With a presence in more than 50 countries, Profile offers solutions for banking, investment management and business applications, while expanding into adjacent areas such as cybersecurity and information and communications technology (ICT) services.
According to Optima Bank, the company is well placed to benefit from rising demand for technology investment in the financial sector, as banks and asset managers upgrade their information systems and integrate cloud, artificial intelligence and cybersecurity solutions.
Revenue growth of 18% a year
Profile’s growth is already reflected in its financial performance. Revenue more than doubled, from €20 million in 2021 to €47.5 million in 2025, representing a compound annual growth rate (CAGR) of 24%, while EBITDA reached €13.1 million.
Momentum strengthened further in the first half of 2026. Revenue rose 60% year on year to €32.2 million, EBITDA increased 34% to €8 million, and net profit climbed 63% to €4.9 million. The performance was driven by both organic growth and acquisitions.
Optima Bank forecasts that revenue will reach €128 million by 2031, up from €47.5 million in 2025, excluding any potential further acquisitions. This implies an average annual growth rate of about 18%.
Meanwhile, the order backlog exceeds €130 million over a three-year horizon, providing greater visibility on future revenue.
In terms of profitability, the broker expects the EBITDA margin to expand gradually, surpassing 30% by 2030, thanks to synergies, economies of scale and growth in recurring revenue.
The role of artificial intelligence and acquisitions
Optima Bank sees significant growth potential in the upgrading of legacy information systems at banks and asset management firms. Profile is investing in the development of new products that use artificial intelligence, including the ProfileOne platform, while allocating about 15% of its revenue to research and development (R&D).
At the same time, it aims to deploy its existing software platforms in broader markets, such as pension services, microfinance and digital wealth management.
Acquisitions, the report says, are a key pillar of the growth strategy. The acquisition of Contemi strengthens Profile’s presence in wealth management, while Algosystems adds capabilities in cybersecurity and cloud services, while also creating cross-selling opportunities.
Management plans to invest a further €80 million by 2028 to support its growth strategy, with the aim of adding €30-40 million in revenue. The cash balance of €32.3 million at the end of the first half of 2026 gives Optima Bank, significant financing flexibility for new acquisitions without the need to increase borrowing.
The share valuation
To determine its €13.17 target price, Optima Bank uses a blended valuation methodology, weighting discounted cash flow (DCF) at 50%, peer-company valuation at 30% and merger and acquisition transactions at 20%.
Based on the broker’s estimates, the shares currently trade at an EV/EBITDA multiple of 14 times for 2026 and 11.2 times for 2027. At the target price, the corresponding multiple for 2027 is 14.5 times.
Optima Bank believes the combined effect of strong revenue growth, wider profit margins and expansion through acquisitions could lead the market to re-rate the shares.