Two Hundred and Seventy-One People, None of Them EmployedNarrow moat

Text (TXT) — moat facet

1,21 million złoty of revenue per person, and not one of them on an employment contract.

As of 31 March 2026 Text's team consisted of 271 people, 6,7% more than a year earlier1. Not one of them is an employee.

Cost of the workforce, FY2026 (zl m)159,8m złThird-party services6,5m złEmployee benefits271 Partners on civil-law contracts; the company has no employment contracts at all
The line marked employee benefits is 3,2% of costs because there are no employees.

The company states it directly: the team consists of independent persons and sole proprietors it calls Partners, working under civil-law contracts, and the company has no employees under employment contracts2. This is ordinary practice in Polish technology and it is why the income statement looks strange — costs of employee benefits were 6,5 million złoty against 159,8 million of third-party services, which is 79% of all operating costs3.

The arrangement is efficient. It flexes with need, it lets Text engage specialists for particular stages of a product's life, and it produces 1,21 million złoty of revenue per person4. Turnover was 15%, three percentage points better than the previous year5. The team is overwhelmingly Polish, based mainly in Wroclaw, working a hybrid pattern that requires regular office presence6.

It also creates a legal exposure that Text discloses at length and that has no equivalent in any other company here. Because nobody is an employee, the rule that hands an employer copyright in work created under an employment contract does not apply, so rights in the software must be transferred by individual agreement — and Polish law forbids contracting for all of a creator's future works at once7.

The stated consequence is that if a Partner creates something the company needs and no contract was concluded in advance, Text must reach an individual agreement with that person, which depends on their willingness and may give rise to a dispute8.

Turnover is the figure to track. At 271 people, key-person concentration is the practical risk long before the legal one bites.

Moat trajectory: Widening

The team grew 6,7% to 271 while turnover improved three points to 15%. Revenue per person of 1,21 million złoty is falling only because revenue is, not because the model is.

The number that tests this moat
Reported
Team size and turnover
271 Partners, +6,7%; turnover 15%

None of the 271 works under an employment contract - all are independent contractors on civil-law agreements, which is why employee benefits are 6,5m zł against 159,8m zł of third-party services. The arrangement is efficient and creates a disclosed legal exposure: copyright in the software does not vest automatically and must be transferred by individual agreement. At this headcount the practical risk is key-person concentration, so turnover is the figure to track.

