A 
135.00
0.00%
Close of 9 Nov 2026, in PLN
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At a glance
Figures in PLN, from our data supplier.
Revenue
PLN 14.93bn
FY2016FY2025
Net income
PLN 173.9m
FY2016FY2025
Free cash flow
PLN 83.8m
FY2016FY2025
Shareholders' equity
PLN 1.49bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 14.93bn | PLN 14.66bn | PLN 15.43bn | PLN 15.22bn | PLN 14.03bn | PLN 13.07bn | PLN 10.21bn | PLN 8.79bn | PLN 8.24bn | PLN 8.28bn |
| Gross profit | PLN 591.8m | PLN 595.7m | PLN 596.7m | PLN 581.6m | PLN 529.4m | PLN 472.7m | PLN 370.7m | PLN 344.4m | PLN 344.3m | PLN 339.1m |
| Operating income | PLN 263.8m | PLN 281.0m | PLN 288.1m | PLN 270.3m | PLN 212.5m | PLN 165.8m | PLN 95.5m | PLN 85.2m | PLN 98.0m | PLN 101.8m |
| Net income | PLN 173.9m | PLN 174.7m | PLN 160.2m | PLN 153.1m | PLN 151.1m | PLN 123.7m | PLN 66.4m | PLN 57.8m | PLN 61.0m | PLN 67.8m |
| Diluted earnings per share | 11.08 | 11.05 | 9.90 | 9.46 | 9.34 | 7.64 | 4.10 | 3.57 | 3.77 | 4.19 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | PLN 4.22bn | PLN 3.88bn | — | PLN 3.41bn | PLN 3.42bn | PLN 2.69bn | PLN 2.61bn | PLN 2.07bn | PLN 1.96bn | PLN 1.87bn |
| Cash and short-term investments | PLN 176.0m | PLN 143.6m | — | PLN 55.1m | PLN 50.9m | PLN 88.9m | PLN 277.8m | PLN 88.1m | PLN 115.3m | PLN 79.0m |
| Total liabilities | PLN 2.69bn | PLN 2.48bn | — | PLN 2.12bn | PLN 2.28bn | PLN 1.70bn | PLN 1.76bn | PLN 1.28bn | PLN 1.24bn | PLN 1.21bn |
| Debt | PLN 230.6m | PLN 245.8m | — | PLN 307.1m | PLN 378.1m | PLN 303.5m | PLN 250.7m | PLN 315.6m | PLN 394.5m | PLN 409.8m |
| Shareholders' equity | PLN 1.49bn | PLN 1.39bn | — | PLN 1.29bn | PLN 1.14bn | PLN 992.5m | PLN 850.3m | PLN 790.2m | PLN 718.8m | PLN 663.8m |
| Shares outstanding | 16m | 16m | 16m | 16m | 16m | 16m | 16m | 16m | 16m | 16m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | PLN 87.6m | PLN 205.0m | PLN 289.6m | PLN 144.4m | −PLN 4.5m | −PLN 211.7m | PLN 287.3m | PLN 70.0m | PLN 69.9m | −PLN 5.4m |
| Capital spending | −PLN 3.8m | −PLN 9.1m | −PLN 556,000 | −PLN 12.3m | −PLN 24.1m | −PLN 11.9m | −PLN 4.8m | −PLN 5.3m | −PLN 6.3m | −PLN 10.4m |
| Free cash flow | PLN 83.8m | PLN 195.9m | PLN 289.0m | PLN 132.1m | −PLN 28.6m | −PLN 223.6m | PLN 282.5m | PLN 64.7m | PLN 63.6m | −PLN 15.8m |
| Dividends paid | −PLN 47.4m | −PLN 31.7m | −PLN 24.0m | −PLN 16.1m | −PLN 16.1m | −PLN 7.1m | −PLN 7.1m | −PLN 7.1m | −PLN 7.1m | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 4.58bn | PLN 3.51bn | PLN 5.47bn | PLN 3.45bn | PLN 3.18bn | PLN 3.15bn | PLN 5.14bn | PLN 3.43bn |
| Gross profit | PLN 172.1m | PLN 139.3m | PLN 226.9m | PLN 149.8m | PLN 127.0m | PLN 122.3m | PLN 192.7m | PLN 138.3m |
| Operating income | PLN 88.4m | PLN 59.9m | PLN 132.0m | PLN 70.2m | PLN 53.7m | PLN 51.3m | PLN 103.3m | PLN 61.2m |
