaining the status of an Employee and/or Contractor
and/or Management Board member within the Group for the period specified in the Participation Agreement and
under the terms set out in the Rules.
Conditions related to the achievement of individual performance targets (performance vesting conditions) are not
dependent on the market price of the Group’s equity instruments and are therefore classified as non-market
conditions..
Conditions related to maintaining the status of an Employee and/or Contractor and/or Management Board member
within the Group (service period vesting conditions) are set for a period of up to 4 years, taking into account the
period of service provided to the Group prior to the approval of the Rules. Vesting occurs on an annual basis.
In accordance with IFRS 2, vesting conditions other than market conditions should not be taken into account when
estimating the fair value of shares or share options at the measurement date. Instead, vesting conditions should be
taken into account by adjusting the number of equity instruments included in the measurement of the transaction
so that the amount recognized for services received reflects the number of instruments that ultimately vest.
The condition for the settlement of payments under the Program is the simultaneous fulfilment of vesting
conditions and the occurrence of a Sale Transaction (a non-vesting condition).
A Sale Transaction means a situation in which all of the following conditions are met:
(i) an entity or a group of entities acting in concert, as referred to in Article 87 of the Public Offering Act, exceeds
50% of the total voting rights in the Company as a result of announcing a tender offer to subscribe for the sale of
all shares of the Company, as referred to in Article 74(1) or (2) or Article 91(5) of the Public Offering Act, whereby
for the purposes of calculating the total number of voting rights in the Company, the aggregate number of votes
held—regardless of the legal basis—by all entities within the same capital group is taken into account, as well as
voting rights attached to shares even if the exercise of such voting rights is limited or excluded under the
Company’s Articles of Association, agreements or applicable laws, or in the event of a transformation, merger or
demerger of the Company that does not require a tender offer pursuant to Article 92 of the Public Offering Act;
and
(ii) FGP Venture disposes of at least [587,500] (in words: five hundred eighty-seven thousand five hundred) shares
in the Company held by it, or their equivalent received as a result of a transformation, merger or demerger of the
Company (either in response to the tender offer referred to in point (i) or independently thereof), or an entity
(acting individually, through a capital group or in concert with other entities), other than the shareholders of FGP
Venture as at 30 June 2020, acquires more than 50% of the shares in FGP Venture,
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 69
(iii) notwithstanding the above, a given transaction shall not constitute a Sale Transaction if it does not result in a
change of control within the meaning of Section 409A, i.e.: (a) an entity or a group of entities acting in concert
exceeding 50% of the total voting rights in the Company or ownership of 50% of the Company’s assets, or (b)
obtaining effective control over the Company, understood as acquiring at least 30% of the total voting rights, or
(c) acquiring assets of the Company representing at least 40% of the gross fair market value of all of the Company’s
assets;
In accordance with the Program Rules, a one-off payment resulting from the exercise of RSU Units will be settled
within 90 days of the occurrence of a Sale Transaction, but no later than 14 March of the year following the year
in which the Sale Transaction occurred.
In accordance with IFRS 2, a Sale Transaction is understood as a condition other than a vesting condition (a non-
vesting condition).
Due to the fact that the occurrence of a Sale Transaction is a probable future event, but dependent on factors
beyond the Group’s control and not linked to the market price of the Group’s shares, it has not been included in
the estimates used to determine the value of RSUs.
The settlement of RSUs consists of a one-off cash payment made by the Group in an amount equal to the product
of the number of RSUs granted and the value of an RSU as specified in the Rules, which will depend on the share
price/value resulting from the Sale Transaction, reduced by mandatory deductions for advance income tax, social
security contributions, health insurance contributions or any other public law liabilities borne by the Participant,
which the Group, as a withholding agent, is required to deduct under applicable regulations. Upon settlement of
RSUs, i.e. once the due cash amount has been paid, the Participant shall not be entitled to any additional monetary
or non-monetary benefits from the Group under the Program.
If a Sale Transaction does not occur within the period specified in the Participation Agreement concluded with a
given Participant, the right to receive RSUs shall lapse and, due to the inability to satisfy the settlement conditions,
the Participation Agreement shall be automatically and immediately terminated with respect to the relevant RSUs,
without any obligation for the Company or its Subsidiary to provide any consideration. The Participant shall not
be entitled to any claims for payment, including any claims for damages, against the Company, its Subsidiary,
their shareholders or members of their governing bodies.
If a Sale Transaction occurs before the specified vesting conditions are satisfied, the Participation Agreement shall
be terminated with respect to the relevant RSUs, and the Participant shall lose the right to further participate in the
Program in this respect, including the right to be granted and to realize such RSUs. The Participant shall not be
entitled to any claims for payment, including any claims for damages, against the Company, its Subsidiary, their
shareholders or members of their governing bodies. However, if the vesting conditions for a given Participant
required only maintaining the status of an Employee and/or Contractor and/or Management Board member in the
Company and/or its Subsidiary for the period specified in the Participation Agreement and under the terms set out
in the Rules, excluding additional individual performance targets referred to in the Rules, and provided that no
Cause occurred, then as at the date of the Sale Transaction the Participant shall be granted such number of RSUs
as if the Sale Transaction had occurred after the expiry of the required minimum period of maintaining the status
of an Employee and/or Contractor and/or Management Board member in the Company and/or its Subsidiary. The
Participation Agreement may provide for different consequences of the occurrence of a Sale Transaction prior to
the fulfilment of the vesting conditions.
Assumptions adopted for the valuation of the Program
Employee services received in the form of share-based payments settled in cash are measured indirectly at the fair
value of the liability at the grant date. The initial measurement of the liability is based on the fair value of the
underlying instruments. The measurement of the liability reflects the extent to which the services have been
rendered.
The entity determines the fair value of a cash-settled liability taking into account only market conditions and non-
vesting conditions, which means that service conditions (vesting conditions) and non-market conditions affect the
measurement of the liability through adjustments to the number of rights to receive cash based on estimates of the
performance outcomes to be achieved.
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 70
At each reporting date, and ultimately at the settlement date, the fair value of the recognized liability is remeasured.
The remeasurement applies to the recognized portion of the liability up to the vesting date. The full amount is
remeasured from the vesting date until settlement. The cumulative net cost and the amounts recognized in profit
or loss that will ultimately be recognized in connection with the transaction will be equal to the amount paid to
settle the liability.
The effects of remeasurement during the vesting period are recognized immediately in profit or loss (in the
appropriate cost line) to the extent that they relate to past services, and to the extent that they relate to future
services, the effect of remeasurement is spread over the remaining vesting period.
This means that during the remeasurement period, a catch-up adjustment is recognized for prior periods so that the
liability recognized at each reporting date equals the total fair value of the liability.
As at 31 December 2025, the Group measured the RSU Units for which, based on the Group’s internal estimates,
vesting had occurred. The decision regarding the final number of RSU Units granted and their value had not been
made as at the date of preparation of the financial statements, as the events specified in the Rules giving Eligible
Persons the right to be granted and benefit from RSUs had not occurred.
The fair value of RSU Units as at the reporting date of 31 December 2025 was determined based on the market
price of DataWalk S.A. shares. In accordance with the assumptions set out in the Rules, the value of an RSU will
be determined based on the share price resulting from the Sale Transaction. RSU Units are granted without any
additional cost to Eligible Persons. RSU Units do not carry dividend rights; therefore, the expected dividend yield
is 0. There are no other market conditions in the valuation of RSU Units under the Program. In such circumstances,
the value of an RSU unit at a given reporting date should be equal to the fair value of the Company’s shares at that
date. However, the total cost of the Program should be determined at each reporting date taking into account other
non-market factors. The Company performed a sample valuation of RSU Units using the Black-Scholes model to
confirm the appropriateness of this approach, and the results of the valuation confirm that, under the above
assumptions, it is appropriate to measure RSU Units at the fair value of the shares.
The average annual forfeiture rate for RSU Units, based on expectations regarding, for example, the number of
employees and contractors leaving the Group before the vesting date, was assumed to be 0%. The Group
periodically reviews these estimates and updates them if significant deviations occur.
Recognition of the Program in the period from 1 January 2025 to 31 December 2025
The table below presents the number of RSU Units granted as at 31 December 2025, broken down by vesting
conditions and the degree of their fulfilment.
