Nine Years of Service in One TenderNarrow moat

Synektik (SNT) — moat facet

Synektik now sells a decade of service with each robot, and its recurring share of revenue is 45% against a goal of 60%.

Synektik increasingly sells the robot and its next decade in a single contract. The Tallinn agreement of September 2026 covers delivery, installation and training, maintenance during and after the warranty for nine years in total, and a framework for consumables over ten years, for EUR 9,4 million1. The finance director said contracts like it give greater confidence in the predictability of results than equipment sales alone2.

Revenue mix (%)55Contract equipment sales45Recurringabout 60Recurring goalSynektik factsheet, August 2026; press release of 17 September 2026
Nine points from equipment to recurring would reach the goal.

The accounts show the effect. Deferred income, which includes warranties, service contracts and prepayments, rose 19% to 59 million złoty in the year to September 20253. The company's factsheet splits revenue 55% contract equipment sales and 45% recurring4, and management's goal is to raise the recurring share to around 60%5.

A multi-year service contract makes the hospital's robot budget Synektik's revenue schedule. It also locks in a price for years, so Synektik carries the cost of service engineers, parts and currency over the term. Most of what it buys is priced abroad6.

The Polish contracts show the same pattern at home. In the year to September 2025 several of Synektik's da Vinci contracts combined the robot with consumables supply for two or three years, such as those with the 10th Military Clinical Hospital in Bydgoszcz and the Rydygier hospital in Kraków, and others were for consumables alone, such as the Łódź oncology centre, the Bydgoszcz oncology centre and the Military Institute of Medicine in Warsaw7.

Moving the recurring share from 45% toward 60% would show the business becoming less dependent on the year's tenders.

Moat trajectory: Widening

Deferred income up 19% and ten-year consumables frameworks now signed abroad.

The number that tests this moat
Reported
Recurring share of revenue (company split)
45% against a 60% goal

The part of revenue not dependent on the year's tenders.

Source: Synektik factsheet, August 2026 ↗
⚠ Threats to the moat
⚠ THREAT 01
Consumables Are Tendered Too
Synektik's recurring revenue is re-tendered every few years, so it is sticky in volume and not in price.
References
  1. ReportedThe Tallinn agreement of September 2026 covers delivery, installation and training, maintenance during and after the warranty for nine years in total, and a framework for consumables over ten years, for EUR 9,4 million.
    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 ↗
  2. ReportedThe finance director said contracts like it give greater confidence in the predictability of results than equipment sales alone.
    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 ↗
  3. ReportedDeferred income, which includes warranties, service contracts and prepayments, rose 19% to 59 million złoty in the year to September 2025.
    Synektik annual management board report for the fiscal year to 30 September 2025 - financial review: margins, net debt, return on equity, working capital and deferred income. — October 2024 - September 2025 · publ. December 2025 · source ↗
  4. ReportedThe company's factsheet splits revenue 55% contract equipment sales and 45% recurring, and management's goal is to raise the recurring share to around 60%.
    Synektik factsheet for the third quarter of the 2025 fiscal year - revenue by quarter, the split between contract equipment sales and recurring revenue, Poland against abroad, market value, P/E and free float at 31 July 2026. — Quarter to June 2026 · publ. August 2026 · source ↗
  5. ReportedThe company's factsheet splits revenue 55% contract equipment sales and 45% recurring, and management's goal is to raise the recurring share to around 60%.
    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. ReportedMost of what it buys is priced abroad.
    Synektik annual management board report for the fiscal year to 30 September 2025 - financial review: margins, net debt, return on equity, working capital and deferred income. — October 2024 - September 2025 · publ. December 2025 · source ↗
  7. ReportedIn the year to September 2025 several of Synektik's da Vinci contracts combined the robot with consumables supply for two or three years, such as those with the 10th Military Clinical Hospital in Bydgoszcz and the Rydygier hospital in Kraków, and others were for consumables alone, such as the Łódź oncology centre, the Bydgoszcz oncology centre and the Military Institute of Medicine in Warsaw.
    Synektik annual management board report for the fiscal year to 30 September 2025 - financial review: margins, net debt, return on equity, working capital and deferred income. — October 2024 - September 2025 · publ. December 2025 · source ↗
Sources
Generated September 24, 2026