A 
233.00
+1.84%
Close of 9 Nov 2026, in PLN
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At a glance
Figures in PLN, from our data supplier.
Revenue
PLN 16.78bn
FY2016FY2025
Net income
PLN 1.14bn
FY2016FY2025
Free cash flow
PLN 2.59bn
FY2016FY2025
Shareholders' equity
PLN 7.43bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 16.78bn | PLN 17.13bn | PLN 16.90bn | PLN 17.37bn | PLN 14.50bn | PLN 12.19bn | PLN 10.67bn | PLN 9.33bn | PLN 7.83bn | PLN 7.93bn |
| Gross profit | PLN 3.62bn | PLN 3.89bn | PLN 3.73bn | PLN 3.78bn | PLN 3.24bn | PLN 2.66bn | PLN 2.30bn | PLN 1.99bn | PLN 1.67bn | PLN 1.87bn |
| Research and development | — | — | — | — | — | — | PLN 2.7m | — | PLN 200,000 | PLN 200,000 |
| Operating income | PLN 1.71bn | PLN 1.79bn | PLN 1.62bn | PLN 1.79bn | PLN 1.46bn | PLN 1.22bn | PLN 976.2m | PLN 796.8m | PLN 444.9m | PLN 769.4m |
| Net income | PLN 1.14bn | PLN 519.9m | PLN 482.8m | PLN 502.3m | PLN 467.6m | PLN 401.6m | PLN 697.1m | PLN 591.7m | PLN 654.5m | PLN 301.3m |
| Diluted earnings per share | 16.70 | 7.62 | 7.09 | 6.05 | 5.63 | 4.84 | 8.40 | 7.13 | 7.89 | 3.63 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | PLN 23.06bn | PLN 20.32bn | PLN 18.84bn | PLN 20.13bn | PLN 18.57bn | PLN 16.70bn | PLN 14.60bn | PLN 12.64bn | PLN 15.41bn | PLN 12.79bn |
| Cash and short-term investments | PLN 7.31bn | PLN 3.53bn | PLN 3.30bn | PLN 3.75bn | PLN 3.20bn | PLN 3.06bn | PLN 2.32bn | PLN 1.92bn | PLN 1.60bn | PLN 1.69bn |
| Total liabilities | PLN 10.17bn | PLN 10.68bn | PLN 9.77bn | PLN 9.92bn | PLN 8.92bn | PLN 7.75bn | PLN 6.62bn | PLN 4.98bn | PLN 4.56bn | PLN 4.12bn |
| Debt | PLN 3.31bn | PLN 3.91bn | PLN 4.10bn | PLN 3.97bn | PLN 3.43bn | PLN 2.98bn | PLN 2.74bn | PLN 1.73bn | PLN 1.52bn | PLN 1.74bn |
| Shareholders' equity | PLN 7.43bn | PLN 5.50bn | PLN 5.30bn | PLN 6.55bn | PLN 6.28bn | PLN 6.04bn | PLN 5.76bn | PLN 5.72bn | PLN 5.60bn | PLN 5.51bn |
| Shares outstanding | 68m | 68m | 68m | 83m | 83m | 83m | 83m | 83m | 83m | 83m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | PLN 2.88bn | PLN 2.35bn | PLN 2.49bn | PLN 1.85bn | PLN 1.59bn | PLN 1.96bn | PLN 1.50bn | PLN 1.00bn | PLN 691.4m | PLN 883.2m |
| Capital spending | −PLN 291.3m | −PLN 358.9m | −PLN 207.3m | −PLN 422.9m | −PLN 123.7m | −PLN 314.0m | −PLN 319.7m | −PLN 240.3m | −PLN 224.5m | −PLN 210.7m |
| Free cash flow | PLN 2.59bn | PLN 1.99bn | PLN 2.28bn | PLN 1.43bn | PLN 1.47bn | PLN 1.65bn | PLN 1.18bn | PLN 760.4m | PLN 466.9m | PLN 672.5m |
| Dividends paid | −PLN 268.7m | −PLN 249.6m | −PLN 290.5m | −PLN 278.9m | −PLN 258.1m | −PLN 249.8m | −PLN 254.8m | −PLN 249.8m | −PLN 249.8m | −PLN 249.8m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 4.85bn | PLN 4.40bn | PLN 4.53bn | PLN 4.27bn | PLN 4.46bn | PLN 4.58bn | PLN 4.56bn | PLN 4.18bn |
| Gross profit | PLN 1.14bn | PLN 1.02bn | PLN 629.3m | PLN 922.8m | PLN 1.02bn | PLN 1.04bn | PLN 1.08bn | PLN 971.2m |
| Operating income | PLN 590.4m | PLN 522.0m | PLN 335.0m | PLN 440.4m | PLN 458.2m | PLN 470.1m | PLN 505.1m | PLN 462.2m |
| Net income | PLN 201.2m | PLN 228.4m | PLN 685.5m | PLN 171.1m | PLN 145.9m | PLN 136.2m | PLN 150.7m | PLN 134.0m |
