Budget Supplement (EN)

1

Model and edge

Two pillars of one automation hub, profitability from year three, pan-European scale.

Two pillars. Agentify — process automation on a Pay-as-you-Save model: the client pays a licence subscription, an implementation instalment and a 10% commission on the savings generated. Robotify — servicing of physical robots on subscription (Robots-as-a-Service), entering one year after Agentify.
The client pays the robot CAPEX. Robotify does not buy machines onto its own balance sheet and does not promise the client a zero-outlay deal — we sell the service, not the hardware. The projections do not include any return from an owned fleet; bank leasing of a fleet remains an upside option that is not in the numbers.
Profitable from 2029. The group is EBITDA-positive from 2029 (+PLN 104.4 m); EBITDA margin rises from 44.5% (2029) to 72.4% (2035).
Pan-European scale. Start in Poland (2027), Agentify rollout to 34 countries by 2033; Robotify enters 32 markets by 2034, each one year after Agentify.
Operating leverage. Fixed costs are 94.5% of group costs in 2027, 27.8% in 2029 and 2.0% in 2035 — the cost base is driven by volume, not by headquarters headcount.
Robotify profit allocation from 2031: 40% R&D / 60% retained earnings. The robot CAPEX reserve has been removed from the model entirely.
Capital requirement. Fund equity of PLN 193.0 m (variant A) or PLN 221.0 m (variant B), peaking in August 2030. Trough of cumulative cash flow: PLN −2,071.8 m in December 2030 — from 2029 working capital is taken over by a bank facility (6%).

2

Consolidated results — Group

Agentify + Robotify combined. Two investment years (2027–2028), profitability breakthrough in 2029, scaling through 2035.

Consolidated revenue and EBITDA (PLN m)

Revenue EBITDA

Years 2032–2034 omitted from the axis for readability (jump 2031 → 2035). Full values in the table below.

Consolidated P&L year by year (PLN m)

Item	2027	2028	2029	2030	2031	2035
Revenue	0.7	18.9	234.4	1,672.4	5,813.7	39,644.0
EBITDA	−4.9	−16.7	104.4	1,052.2	4,070.8	28,693.1
EBITDA margin	−658.8%	−88.6%	44.5%	62.9%	70.0%	72.4%
Corporate income tax (19%)	0.0	0.0	19.8	199.9	716.8	4,607.8
Net profit	−4.9	−16.7	84.6	852.3	3,055.9	19,643.8
Net margin	−658.8%	−88.6%	36.1%	51.0%	52.6%	49.6%

Group = Agentify + Robotify, with no elimination line: shared headquarters costs are split fifty-fifty across both sides, so the sum is a plain addition. EBITDA-positive from 2029; the first corporate income tax also falls in 2029. PLN 1,000 m = PLN 1 bn.

3

Agentify — software (RPA + AI agents)

The digital business line on a Pay-as-you-Save model. Per-country cohort engine, 34 markets, variant without process expansion at existing clients.

Item (PLN m)	2027	2028	2029	2030	2031	2035
Revenue	0.7	18.3	213.5	1,509.1	4,818.6	25,229.4
EBITDA	−4.8	−12.9	102.0	949.7	3,325.6	17,589.3
EBITDA margin	−638.7%	−70.4%	47.7%	62.9%	69.0%	69.7%
Corporate income tax (19%)	0.0	0.0	19.4	180.4	631.9	3,342.0
Net profit	−4.8	−12.9	82.6	769.3	2,693.8	14,247.3
ACTIVE Agentify clients (31 Dec)	3	57	598	3,112	6,376	31,677
ACTIVE Agentify processes (31 Dec)	17	299	3,109	16,183	33,154	164,721

An active client is a client net of churn whose revenue has started (two months elapse between signature and first invoice). This is the only client definition used anywhere in this material. An active process is the Agentify volume unit — it must not be added to Robotify machines. A weighted client in the 2-6-2 mix carries 5.2 processes.

4

Robotify — physical robots (RaaS)

The physical line: the client buys the robot, we service it on a subscription billed per robot-hour. Entry one year after Agentify, 32 markets by 2034.