Source: Text Group Management Board report for the financial year 2025/26 ↗
⚠ Threats to the moat
⚠ THREAT 01
The Company Does Not Automatically Own What It Builds
Text's title to its own source code is a continuous administrative achievement rather than a structural fact, and its filings say so.
References
  1. ReportedAs of 31 March 2026 Text's team consisted of 271 people, 6,7% more than a year earlier.
    Text Group Management Board report for 2025/26, team, intellectual property and shareholders (a team of 271 people at 31 March 2026, up 6,7%, consisting of independent persons and sole proprietors called Partners on civil-law contracts, with the company having no employees under employment contracts, a rotation rate of 22% and turnover of 15%, mostly working from Wroclaw on a hybrid basis with 95% Polish citizens; the disclosed risk that because no team member works under an employment contract copyright does not vest automatically, transfers require individual agreements, Polish law forbids contracting for all future works of a given type, and an absent contract leaves the company dependent on the creator's will and open to dispute; a seventh United States patent granted in June 2026 for configuring a communication widget directly on a website; and 25 750 000 shares of 0,02 złoty each, one vote per share and none privileged, with a shareholders' consortium holding 10 625 752 shares or 41,27% of votes and two Polish pension funds above 5%) — FY2025/26 · publ. June 2026 · source ↗
  2. ReportedThe company states it directly: the team consists of independent persons and sole proprietors it calls Partners, working under civil-law contracts, and the company has no employees under employment contracts.
    Text Group Management Board report for 2025/26, team, intellectual property and shareholders (a team of 271 people at 31 March 2026, up 6,7%, consisting of independent persons and sole proprietors called Partners on civil-law contracts, with the company having no employees under employment contracts, a rotation rate of 22% and turnover of 15%, mostly working from Wroclaw on a hybrid basis with 95% Polish citizens; the disclosed risk that because no team member works under an employment contract copyright does not vest automatically, transfers require individual agreements, Polish law forbids contracting for all future works of a given type, and an absent contract leaves the company dependent on the creator's will and open to dispute; a seventh United States patent granted in June 2026 for configuring a communication widget directly on a website; and 25 750 000 shares of 0,02 złoty each, one vote per share and none privileged, with a shareholders' consortium holding 10 625 752 shares or 41,27% of votes and two Polish pension funds above 5%) — FY2025/26 · publ. June 2026 · source ↗
  3. Moat Explorer calcThis is ordinary practice in Polish technology and it is why the income statement looks strange - costs of employee benefits were 6,5 million złoty against 159,8 million of third-party services, which is 79% of all operating costs.
    Moat Explorer calculation - arithmetic on figures Text reports: monthly churn of 4% compounded over twelve months (1 - 0,96^12 = 38,7% of logos a year); revenue per team member (329 073 thousand złoty over 271 people = 1,21m); third-party services as a share of operating costs (159 821 of 201 291 = 79%) and employee benefits as a share (6 458 of 201 291 = 3,2%); operating cash flow against net profit (161 552 over 116 608 = 1,39); the dividend payout ratio (109,7m over 116,6m = 94%); the gap to the ARR target (100,0 less 89,52 = USD 10,5m); the fall in operating margin (50,1% less 38,6% = 11,5 points); the tax saved under the IP Box (126 680 at 19% less the 10 072 charged = about 14m złoty); the market value in dollars (1,08bn złoty at 0,2688 = USD 0,29bn); Text's share of the live-chat market (89,52 over about 1 100 = a twelfth); the largest new contract against revenue (seven figures over USD 88,2m = about 1%); and 500 dollars a month expressed annually (6 000 dollars); the price-to-earnings multiple at each financial year end (market value over net profit: 3 687 over 155,261 = 23,8 times, and 967 over 116,608 = 8,3); cost of goods sold as a share of revenue (85 588 over 354 178 = 24,2%, and 106 753 over 329 073 = 32,4%); and the effective tax rate (12 323 over 178 876 = 6,89%, and 10 072 over 126 680 = 7,95%) — FY2025/26 · publ. September 2026 · source ↗
  4. Moat Explorer calcIt flexes with need, it lets Text engage specialists for particular stages of a product's life, and it produces 1,21 million złoty of revenue per person.
    Moat Explorer calculation - arithmetic on figures Text reports: monthly churn of 4% compounded over twelve months (1 - 0,96^12 = 38,7% of logos a year); revenue per team member (329 073 thousand złoty over 271 people = 1,21m); third-party services as a share of operating costs (159 821 of 201 291 = 79%) and employee benefits as a share (6 458 of 201 291 = 3,2%); operating cash flow against net profit (161 552 over 116 608 = 1,39); the dividend payout ratio (109,7m over 116,6m = 94%); the gap to the ARR target (100,0 less 89,52 = USD 10,5m); the fall in operating margin (50,1% less 38,6% = 11,5 points); the tax saved under the IP Box (126 680 at 19% less the 10 072 charged = about 14m złoty); the market value in dollars (1,08bn złoty at 0,2688 = USD 0,29bn); Text's share of the live-chat market (89,52 over about 1 100 = a twelfth); the largest new contract against revenue (seven figures over USD 88,2m = about 1%); and 500 dollars a month expressed annually (6 000 dollars); the price-to-earnings multiple at each financial year end (market value over net profit: 3 687 over 155,261 = 23,8 times, and 967 over 116,608 = 8,3); cost of goods sold as a share of revenue (85 588 over 354 178 = 24,2%, and 106 753 over 329 073 = 32,4%); and the effective tax rate (12 323 over 178 876 = 6,89%, and 10 072 over 126 680 = 7,95%) — FY2025/26 · publ. September 2026 · source ↗