Vesting conditions
Rights
granted
(units)
Degree of
fulfilment of
vesting
conditions
Number of
rights vested
(units)
Estimated
number of
rights
vested as at
the
reporting
date (units)
Rights in
the vesting
period
(units)
Vested rights
887,465
100%
887,465
0
0
Service through 30 June 2026
13,550
67%
0
9,015
4,535
Service through 31 December
2026
13,875
64%
0
8,900
4,975
Service through 30 June 2027
7,925
33%
0
2,615
5,310
Service through 30 June 2028
1,000
17%
0
170
830
Service through 30 June 2029
1,000
13%
0
130
870
Total
924,815
98%
887,465
20,830
16,520
In accordance with IFRS 2, the Group updated the fair value of RSU Units as at the reporting date of 31 December
2025.
As a result, the Group identified the following events affecting the estimates:
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 71
• the fair value as at 31 December 2025 differed from the value determined as at the previous reporting date (the
difference resulting from changes in the Company’s share price),
• additional RSU Units were required to be measured and recognized for which the vesting conditions are
estimated to have been satisfied,
• events occurred that required the Program cost to be adjusted for RSU Units forfeited as a result of failure to
meet the vesting conditions.
The table below presents the items affecting the change in the liability and the Program cost recognized in the
consolidated financial statements.
Specification
Number
Weighted average
fair value (PLN)
Cost based on
weighted average
fair value (PLN
thousand)
Estimated number of rights vested as at
01.01.2025
891,500
56.60
50,459
Estimated number of rights vested as at
31.12.2024
883,510
46.50*
41,083
Estimated number of rights vested during the
period
24,785
103.10
2,555
Number of rights forfeited during the period
-7,990
56.60
-452
Estimated number of rights vested as at
31.12.2025
908,295
103.10
93,645
* Difference between the weighted average fair values of RSU Units as at 31 December 2025 and 31 December 2024
There were no RSU Units that expired during the reporting period. Furthermore, there were no RSU Units
exercised, and as at 31 December 2025 there were no RSU Units exercisable.
The total cost of the Program recognized in the financial statements for the 12-month period ended 31 December
2025, estimated based on vested rights, amounted to PLN 43,186 thousand.
The table below presents the recognition of Program costs in individual line items of the consolidated financial
statements, together with information on the involvement of individual companies of the Issuer’s Group in the
implementation of the Program.
Specification
Item
DataWalk
S.A.
DataWalk
Inc.
DataWalk
Group
Estimated number of rights
vested as at 31.12.2025 (units)
-
82,740
825,555
908,295
Income statement / Operating
expenses (PLN thousand)
Incentive program
4,403
38,783
43,186
Income statement (PLN
thousand)
Income tax
0
-8,145
-8,145
Fixed assets (PLN thousand)
Deferred tax assets
0
17,874
17,874
Equity (PLN thousand)
Profit (loss) for the current
year, including:
-4,403
-46,928
-51,331
- Profit (loss) before income
taxes
-4,403
-38,783
-43,186
- Income tax
0
-8,145
-8,145
Equity (PLN thousand)
Retained earnings, including:
-4,128
-36,601
-40,729
- Profit (loss) before income
taxes
-4,128
-46,331
-50,459
- Income tax
0
-9,730
-9,730
Current liabilities (PLN
thousand)
Liabilities related to the
incentive program
8,530
85,115
93,645
The total carrying amount of the Group’s consolidated liabilities related to the Program as at 31 December 2025
amounted to PLN 93,645 PLN thousand.
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 72
As at the reporting date and as at the date the financial statements were authorized for issue, the Rights under the
Program were not exercisable, as no Sale Transaction had occurred. Furthermore, the Group’s Management had
not undertaken any actions and was not in possession of any information indicating a high probability of events
occurring that could result, within the next 12 months, in the conclusion of a Sale Transaction and thus the
commencement of the Program settlement process (cash settlement).
The table below presents the settlement of RSUs under the Program by their vesting status and their fair value as
at 31 December 2025).
Specification
Number of
units
% of the
Program
Fair value
(PLN)
Cost at fair
value (PLN
thousand)
Maximum number of units under the
Program, including:
980,000
100%
103.10
101,038
- RSU Units granted under the Participation
Agreements, comprising:
921,665
94%
103.10
95,024
- Tranche dated 01.04.2022
781,650
80%
103.10
80,588
- Tranche dated 01.07.2022
5,500
1%
103.10
567
- Tranche dated 01.01.2023
10,250
1%
103.10
1,057
- Tranche dated 01.05.2023
33,550
3%
103.10
3,459
- Tranche dated 01.07.2023
14,975
2%
103.10
1,544
- Tranche dated 01.01.2024
2,600
0%
103.10
268
- Tranche dated 01.02.2024
49,340
5%
103.10
5,087
- Tranche dated 01.07.2024
8,000
1%
103.10
825
- Tranche dated 15.01.2025
1,200
0%
103.10
124
- Tranche dated 01.07.2025
14,600
1%
103.10
1,505
- Maximum number of RSU Units to be
granted in future periods
58,335
6%
103.10
6,014
RSU Units granted under the
Participation Agreements, including:
921,665
94%
103.10
95,024
- Rights vested
887,465
91%
103.10
91,498
- Rights in the vesting period, including:
37,350
4%
103.10
3,851
a) for which the vesting conditions are
estimated to have been satisfied
20,830
2%
103.10
2,148
The number of forfeited rights from the inception of the Program to 31 December 2025 amounted to a total of
62,225 units, representing 6% of the maximum number of units under the Program.
As at the reporting date of 31 December 2025, the Incentive Program remains in progress.
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 73
Note 19 Trade payables
Trade payables
31.12.2025
31.12.2024
To other entities, including:
2,312
2,263
- invoiced liabilities
2,312
2,263
Total
2,312
2,263
Note 19.1 Maturity structure of trade payables
Trade payables
31.12.2025
31.12.2024
- up to 1 month
2,302
2,201
- between 1 and 3 months
10
62
- past due
0
0
Total
2,312
2,263
Note 19.2 Currency structure of trade payables
Trade payables
31.12.2025
31.12.2024
Denominated in PLN
2,036
2,135
Denominated in USD
85
128
Denominated in EUR
110
0
Denominated in GBP
81
0
Total
2,312
2,263
Note 20 Other liabilities (current)
Other liabilities (current)
31.12.2025
31.12.2024
To other entities, including:
832
929
a) due to taxes and other public law charges
493
672
b) salaries
337
254
- other
2
3
Total
832
929
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 74
Note 21.1 Other provisions (current)
Information on estimates
The Group estimates the value of its liabilities based on adopted assumptions and methodology, assessing the
probability of an outflow of financial resources embodying economic benefits from the Group. Liabilities are
recognized for amounts for which the probability and timing of settlement as at the reporting date are high.
Provisions for sales commissions are largely dependent on estimates of the sales revenues achieved by the Group.
Other provisions (current)
31.12.2025
31.12.2024
Provisions for retirement and similar benefits, including:
278
171
a) for unused vacation leave
278
171
Other provisions, including:
2,909
1,545
a) provision for the audit of the financial statements
151
380
b) provision for financial statements and accounting services
24
104
c) provision for sales commissions
1,462
587
d )provision for license fees
205
0
e) provision for bonuses
727
123
f) legal and advisory services
17
146
g) cloud services
52
185
h) other provisions
271
20
Total
3,188
1,716
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 75
Note 21.2 Changes in other provisions (current)
Data for the period from 01.01.2025 to 31.12.2025
Specification
Carrying
amount as at
01.01.2025
Increases
Used
Reversal
Carrying
amount as
at 31.12.2025
Provisions for retirement and
similar benefits, including:
171
244
136
0
278
a) for unused vacation leave
171
244
136
0
278
Other provisions, including:
1,545
7,668
5,441
863
2,909
a) provision for the audit of the
financial statements
380
15
219
26
151
b) provision for financial
statements and accounting
services
104
372
437
15
24
c) provision for sales
commissions
587
3,363
2,258
229
1,462
d )provision for license fees
0
205
0
0
205
e) provision for bonuses
123
1,244
116
524
727
f) legal and advisory services
146
225
332
22
17
g) cloud services
185
1,179
1,273
39
52
h) other provisions
20
1,064
807
7
271
Total
1,716
7,912
5,578
863
3,188
Data for the period from 01.01.2024 to 31.12.2024
Specification
Carrying
amount as
at 01.01.2024
Increases
Used
Reversal
Carrying
amount as
at 31.12.2024
Provisions for retirement and
similar benefits, including:
218
32
80
0
171
a) for unused vacation leave
218
32
80
0
171
Other provisions, including:
1,215
5,174
4,785
59
1,545
a) provision for the audit of the
financial statements
323
178
121
0
380
b) provision for financial
statements and accounting
services
89
449
427
7
104
c) provision for sales
commissions
582
1,812
1,785
23
587
d) provisions for bonuses
0
123
0
0
123
e) legal and advisory services
62
375
276
15
146
f) cloud services
128
1,332
1,274
0
185
g) other provisions
30
904
901
14
20
Total
1,433
5,206
4,865
59
1,716
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 76
Note 22.1 Sales revenue – by type
Information on estimates
The Company performs contracts under which certain performance obligations—particularly those related to
DataWalk software implementation—are measured based on the stage of completion. The measurement of such
contracts requires estimating the costs and revenues remaining to be incurred in order to determine the stage of
completion of work under a given contract. The stage of completion of a contract may be determined in two ways:
(a) based on documented progress of work under the contract (including acceptance protocols for successive
stages of work and records of time spent on the contract),
(b) where the stage of completion cannot be reliably measured, it may be assumed to be proportional to the costs
incurred during the period. The measurement and the resulting revenue recognition require, in each case, the
exercise of professional judgment and the use of appropriate estimates. The Company is not a party to agreements
under which it would act as a lessor.
