Affidea: Nearly a Third of the TracersThin moat

Synektik (SNT) — moat facet

Synektik's tracer business sells nearly a third of its output to one diagnostic chain.

The one customer Synektik names as a dependence is in radiopharmaceuticals. Affidea, which runs diagnostic centres, accounted for 29,0% of the segment's sales in the year to September 2025, against 32,3% a year earlier, and 2,5% of group revenue12. Synektik says it sees a dependence on this customer3.

Radiopharmaceutical segment sales, year to Sep 2025Affidea — 29%All other customers — 71%Synektik annual management board report
Nearly a third from one chain.

The relationship is practical. A PET centre needs tracers delivered the same day, and Synektik's three cyclotrons4 can supply them across much of the country. A chain of centres buys from the producer that can reach them reliably.

On about 52,9 million złoty of segment revenue5, Affidea's 29,0% is roughly 15 million złoty a year6. Losing it would cost the segment close to a third of its sales and, given fixed plant costs, more than that of its profit.

The segment's other customers are growing faster than Affidea. Segment revenue rose 12% in the year to September 20257 while Affidea's share fell from 32,3% to 29,0%89.

Affidea's share of segment sales fell three points last year as other customers grew, which is the direction a shareholder wants.

Moat trajectory: Holding steady

Share fell from 32,3% to 29,0%.

The number that tests this moat
Reported
Affidea share of radiopharmaceutical sales, year to Sep 2025
29,0% (32,3% a year earlier)

The one named customer dependence.

