✦ The Future BetsNarrow moat

Synektik (SNT) — the future bets

Synektik gave its research bet to shareholders and is betting on taking the da Vinci model to Ukraine and the Baltic states.

Synektik's next bets are about territory and products rather than new businesses. The one new business it had, it gave away. On 27 March 2026 the cardiotracer and new-molecule research unit was demerged into Syn2bio S.A., its shares distributed one for one to Synektik's holders at a fair value of 304,5 million złoty1. Synektik is now a distributor and a radiopharmaceutical producer, and its future depends on how far it can carry that model.

Export revenue (zł m)183,7FY2025, twelve months151,4Oct 2025-Jun 2026, nine monthsSynektik audited statements; segment note, interim report to June 2026 (150,5 + 0,9)
Exports kept growing, but Poland grew faster, so the foreign share fell.

The first direction is east. The February 2026 annex added Ukraine to the da Vinci territory2; Synektik Ukraine TOV was registered in Kyiv on 11 May 2026 and operations are planned to start around the turn of the third and fourth calendar quarters3. The company plans about 20 da Vinci installations there over two years4.

The second is north. The Baltic states produced their first two contracts in 20265, and management wants foreign markets to be around 30% of revenue within two to three years, from about 21%6.

The third is new exclusive products. Synektik is the exclusive distributor of HistoSonics' Edison, a non-invasive treatment for liver tumours, in Poland, Czechia, Slovakia and the Baltic states7; the system gained CE certification this summer8.

The last is the one that frames the others: the da Vinci contract runs to 31 December 20319. Everything Synektik builds in Ukraine, the Baltic states and the installed base will be judged by Intuitive at the next renewal.

Two of the bets already show in the numbers. Foreign revenue was 183,7 million złoty in the year to September 202510, mostly from Czechia and Slovakia, where the installed base grew from 16 systems in 2022 to 42 in 20261112. Syn2bio's shares traded at 68,00 złoty in September 202613. The others, Ukraine and Edison, have yet to produce a sale.

These are bets on doing the same thing in more places. The rating is narrow and the trajectory widening; the measure is the foreign share of revenue, which fell to about 21% as Poland boomed14. Reaching 30% would show the model travelling.

Moat trajectory: Widening

Ukraine added and the first Baltic contracts signed in 2026.

The number that tests this moat
Reported
Foreign share of revenue, nine months to June 2026
about 21% (target about 30%)

Whether the Polish model travels.

