A 
60.60
+0.17%
Close of 9 Nov 2026, in PLN
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At a glance
Figures in PLN, from our data supplier.
Revenue
PLN 1.28bn
FY2016FY2025
Net income
PLN 223.3m
FY2016FY2025
Free cash flow
−PLN 726.2m
FY2016FY2025
Shareholders' equity
PLN 1.72bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 1.28bn | PLN 1.49bn | PLN 1.50bn | PLN 1.66bn | PLN 1.68bn | PLN 1.17bn | PLN 720.2m | PLN 1.06bn | PLN 865.8m | PLN 506.8m |
| Gross profit | PLN 378.6m | PLN 386.3m | PLN 448.6m | PLN 470.3m | PLN 453.5m | PLN 237.5m | PLN 170.7m | PLN 283.5m | PLN 247.6m | PLN 136.9m |
| Research and development | — | — | — | PLN 0 | PLN 0 | PLN 0 | PLN 0 | PLN 0 | PLN 0 | PLN 0 |
| Operating income | PLN 320.2m | PLN 331.1m | PLN 401.6m | PLN 436.0m | PLN 417.0m | PLN 208.5m | PLN 145.9m | PLN 259.6m | PLN 222.0m | PLN 114.8m |
| Net income | PLN 223.3m | PLN 295.4m | PLN 341.2m | PLN 368.2m | PLN 331.2m | PLN 167.4m | PLN 113.6m | PLN 200.7m | PLN 171.2m | PLN 89.4m |
| Diluted earnings per share | 5.16 | 6.84 | 7.89 | 9.51 | 8.55 | 4.32 | 2.93 | 5.18 | 4.42 | 2.31 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | PLN 4.92bn | PLN 3.80bn | PLN 3.54bn | PLN 3.18bn | PLN 3.12bn | PLN 2.79bn | PLN 2.41bn | PLN 1.87bn | PLN 1.79bn | PLN 1.51bn |
| Cash and short-term investments | PLN 145.7m | PLN 23.0m | PLN 476.8m | PLN 293.8m | PLN 382.2m | PLN 26.2m | PLN 13.5m | PLN 22.1m | PLN 42.6m | PLN 40.4m |
| Total liabilities | PLN 3.19bn | PLN 2.06bn | PLN 1.84bn | PLN 1.88bn | PLN 1.95bn | PLN 1.84bn | PLN 1.62bn | PLN 1.01bn | PLN 1.00bn | PLN 838.0m |
| Debt | PLN 2.07bn | PLN 1.07bn | PLN 794.4m | PLN 789.8m | PLN 851.7m | PLN 1.05bn | PLN 951.3m | PLN 524.8m | PLN 479.9m | PLN 511.1m |
| Shareholders' equity | PLN 1.72bn | PLN 1.74bn | PLN 1.70bn | PLN 1.30bn | PLN 1.17bn | PLN 956.2m | PLN 788.8m | PLN 858.4m | PLN 794.7m | PLN 688.5m |
| Shares outstanding | 43m | 43m | 43m | 39m | 39m | 39m | 39m | 39m | 39m | 39m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −PLN 725.5m | −PLN 451.2m | PLN 112.7m | PLN 222.1m | PLN 684.0m | PLN 55.5m | −PLN 144.3m | PLN 37.8m | PLN 198.1m | −PLN 77.7m |
| Capital spending | −PLN 628,000 | −PLN 729,000 | −PLN 2.5m | −PLN 1.9m | −PLN 960,000 | −PLN 548,000 | −PLN 801,000 | −PLN 676,000 | −PLN 1.1m | −PLN 1.2m |
| Free cash flow | −PLN 726.2m | −PLN 451.9m | PLN 110.1m | PLN 220.3m | PLN 683.0m | PLN 55.0m | −PLN 145.1m | PLN 37.2m | PLN 197.0m | −PLN 78.9m |
| Dividends paid | −PLN 237.9m | −PLN 259.3m | −PLN 193.6m | — | −PLN 117.3m | −PLN 47,000 | −PLN 182.0m | −PLN 137.6m | −PLN 67.1m | −PLN 29.1m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 447.7m | PLN 316.8m | PLN 501.2m | PLN 382.7m | PLN 253.4m | PLN 136.7m | PLN 277.9m | PLN 514.2m |
| Gross profit | PLN 159.7m | PLN 93.2m | PLN 136.2m | PLN 108.6m | PLN 89.6m | PLN 43.3m | PLN 59.6m | PLN 132.9m |
| Operating income | PLN 137.9m | PLN 75.2m | PLN 120.0m | PLN 98.8m | PLN 77.2m | PLN 31.2m | PLN 39.5m | PLN 118.5m |