Item (PLN m)	2027	2028	2029	2030	2031	2035
Revenue	0.0	0.5	20.9	163.2	995.1	14,414.6
EBITDA	−0.15	−3.8	2.5	102.4	745.2	11,103.9
EBITDA margin	—	−720.3%	11.8%	62.8%	74.9%	77.0%
Humanoid R&D (40% of EBITDA, from 2031)	0.0	0.0	0.0	0.0	298.1	4,441.5
Corporate income tax (19%)	0.0	0.0	0.5	19.5	84.9	1,265.8
Net profit	−0.15	−3.8	2.0	83.0	362.1	5,396.5
Robotify clients (31 Dec)	5	50	500	2,500	8,000	51,035
Robotify physical robots — fleet (31 Dec)	13	197	2,625	16,408	58,775	535,919

The Robotify tax base is EBITDA less R&D actually spent, taxed at 19%. The client bears the machine CAPEX, not us. The physical robot fleet is a different quantity from Agentify processes; the two must never be added together.

Caveat — the Robotify pricing rule. We do not sell servicing below twice the cost of serving a given country. This is a deliberate commercial policy: we would rather not sign a contract than service it below the point where it pays. In 2029 the robot market is still early, fleets are small and the cost of service readiness spreads across few machines — which is why in Germany, the United Kingdom and France it is this rule that sets most of Robotify revenue and stands behind the positive 2029 EBITDA. The effective price there is PLN 23–27 per robot-hour against market rates of PLN 10–12, so it is a price for service availability rather than for volume. In later years, as the fleet grows, the market sets the price; in 2027 and 2028 the rule does not bind in any country.

5

Cost structure of the first operating year

Agentify's first operating year is 2027; Robotify's is 2028 (Robotify has no revenue in 2027). Below is the full line-by-line breakdown, split into variable and fixed costs and into people costs and everything else.

What splits costs into fixed and variable. An item is variable when it grows with sales — with the number of processes, new clients, machines, or with revenue. It is fixed when it follows from being present in a market at all: a country enters with a complete team and a complete set of headquarters costs, whatever we sell there. We checked every item by rescaling the sales plan by ±50% and watching whether the cost moved. In 2027 and 2028 Agentify's country teams and Robotify's service function are still a fixed cost — one person per role covers a whole market — and begin to grow with volume only from 2029.

Agentify · 2027 — first operating year (PLN)

Item	What drives the cost	People	Other	Total 2027
Vendor licence	licence consumption × processes	—	186,345.45	186,345.45
Partner maintenance	active processes	—	68,163.33	68,163.33
Customer acquisition cost (CAC)	new clients	—	41,150	41,150
Revenue-driven overhead (2.05%)	revenue	—	15,307.60	15,307.60
TOTAL VARIABLE COSTS	—	—	310,966.38	310,966.38
Fixed local roles — country manager, sales, marketing, operations, administration	number of countries (1)	1,300,000	—	1,300,000
Local teams — delivery, customer success, ops	country teams — full staffing from market entry	800,000	—	800,000
Headquarters — R&D	planned level	380,000	—	380,000
Headquarters — management board	entered level	550,000	—	550,000
Headquarters — administration (G&A)	entered level	680,000	—	680,000
Headquarters — marketing and sales	entered level	760,000	—	760,000
Workplace overhead — process headcount	process headcount (3)	—	117,000	117,000
Workplace overhead — country and headquarters headcount	fixed FTE (12)	—	468,000	468,000
Overhead — professional services base	constant	—	150,000	150,000
TOTAL FIXED COSTS	—	4,470,000	735,000	5,205,000
TOTAL AGENTIFY COSTS 2027	—	4,470,000	1,045,966.38	5,515,966.38

Agentify 2027 revenue was PLN 746,712.36, costs PLN 5,515,966.38, EBITDA PLN −4,769,254.02. The "people" total (PLN 4,470,000) is 81.0% of the year's costs and is identical to the base on which ESOP is computed (10% of payroll = PLN 447,000). ESOP is a non-cash cost below EBITDA and is not included in the totals above. In the first year more than nine tenths of Agentify's costs (94.4%) are fixed — the team and the headquarters are in place before any sales arrive, so 2027 buys operating capacity rather than volume servicing; operating leverage starts to work from 2029, when team costs begin to grow with the number of processes.