Source: Synektik annual management board report, year to September 2025 ↗
References
  1. ReportedAffidea, which runs diagnostic centres, accounted for 29,0% of the segment's sales in the year to September 2025, against 32,3% a year earlier, and 2,5% of group revenue.
    Synektik annual management board report for the fiscal year to 30 September 2025 - risk factors, customers and suppliers (Intuitive's share of revenue and purchases, public procurement, Affidea, seasonality). — October 2024 - September 2025 · publ. December 2025 · source ↗
  2. ReportedAffidea, which runs diagnostic centres, accounted for 29,0% of the segment's sales in the year to September 2025, against 32,3% a year earlier, and 2,5% of group revenue.
    Synektik annual management board report for the fiscal year to 30 September 2024 - Intuitive's share of revenue, public procurement share, installed base and procedures. — October 2023 - September 2024 · publ. December 2024 · source ↗
  3. ReportedSynektik says it sees a dependence on this customer.
    Synektik annual management board report for the fiscal year to 30 September 2025 - risk factors, customers and suppliers (Intuitive's share of revenue and purchases, public procurement, Affidea, seasonality). — October 2024 - September 2025 · publ. December 2025 · source ↗
  4. ReportedA PET centre needs tracers delivered the same day, and Synektik's three cyclotrons can supply them across much of the country.
    Synektik annual management board report for the fiscal year to 30 September 2025 - description of the markets: robotic surgery in Poland, PET scanners, cyclotrons and NFZ-funded PET studies. — October 2024 - September 2025 · publ. December 2025 · source ↗
  5. ReportedOn about 52,9 million złoty of segment revenue, Affidea's 29,0% is roughly 15 million złoty a year.
    Synektik Group audited consolidated financial statements for the fiscal year to 30 September 2025 (ESEF package) - revenue, costs, continuing and discontinued profit, earnings per share, segment note, cash flow. — October 2024 - September 2025 · publ. December 2025 · source ↗
  6. Moat Explorer calcOn about 52,9 million złoty of segment revenue, Affidea's 29,0% is roughly 15 million złoty a year.
    Moat Explorer calculation from Synektik's reported figures (thousands of złoty unless stated). Market value: 352,60 złoty x 8 529 129 shares = 3 007,4 million złoty (about 3,0 billion złoty); at the NBP rate of 3,8570 = $779,7 million (about $780 million). Trailing revenue to June 2026: 681 598,6 - 482 060,1 + 733 427,1 = 932 965,6 (about 933 million złoty). Trailing continuing net profit: 126 019,2 - 85 705,2 + 137 952,7 = 178 266,7; over 8 529 129 shares = 20,90 złoty; P/E 352,60 / 20,90 = 16,9. Equipment and IT segment EBITDA over segment revenue: 187 190,7 / 631 915,5 = 29,6% (FY2025); 143 577,5 / 579 299,1 = 24,8% (FY2024); 98 943,8 / 410 834,1 = 24,1% (FY2023); 29 865,3 / 139 272,7 = 21,4% (FY2022); 18 636,4 / 100 878,6 = 18,5% (FY2021); 19 605,9 / 112 126,1 = 17,5% (FY2019). Radiopharmaceutical segment EBITDA margin: 16 061,3 / 52 937,4 = 30,3% (FY2025); 16 276,6 / 46 615,7 = 34,9% (FY2024). Recurring revenue, trailing: 374,7 / 59,8 = 6,3 times (September 2022 to June 2026); installed base 142 / 37 = 3,8 times. Recurring revenue per year-end robot: 311,3 / 113 = 2,75 million złoty (FY2025); 193,9 / 86 = 2,25 million złoty (FY2024). Procedures per year-end robot, FY2025: Poland 19 800 / 75 = 264; Czechia and Slovakia 12 500 / 38 = 329. Revenue per average employee: 681,6 / 221 = 3,08 million złoty. Export share: 183,7 / 681,6 = 27,0%. Equipment segment share of revenue excluding intragroup sales: 631,1 / 681,6 = 92,6% (about 93%). Intuitive products: 44,9% x 681,6 = 306,0 million złoty; other equipment, IT and service 681,6 - 306,0 - 50,5 = 325,1 million złoty. Synektik market value over the Estonian contract: 3 007,4 / 41 = 73 (roughly seventy). Dividend paid February 2026: 10,75 x 8 529 129 = 91,7 million złoty; dividend per share 10,75 / 0,45 = 23,9 times since 2021. Free cash flow: FY2025 78,3 - 17,4 = 60,9 million złoty; FY2024 89,6 - 44,9 = 44,7 million złoty. IT4KAN price over market value: 4,15 / 3 007,4 = 0,14%. Recurring revenue, April-June 2025: 103,6 / 1,26 = 82,2 million złoty. Backlog plus active offers at June 2026: 44,2 + 160,8 = 205,0 million złoty. NFZ spending per robotic operation: 59 / 2,1 = 28 thousand złoty (2022); 167 / 5,4 = 31 thousand złoty (2023); 300 / 11 = 27 thousand złoty (2024). NFZ-funded PET studies: 96,1 / 89,3 - 1 = 7,6% (about 8%); per scanner 96 100 / 37 = about 2 600. Affidea: 29,0% x 52,9 = 15,3 million złoty, against segment EBITDA of 16,1 million złoty. Synektik's installed base as a share of Intuitive's: 142 / 11 710 = 1,2%. Czech and Slovak installed base: 42 / 16 = 2,6 times. Equipment segment purchases from others: 100 - 80,2 - 6,8 = 13,0%. Years of exclusivity from September 2026 to 31 December 2031: about 5,3. Year-end P/E and P/S (market value at 30 September over net profit and revenue; continuing profit from FY2024): 122,8 / 9,136 = 13,4 and 122,8 / 134,8 = 0,91 (FY2019); 190,2 / 8,811 = 21,6 and 1,52 (FY2020); 252,5 / 8,384 = 30,1 and 1,96 (FY2021); 237,5 / 10,709 = 22,2 and 1,42 (FY2022); 516,9 / 52,452 = 9,9 and 1,16 (FY2023); 1 635,9 / 98,909 = 16,5 and 2,62 (FY2024); 2 149,3 / 126,019 = 17,1 and 3,15 (FY2025); market values from closing prices of 14,40 złoty, 22,30, 29,60, 27,85, 60,60, 191,80 and 252,00 x 8 529 129. — October 2018 - June 2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Synektik's financial statements, management board reports, factsheet and market data; operands shown in the source line.
  7. ReportedSegment revenue rose 12% in the year to September 2025 while Affidea's share fell from 32,3% to 29,0%.
    Synektik annual management board report for the fiscal year to 30 September 2025 - risk factors, customers and suppliers (Intuitive's share of revenue and purchases, public procurement, Affidea, seasonality). — October 2024 - September 2025 · publ. December 2025 · source ↗
  8. ReportedSegment revenue rose 12% in the year to September 2025 while Affidea's share fell from 32,3% to 29,0%.
    Synektik annual management board report for the fiscal year to 30 September 2024 - Intuitive's share of revenue, public procurement share, installed base and procedures. — October 2023 - September 2024 · publ. December 2024 · source ↗
  9. ReportedSegment revenue rose 12% in the year to September 2025 while Affidea's share fell from 32,3% to 29,0%.
    Synektik annual management board report for the fiscal year to 30 September 2025 - risk factors, customers and suppliers (Intuitive's share of revenue and purchases, public procurement, Affidea, seasonality). — October 2024 - September 2025 · publ. December 2025 · source ↗
Sources
Generated September 24, 2026