Sales revenue
01.01.2025 - 31.12.2025
01.01.2024 - 31.12.2024
License sales
21,010
8,323
Technical support services sales
13,104
10,018
Professional services sales
3,669
6,291
Total
37,783
24,632
Note 22.2 Sales revenue – by geography
Sales revenue
01.01.2025 - 31.12.2025
01.01.2024 - 31.12.2024
Sales - Poland
6,000
7,225
Sales - North and South America
7,675
8,535
Other regions
24,109
8,873
Total
37,783
24,632
Note 22.3 Sales revenue – by customer groups
Sales revenue
01.01.2025 - 31.12.2025
01.01.2024 - 31.12.2024
Government sector, including:
10,713
10,530
- Law enforcement agencies (LEAs)
9,160
4,765
- Intelligence agencies
945
4,757
- Other government entities
608
1,008
Private sector, including:
27,070
14,102
- Banking
23,162
10,325
- Insurance
519
569
- Other
3,389
3,209
Total
37,783
24,632
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 77
Note 22.4 Sales revenue by recognition in the income statement
Sales revenue
01.01.2025 - 31.12.2025
01.01.2024 – 31.12.2024
Goods and services transferred at a point in time,
including:
21,010
8,489
- license sales
21,010
8,323
Goods and services transferred over time, including:
16,773
16,143
- professional services sales
3,669
6,291
- technical support services sales
13,104
10,018
Total
37,783
24,632
Remaining performance obligations
As at 31 December 2025, the Group analyzed the aggregate amount of the transaction price allocated to
performance obligations that remained wholly or partially unsatisfied as at the reporting date and elected to apply
the practical expedient for performance obligations that are part of contracts with an original expected duration of
up to 12 months. As a result of this analysis, it was determined that, as at 31 December 2025, all performance
obligations measured based on the stage of completion relate to contracts that will be completed before 31
December 2026. In the case of DataWalk system maintenance agreements, the vast majority are contracts of
indefinite duration with a notice period shorter than 12 months; therefore, the Group considers the related
performance obligations to be short-term and has elected to apply the practical expedient referred to above.
Note 23 Costs by nature
Costs by nature
01.01.2025 - 31.12.2025
01.01.2024 - 31.12.2024
Depreciation and amortisation
4,219
3,664
Costs of materials and energy
166
137
External services
32,462
26,336
Taxes and charges
103
75
Employee compensation, including:
66,846
37,887
- salaries and wages
16,009
13,649
- costs of the incentive program (cash-settled)
43,186
20,899
- costs of the incentive program (equity-settled)
7,650
3,338
Social security and other benefits
3,453
3,272
Other costs by nature
1,974
1,297
Total costs by nature
109,222
72,669
Cost of sales
7,810
8,672
Sales and marketing
16,022
14,363
Research and development
22,626
14,634
General and administrative expenses
11,927
10,763
Incentive program
50,837
24,238
Total costs by function
109,222
72,669
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 78
Note 24 Other operating income
Other operating income
01.01.2025 - 31.12.2025
01.01.2024 – 31.12.2024
Gain on disposal of non-financial fixed assets
0
64
Other operating income, including:
332
295
- rental income
261
270
- compensation received
21
0
- grants
0
0
- other
50
25
Total
332
359
Nota 25 Other operating expenses
Other operating expenses
01.01.2025 - 31.12.2025
01.01.2024 - 31.12.2024
Loss on disposal of non-financial fixed assets
0
39
Impairment of non-financial fixed assets
1,189
3,260
Other operating expenses
23
8
- other
23
8
Total
1,213
3,307
As a result of the impairment test of assets performed as at the reporting date of 31 December 2025, taking into
account the outcome of the test and in accordance with the principle of prudence, the Management Board of the
Company decided to recognize an impairment loss on assets in the total amount of PLN 1,189 thousand.
Detailed information regarding the impairment loss is presented in Note 29 “Impairment tests of assets” to these
consolidated financial statements.
Note 26 Financial income
Financial income
01.01.2025 - 31.12.2025
01.01.2024 - 31.12.2024
Interest from other entities, including:
510
267
- interest on bank deposits and bank accounts
510
267
Discount on receivables
356
0
Total
866
267
Note 27 Financial costs
Financial costs
01.01.2025 - 31.12.2025
01.01.2024 - 31.12.2024
Interest from other entities, including:
76
86
- interest on lease liabilities
55
64
- other interest
21
22
Other, including:
794
105
- foreign exchange differences
794
105
Total
870
191
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 79
Note 28 Income tax
Information on estimates
Where the Group considers it probable that the approach adopted to a particular tax position or group of tax
positions will be accepted by the tax authorities, the Group determines taxable profit or tax loss, the tax base,
unused tax losses, unused tax credits and tax rates consistently with the approach applied in its tax return. In
assessing such probability, the Group assumes that the tax authorities entitled to examine and challenge the tax
treatment of a given matter will carry out such examination and will have access to all relevant information.
Where the Group concludes that it is not probable that the tax authorities will accept the Group’s approach to a
particular tax position or group of tax positions, the Group reflects the effects of such uncertainty in the accounting
for income tax in the period in which such determination is made. In estimating the income tax liability, the Group
selects the most likely amount from the scenarios identified or determines the expected value of such liability as a
probability-weighted average of possible outcomes. The selection of the method depends on which approach better
reflects the manner in which the uncertainty is expected to be resolved.
Reconciliation of the effective tax rate
The reconciliation of income tax on profit/(loss) before tax at the statutory tax rate to income tax calculated at the
Group’s effective tax rate for the years ended 31 December 2025 and 31 December 2024 is presented below:
Specification
31.12.2025
31.12.2024
Profit (loss) before tax
-72,542
-52,640
Tax rate applied by the Parent Company
19%
19%
Income tax at the domestic tax rate of the Parent Company
-13,783
-10,002
Reconciliation of income tax due to:
Application of different tax rates by Group entities (+/-)
469
173
Non-taxable income (-)
-3
-112
Permanently non-deductible expenses (+)
2,359
1,366
Unrecognized deferred tax asset on deductible temporary differences (+)
2,577
2,655
Reversal of allowance for deferred tax asset
236
2,240
Income tax
-8,145
-3,679
Average tax rate applied
11%
7%
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 80
Note 29 Impairment tests of assets
Information on estimates
In accordance with IAS 36, an entity is required to assess at each reporting date whether there are any indications
that an asset may be impaired. If any such indications exist, an impairment test shall be performed in order to
estimate the recoverable amount of the asset.
Paragraph 10 of the above standard provides that, irrespective of whether there are any indications of impairment,
an entity is required to perform an annual impairment test for, among others, intangible assets with indefinite
useful lives or intangible assets not yet available for use, by comparing their carrying amount with their recoverable
amount.
The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that
are largely independent of those from other assets or groups of assets. In such a case, the recoverable amount is
determined at the level of the cash-generating unit to which the asset belongs.
An impairment test may be performed at any time during an annual period, provided that it is performed at the
same time each year. Different intangible assets may be tested for impairment at different times. However, if an
intangible asset is initially recognized during the current annual period, that asset shall be tested for impairment
before the end of the current annual period.