  5. ReportedTurnover was 15%, three percentage points better than the previous year.
    Text Group Management Board report for 2025/26, team, intellectual property and shareholders (a team of 271 people at 31 March 2026, up 6,7%, consisting of independent persons and sole proprietors called Partners on civil-law contracts, with the company having no employees under employment contracts, a rotation rate of 22% and turnover of 15%, mostly working from Wroclaw on a hybrid basis with 95% Polish citizens; the disclosed risk that because no team member works under an employment contract copyright does not vest automatically, transfers require individual agreements, Polish law forbids contracting for all future works of a given type, and an absent contract leaves the company dependent on the creator's will and open to dispute; a seventh United States patent granted in June 2026 for configuring a communication widget directly on a website; and 25 750 000 shares of 0,02 złoty each, one vote per share and none privileged, with a shareholders' consortium holding 10 625 752 shares or 41,27% of votes and two Polish pension funds above 5%) — FY2025/26 · publ. June 2026 · source ↗
  6. ReportedThe team is overwhelmingly Polish, based mainly in Wroclaw, working a hybrid pattern that requires regular office presence.
    Text Group Management Board report for 2025/26, team, intellectual property and shareholders (a team of 271 people at 31 March 2026, up 6,7%, consisting of independent persons and sole proprietors called Partners on civil-law contracts, with the company having no employees under employment contracts, a rotation rate of 22% and turnover of 15%, mostly working from Wroclaw on a hybrid basis with 95% Polish citizens; the disclosed risk that because no team member works under an employment contract copyright does not vest automatically, transfers require individual agreements, Polish law forbids contracting for all future works of a given type, and an absent contract leaves the company dependent on the creator's will and open to dispute; a seventh United States patent granted in June 2026 for configuring a communication widget directly on a website; and 25 750 000 shares of 0,02 złoty each, one vote per share and none privileged, with a shareholders' consortium holding 10 625 752 shares or 41,27% of votes and two Polish pension funds above 5%) — FY2025/26 · publ. June 2026 · source ↗
  7. ReportedBecause nobody is an employee, the rule that hands an employer copyright in work created under an employment contract does not apply, so rights in the software must be transferred by individual agreement - and Polish law forbids contracting for all of a creator's future works at once.
    Text Group Management Board report for 2025/26, team, intellectual property and shareholders (a team of 271 people at 31 March 2026, up 6,7%, consisting of independent persons and sole proprietors called Partners on civil-law contracts, with the company having no employees under employment contracts, a rotation rate of 22% and turnover of 15%, mostly working from Wroclaw on a hybrid basis with 95% Polish citizens; the disclosed risk that because no team member works under an employment contract copyright does not vest automatically, transfers require individual agreements, Polish law forbids contracting for all future works of a given type, and an absent contract leaves the company dependent on the creator's will and open to dispute; a seventh United States patent granted in June 2026 for configuring a communication widget directly on a website; and 25 750 000 shares of 0,02 złoty each, one vote per share and none privileged, with a shareholders' consortium holding 10 625 752 shares or 41,27% of votes and two Polish pension funds above 5%) — FY2025/26 · publ. June 2026 · source ↗
  8. ReportedThe stated consequence is that if a Partner creates something the company needs and no contract was concluded in advance, Text must reach an individual agreement with that person, which depends on their willingness and may give rise to a dispute.
    Text Group Management Board report for 2025/26, margins, costs and cash (gross profit margin on sales of 67,6%, operating margin 38,6% and net margin 35,4%; cloud infrastructure costs rising, the migration completing in July 2025 after more than a year of duplicated cost, and completion not translating into cost reductions because of price increases regardless of provider and a deliberately expanded scope of purchased services; increased consulting, legal and public relations costs; fourth-quarter costs falling on cloud optimisation; a warning that more intensive use of artificial intelligence may cause further cost increases and that rising AI costs should press hardest on competitors offering free or freemium products; operating cash flow of PLN 161,6m and PLN 62,8m of cash; and a dividend policy of allocating the highest possible part of profit to shareholders) — FY2025/26 · publ. June 2026 · source ↗
Sources
Generated September 24, 2026