| Diluted earnings per share | 2.50 | 2.84 | 10.05 | 2.51 | 2.14 | 2.00 | 2.21 | 1.97 |
| Cash from operations | PLN 361.0m | −PLN 187.0m | PLN 1.47bn | PLN 610.0m | PLN 382.0m | PLN 417.0m | PLN 1.20bn | PLN 493.0m |
| Capital spending | −PLN 51.0m | −PLN 64.0m | −PLN 70.0m | −PLN 51.0m | −PLN 85.0m | −PLN 84.0m | −PLN 121.0m | −PLN 62.0m |
| Free cash flow | PLN 310.0m | −PLN 251.0m | PLN 1.40bn | PLN 559.0m | PLN 297.0m | PLN 333.0m | PLN 1.07bn | PLN 431.0m |
| Total assets | PLN 22.77bn | PLN 24.05bn | PLN 23.06bn | PLN 20.03bn | PLN 19.45bn | PLN 19.85bn | PLN 20.32bn | PLN 18.48bn |
| Cash and short-term investments | PLN 5.36bn | PLN 7.25bn | PLN 7.31bn | PLN 2.74bn | PLN 2.53bn | PLN 3.33bn | PLN 3.53bn | PLN 2.85bn |
| Debt | PLN 3.00bn | PLN 3.06bn | PLN 2.69bn | PLN 2.94bn | PLN 3.07bn | PLN 3.01bn | PLN 3.19bn | PLN 3.36bn |
| Shareholders' equity | PLN 6.96bn | PLN 7.79bn | PLN 7.43bn | PLN 5.64bn | PLN 5.38bn | PLN 5.53bn | PLN 5.50bn | PLN 5.28bn |
Financial ratios
Data as of 30 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2017 | FY2016 | FY2015 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 21.6% | 22.7% | 22.1% | 21.8% | 22.4% | 21.9% | — | — | — | — |
| Operating margin | 10.2% | 10.5% | 9.6% | 10.3% | 10.0% | 10.0% | — | — | — | — |
| Net margin | 6.8% | 3.0% | 2.9% | 2.9% | 3.2% | 3.3% | — | — | — | — |
| Return on equity | 15.3% | 9.5% | 9.1% | 7.7% | 7.4% | 6.6% | — | — | — | — |
| Return on assets | 4.9% | 2.6% | 2.6% | 2.5% | 2.5% | 2.4% | — | — | — | — |
| Free cash flow yield | 21.4% | 18.3% | 18.2% | 12.6% | 9.5% | 12.6% | — | — | — | — |
| Revenue growth | -2.1% | 1.4% | -2.7% | 19.8% | 18.9% | 14.3% | — | — | — | — |
| Earnings growth | 119.0% | 7.7% | -3.9% | 7.4% | 16.4% | -42.4% | — | — | — | — |
| Current ratio | 1.75x | 1.36x | 1.43x | 1.49x | 1.48x | 1.51x | — | — | — | — |
| Debt to equity | 0.36x | 0.58x | 0.67x | 0.52x | 0.45x | 0.40x | — | — | — | — |
| Equity ratio | 32.2% | 27.0% | 28.1% | 32.5% | 33.8% | 36.2% | — | — | — | — |
| Interest coverage | 8.52x | 7.59x | 8.69x | 14.16x | 13.92x | 10.89x | — | — | — | — |
| R&D as a share of sales | — | — | — | — | — | — | 0.0% | 0.0% | 0.0% | 0.0% |
| Buybacks as a share of market value | -0.0% | -0.2% | 18.0% | 0.0% | 0.0% | 0.0% | — | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -1.1% | 6.6% | 8.7% |
| Operating income | -1.5% | 7.1% | 8.7% |
| Net income | 31.4% | 23.2% | 12.0% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 22.1% | 22.0% | 22.1% | 22.1% |
| Operating margin | 10.3% | 10.2% | 10.1% | 9.7% |
| Net margin | 4.9% | 3.9% | 3.7% | 4.4% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 13.7 | 12.6 | 10.3 | 12.0 | 15.3 | 14.1 | 7.6 | 6.5 | 5.6 | 14.9 |
| Price to sales | 0.9 | 0.4 | 0.3 | 0.3 | 0.5 | 0.5 | 0.5 | 0.4 | 0.5 | 0.6 |
Dividends and splits
Per share, in the currency the company pays
Paid for 20 years. Last went ex-dividend on 13 May 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 13.05 | 3.94 | 4.56 | 3.50 | 3.36 | 3.11 | 3.01 | 3.07 |
- 2-for-1 split · 6 Jul 2000
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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