IAS 36 requires that the recoverable amount of an asset be measured as part of the impairment test. The recoverable
amount is the higher of an asset’s fair value less costs of disposal and its value in use, or, in the case of a cash-
generating unit, the higher of these amounts.
The standard defines value in use as “the present value of the future cash flows expected to be derived from an
asset or cash-generating unit”. In accordance with paragraph 6 of IAS 36, a cash-generating unit is the smallest
identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other
assets or groups of assets. The determination of what constitutes a cash-generating unit involves a degree of
judgment. If it is not possible to determine the recoverable amount of an individual asset, the entity identifies the
smallest group of assets that generates largely independent cash inflows.
The assessment of indications of impairment, as well as the performance of impairment tests, requires extensive
estimates and professional judgment, particularly in relation to estimating future cash flows from operating
activities, determining the discount rate and estimating costs of disposal.
Impairment of non-financial assets with respect to the cash-generating unit responsible for the development
of the DataWalk platform and the sale of DataWalk software licenses
The recoverable amount was determined at the level of the cash-generating unit (hereinafter referred to as the
“CGU”) using a DCF model. The recoverable amount of the CGU determined in the impairment test corresponds
to its value in use. The CGU responsible for the development of the DataWalk platform and the sale of DataWalk
software licenses is part of the operating segment of DataWalk S.A.
The table below presents the carrying amount of the assets allocated to the tested CGU as at 31 December 2025.
Asset
Value tested as at 31.12.2025 before recognition of
impairment losses during the period
Completed development costs
16,874
Property plant and equipment
20
Right-of-use assets
81
Total
16,974
In performing the impairment test of the CGU for the current year, common assets, including property, plant and
equipment and right-of-use assets contributing to the generation of future cash flows from the tested CGU, were
identified and allocated on a reasonable and consistent basis.
The following key assumptions were used in the calculation:
The Company management prepared cash flow projections for a five-year period starting from estimates for 2026.
The adopted revenue and cost projections are consistent with the assumptions underlying the budget for subsequent
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 81
years. At the same time, these values reflect the Management Board’s experience gained from the development of
both DataWalk S.A. and the DataWalk Group.
The forecast of cash inflows was prepared on a prudent basis, primarily relying on cash flows generated from the
existing portfolio of contracts and their continuation. With respect to new sales, highly conservative assumptions
were adopted, taking into account only a limited number of new licenses. In accordance with the adopted approach,
the calculations assume a constant price level from 2025, without taking into account planned increases in prices
of products and services in future periods.
These projections were prepared based on historical and statistical data, including, among others, the rate of
renewal of maintenance services by existing customers, as well as the expansion of licenses to additional users.
Taking into account that the current version of the software is a completed product generating a defined stream of
cash inflows from customers without the need for significant further development and investment activities, future
cash flows generated by the CGU were estimated at the operating level.
Cost calculations were based on the experience of Management and key managers and include resources necessary
and commensurate with the provision of services and customer support, consistent with the assumptions adopted
for revenues of the CGU, as well as all general administrative costs related to operating activities. The projected
cash outflows include both historical costs and planned, expected changes resulting from industry development
and changes in factors affecting the operation of businesses in Poland and globally.
The projections of cash outflows include necessary operating costs directly related to the ongoing functioning of
the tested group of assets, as well as indirect costs that can be attributed to the use of assets allocated to the CGU.
Management regularly reviews business objectives and budgets, updates financial forecasts and investment plans,
and is therefore able to respond efficiently to changes both within the organization and in its market environment.
Information on the methods applied in determining the values assigned to individual key assumptions:
Item
Value during the
forecast period (2026–
2030)
Terminal value
beyond the forecast
period
Method of calculation
Revenue from sales
- Historical results,
including sales of
maintenance services to
existing customers
- Assumption of one new
small license sale per
year
0%
- For certain customers, financial
projections assume revenue growth of 5%
per period (indexation), while in other
cases a constant level of revenue has been
assumed
- The value of new license sales has been
based on the most recent historical data
- The assumed revenue growth for
individual periods of the detailed forecast
has been developed under a conservative
scenario
- The Company assumes that the current
version of the software will generate
stable revenues for a period of 5 years;
thereafter, the terminal value and the
growth rate beyond the forecast period
have been assumed at 0
EBIT margin
Historical data, based on management estimates
Capital expenditures
(CAPEX)
-
-
The Company prepared the forecast
assuming in the valuation model that the
estimated expenditures related solely to
maintaining the current version of the
software are recognized as expenses in the
period.
Pre-tax discount rate
13.60%
13.60%
Based on the CAPM model
Previously applied
discount rate
12.42%
12.42%
Based on the CAPM model.
During the interim periods of 2025, the Group did not identify any indications requiring an update of the
assumptions used in the impairment test performed as at the end of 2024. Consequently, in order to maintain the
carrying amount of assets at a level corresponding to the most recent reliable estimate of their recoverable amount,
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 82
the Group recognized impairment losses on an ongoing basis, the total amount of which in 2025 was PLN 1,190
thousand. This amount was recognized in other operating expenses.
As at the reporting date, the Group performed a periodic impairment test of assets allocated to the cash-generating
unit (CGU) based on a discounted cash flow (DCF) model. The recoverable amount of the CGU determined as a
result of the test confirmed the adequacy of the impairment losses recognized during the interim periods in the
total amount of PLN 1,190 thousand and indicated that the current net carrying amount of these assets (PLN 15,784
thousand) does not exceed their recoverable amount. The difference between these values was immaterial.
The table below presents the amounts of impairment losses recognized in 2025 by asset groups.
Asset
Value tested as at
31.12.2025 before
recognition of
impairment losses
during the period
Impairment loss
recognized during the
period
Value tested as at
31.12.2025 after
recognition of
impairment losses
during the period
Completed development costs
16,874
-1,178
15,696
Property plant and
equipment
20
-1
19
Right-of-use assets
81
-11
70
Total
16,974
-1,190
15,784
The impairment loss was fully allocated to the operating segment represented by DataWalk S.A. The impairment
loss recognized is non-cash in nature and has no impact on the current financial position of the Issuer.
Note 30 Operating segment information
SEGMENT INFORMATION FOR REPORTING PURPOSES
The DataWalk Group operates in the global IT market in the area of data analytics (so-called Big Data), offering
companies and institutions a unique technology, confirmed by European and U.S. patents, in the form of the
DataWalk analytical platform, which it develops, enhances, sells and implements. The Group provides licenses
for its proprietary product in the enterprise IT sector, introducing agile methodologies into highly complex and
advanced analytical environments.
In accordance with IFRS 8, an operating segment is a distinguishable component of the Group for which separate
financial information is available and is regularly reviewed by the chief operating decision maker for the purposes
of resource allocation and performance assessment.
The DataWalk Group identifies the following operating segments:
• A segment comprising DataWalk S.A., generating revenue from the sale and implementation of the
platform, particularly in the EMEA region (Europe, the Middle East and Africa) and Asia, the results of
which are regularly reviewed by the Management Board of the Issuer as the chief operating decision
maker.
• A segment comprising DataWalk Inc., generating revenue from sales and implementation activities
related to the DataWalk platform, primarily in the United States and other countries of North and South
America, the results of which are regularly reviewed by the management of the entity as the chief
operating decision maker. The results of the subsidiary included in this segment are subject to periodic
review by the management of the subsidiary, as well as regular review by the Management Board of
DataWalk S.A.
During the reporting period, the Group did not make any changes to its organizational structure that would require
a change in the reporting segments.
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 83
Data for the period from 01.01.2025 to 31.12.2025
Specification
DataWalk S.A.
DataWalk Inc.
Eliminations
Total
Revenue from external customers
30,108
7,675
0
37,783
Intersegment transactions
9,535
0
-9,535
0
Total segment operating revenue
39,643
7,675
-9,535
37,783
Segment operating result
-29,272
-43,265
0
-72,537
Interest income*
864
0
0
864
Other finance income
1
0
0
1
Interest expenses**
55
21
0
76
Other finance costs
794
0
0
794
Significant non-cash items
17,865
38,597
0
56,462
- depreciation and amortisation
4,219
0
0
4,219
- costs of the incentive program
12,053
38,783
0
50,837
- impairment loss on assets
1,189
0
0
1,189
- expected credit loss (expense/reversal)
403
-186
0
217
Income tax
0
-8,145
0
-8,145
Net profit (loss), including:
-29,255
-35,142
0
-64,397
- profit attributable to owners of the parent
company
-29,255
-35,142
0
-64,397
- profit attributable to non-controlling interests
0
0
0
0
Capital expenditures
1,597
0
0
1,597
* Interest income on bank deposits
** Interest expenses on loans, borrowings and leases
Data as at 31.12.2025
Specification
DataWalk S.A.