| Net income | PLN 55.9m | PLN 40.7m | PLN 94.6m | PLN 38.7m | PLN 33.7m | PLN 34.8m | PLN 66.7m | PLN 37.7m |
| Diluted earnings per share | 3.57 | 2.60 | 6.02 | 2.47 | 2.15 | 2.21 | 4.22 | 2.38 |
| Cash from operations | −PLN 116.0m | −PLN 154.0m | −PLN 79.0m | −PLN 12.0m | PLN 43.0m | PLN 20.0m | PLN 45.0m | PLN 68.0m |
| Capital spending | −PLN 4.0m | −PLN 1.0m | — | — | −PLN 1.0m | −PLN 1.0m | — | −PLN 2.0m |
| Free cash flow | −PLN 120.0m | −PLN 155.0m | — | — | PLN 42.0m | PLN 19.0m | — | PLN 66.0m |
| Total assets | PLN 4.77bn | PLN 4.54bn | PLN 4.80bn | PLN 4.22bn | PLN 3.54bn | PLN 3.71bn | PLN 4.35bn | PLN 3.88bn |
| Cash and short-term investments | PLN 63.7m | PLN 53.1m | PLN 271.1m | PLN 134.6m | PLN 176.0m | PLN 187.6m | PLN 301.5m | PLN 143.6m |
| Debt | PLN 561.7m | PLN 344.6m | PLN 414.2m | PLN 190.9m | PLN 197.6m | PLN 200.0m | PLN 335.4m | PLN 216.8m |
| Shareholders' equity | PLN 1.61bn | PLN 1.54bn | PLN 1.62bn | PLN 1.53bn | PLN 1.49bn | PLN 1.44bn | PLN 1.45bn | PLN 1.39bn |
Financial ratios
Data as of 31 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 4.0% | 4.1% | 3.9% | 3.8% | 3.8% | 3.6% | — |
| Operating margin | 1.8% | 2.0% | 1.9% | 1.9% | 1.6% | 1.2% | — |
| Net margin | 1.2% | 1.2% | 1.0% | 1.0% | 1.1% | 0.9% | — |
| Return on equity | 11.7% | 12.5% | — | 11.8% | 13.2% | 12.5% | 7.8% |
| Return on assets | 4.1% | 4.5% | — | 4.5% | 4.4% | 4.6% | 2.5% |
| Free cash flow yield | 3.9% | 9.2% | 12.1% | 6.5% | 0.8% | -8.3% | — |
| Revenue growth | 1.9% | -5.0% | 1.4% | 8.5% | 7.3% | 28.1% | — |
| Earnings growth | -0.5% | 9.0% | 4.7% | 1.3% | 22.1% | 86.4% | — |
| Current ratio | 1.71x | 1.53x | — | 1.52x | 1.45x | 1.60x | 1.45x |
| Debt to equity | 0.11x | 0.16x | — | 0.20x | 0.28x | 0.30x | 0.29x |
| Equity ratio | 35.3% | 35.9% | — | 37.9% | 33.4% | 36.9% | 32.5% |
| Interest coverage | 5.47x | 3.92x | 3.37x | 3.13x | 6.18x | 9.53x | — |
| Buybacks as a share of market value | 0.7% | 2.4% | 0.0% | 0.0% | 0.0% | 0.0% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -0.6% | 2.7% | 7.1% |
| Operating income | -0.8% | 9.7% | 10.3% |
| Net income | 4.3% | 7.0% | 10.4% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 4.0% | 3.9% | 3.9% | 3.9% |
| Operating margin | 1.8% | 1.8% | 1.7% | 1.5% |
| Net margin | 1.2% | 1.1% | 1.1% | 1.0% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 9.7 | 8.8 | 7.6 | 5.2 | 5.8 | 4.2 | 6.3 | 4.5 | 8.2 | 8.3 |
| Price to sales | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 |
Dividends and splits
Per share, in the currency the company pays
Paid for 2 years. Last went ex-dividend on 9 Apr 2026.
| FY2026 | FY2025 | FY2024 | FY2022 | FY2021 | FY2020 | FY2015 | FY2014 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 6.45 | 3.00 | 2.00 | 1.25 | 1.00 | 0.44 | 0.70 | 0.70 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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