| Net income | PLN 106.8m | PLN 55.3m | PLN 91.8m | PLN 74.1m | PLN 40.3m | PLN 17.1m | PLN 40.7m | PLN 100.5m |
| Diluted earnings per share | 2.47 | 1.28 | 2.12 | 1.71 | 0.93 | 0.39 | 0.94 | 2.33 |
| Cash from operations | PLN 244.0m | −PLN 9.0m | −PLN 45.0m | −PLN 160.0m | −PLN 273.0m | −PLN 202.0m | −PLN 181.0m | −PLN 263.0m |
| Total assets | PLN 5.55bn | PLN 5.11bn | PLN 4.92bn | PLN 4.88bn | PLN 4.77bn | PLN 4.28bn | PLN 3.80bn | PLN 3.61bn |
| Cash and short-term investments | PLN 500.4m | PLN 140.2m | PLN 145.7m | PLN 7.3m | PLN 126.8m | PLN 16.5m | PLN 23.0m | PLN 52.3m |
| Debt | PLN 2.15bn | PLN 1.99bn | PLN 1.96bn | PLN 1.88bn | PLN 1.45bn | PLN 1.14bn | PLN 929.0m | PLN 759.1m |
| Shareholders' equity | PLN 1.69bn | PLN 1.78bn | PLN 1.72bn | PLN 1.64bn | PLN 1.56bn | PLN 1.76bn | PLN 1.74bn | PLN 1.70bn |
Financial ratios
Data as of 27 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 29.6% | 25.9% | 29.9% | 28.4% | 27.0% | 20.3% | — | — | — |
| Operating margin | 23.4% | 21.8% | 28.8% | 28.1% | 25.3% | 17.6% | — | — | — |
| Net margin | 17.5% | 19.8% | 22.7% | 22.2% | 19.7% | 14.3% | — | — | — |
| Return on equity | 12.9% | 17.0% | 20.1% | 28.3% | 28.4% | 17.5% | — | — | — |
| Return on assets | 4.5% | 7.8% | 9.6% | 11.6% | 10.6% | 6.0% | — | — | — |
| Free cash flow yield | -24.6% | -16.9% | 4.3% | 9.3% | 28.7% | 2.3% | — | — | — |
| Revenue growth | -14.2% | -0.7% | -9.5% | -1.3% | 43.8% | 62.1% | — | — | — |
| Earnings growth | -24.4% | -13.4% | -7.3% | 11.2% | 97.8% | 47.4% | — | — | — |
| Current ratio | 2.80x | 2.91x | 3.92x | 2.35x | 2.76x | 2.28x | — | — | — |
| Debt to equity | 0.89x | 0.53x | 0.39x | 0.44x | 0.22x | 0.58x | — | — | — |
| Equity ratio | 35.1% | 45.8% | 48.0% | 41.0% | 37.4% | 34.2% | — | — | — |
| Interest coverage | 11.97x | 30.51x | 227.90x | 87.16x | 92.41x | 35.85x | — | — | — |
| R&D as a share of sales | — | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Buybacks as a share of market value | -0.1% | 0.1% | -11.7% | 0.0% | 0.0% | 0.0% | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -8.3% | 1.8% | 18.9% |
| Operating income | -9.8% | 9.0% | 22.9% |
| Net income | -15.4% | 5.9% | 16.8% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 27.6% | 28.4% | 27.1% | 27.0% |
| Operating margin | 23.5% | 25.1% | 24.1% | 23.9% |
| Net margin | 18.7% | 20.7% | 19.7% | 19.3% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 10.8 | 7.5 | 7.1 | 3.4 | 5.4 | 7.5 | 12.9 | 5.4 | 9.7 | 12.4 |
| Price to sales | 1.9 | 1.5 | 1.6 | 0.8 | 1.1 | 1.1 | 2.0 | 1.0 | 1.9 | 2.2 |
Dividends and splits
Per share, in the currency the company pays
Paid for 5 years. Last went ex-dividend on 14 Jul 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 4.50 | 5.50 | 6.00 | 5.00 | 6.00 | 3.03 | 2.35 | 1.77 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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