DataWalk Inc.
Eliminations
Total
Fixed assets, including:
22,147
17,874
0
40,021
- intangible assets
15,696
0
0
15,696
Current assets, including:
63,933
10,029
-6,210
67,752
- trade receivables
9,299
2,257
-3,808
7,748
- prepayments
835
2,699
-2,402
1,132
- cash
34,635
4,988
0
39,623
Long-term liabilities, including:
0
520
0
520
- loans and borrowings
0
520
0
520
- lease liabilities
0
0
0
0
Short-term liabilities, including:
27,035
92,110
-6,210
112,936
- loans and borrowings
0
32
0
32
- lease liabilities
427
0
0
427
- liabilities under the incentive program
8,530
85,115
0
93,645
- trade payables
3,469
2,647
-3,808
2,308
- contract liabilities
11,481
3,420
-2,402
12,500
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 84
Data for the period from 01.01.2024 to 31.12.2024
Specification
DataWalk S.A.
DataWalk Inc.
Eliminations
Total
Revenue from external customers
16,098
8,535
0
24,632
Intersegment transactions
2,442
0
-2,442
0
Total segment operating revenue
18,540
8,535
-2,442
24,632
Segment operating result
-30,368
-22,349
0
-52,717
Interest income*
267
0
0
267
Other finance income
0
0
0
0
Interest expenses**
64
22
0
86
Other finance costs
0
105
0
105
Significant non-cash items
15,200
17,693
0
32,893
- depreciation and amortisation
3,655
9
0
3,664
- costs of the incentive program
6,717
17,521
0
24,238
- impairment loss on assets
3,260
0
0
3,260
- expected credit loss (expense/reversal)
1,568
163
0
1,731
Income tax
0
-3,679
0
-3,679
Net profit (loss), including:
-30,164
-18,797
0
-48,961
- profit attributable to owners of the parent
company
-30,164
-18,797
0
-48,961
- profit attributable to non-controlling interests
0
0
0
0
Capital expenditures
6,060
0
0
6,060
* Interest income on bank deposits
** Interest expenses on loans, borrowings and leases
Data as at 31.12.2024
Specification
DataWalk S.A.
DataWalk Inc.
Eliminations
Total
Fixed assets, including:
20,096
9,730
0
29,826
- intangible assets
19,033
0
0
19,033
Current assets, including:
23,172
14,506
-9,022
28,656
- trade receivables
5,515
8,476
-5,119
8,872
- prepayments
569
4,433
-3,903
1,099
- cash
14,920
1,579
0
16,499
Long-term liabilities, including:
427
605
0
1,032
- loans and borrowings
0
605
0
605
- lease liabilities
427
0
0
427
Short-term liabilities, including:
14,996
57,034
-9,022
63,008
- loans and borrowings
0
36
0
36
- lease liabilities
422
0
0
422
- liabilities under the incentive program
4,128
46,331
0
- trade payables
2,869
4,512
-5,119
2,263
- contract liabilities
5,711
5,375
-3,903
7,184
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 85
GEOGRAPHICAL INFORMATION
The geographical breakdown of revenue from sales is presented based on the country of the customer making the
purchase:
GEOGRAPHICAL INFORMATION
01.01.2025 -
31.12.2025
01.01.2024 -
31.12.2024
Sales in Poland, including:
License sales
0
1,915
Technical support
5,613
3,915
Professional services
387
1,395
Total sales in Poland
6,000
7,225
Sales in North and South America, including:
License sales
1,995
3,487
Technical support
4,007
3,700
Professional services
1,673
1,348
Total sales in North and South America
7,675
8,535
Sales in other countries, including:
License sales
19,016
2,921
Technical support
3,484
2,404
Professional services
1,609
3,548
Total sales in other countries
24,109
8,873
Total revenue from sales
37,783
24,632
INFORMATION ON MAJOR CUSTOMERS
Data for the period from 01.01.2025 to 31.12.2025
For the period from 1 January to 31 December 2025, revenue from sales to a single customer exceeded 10% of the
Group’s total sales individually, amounting to PLN 18,088 thousand, and was allocated to the DataWalk S.A.
segment. No other formal relationships exist between the Group companies and this Customer, other than those
arising from commercial transactions.
Data for the period from 01.01.2024 to 31.12.2024
For the period from 1 January to 31 December 2024, revenue from sales to two customers individually exceeded
10% of the Group’s total sales, amounting to PLN 8,342 thousand in total. Revenue from sales to the first of these
customers amounted to PLN 5,473 thousand and was allocated to the DataWalk S.A. segment. In turn, revenue
from sales to the second customer amounted to PLN 2,869 thousand and was allocated to the DataWalk Inc.
segment. No other formal relationships exist between the Group companies and these Customers, other than those
arising from commercial transactions.
Note 31 Proposal for the distribution of profit / coverage of loss for the
financial year
In accordance with the proposal of the Management Board, the net loss for 2025 should be fully covered by profits
generated by the Company in subsequent years.
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 86
Pursuant to Resolution No. 8 of the Ordinary General Meeting of the Company dated 25 June 2025 regarding the
method of covering the net loss for the financial year 2024, the net loss for 2024 should be fully covered by profits
generated in subsequent years.
Note 32 Information on joint ventures
No joint ventures.
Note 33 Objectives and principles of financial risk management
The Group’s operations may be exposed to the following financial risks:
• credit risk,
• liquidity risk,
• market risk, including currency risk, interest rate risk, and other price risks.
Credit risk –the risk that arises when a counterparty to a financial instrument fails to meet its obligations to the
Group, resulting in financial loss. Credit risk arises in relation to receivables, cash and cash equivalents, deposits,
and pledged guarantees.
Sales conducted in the Group’s operating segments are largely directed to customers with an established market
position and are carried out on deferred payment terms. The systematic settlement of obligations by counterparties
results in relatively low exposure to individual credit risk. The Group applies internal procedures and mechanisms
to mitigate this risk, including the appropriate selection of customers, a system for verifying new customers, and
ongoing monitoring of receivables.
The Company consistently pursues overdue receivables and regularly recognizes impairment losses on receivables.
To calculate impairment losses, the Company applies the provision matrix method, under which impairment losses
are determined for receivables classified into different aging buckets. As at the reporting date, the Company
applied the following provision matrix:
Receivables aging bucket
Credit risk
not past due
3.0%
0-30 days
4.0%
31-60 days
30.0%
61-90 days
45.0%
91-180 days
65.0%
over 180 days
80.0%
This method takes into account historical data on credit losses as well as the impact of significant and identifiable
future factors (e.g., market or macroeconomic factors).
The Group places its cash in reliable financial institutions selected based on credit ratings. These measures are
implemented by the Group to minimize credit risk as much as possible. Considering the level of ratings, the Group
assesses that the credit risk of the financial institutions it uses is relatively low.
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 87
Name of financial
institution
Rating
Percentage of cash
held with the
institution as at
31.12.2025
Percentage of cash
held with the
institution as at
31.12.2024
Santander Bank Polska S.A.
A
91%
90%
BMO Bank
AA-
9%
10%
Source:
https://www.santander.pl/relacje-inwestorskie/informacje-o-spolce/rating?ratingi=2#ratingi=2
https://www.fitchratings.com/entity/bmo-harris-bank-na-83171014
Liquidity risk – the risk that arises when the Group encounters difficulties in meeting its financial obligations.
The Group ensures that liquidity is maintained at an appropriate and safe level.
In the opinion of management, the Group is exposed to the risk of liquidity shortfalls due to factors such as:
• the possibility of difficulties in acquiring new contracts,
• potential prolongation of sales processes,
• the risk of key contracts not being executed within the expected timeframe,
• the possibility of delayed payments,
• potential restricted access to external financing.
According to management, the Group monitors the occurrence of these factors in a manner that allows appropriate
mitigation of the risk of liquidity shortfalls. The Group manages liquidity risk by maintaining an adequate level of
working capital, continuously monitoring forecasted and actual cash flows, and analyzing the maturity profiles of
financial assets and liabilities.