Robotify · 2028 — first operating year (PLN)

Item	What drives the cost	People	Other	Total 2028
Service cost — technicians, engineers, logistics	robot fleet	69,496.82	—	69,496.82
ESOP on service payroll (non-cash)	10% of service payroll	6,949.68	—	6,949.68
Customer acquisition cost (CAC)	new clients	—	18,750	18,750
Connectivity (machine connectivity)	robot fleet	—	56,115.09	56,115.09
Revenue-driven overhead (2.05%)	revenue	—	10,819.43	10,819.43
TOTAL VARIABLE COSTS	—	76,446.50	85,684.52	162,131.02
Fixed local roles — country manager, directors, administration	number of countries (1)	60,000	—	60,000
Headquarters — R&D / platform	entered level	560,000	—	560,000
Headquarters — administration (G&A)	entered level	775,000	—	775,000
Headquarters — marketing and sales	entered level	1,025,000	—	1,025,000
Management board (CEO / CFO / COO / CTO)	entered level	700,000	—	700,000
Workplace overhead — service headcount	service headcount (4)	—	156,000	156,000
Workplace overhead — country and headquarters headcount	fixed FTE (11)	—	429,000	429,000
Overhead — professional services base	constant	—	150,000	150,000
TOTAL FIXED COSTS	—	3,120,000	735,000	3,855,000
TOTAL ROBOTIFY COSTS 2028	—	3,196,446.50	820,684.52	4,017,131.02
ESOP on fixed payroll (non-cash, outside the totals above)	10% of fixed payroll	312,000	—	312,000

Robotify 2028 revenue was PLN 527,777.25 (Poland only), costs in the P&L PLN 4,329,131.02 including ESOP, EBITDA PLN −3,801,353.77. The "people" total excluding ESOP on fixed payroll is PLN 3,196,446.50, i.e. 79.6% of the year's costs; including it, PLN 3,508,446.50. The ESOP convention: on the Agentify side ESOP sits below EBITDA, on the Robotify side it is booked into costs. That is why ESOP on fixed payroll is shown in a separate row below the totals rather than inside them.

What it adds up to — one line per product

First operating year	Variable costs	Fixed costs	Fixed share	People costs	People share
Agentify · 2027	310,966.38	5,205,000	94.4%	4,470,000	81.0%
Robotify · 2028	162,131.02	3,855,000	96.0%	3,196,446.50	79.6%
Group · 2027 (Agentify + Robotify base)	310,966.38	5,355,000	94.5%	4,470,000	78.9%

In each product's first year four fifths of costs are people, and more than nine tenths of costs are fixed — the first year buys operating capacity, not volume servicing. The relationship reverses by 2029, when fixed costs are only 27.8% of group costs. The 2027 group line includes PLN 150,000 of Robotify professional-services base — the only item that company carries before sales start.

Positions and headcount — 2027 and 2028

The position-by-position detail — position names, headcount, rates and costs, country by country, for both products and for the central function — is carried by a separate document: Headcount annex 2027–2028 (Automatify Aneks Kadrowy (EN).html). The supplement stays with the summary figures.

Headcount totals — product and group

Year	Item	Agentify	Robotify	Group
2027	FTE	15	0	15
2027	People cost (PLN)	4,470,000	0	4,470,000
2028	FTE	43	15	36 local + 21 central
2028	People cost (PLN)	23,172,366.67	3,189,496.82	26,361,863.48

The convention used in this line: “people cost” means payroll excluding the employee share programme (ESOP) — on both sides alike, so that both columns measure the same thing. People costs separately: Agentify PLN 4,470,000 (2027) and PLN 23,172,366.67 (2028); Robotify PLN 0 (2027) and PLN 3,189,496.82 (2028) — exactly the figures the headcount annex breaks down position by position. The 2028 group line is their sum: PLN 26,361,863.48. The employee share programme sits outside that total on both sides: Agentify PLN 2,317,236.67, Robotify PLN 6,949.68 on service payroll and PLN 312,000 on fixed payroll (together PLN 318,949.68). 2028 group headcount. The Polish admin works half-time for each pillar and is shown on both sides, which is why local group staffing in 2028 counts 36 people — 32 Agentify plus 5 Robotify, with one person shared. The cost of that position splits in half and adds to one full salary, PLN 120,000.