Source: Synektik press release on the first Estonian contract ↗
✦ Future bets — beyond today's moat
✦ FUTURE BET 01
Syn2bio: The Bet Handed to Shareholders
Synektik gave its loss-making research unit to its shareholders, and the market now values it at twice the demerger price.
✦ FUTURE BET 02
Ukraine: Twenty Robots in Two Years
Synektik plans to place 20 da Vinci robots in Ukraine in two years, in a market where it has installed none yet.
✦ FUTURE BET 03
The 2031 Horizon
Synektik's installed base is the argument for the next renewal in 2031 and the prize if Intuitive declines to renew.
✦ FUTURE BET 04
Edison and a Second Robot-Sized Product
Synektik is trying to repeat the da Vinci pattern with a liver-tumour device that only gained its CE mark this year.
References
  1. ReportedOn 27 March 2026 the cardiotracer and new-molecule research unit was demerged into Syn2bio S.A., its shares distributed one for one to Synektik's holders at a fair value of 304,5 million złoty.
    Synektik S.A. and Synektik Group interim condensed financial statements for 1 October 2025 - 30 June 2026 (third quarter of the fiscal year) - the demerger of Syn2bio, shareholders and group structure. — October 2025 - June 2026 · publ. 5 August 2026 · source ↗
  2. ReportedThe February 2026 annex added Ukraine to the da Vinci territory; Synektik Ukraine TOV was registered in Kyiv on 11 May 2026 and operations are planned to start around the turn of the third and fourth calendar quarters.
    Synektik interim financial statements for 1 October - 31 December 2025 - including the annex extending the da Vinci distribution agreement to 31 December 2031 and adding Ukraine, and the 10,75 złoty dividend. — October - December 2025 · publ. February 2026 · source ↗
  3. ReportedThe February 2026 annex added Ukraine to the da Vinci territory; Synektik Ukraine TOV was registered in Kyiv on 11 May 2026 and operations are planned to start around the turn of the third and fourth calendar quarters.
    Synektik S.A. and Synektik Group interim condensed financial statements for 1 October 2025 - 30 June 2026 (third quarter of the fiscal year) - the demerger of Syn2bio, shareholders and group structure. — October 2025 - June 2026 · publ. 5 August 2026 · source ↗
  4. ReportedThe company plans about 20 da Vinci installations there over two years.
    Synektik press release, 17 September 2026: 'Synektik signs first contract in Estonia. Another step in the Baltic states expansion' - EUR 9,4 million including nine years of maintenance and ten years of consumables; 142 systems (100 in Poland, 42 in Czechia and Slovakia); the Ukraine plan; targets for foreign and recurring revenue. — September 2026 · publ. 17 September 2026 · source ↗
  5. ReportedThe Baltic states produced their first two contracts in 2026, and management wants foreign markets to be around 30% of revenue within two to three years, from about 21%.
    Synektik press release, 17 September 2026: 'Synektik signs first contract in Estonia. Another step in the Baltic states expansion' - EUR 9,4 million including nine years of maintenance and ten years of consumables; 142 systems (100 in Poland, 42 in Czechia and Slovakia); the Ukraine plan; targets for foreign and recurring revenue. — September 2026 · publ. 17 September 2026 · source ↗
  6. ReportedThe Baltic states produced their first two contracts in 2026, and management wants foreign markets to be around 30% of revenue within two to three years, from about 21%.
    Synektik press release, 17 September 2026: 'Synektik signs first contract in Estonia. Another step in the Baltic states expansion' - EUR 9,4 million including nine years of maintenance and ten years of consumables; 142 systems (100 in Poland, 42 in Czechia and Slovakia); the Ukraine plan; targets for foreign and recurring revenue. — September 2026 · publ. 17 September 2026 · source ↗
  7. ReportedSynektik is the exclusive distributor of HistoSonics' Edison, a non-invasive treatment for liver tumours, in Poland, Czechia, Slovakia and the Baltic states; the system gained CE certification this summer.
    Synektik press release, 17 September 2026: 'Synektik signs first contract in Estonia. Another step in the Baltic states expansion' - EUR 9,4 million including nine years of maintenance and ten years of consumables; 142 systems (100 in Poland, 42 in Czechia and Slovakia); the Ukraine plan; targets for foreign and recurring revenue. — September 2026 · publ. 17 September 2026 · source ↗
  8. ReportedSynektik is the exclusive distributor of HistoSonics' Edison, a non-invasive treatment for liver tumours, in Poland, Czechia, Slovakia and the Baltic states; the system gained CE certification this summer.
    Synektik S.A. and Synektik Group interim condensed financial statements for 1 October 2025 - 30 June 2026 (third quarter of the fiscal year) - management commentary: orders, backlog, da Vinci systems and procedures, recurring revenue, radiopharmaceutical sales and seasonality. — October 2025 - June 2026 · publ. 5 August 2026 · source ↗
  9. ReportedThe last is the one that frames the others: the da Vinci contract runs to 31 December 2031.
    Synektik interim financial statements for 1 October - 31 December 2025 - including the annex extending the da Vinci distribution agreement to 31 December 2031 and adding Ukraine, and the 10,75 złoty dividend. — October - December 2025 · publ. February 2026 · source ↗
  10. ReportedForeign revenue was 183,7 million złoty in the year to September 2025, mostly from Czechia and Slovakia, where the installed base grew from 16 systems in 2022 to 42 in 2026.
    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 ↗
  11. ReportedForeign revenue was 183,7 million złoty in the year to September 2025, mostly from Czechia and Slovakia, where the installed base grew from 16 systems in 2022 to 42 in 2026.
    Synektik interim report for the fiscal year to 30 September 2022 - revenue, segments, installed base in Poland, Czechia and Slovakia, the first dedicated reimbursement and example tenders. — October 2021 - September 2022 · publ. November 2022 · source ↗
  12. ReportedForeign revenue was 183,7 million złoty in the year to September 2025, mostly from Czechia and Slovakia, where the installed base grew from 16 systems in 2022 to 42 in 2026.
    Synektik press release, 17 September 2026: 'Synektik signs first contract in Estonia. Another step in the Baltic states expansion' - EUR 9,4 million including nine years of maintenance and ten years of consumables; 142 systems (100 in Poland, 42 in Czechia and Slovakia); the Ukraine plan; targets for foreign and recurring revenue. — September 2026 · publ. 17 September 2026 · source ↗
  13. ReportedSyn2bio's shares traded at 68,00 złoty in September 2026.
    Syn2bio S.A. (WSE: S2B) market data - share price 68,00 złoty and market value 593,58 million złoty, September 2026. — September 2026 · publ. 23 September 2026 · source ↗
  14. ReportedThe rating is narrow and the trajectory widening; the measure is the foreign share of revenue, which fell to about 21% as Poland boomed.
    Synektik press release, 17 September 2026: 'Synektik signs first contract in Estonia. Another step in the Baltic states expansion' - EUR 9,4 million including nine years of maintenance and ten years of consumables; 142 systems (100 in Poland, 42 in Czechia and Slovakia); the Ukraine plan; targets for foreign and recurring revenue. — September 2026 · publ. 17 September 2026 · source ↗
Sources
Generated September 24, 2026