In view of the above, during management’s analysis of circumstances affecting the entity’s ability to continue as
a going concern, significant uncertainties were identified regarding events and conditions that may raise doubts
about the entity’s ability to continue operations. Details regarding the above are described in the section “Basis for
the preparation of the financial statements – including a description of circumstances indicating a threat to the
going concern” of these financial statements.
The table below presents the locations within these financial statements where information on the maturity of
financial assets and financial liabilities can be found.
Item
Maturity of financial instruments
(Note No.)
Financial assets
-
Trade receivables (current) and non-current receivables
6,1
Other receivables classified as financial assets
7,1
Bank deposits over 3 months
8
Cash and cash equivalents
10,1
Financial liabilities
-
Lease liabilities
16
Loans and borrowings (non-current and current)
17
Trade payables
19
Other liabilities classified as financial liabilities
20
Market risk – is the risk that the fair value of a financial instrument or the future cash flows associated with it
will fluctuate due to changes in market prices. This risk encompasses three types of risk: currency risk, interest
rate risk, and other price risks.
Currency risk – the risk that the fair value of a financial instrument or the future cash flows associated with it will
fluctuate due to changes in exchange rates. Due to the nature of the Group’s operations, in which revenue streams
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 88
are generated in four main currencies, i.e., USD, GBP, EUR, and PLN, while costs are primarily incurred in PLN
and USD, the Group is exposed to the risk of sudden changes in exchange rates, particularly the strengthening of
the Polish zloty against foreign currencies. Cash resources held in foreign currencies are also exposed to this risk.
Interest rate risk – the risk that the fair value of a financial instrument or the future cash flows associated with it
will fluctuate due to changes in market interest rates. The Group invests surplus funds in interest-bearing assets
(bank deposits) at fixed interest rates, and therefore is not exposed to risk arising from changes in interest rates.
The main interest rate risk relates to debt instruments. In 2025, the Group did not use external debt instruments
with variable interest rates (loans and bonds) and, therefore, was not materially exposed to cash flow fluctuations
resulting from interest rate changes.
Other price risks – risks that arise when the fair value of a financial instrument or the future cash flows associated
with it fluctuate due to changes in market prices (other than those resulting from interest rate risk or currency risk),
whether the changes are caused by factors specific to individual financial instruments or their issuer, or by factors
relating to all similar financial instruments traded on the market. The Group does not use financial instruments
that carry price risk and, therefore, is not exposed to other price risks.
SENSITIVITY ANALYSIS
Currency risk 01.01.2025 – 31.12.2025
Financial instruments by
balance sheet item
Amount denominated in currency:
Amount after
conversion
EUR
USD
GBP
Financial assets
Trade receivables
1,398
734
0
8,619
Cash, including:
740
2,973
45
14,089
- cash on hand and cash at
bank
740
2,973
45
14,089
Financial liabilities
Bank loans
0
0
0
0
Trade payables
-26
-31
-17
-276
Total currency risk exposure
2,113
3,677
28
22,432
Currency risk 01.01.2024 – 31.12.2024
Financial instruments by
balance sheet item
Amount denominated in currency:
Amount after
conversion
EUR
USD
GBP
Financial assets
Trade receivables
0
1,100
298
6,047
Cash, including:
3
5
0
36
- cash on hand and cash at bank
3
5
0
36
Financial liabilities
Bank loans
0
0
0
0
Trade payables
0
-179
0
-734
Total currency risk exposure
3
926
299
5,349
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 89
Sensitivity analysis of currency risk
Item
Exchange
rate
fluctuations
Impact on profit or loss:
Impact on equity:
EUR
USD
GBP
Total
EUR
USD
GBP
Total
As at 31.12.2025
Increase in exchange rate
10%
893
1,324
14
2,231
893
1,324
14
2,231
Decrease in exchange
rate
-10%
-893
-1,324
-14
-2,231
-893
-1,324
-14
-2,231
As at 31 December
2024
Increase in exchange rate
10%
1
380
154
535
1
380
154
535
Decrease in exchange
rate
-10%
-1
-380
-154
-535
-1
-380
-154
-535
Classification of financial instruments under IFRS 9
Financial assets by category under IFRS 9
Financial assets
measured at
amortised cost
Not subject to
IFRS 9
Total
As at 31.12.2025
Fixed assets
Receivables
5,889
0
5,889
Current assets:
Contract assets
625
0
625
Trade receivables
7,748
0
7,748
Other receivables
71
423
494
Bank deposits over 3 months
18,117
0
18,117
Cash and cash equivalents
39,623
0
39,623
Total by category of financial assets
72,074
423
72,497
Financial assets by category under IFRS 9
Financial assets
measured at
amortised cost
Not subject to
IFRS 9
Total
As at 31.12.2024
Fixed assets
Receivables
172
0
172
Current assets:
Contract assets
888
0
888
Trade receivables
8,872
0
8,872
Other receivables
4
1,188
1,192
Bank deposits over 3 months
93
0
93
Cash and cash equivalents
16,499
0
16,499
Total by category of financial assets
26,526
1,188
27,715
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 90
Financial liabilites by category under
IFRS 9
Financial liabilities
measured at
amortised cost
Not subject to
IFRS 9
Total
As at 31.12.2025
Long-term liabilities
Loans, borrowings and other debt
instruments
520
0
520
Lease liabilities
0
0
0
Short-term liabilities
Trade payables
2,312
0
2,312
Loans, borrowings and other debt
instruments
32
0
32
Lease liabilities
0
427
427
Incentive program liabilities
0
93,645
93,645
Contract liabilities
0
832
832
Other liabilities
12,500
0
12,500
Total by category of financial liabilities
15,363
94,905
110,268
Financial liabilites by category under
IFRS 9
Financial liabilities
measured at
amortised cost
Not subject to
IFRS 9
Total
As at 31.12.2024
Long-term liabilities
Loans, borrowings and other debt
instruments
605
0
605
Lease liabilities
0
427
427
Incentive program liabilities
Short-term liabilities
2,263
0
2,263
Trade payables
36
0
36
Loans, borrowings and other debt
instruments
0
422
422
Lease liabilities
0
50,459
50,459
Contract liabilities
7,148
0
7,148
Other liabilities
0
929
929
Total by category of financial liabilities
10,087
52,237
62,324
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 91
Note 34 Related party transactions
Data for the period from 01.01.2025 to 31.12.2025
• During the 12 months ended 2025, DataWalk S.A. recognized revenue from sales to DataWalk Inc.
amounting to USD 2,686 thousand, which, when translated at the average exchange rate of the National
Bank of Poland applicable on the day preceding the transaction date, amounted to PLN 10,473 thousand.
The balance of mutual settlements in respect of the above as at the reporting date of 31 December 2025
amounted to USD 711 thousand, which, when translated at the exchange rate as at the reporting date,
amounted to PLN 2,562 thousand.
• During the 12 months of 2025, DataWalk S.A. purchased services from DataWalk Inc. in the total amount
of USD 576 thousand, which, when translated at the average exchange rate of the National Bank of Poland
announced on the day preceding the transaction date, amounted to PLN 2,160 thousand. The balance of
mutual settlements in respect of the above as at the reporting date of 31 December 2025 amounted to
USD 346 thousand, which, when translated at the exchange rate as at the reporting date, amounted to
PLN 1,246 thousand.
• In 2025, DataWalk S.A. made additional contributions to the capital of DataWalk Inc. in the total amount
of USD 4,000 thousand, i.e. PLN 14,574 thousand.
Transactions entered into by the Issuer with its subsidiary, DataWalk Inc., were conducted on arm’s length terms.
Data for the period from 01.01.2024 to 31.12.2024
• During the 12 months ended 2024, DataWalk S.A. recognized revenue from sales to DataWalk Inc.
amounting to USD 2,386 thousand, which, when translated at the average exchange rate of the National
Bank of Poland applicable on the day preceding the transaction date, amounted to PLN 9,598 thousand.
The balance of mutual settlements in respect of the above as at the reporting date of 31 December 2024
amounted to USD 1.069 thousand, which, when translated at the exchange rate as at the reporting date,
amounted to PLN 4,385 thousand.
• During the 12 months of 2024, DataWalk S.A. purchased services from DataWalk Inc. in the total amount
of USD 406 thousand, which, when translated at the average exchange rate of the National Bank of Poland
announced on the day preceding the transaction date, amounted to PLN 1,546 thousand. The balance of
mutual settlements in respect of the above as at the reporting date of 31 December 2024 amounted to
USD 179 thousand, which, when translated at the exchange rate as at the reporting date, amounted to
PLN 734 thousand.