6

Geographic expansion — year by year

Start in Poland. Agentify enters 34 markets by 2033, Robotify 32 markets by 2034 — each one year after Agentify.

Agentify · order of entry

2027Poland (1)

2028DE, GB, FR (3)

2029IT, ES, NL (3)

2030SE, CZ, RO, BE, AT (5)

2031CH, PT, DK, HU, FI (5)

2032+8 countries

2033+9 countries · 34 in total

Robotify · one year after Agentify

2028Poland (1)

2029DE, GB, FR (3)

2030IT, ES, NL (3)

2031SE, CZ, RO, BE, AT (5)

2032CH, PT, DK, HU, FI (5)

2033+6 countries

2034+9 countries · 32 in total

Market entry maps (colour = year of entry)

Agentify

Robotify

Agentify enters 34 countries, Robotify 32. Robotify does not enter Turkey or Serbia, both of which are on the Agentify list.

7

Model assumptions

The key parameters behind the projection. All of them are live control parameters of the projection, not descriptions — changing a parameter recalculates the whole result.

Agentify · software

Revenue modellicence + implementation instalment + 10% of savings

Value of an hour of work (Poland)PLN 60 × country multiplier

Revenue and cost indexation0% / year

Implementation — price / our costPLN 60,000 / 55,000 per PROCESS

Implementation repayment period4 years

Annual churn5%

Processes / weighted client (2-6-2 mix)5.2

Process expansion at existing clientsSWITCHED OFF

Robotify · physical robots

Revenue modelservice subscription per robot-hour

Robot CAPEXborne by the client

Hours / robot / year7,000

Service rate (Poland)PLN 4.07 / robot-h

Rate decline−5% / year

Annual churn5%

FTE per robot3.5

Profit allocation from 203140% R&D / 60% retained

Group. Governing variant: no process expansion at existing clients. Shared headquarters costs are split 50/50 between the pillars from 2028, so the group counts them once. Corporate income tax is 19% on both sides, with the base defined as EBITDA less R&D actually spent; the tax is wired into the cash flow statement and paid in monthly instalments. The client bears the machine CAPEX; the projections do not include any return from an owned robot fleet — an owned fleet remains upside beyond the figures shown.

8

Group architecture — how the pillars combine

Automatify is a parent company with two pillars. The group level is a plain sum of both, with no elimination line: the cost of a person working for both products is split in half up front.

Shared vs separate headquarters

Roles shared with Robotifysplit 0.5 / 0.5 from 2028

Marketing & sales, G&Ashared · half each

R&Dseparate per pillar

Management boardseparate per pillar

Robotify entry1 year after Agentify

Profit allocation 40 / 60 + tax

Humanoid R&D (Robotify, from 2031)40% of EBITDA

Retained earnings60% of EBITDA

Robot CAPEX reserveREMOVED

Tax baseEBITDA − R&D spent

Tax · first year of tax19% · 2029 on both sides

Caveat — tax assumption. The projections assume a 19% rate and the deduction of research spending from the tax base; confirmation from a tax adviser is in progress.

9

Consolidated P&L — line by line

From revenue to net profit, TOTAL values (Agentify + Robotify), PLN m. Costs are split into variable and fixed by the same criterion as in section 5.

Item (PLN m) — TOTAL	2027	2029	2031	2035
Revenue	0.7	234.4	5,813.7	39,644.0
− Variable costs	0.3	93.0	1,655.5	10,726.8
= Contribution after variable costs	0.4	141.4	4,158.2	28,917.2
− Fixed costs	5.4	35.8	84.5	215.0
− Robotify ESOP (non-cash)	0.0	1.2	2.9	9.0
= EBITDA	−4.9	104.4	4,070.8	28,693.1
− Robotify humanoid R&D (40% of its EBITDA, from 2031)	0.0	0.0	−298.1	−4,441.5
= Profit before tax	−4.9	104.4	3,772.7	24,251.6
− Corporate income tax 19%	0.0	−19.8	−716.8	−4,607.8
= Net profit	−4.9	84.6	3,055.9	19,643.8

The ESOP line stands on its own because the two pillars treat it differently: on the Agentify side ESOP is below EBITDA (2029: PLN 3.7 m; 2035: PLN 28.8 m, and it appears in no line above), on the Robotify side it is booked into costs. We plan to harmonise the convention when group consolidation closes.