• In 2024, DataWalk S.A. made additional contributions to the capital of DataWalk Inc. in the total amount
of USD 2,000 thousand, i.e. PLN 7,893 thousand.
Transactions entered into by the Issuer with its subsidiary, DataWalk Inc., were conducted on arm’s length terms.
.
Other notes to the consolidated financial
statements of the DataWalk Group
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 93
Off-balance sheet liabilities
Contingent liabilities, including guarantees and sureties (including promissory note guarantees) granted
by the Group
Off-balance sheet items include leases of low-value assets and security for the proper performance of project co-
financing agreements under Sub-measure 2.3.4. Protection of industrial property under the Smart Growth
Operational Program 2014–2020, co-financed by the European Regional Development Fund, concluded with the
Polish Agency for Enterprise Development.
As at the reporting date of 31 December 2025, DataWalk S.A. had four co-financing agreements, under which the
funds obtained were used to cover costs related to obtaining international protection of industrial property rights
(patents) for the Issuer’s inventions. The implementation period of the individual projects ended on 31 December
2023. In the event of termination of a given agreement, the Company is obliged to repay the full amount of the
funding received under that agreement, together with interest calculated at the rate applicable to tax arrears. In
connection with each agreement, the Company is required to provide security in the form of a blank promissory
note for a period of 3 years from the completion date of the project. The total amount of funding received as at 31
December 2025 and 31 December 2024 amounted to PLN 603 thousand.
As at the date of approval of these financial statements for publication, no risks have been identified that could
result in the obligation to repay the funding received.
Information on settlements related to court proceedings
In the period from 1 January 2025 to 31 December 2025, no material settlements related to court proceedings were
made.
Employment
Specification
Average employment
in 2025
Total
Average employment
in 2025
White-collar employees
Average employment
in 2025
Blue-collar employees
Average employment (in full-
time equivalents)
24
24
0
Specification
Average employment
in 2024
Total
Average employment
in 2024
White-collar employees
Average employment
in 2024
Blue-collar employees
Average employment (in full-
time equivalents)
24
24
0
Capital risk management
The Group manages its capital in order to maintain its ability to continue as a going concern, taking into account
the execution of planned investments, so as to generate returns for shareholders in the future and provide benefits
to other stakeholders, as well as to maintain an optimal capital structure to reduce the cost of capital.
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 94
The Group monitors its capital, among others, on the basis of the adjusted equity ratio and the ratio of loans,
borrowings and other financial liabilities to adjusted EBITDA.
The adjusted equity ratio is calculated as the ratio of net tangible assets (i.e. equity less intangible assets and
excluding the impact of the RSU-based incentive program on this item) to total assets (i.e. total assets excluding
the impact of the aforementioned incentive program on deferred tax assets).
Loans, borrowings and other financial liabilities represent the total amount of liabilities arising from loans,
borrowings and leases, whereas adjusted EBITDA represents operating profit increased by the main non-cash
items, including:
• depreciation and amortisation,
• the total costs of the incentive program, including those settled in cash and those settled in equity instruments,
• impairment losses on assets, as well as
• loss (gain) on expected credit losses.
The Management Board decided to adjust the above ratios for the costs of the incentive program both due to the
materiality of this item in the total balance sheet and operating result, as well as due to the future and conditional
nature of the obligation arising from the implemented incentive program and the fact that the recognised costs are
currently non-cash and have no impact on the Group’s current financial position.
In order to maintain financial liquidity and creditworthiness enabling the Group to obtain external financing at a
reasonable cost, the Group assumes maintaining the adjusted equity ratio at a level not lower than 0.4 and the ratio
of loans, borrowings and other financial liabilities to adjusted EBITDA at a level not exceeding 2.0.
Specification
31.12.2025
31.12.2024
I
Equity
-5,683
-5,558
II
Intangible assets
15,696
19,033
III
Liabilities related to the RSU-based incentive program
93,645
50,459
IV
Impact of the incentive program liability on deferred tax assets
17,874
9,730
V
Balance sheet total
107,773
58,482
Adjusted equity (I – II + III – IV)
54,393
16,138
Adjusted total assets (V – IV)
89,899
48,752
Adjusted equity ratio
0.61
0.33
Specification
31.12.2025
31.12.2024
Operating result
-72,537
-52,717
Depreciation and amortisation
4,219
3,664
Total incentive program costs
50,837
24,238
Asset impairment losses and loss (gain) on expected credit losses
1,407
4,991
Adjusted EBITDA
-16,075
-19,823
Loans, borrowings and other financial liabilities
978
1,490
Loans, borrowings and other financial liabilities/adjusted EBITDA ratio
-0.06
-0.08
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 95
Entity authorised to audit financial statements
The audit was conducted by UHY ECA Audyt Spółka z ograniczoną odpowiedzialnością, with its registered office
in Warsaw, at ul. Połczyńska 31A.
The table below presents information on the net remuneration of the entity authorised to audit financial statements,
paid or payable for the years ended 31 December 2025 and 31 December 2024, broken down by type of services
(amounts in PLN thousand):
Remuneration of the statutory auditor
12 months
ended 31 December
2025
12 months
ended 31 December
2024
Statutory audit of annual financial statements
101
101
Audit of the annual financial statements of Group entities*
150
159
Other assurance services, including review of financial
statements
67
74
Total
318
334
*Furthermore, another firm within the UHY network performed an audit of the annual financial statements for a
Group company in the United States, which was subject to a review procedure by the Company’s Audit Committee.
Remuneration of the Management Board and the Supervisory Board
Management Board
Remuneration received within DataWalk S.A.
Members of the Management Board are entitled to non-cash benefits available to all employees, including medical
care, a sports package and life insurance coverage. In the case of a Management Board member who utilised
selected additional benefits, such benefits were added to their gross base remuneration and, in accordance with
applicable regulations, constitute additional employee income. Members of the Management Board may also be
entitled to cash bonuses granted on the basis of a resolution of the Supervisory Board, which are contingent upon
the achievement of the Company’s business objectives or financial performance.
The table below presents the gross remuneration of individual members of the Management Board for the
performance of their functions at DataWalk S.A. for 2025 and the comparative period (amounts in PLN thousand),
excluding remuneration in the form of financial instruments, including securities or derivative financial
instruments.
Name and surname
Reporting period
Fixed remuneration
Variable
remuneration*
Total remuneration
Paweł Wieczyński
2025
683
356
1,039
2024
496
0
496
Krystian Piećko
2025
46
211
257
2024
46
0
46
Łukasz Socha
2025
553
239
792
2024
392
63
455
Source: Issuer.
* Variable remuneration comprises cash bonuses granted pursuant to a resolution of the Supervisory Board.
In accordance with the Remuneration Policy, members of the Management Board may receive remuneration in
the form of financial instruments, including securities or derivative financial instruments. This is intended to ensure
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 96
the long-term retention of members of the Company’s governing bodies as key personnel by creating additional,
market-attractive instruments enabling full alignment and identification of key personnel with the Group.
Details of the financial instruments offered to members of the Management Board, as approved by the Supervisory
Board, are presented below.
Conditionally granted rights to members of the Management Board under incentive programs organised by
DataWalk S.A.
The table below presents the total number of conditionally granted rights to subscribe for and/or acquire shares in
the Company (“Rights”), or RSUs, as at 31 December 2025. The presented data relate to participation agreements
in the incentive program to which DataWalk S.A. is a party.
Name and
surname
Type of
settlement
Tranche
(grant
date)
Total number
of
conditionally
granted rights
(units)
Vesting
period
(vesting
date)
Rights for
which vesting
conditions
were met as at
31.12.2025
(units)
Rights for
which vesting
conditions
were not met
as at
31.12.2025
(units)
Paweł
Wieczyński
Cash (RSU)
01.05.2023
45,000
31.12.2024
45,000
0
Łukasz Socha
Equity
instruments
(Company
shares)
01.07.2025
12,000
31.12.2025
8,000
4,000
01.02.2024
3,600
31.12.2024
3,600
0
01.01.2023
13,000
31.12.2024
4,600
0
31.12.2023
8,400
0
Source: Issuer.
The condition for the settlement of both the Rights and the RSUs is the cumulative fulfilment of, respectively, the
Conditions for Grant or Acquisition (vesting conditions) and the completion of a Sale Transaction (non-vesting
condition).