Split by pillar — who contributes what (PLN m)

PLN m	AGF 2029	RBF 2029	TOTAL 2029	AGF 2035	RBF 2035	TOTAL 2035
Revenue	213.5	20.9	234.4	25,229.4	14,414.6	39,644.0
EBITDA	102.0	2.5	104.4	17,589.3	11,103.9	28,693.1
Net profit	82.6	2.0	84.6	14,247.3	5,396.5	19,643.8

Agentify is the engine of scale and margin across the whole window; Robotify contributes materially from 2030 and accelerates after 2031, once the fleet passes 58,000 machines. Robotify's contribution to 2029 group EBITDA (PLN 2.5 m) follows from the pricing rule described in section 4. AGF = Agentify, RBF = Robotify.

10

Survival threshold — costs at zero sales

Costs that do not depend on sales volume — fixed local roles, headquarters, workplace overhead. This is what the group funds even at zero revenue.

PLN m	2027	2028	2029	2030	2031
Group fixed costs (survival threshold)	5.4	28.7	35.8	58.4	84.5
Group variable costs (for comparison)	0.3	6.6	93.0	559.9	1,655.5
Fixed share	94.5%	81.3%	27.8%	9.4%	4.9%

We checked this classification by rescaling the sales plan by ±50%: none of the items classified as fixed in 2027–2029 moved; from 2030 the only exception is the team-lead headcount (Agentify Team Lead, Robotify Service Lead), which is derived from the size of the operating team — 1.9% of the fixed block in both 2030 and 2031. The amounts exclude ESOP (non-cash). The rise in the threshold from 2027 to 2031 comes from the rollout — every new country adds a fixed management team regardless of sales in that country.

11

Agentify — model detail

A per-country cohort engine (34 markets) computed on a monthly grid from January 2026 to December 2045. The model builds revenue from signings, processes, prices and churn — not from extrapolation.

The volume ladder — from signature to process

Stage	Value	Description
Signings 2027–2035	38,726	contracts signed in total, before churn (per-country volume plan)
ACTIVE clients 31 Dec 2035	31,677	after 5%/year churn and the two-month lag to first invoice
ACTIVE processes 31 Dec 2035	164,721	weighted client = 5.2 processes; the Agentify volume unit
Automated FTE 31 Dec 2035	~773k	4.69 FTE per process — the scale of savings on the client side

The Agentify model has no TAM/SAM layer — it starts from a per-country signing plan, not from a market share. The market funnel is computed on the Robotify side (section 12).

Unit parameters

Client mix 2-6-21 / 5 / 10 processes

Automatable share (pess./real./opt.)50% / 70% / 90%

Value of an hour of work (PL)PLN 60

Implementation / processPLN 60,000

Vendor licence — list pricePLN 43,000 / year

Maintenance20% of implementation

Commission on savings10%

Automated FTE / weighted client24.4

Volume and costs

Active processes (2027/31/35)17 → 33,154 → 164,721

Variable costs (2027/31/35)0.3 → 1,440.7 → 7,525.3 m

Fixed costs (2027/31/35)5.2 → 52.3 → 114.8 m

Local costs 2035250.1 m

CAC — acquisition cost 203581.9 m

Overhead 2035534.8 m

Total FTE (2027/31/35)15 → 229 → 611

ESOP 2035 (below EBITDA)28.8 m

Largest Agentify markets — cumulative signings

Country	Year of entry	Wage multiplier vs PL	Signings 2027–2035
Germany	2028	3.03	9,385
United Kingdom	2028	2.60	5,757
France	2028	3.00	4,710
Poland	2027	1.00	3,811
Italy	2029	2.17	3,090
Spain	2029	1.78	2,596

Signings are contracts concluded, before churn — not the number of active clients. A country's wage multiplier drives both local costs and the value of the client's savings, so expensive markets are simultaneously costlier to serve and more profitable.