As at the date of preparation of these financial statements, the above conditions have not been cumulatively
fulfilled; therefore, the number and value of the Rights and RSU Units resulting from the participation of the
aforementioned members of the Management Board in the share-based incentive program or the RSU program are
of an estimated nature only. Their final receipt and the ability to exercise them (through, respectively, subscription
for/acquisition of shares or receipt of cash settlement) constitute future and uncertain events; accordingly, they
have been presented separately from the gross remuneration amounts disclosed in the table above.
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 97
Estimated value of remuneration of members of the Management Board under incentive programs organised by
DataWalk S.A.
The table below presents the estimated amount of variable remuneration based on financial instruments for
members of the Management Board in respect of their functions performed at DataWalk S.A. for the years 2022–
2025.
Name and surname
Reporting period
Estimated number of
rights under IFRS 2 for
which vesting conditions
will be met (units)
Variable remuneration –
incentive program* (PLN
thousand)
Paweł Wieczyński
2025
0
2,093***
2024
27,000
1,894**
2023
18,000
653
2022
0
0
Krystian Piećko
2025
0
0
2024
0
0
2023
0
0
2022
0
0
Łukasz Socha
2025
8,000
916
2024
5,900
332
2023
10,700
976
2022
0
0
* Variable remuneration – incentive program includes the cost of the RSU Program or the share-based program implemented by DataWalk
S.A., recognised in the given period and calculated in accordance with IFRS 2.
** The cost in 2024 results from the valuation of newly granted rights, as well as from the remeasurement as at 31.12.2024 of RSUs for which
the vesting conditions were met in prior periods, in accordance with IFRS 2.
*** The cost in 2025 results from the valuation of newly granted rights, as well as from the remeasurement as at 31.12.2025 of RSUs for which
the vesting conditions were met in prior periods, in accordance with IFRS 2.
During the reporting period and up to the date of preparation of these financial statements, no Rights or RSUs
granted to members of the Management Board were cancelled or lapsed, none were exercised, and none became
exercisable.
The nature and operating principles within the Company are described in detail in Notes 15 and 18 to these
financial statements.
Remuneration received in other entities of the DataWalk Group
The gross remuneration of members of the Management Board of DataWalk S.A. in other entities of the DataWalk
Group comprises remuneration under employment contracts as well as income arising from benefits, including
medical care and insurance. Remuneration denominated in foreign currencies has been translated at the average
exchange rate for the relevant financial period, calculated as the arithmetic mean of the exchange rates published
by the National Bank of Poland on the last day of each month of the year.
The table below presents the gross remuneration of members of the Management Board of DataWalk S.A. in other
entities of the DataWalk Group for 2025 (amounts in PLN thousand).
Name and surname
Reporting period
Fixed
remuneration
Variable
remuneration*
Total
remuneration
Krystian Piećko
2025
1,407
0
1,407
2024
1,323
0
1,323
Source: Issuer.
* Variable remuneration comprises cash bonuses granted pursuant to a resolution of the Supervisory Board.
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 98
Furthermore, with the approval of the Company’s Supervisory Board, Mr Krystian Piećko participated, within the
subsidiary DataWalk Inc., in an incentive program involving share-based payment transactions settled in cash.
Conditionally granted rights to members of the Management Board under the incentive program organised by
DataWalk Inc.
The table below presents the total number of RSU Units conditionally granted as at 31 December 2025. The
presented data relate to participation agreements in the RSU program to which DataWalk Inc. is a party.
Name and
surname
Type of
settlement
Tranche
(grant date)
Total
number of
RSU Units
conditionally
granted
(units)
Vesting
period
(vesting date)
Rights for
which vesting
conditions
were met as
at 31.12.2025
(units)
Rights for
which vesting
conditions
have not
been met as
at 31.12.2025
(units)
Krystian
Piećko
Cash (RSU)
01.04.2022
45,000
02.04.2022
45,000
0
Source: Issuer.
The condition for the settlement of both the Rights and the RSUs is the cumulative fulfilment of, respectively, the
Conditions for Grant or Acquisition (vesting conditions) and the completion of a Sale Transaction (non-vesting
condition).
As at the date of preparation of these financial statements, the above conditions have not been cumulatively
fulfilled; therefore, the number and value of the Rights and RSU Units resulting from the participation of the
aforementioned members of the Management Board in the share-based incentive program or the RSU program are
of an estimated nature only. Their final receipt and the ability to exercise them (through, respectively, subscription
for/acquisition of shares or receipt of a cash settlement) constitute future and uncertain events; accordingly, they
have been presented separately from the gross remuneration disclosed in the table above.
Estimated remuneration of members of the Management Board under the incentive program organised by
DataWalk Inc.
The table below presents variable remuneration based on financial instruments received by members of the
Management Board of DataWalk S.A. in other entities of the DataWalk Group for the years 2022–2025.
Name and surname
Type of settlement
Reporting period
Estimated number
of rights under
IFRS 2 for which
vesting conditions
have been met
Variable
remuneration –
incentive program*
Krystian Piećko
Cash (RSU)
2025
0
2,093***
2024
0
914*
2023
0
-2,477*
2022
45,000
4,111*
Source: Issuer.
* Variable remuneration – incentive program includes the cost of the RSU program implemented by DataWalk Inc., recognised in the given
period in accordance with IFRS 2.
** The cost in 2025 results from the remeasurement as at 31 December 2025 of RSU Units for which vesting conditions have been met in prior
periods, in accordance with IFRS 2.
*** The cost in 2024 results from the remeasurement as at 31 December 2024 of RSU Units for which vesting conditions have been met in
prior periods, in accordance with IFRS 2.
**** The cost in 2023 results from the remeasurement as at 31 December 2023 of RSU Units for which vesting conditions have been met in
prior periods, in accordance with IFRS 2.
***** The cost in 2022 results from the measurement as at 31 December 2022 of RSU Units for which vesting conditions have been met, in
accordance with IFRS 2. The RSU program was not in place prior to 2022.
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 99
During the reporting period and up to the date of preparation of these financial statements, no Rights or RSU Units
granted to members of the Management Board were cancelled or lapsed, no Rights or RSU Units were exercised,
and no Rights or RSU Units became exercisable.
The nature and operating principles within the Company are described in detail in Notes 15 and 18 to these
financial statements.
Supervisory Board
The table below presents the gross remuneration of members of the Supervisory Board in respect of their functions
performed at DataWalk S.A. for 2025 and the comparative period (amounts in PLN thousand).
Name and surname
2025
2024
Grzegorz Dymek
60
42
Wojciech Dyszy
25
17
Piotr Bindas
51
28
Rafał Wasilewski
49
19
Ireneusz Wąsowicz
25
8
Filip Paszke
0
13
Roman Pudełko
0
21
Ola Malm
0
10
Source: Issuer.
Individuals presented in the table for whom a value of 0 is shown in the column for 2025 ceased to perform their functions in the governing
bodies of the Company during 2024. Data for 2024 have been presented to ensure comparability of the financial statements.
Members of the Supervisory Board of DataWalk S.A. did not perform functions and were not employed in other
entities of the DataWalk Group in 2025, nor were they covered by any incentive program.
Loans granted by the Group to members of the management and supervisory
bodies
During the reporting period, the Group did not enter into such transactions with members of the Management
Board or with their spouses, relatives or persons related by affinity.
Explanatory note on the seasonality or cyclicality of operations
The Group does not observe any seasonality in its revenue. Variations in revenue between individual quarters of
reporting periods result from incidental factors affecting the timing of entering into contracts with customers and
the invoicing of revenue arising from those contracts. In the future, due to the nature of the industry, it cannot be
ruled out that the Group may generate higher revenue in the fourth quarter of the calendar year than in other
quarters.
Information on events relating to prior years
Up to the date of preparation of these consolidated financial statements, no events relating to prior years have
occurred that were not recognised and should have been recognised in these financial statements for the financial
year 2025.
Consolidated financial statements of the DataWalk Group
for the 12-month period ended 31 December 2025
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 100
Information on events after the reporting date
Up to the date of preparation of these consolidated financial statements for the 12-month period ended 31
December 2025, no events after the reporting date have occurred that were not recognised and should have been
recognised in these financial statements.
………………………………………
………………………………………
………………………………………
Paweł Wieczyński
Krystian Piećko
Łukasz Socha
President of the Management Board
Member of the Management Board
Member of the Management Board
Wrocław, 30 March 2026