12

Robotify — model detail (RaaS)

Physical robots as a service. The client pays the machine CAPEX, we service it on a subscription billed per robot-hour. The engine computes 32 countries separately.

Market funnel — European SMEs

Stage	Value	Description
TAM	104.0 m	manual workers across the whole European economy (154.1 m employed × physical-work intensity)
SAM	282,530	SMEs of 50–249 employees; 19.4 m manual workers
SOM 2035	51,035	Robotify clients = 18.1% of SMEs (20% ceiling, reached in 2037)

Unit economics of servicing — the 1,000-robot test

Revenue and cost / 1,000 robots

Service rate (CE test)PLN 5 / robot-h

Robot-hours / year7,000 / robot

Revenue / 1,000PLN 35.0 m

Staffing26.4 FTE / 1,000

Staffing cost (CE)3.6 m (10.2%)

Margin and fleet

Gross margin (CE)89.8%

Gross margin (EU blend)85.4%

Robots / client (2027 → 2035)2.63 → 10.50

Physical robot fleet 2035535,919

Revenue / robot 2035PLN 26.9k

The 1,000-robot test is computed at PLN 5 per robot-hour for Central Europe. In the full model the rate is set per country (Poland PLN 4.07, Germany PLN 12.36, Switzerland the highest) and declines by 5% a year. The margin in the test is the margin before connectivity, platform, G&A, marketing and CAC.

Contribution by country 2035 (PLN m)

Country	Revenue 2035	Contribution 2035
Germany	3,537.7	2,892.9
France	1,832.7	1,497.8
Italy	1,150.4	949.3
Netherlands	952.2	785.6
Spain	807.1	665.5
Poland	415.0	334.4

Robotify profit allocation (from 2031, PLN m)

Item	2031	2035	Cumulative 2031–2035
EBITDA	745.2	11,103.9	26,519.8
Humanoid R&D (40%)	298.1	4,441.5	10,607.9
Retained earnings (60%) = tax base	447.1	6,662.3	15,911.9
Corporate income tax (19%)	84.9	1,265.8	3,023.3
Net profit	362.1	5,396.5	12,888.6

The client bears the machine CAPEX, so we hold no reserve against a purchase we do not make. Setting cash aside is not a deductible cost — research and development expenditure is. Labour cost in the model (PLN/h): Poland 58 (reference), Germany 176, France 174, Switzerland 224; lowest Bulgaria 40 and Romania 47.

13

Glossary

Key terms used in the budget model. Every unit figure in this material carries two labels: what it counts and whose it is.

ACTIVE client

A client net of churn whose revenue has started. The only client definition in force. Not to be confused with cumulative signings, nor with the cost driver, which starts earlier — at contract signature, not at first invoice.

Active process · physical robot

An active process is the Agentify (software) volume unit. A physical robot is a machine in the Robotify fleet. These are two different things and must never be added together, despite being of similar orders of magnitude.

Variable vs fixed costs

Variable costs grow with volume (processes, clients, fleet, revenue); fixed costs follow from being present in a market at all — from the number of countries or from the planned level. We check the classification by rescaling the sales plan by ±50%.

EBITDA · survival threshold

Operating profit before depreciation, interest and tax. Survival threshold = fixed costs, i.e. what the group pays at zero sales.

Pay-as-you-Save / RaaS

Agentify: the client pays out of savings — licence, implementation instalment and a 10% commission on net savings. Robotify: the client buys the robot, we sell servicing on a subscription billed per robot-hour.

Robotify pricing rule

We do not sell servicing below twice the cost of serving a country. In 2029 this rule sets most of Robotify revenue — see the caveat in section 4.

Country labour cost multiplier

Labour cost in a country vs Poland (PL = 1.00; DE = 3.03). It drives local costs, the Robotify service rate and the value of the Agentify client's savings alike.

Profit allocation · ESOP

Allocation: from 2031 Robotify EBITDA splits into 40% humanoid R&D and 60% retained earnings; the client bears the machine CAPEX. ESOP = employee option pool, 10% of payroll, a non-cash cost.

Budget supplement2027–2035